The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-25


back part 1nsist that yacuey ts merely AN
arbitrary creation Oh the (soyernMent ~ rs
OF not the least consequence what material
money Is made of. 1t may he made sof
iron rings, like the money Of ancient Sparta !;
OF live cattle, Hs It was among the Romans.
from which our word pecuniaFy was de:'
rived FOL shells, like the Indian wamptim of
bifs0fs Heather, ike those in use among Some
81, the AL Jean tribes, Or paper notes, such as
circulate In this country or Europe, as wen
as gold aud silver. The Government stamp
mai money on whatever itis impressed
Iipot,.s And asapaper Is vastly cheapeEsas
The material for money than gold and silver,
as IL costs less to stamp paper than TO com
gold mud silver, as paper is far more con-
syenfent for use in commercial TRANSACTIONS
than gold and silver, the Government
should substitute a!Hational money mace OF
Daper for coin. This is Buffers view. ne
wants a strictly national money, ana irlslsts
thst it would be Just as valuable as goid anu
silver. because all the property OF the ma
ton would be pledged for it and make II
worth Just what its face represents. 3
This theory has many able supporters.
RuE however plausible. the reasoning on
which they push itcinte- notice,sit Is met ny
the fact that nothing whatever would De
gained by the substitution Of paper for
eoId and silver. Really the business OF the
country liz done to-day on paper-sreen-
backs, national-bank notes, checks, drafts,
bills OF exchange. Very little gold ana
silver is actually used, though the use
of the latter in small TRANSACTIONS IS lu-
creasing. The paper represents properly
and in the form of gold ana slVer. NO
thing whatever would be gained oy PM
ting other forms OF roperty-iHano, cat1i J:
horses, and ships behind the paper ~
the place Of the precious metals. furtnes-
more. the precious metals serve as stand:
ard ~ value: but horses, cattle, land. and
ships cannot possibly be made to perform
any, such function. There is; no way: by
- hich paper can be made to perform any
such function. Calling bit OF paper zone
doliar'' would not necessarily give " tae
nurchasine power OF q dollar in gold or sli-
YER its value would depend on tae num-
her OF such dollars in existence gand line
nrnhability of. further issue. Ihe imam
cial yari. stick would stretch and shrink Ike
niece OF India-rubber. X It would cease to
he a measure in any sense. d :. "a. ~
But d more serious objection, stu to the
proposed change is the fact that the new ma
tional money would not circulate out OF the
country True, General, Butler CONTENDS
that this would be a decided advantage. he
would like to have kind OF money tnaV
should make it impossible for people OF the
United States to borrow IN Europe, OF 10
buy what they cannot pay for in produce or
manufactures. But the great BODY OF our
intelligent people fail to see the benent OF
such financial isolation as he advocates.
On the other hand, the constantly'groWihg
demand OF the country is for an extension
tho inproGSp nj foreign
markets, and the extension OF international
relations. The most remarkable and en-
couraoing fact in modern civilization IS the
growth OF international relations and the
international spirit. 1t is shown in the
worlds fairs which have now become estao-
lished occurrences and attract the attention
of the world. It's illustrated by the recent
congress ut Berlin, in which all the Leading
nations OF Europe united to settle the terms
OF peace between Russia and Turkey. ana
il has been strikingly eXemplifed in the
efforts made within twenty years to ADJUST
the currencies of different nations on some
common basis. This very summer an IN
ternational conference will be held at the
solicitation of our Government, in which at
least nine different nations will be repre-
scented, to see il it is not possible to approx
innate the monetary standards OF the differ
emit nations and agree upon relation OF
value between the precious metals in coin
age. The commercial and social relations
between different civilized nations to-day
are 50 varied and intimate it is universally
felt that even the present currencies
are too inconvenient and bunghng,
and it takes too much time to eX-
change the money Of one nation
into that of another. The demand OF the
new age is for an international money coin
that can be used in all civilized nations alike,
and In which commercial transactions can
be calculated. To displace our present
money for specie that is purely national,
and would not circulate anywhere else,
would be long step back towards bar
'barism. 1t would antagonize every ten
!dency of modern civilization. To seriously
consider the project is waste OF time. To
.pr oppose it as an issue in party politics is
wild - Nom YORK; ErDreSS