The daily gazette., 1880-01-22

THE USE OF COIN The use of
coined money in the United States has
never been very popular. In fact the
country has never been able to claim
specie circulation beyond about one
hundred and seventy-five millions of
gold and silver. The remembrance of
the frequent suspensions of the banks is
fresh in the minds of every man Of sixty.
The Old State Bank system had its de-
fects, and was the cause of many losses
by the note holders, nevertheless it was
the best and cheapest system of currency
that could then be devised. 1t met want
and served the purpose of furnishing
money to the States that enabled the
people to perform prodigiOus sight of
labor and build and improve where with
out 1t wilderness would have remained.
A circulating medium of coin was ex-
pensive-the people could not get it nor
afford to keep it. The consequence was
resort to paper, and in no part Of the
country was paper so popular as in New
England. The banks of Boston at
nearly all times had in circulation about
seven paper dollars to one of gold Or
silver, and yet exchange on Boston was
always lower than on New Orleans,
where the banks were nearly always
burdened with gold and silver, rarely
having more than two paper dollars out
to ole in specie in the bank. In refer
ring to the aversion of the people of the
United States to the use of gold and
silver, and the popularity of its use in
France and England, in an article in the
North American Rerie,U, George Angus
tus Sala, says
"There are possibly few things more
curiously Interesting to stranger in
America-when that stranger has been
in the country before-than 10 observe
the strong disinclination which is felt by
the people al large TO make use in the
daily transactions of life of metallic
currency. Specie payments, We all
know, have been resumed, and the
United States treasury has accumulated
an enormous reserve in gold; but the
public still cling with apparent fondness
10 their old greenbacks, and not only
prefer q five-dollar bill to a five-dollar
gold piece, but $50 it strikes me) would
much rather have a one-dollar note than
a dollar in silver. grant that the latter
is, albeit a handsome, somewhat of a
cumbrous coin. In England, we con.
tumeliously call our five-shilhng pieces
which are even more cumbrous speci-
mems of mintage, "cartwheels," and
make haste to change them, whenever
we have involuntarily taken them fol
smaller currency; but when did you evel
hear Frenchman complain Of having ;
pocketful of five-franc pieces? And tia
five-franc piece is to all intents and
purposes your dollar.
A Frencbman has a modified respect
for a note Of the bank of France for q
francs; but bills for smaller denomina
tions he utterly oathes-remem bernl
the unredeemed assiRnats Of 1793-an'
from the bottom of hlh soul abh0rs. Ii
England we admire and revere the Eve
pound bank of England note and il
higher denominations; but an attempt t
force q currency of oDe-pound notes O
Of fve-shilling notes on the nation !
ton. No Londoner will have anythin
to do with an Irish one-pound note O
for one issued by the few province;
banks which are still authorized to EN-
such securities. We believe only j
gold, silver, and "fiimsies," or note
ahove the value of five pounds. Til
American does not seem to care fC
coinage in the higher denominations ii
tensely. 1 have been more than ono
reminded by American friends,
whom have mentioned the Ito mel pu
zhng persistence with which print,
promises to pay, instead of silver bu
lion are adhered to, that the public hay
yet to be educated to the employment
metallic currency, and that there a
millions of young Americans of bo
sexes who, until they were IA or Is yea
old, had never set eyes on an Amerlci
RDld or silver coin. But ] remember
have read that in the beginning of tn
century, we la England, during II
continuance of our great wars wi
FrACce, a period of about fftet n year
were afflicted with an irredee nah
paper currency-Dever, however, of
lower denomI nation than twenty SIN
ings. for we had always plenty of sivt
and that the general disfavor with whi
the suspension of ca-h payments W
regarded fund its em mbodiment 10 a so
whieh obtained Immense pupulaTil
and which began:
"I'd rather have a guinea than OF
pound note"
The resumption of specie payments
the conclusion of the war was hail
with alInOs delirious enthusiasm by {
public at Iarge; aud he would be a bC
statesman indeed who attempted
withdraw from circulation that gC
which is held sacred among us, and
substitute for it irredeemable paper.