The daily gazette., 1880-12-30
oolned and Paper Money.
HoeKEsslN, Del, Dec. 9Th, 1850

L @A@cot1Nt OOis1 OCCs EttH, tC6U.
EDITOR OF TIE GAZBTTE With
Inc compliments Of the season here
with send you some extracts from Judge
Martins exhaustive work, "The Money
OF Nations" book that IL would be
well for every intelligent person In the
United States to study. The Judge is a
gentleman Of mature years (over 70)
aud appears TO possess more and ripper
knowledge on financial questions, an
Client and modern, than anyother writer
before the public. We design the ex.
tracts to be pertinent to the questions
now before Congress and hope you will
not find them too lengthy. Let the peo-
pie hear all sides.
A METALLIC CURRENCY.
A purely metallic medium Of ex-
clauge Is also ont of the question. The
time aud labor devoted thereto are
worse than lest. 1t Is not, and cannot
De, sustained in commercial nation.
Il has not existed Y EogIand, France,
GeI.nany, Aastrsi. /. bs, &nssis i: existed in.
the United States; il never will exist
here. Nations as well as individuals
have their childhood, manhood, and
old age. When children, we think,
speak, reason, and act as children, but
"when we become men, we put away
childish things" A coin currency be-
longs to the infant state of nations. II
is no doubt suitable TO the condition of
childhood. All savage, barbarous, un-
| civilized and half-civllized tribes, peo-
pies and nations retain it. When, how
ever, they become civilized and ell
lightened, establish regular govern
nients, and engage In domestic and
foreign commerce, they always estab
lish banks and bank credits, bank
checks, bank notes and bills of ex-
change, or the notes of government take
the place of coin, excepting IN small
| transact ions.
Gold and silver do not exist in sufti
cient quantities to form the currency OF
the whole world, ur supply the CONNER
cial demand of all na ions, and the
probabilities are they never will. Com
lnercial nations have, therefore, aban-
doned their common use.
Gold and silver are the most costly
money in the world. They depreciate
in value every day during their use.
They lose by friction, swearing, clipping
and boring in all countries. Our coun
Try is so extensive that they would lose
more here by friction than in mos
countries. This loss can never be re
gained. A metallic currency is to
heavy ami inconvient to be used in COM
merce, excepting for very small transac-
l tions. Therefore, those who have it IL
any considerable quantities will not ust
it, but will deposit it In bank, and ust
instead thereof bills of exchange, bank
notes, checks and credits. In London
| 500, 1000, 900 business will be transacted
in a day without the use Of $1,000,00O
f! coin or bank notes. So with New York
| and all commercial centers. The busi-
ness is done by checks marked "good,'
| not with money.
4 In all countries in which there 10 4
! metallic currency, there is one metallic
currency for the rich, aud another TO.
the poor and laboriDg classes. The for
mer 10 full weight, par coin; the latter L.
token money, the commerc al value O
which Is from rs to 80 per cent.less thai
Its money value; or it is subsidiary silvel
coin from 9 to 10 per cent. above Il
commercial value as metal; or old, worn.
deprecated coins, from 10 to 25 pei
cent. discount, which will not be re
ceived in bank, and are thus forced int
the hasds of the people where they re
main from generation to generation un
til worn out.
The former, money of the rich is pa
| to any amount; the latter, money of Tho
ponr, is par for a small sum only. a
metallic currency is intended to maxi
The rich richer, and the poor poorer, an,
it does il. Such is the history of ma.
tions.
A PAPER MONEY BASED UPON COIN
A paper currency, professediy based
upon coin, has always been, and alwas,
will be "false preteuse and a fraud.
| Il has been found such by the people o.
the United States who have frequentl,
tried it.
They are not disposed to try it again
They cannot be made 70 think that
one dollar in coin is good for twenty
or twenty-five dollars in liabilities.
rhey think house built upon foun.
dation twenty or twenty-five times
smaller than itself must fall. They
know the financial storms will come,
the winds will blow, and the rains and
floods will descend and sweep away
the founda ion and the building will
90 with it. Such is brief history OF
specie payment of banks IN the United
states, and indeed among all nations.
Banks pay coin when it is not wanted,
but do not pay when large amour arc
wanted. sit is a false pretense and n
fraud"
NOTES OF THE PRESENT NATIONAL
| BANKS.
These noles being based upon gov,
ernment bonds, no money can be safer
than they. But we object to national
banks for the following reasons First,
These notes have cost The people from
S to 8 per cent. per annum in gold, in
addition to the interest paid by the
people to the banks for the money.
The government pays this bonus to
the banks for accepting the money a,
the hands of the government and loan.
ing it to the people. The people can
not afford to pay this price for money
No business can sustain it.
The Government can supply the
money to the people without charge,
and save the interest upon the bonds
issued to obtain it. Second, The ma
tional banks are dangerous to the lib
critics of the country.
Ii continued they will have 81 900,
900, 600 capital, with from 1000 to 5000
branches in all the States aud Terri
tories. They will be able to contro
all elections, Stale and national. AL
ready more than 100 members of Con.
~ Al.