New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-07
One cake of Woodbury's Facial So.o
removes all worry over bad complexion
1t removes pimpIes and clears the eli,

the great mass OF the American people do no,
understand this subject. and brief word w..
be here pertinent even If the writer NAV exnos.
himself by more talking to charge o. conc.,,
and egotism.
All trade and commerce Is the exchange q,
I products or services. and no exchange In the
sense Of buying or selling is ever perfected
except by the giving or paying an equivalent in
products or services Unless all conclusions
/ based on economic experiences are false unless
VIC are entirely mistaken in suppOsng that men
in their individual capacity and in their capacity
as nations, are always seeking the most salts.
faction with the least labor. We must assume
/ that men and countries produce and sell their
goods or services to one another for the most
they can get in other goods or services regard
less OF the kind Of money their neighbors or
themselves use 4 silver currency does not give
anv additional strength To the HindOo ryot; nor
does it increase the fertility Of his soil. add
to the number Of inches of his RAINFALL nor
does a gold currency detract in any way from
the capacity and resources OF his rival. the
American farmer; nor does the difference in their
respective currencies affect the judgment u the
buyer in wheat in Liverpool Is any single fac
tor in the elements Of production and
transportation by which alone the terms Of
competition are settled changed by the eur
rences Of the several countries or the muta-
tions thereof? No mutations were ever more
sudden or violent than those Of the currency Of
the United States during the Civil War They
were not without their effects but the effects
were not of a kind 10 change the terms Of CON-
petition in international trade
A promise to pay Is not payment neither is
il true money IL is medium FOR facilitating
exchanges, subscribing like purpose as grease
on machinery. as wheebar~cws carts. boats.
railroads and ships, though in a greater de-
gree. As medium Of exchange II owes It's ef-
nciency to two qualities. 1t must have credit
behind ii and the provision or legal tender.
What is credit? An assumption on the part Oh
the seller that the buyer is both willing and
hat reQ
ment What is legal tender? As before shown,
IL is a legal provision that the creditor shall &C.
cept a method of payment. whether he VIII or
not. True money is always commodity. or
real property and it's terder Will always be
accepted in payment Of debt, 10 the extent
of it's recognized market value-the true test
for all commodity prices
But some MAY say If these conclusions are
warranted and true. then the Federal Govern
ment during the war was practically without
money. and that Is reductio ad absurdum.
Let US pull our critics and ourselves OUT OF tnis
pit. Apart from the true money-goid ana Sill
ver-which the Government derived from ils
duties on imports and applied 10 the payment
of interest on its bonds and for the payment OF
war material from other countries. IL never did
have any money What would have become o.
the blood stained, battle-scarred ereenbacM
the Federal Government had not Won its cause
and preserved the Union? We md dehnils
answer in what happened to the Confederate
paper money At the outset, when the success
of the Confederate cause seemed probable. i's
value was considerable. When the fall OF the
Confederacy was certain the value between
true dollar and the Confederate promise 10
pay a dollar. was as | to 1000. II the cause
of the Union had not triumphe1. the mucn
lauded greenback would not be worth the pape'
il was printed on. If the war had been prose
cutad on the basis OF sound money. as II might
have been. then If the Union and Federal Gov
eminent had been utterly ruined, the VaIue .,
the true money would not nave pefh H"pa"e'
in the slightest degree
ONE CERTAIN RESULT OF POPULAR f"Hr'
COINAGE.
A word in conclusion on the present sp
tive question as to what would happen u VI
United States in the event of free coinage WIN
tbe LEGAL tender provision. There is nothing 'na'
more signalv marks The infericrity OF a cou"'
trv than a debased currency. ana no oo'"''
can grow rich in competition with o'"ei 'O"'
tries by reason of such inferlorlN l"'ie
not a silver country in the wol'u !" VIM
the laboring man does not receNe aountry
lower rate of wages than IN any s u.u Co., sf
Anv impairment OF the instrument, .iraes |,
fan,ing exchange impairs trade ana pusntm.ad
wagons were substituted III pa ,oa, NOT a
cars for the transportation Vi M ~ the
,,,oi 90 ,vhoat crud be sold OUT Vi - -
pusn.r % ,or the cost of transporting wneat
nv wagons over good roaos loi ~. ,.Iue az
115 miles would entirety e"ha TS ironairrent
Tho roint of its production ine rn by
nv i' ',,.rarc,. as A medium N eNchane' ,hs
tho creation Of doubt as 10 ~ va ,he cost
satt,ement of contracts or dep's' All. buyers
of insurance against poSSn .'arrSr when the
would operate in a ike Hanne'i i,s,tc and
,I' husinees of the country u ,i,rsnce u
foreicn-is taken into account a,greeate rep
fractions of cents would III '1 Inference II
asont millions Of dollars az. - vhea,
70 - i'm the price OF pusHe. .ors crop
~" ian nrotlt or loss To Wnoie s.", urrency
Certainly this IL not the ''''e "
experiments ,sersical than the pee
- h,, advocates of an enlafseu a nrices
100 and the volume of money sas tho volume
and the activity in trace ue,e' Led Trade ere
anu I've nat can be properly usea trade
OF money We" None, does not itself ereas end Is
~ ,,,, IN trade Is as valuable AZ o. absolute
much cheaper. The best p'oo' =. found In the
ruth of these assertions Is 10 currency in the
fact that although the volume y. Tag ever since
United States has been l'l.' af silver: ron.
the alleged demonetHation uvv az in lS95. "
Go 600 600 in 1873 to 81 GOl Sr, q, in l>s'5.
from ST. Ii per capita in lS,S Generally dechn'
prices all this time have pee" tile during the
lns' CT 'iiiS - The volume OF trdu,
~sst,c and foreign-of Great Britain, increased
increased its volume OF money Ia"
to any appreciate amount.
CONCLUSION ~,
The following words. spoken - ,,uited
Thomas +. Baysrd in the senate " SO Rave
States during the hnanca. panic - arDar.
much that is pertinent to the y. ,,,,ry.T
raSsea and disturbed condition Of the eop no~er
do not think" he said. that Il Is IN relieve tn.
anv man % party instantly ~ ssments that
country from the financial e."u ~ relief Wise
ara now UPON us Time must We" 49, ,sturnng
80 win g,eatly assist and hasten VIC should
prosperity which when it r fS%fs i, ali o mat wis.
rest upon a sound basis. I"at Won ., csnnot sud
laws can be expected TO do. lou 80 the Ills
deniv make Nation prosperous or e" nmins,ra.
OF extrayagant corrupt or reckless I hu, upon
ton. AN you can 10 is TO &c. 'n ,,er gradually
a path Of econom, ana hones'''
prosperity may come 's"'' DAVID A. WELLS
Noryich. Conn. Sept !. ls9o.