Year: 1874

A CALL FOR MORE LIGHT ON THE CURRENCY


QUEsroS-wnAT Is THE WEAK POINT IN OUR


FINANCIAL SYSTEM f-oUERIES AS TO TIE oriN-


IONS OF THE TRIBUNE.


To the Editor Of The Tribune


SIR: | read the articles in THE TRIBUNE
on the currency question with great deal OF interest
They intelligent and forcble; as strong from the
point from which you look at the question as IT is posi-
BILE make argument do not write to indorse or
controvcrt your opinions; simply want more light on
the subject.


II understand your position on imitation, you are OPP
posed to issuing another dollar Of above the
amount provided by the act OF 1861 and do not under
stand from your articles that you consider that there
will ever a time in this country when more cur
rency will be needed than the act Of 1868 authorized.
When that act passed fixing the amount fcurrency our
population about 81 100000; 1t is not less than
42,OOOOoO Do 100000 OF population not need more
currency to transact their business than 100000 re-
quirei The population in 1880 will not be less than
5O00oO0O Can 5O00O0oO OF population get on comiorta
bly, business with only the amount OF currency
required for 37OOOOOOl If they would like you to
explain how it can be done, without great nconyen-
the business OF the country As money becomes
it appreciates, and all property depreciates
in the ratio, until a point is reached when one
dollar will buy much property as two would before
This the result OF contraction In the mean time debts
remain unchanged. mortgage given when money Is
easy and property high must be discharged dollar Tor
dollar at maturity when money is tight and property
low. OF the real estate in NewYork City to-day Is
mortgaged for half its vaue and Il by reducing the
amount Of currency, by doubling the population
without expanding the currency real estate in NewYork
Ia deprecated iiy per cent should like 10 know now
much Of the mortgaged property will be left for the
mortgagors after the mortgages are paid OH WI" any
thing be LETT Or rather will not the mortgages have
to take the mortgaged property for the debtsf Ana
will the state OF affairs exist throughout the
country as in New York as between mortgagors and
mortgages II steady contraction is 10 be the watch
word OF the Government Iu short, will not such a
policy ruin thousands OF solvent business who have
mortgaged their property at half its value should
like TO know Also IL thero Is not sufficient statesman
ship in the country TO bring about the resump-
ton of specie payments, that is to make
the Rreenback convertible into gold at par,
by other method than by contracting the currency
and parayzing busnessl While the Government re-
fuses accept its paper in payment OF customs
dues importing merchants necessarily compelled to
buy the gold to pay import duties; and do you think
there will ever a time in the history OF New-IOrk
when gOld brokers will give their time and capital TO
supply the importers with gold without exactng profit
for trouble II this not to be expected 0Oes III
follow that grcenback can never be AT par ana con
yertble into gold under the present policy II uls II So
does 1t also follow that the policy OF the Government
IN tins respect Is radically wrong, and ought 10 De
chaugeii IL the Government were to accept green
backs in payment OF customs duties would not the de-
maud for gold IN great measure, and would not
a grernDick dollar then be worth much as god dol
arl and would not the business Of tue country bY
bringing gold into circulation, aud more gold
into the country, expand the currency gradually
as population and business expanded, without
producing those commercial ,reyuslous now so much
dreaded Dy all business men outside or Wdll-stf Ana
would 1t not be better for the Government to incur the
of buS sterling exchange u pay the interest on


its bonds I'D abroad than to continue Tue present pol
lev of depreciatlD2 its own paperf


would like you to answer these interrogatorles oy
reflectiug the sht OF THE TRIBUNE them, for meet
them at every turn and some oi the propositions tue
niati0nlss consider unanswerabe. There Is no DOUBT
that there Is "a weak place Omewhere in our financial
systeu ana 1t is very important 10 the country tha IL
should be detected aud corrected. Ii 1t should be
proved that any of in our opinions Will II
not better to recant them and get on the right
track than to continue o drive the ship OF state against
the breakers OF errori A READER.


EGsiJn, Nd, Aug. 8, 1874.