Year: 1873

II seems necessary to suggest to those who
are daily multiplying pamphlets and articles
containing schemes for manipulating the cur
rency one OF two cOmmOn-sense reflections
which ought to occur to them without sugges-
ton The first is that financial questions are
scientific questions and require for their intel
ligent discussion just as much special prepara-
ton as chemistry or astronomy. They cannot
be solved by "gumpton" or inspiration, or
any kind of natural insight 1t does not
even follow because man Is
routine "banker' that he is competent to
PROFOUND scheme for making the currency
elastic or for contracting by initiation. We
do, indeed, maintain that every person in the
country has a right to have an opinion IN re-
gard to the general utility of this currency,
the degree and manner in which 1t answers
the purposes of o currency, and lts operation
upon him and his interests. Every man who
can put his hand into his pocket and draw out
ten-cent stamp has his credentials for this
right and we only wish that every man, wo-
man. and child in the country might exercise
it intelligently; but even this would require
some study aud reflection, and when it comes
to the question of regulating the currency and





getting more or less Of it. it is necessary to
remember that the problem is one requiring
wide information, deep study, and mature re-
Election.


There is really nothing new in the problem
Paper money ls no new experiment IL has
been tried over and over again. Every
problem which it can offer has been In his
tory. Every scheme, venture to say, which
can be devised for making it "as good as
"gold- has been tried. Able men and finan-
ciers of different ages and countries have
studied it and recorded their observations.
All is at hand for any one who Is willing to
study the matter, and those who propose to
meddlc in it at all need to be told
plainly Stlat their first duty is to master
what has been done, before they foist upon
the public nonsense a thousand times exploded,
and crude follies which have been tried again
and again, and have left long trains of mis-
chief behind. Ii is the bane of every science
to be exposed to the meddling and muddling
of those who will not do this preliminary
work Generally they can be disregarded.
But, in the present case, practical issues of
the utmost importance are ut stake, and these
reckless tyrOs may have an influence on pub
lie opinion far beyond their deserts, and pro-
duce consequences which they cannot under
stand much less avert. 1t is safe to say that
"a mans knowledge of these matters is in the
inverse ratio of the readiness and confidence
with which he puts forward scheme which
is to solve the whole difficulty.


Just now the favorite aim of the schemers
is to make the currency elastic. TO analyze
the various schemes, and show their futility
would be tedious and useless. IL their authors,
who produce them apparently, taking the cOun-
try over, at the rate of one day, would really
study the history and the operation of paper
money. they would soon convince themselves
that they might as well try to square the cir
Gle or invent perpetual motion. The only
elasticity there is in the paper money lies in
the unit dOllar-there is plenty of it
and no art of man can put any elasticity into
il anywhere else.