Facts Concerning Currency

Discussing the curroncy question in Harper't Weekly, and disoussiug espeoially the statement of Wendell Phillips that " specie paymenti mean specie when you do not want it, nnd nothing but paper when you do," Professor Newcomb publishes the following faots, which are well worth bearing in miud : First fact - For flfty years past there has not been a day when any owner of an English bank note could not get gold for it, nor is it likely that such a day will be seen for 500 years to come. Kor has there, in any probability, been a businoBs day at the banks wben one or more persons, and generally dozena or hundreds of them, did not want gold. Hardly a business day now passes in which the Bank of England does not pay out gold to the araount of tens, and even hundreds of thousands of dollars, to people wanting it. Remember this when you read or haar that specie payroents cannot be kept np on the limited supply of gold now available. Seoond fact - TTnder this policy the little Island of Great Britain has muintained the commeroial supremacy of the world. London has beoame its great monetary center, and, in spite of her land tenure and other institutions which tend to the disadvantage of her poorer classes, the arerage laborer of England is better off than any country in Kurope. Third fact - There is no case recorded in history of a government issuing paper money not redeemable in gold and silver, and in quantities sufficient for oommerce, without that paper money depreciating. The cases of such attempts and their failures are so numerous that a whole volume of history would be necessary to record them. See, for instance, Snmnet's " History of American Currency." Fourth fact - There is twioe bb muoh ourrency per capita of our popnlation as during the three years preceding our civil war, and yet we are told the country is suffering for want of more. This fact illustratea the statement of last leeson, that thf greater the quantity of ijredeeinable currency issued the soarcer money will seem to be.