The Ripley transcript. (Ripley, Miss.) 1837-18??, 1837-10-05
Ripley Mississippi, Thursday MORNING. Octohcr j. 1892.

confidence N their ring paid IN specie on doidand.
mn Congress, to guard again the slightest viola.
laton this principle, have declared by law. TIM,
II notes arc paid in the transactions Of (.o,orn
meht, Il must be under such circumstances M 10
enable The holder to convert tlcm into sJrtio witt,
out depreciation OF delay.
O our own duties under the existing laws. when
the banks suspended specie payments, could not
doubt. Directions were Immediately given TO preI
vent the reception into the reaailry, of any t;r-
but gold and silver or iis equivalent; and every
practicable arrangement was made TO preserve the
public faith, by similar or equivalent payments to
the public creditors. The revenue from lands had
been tor some time substantially so collected unde
the order issued by the directions ofmy ptedec&
sor.-The effects ofthat order had been so salut(y
and Its forecast in regard to the increasing nsec-
rlty OF bank paper had become SO apparent, that =,
even before the catastrophe, had RESI- lved not to
interfere with its operation. Congress is now to
uecide whether the revenue shall continue to be 20
corrected or not. The receipts into the Treasury.
OF bank notes, not redeemed in specie on demand
will not presume, be sanctioned. II would do,
troy without the excuse of war or public distress
that equality ofmports and identity of commercial
Ilosuiatoh wroir ~ a., foundation of orr con.
Ifederacy, and would offer to each Stnte n direct
temptation to increase its foreign trade BY depro-
cating the currency received for duties in its ports
Such proceeding would also, in great degree
Illustrate the policy highly cherished, of infuse.
ing in our circulation large proportion of the pre-.
clous metals; policy, the wisdom of which none
can doubt, though there may be different opinions
as to the extent to which it should be carried. It's
results have already been too suspicious, and its
success is too closely interviewer with the future
of the country, to permit us Tor a mo-
ment to contemplate its abandonment We have
seen under its influence, specie augmented be-.
You'd eighty millions; our coinage decreased so as
to make that ofgold amount, between August I g.
"a, and December 1886 to ten millions ofdollars.
exceeding the while coinage at the mint during the
thirty one previous. The prospect of further i'm
provsment continued without abatement, until the
moment Of suspension of specie payments. This
has now indeed suddenly checked but it is st II far
from being overthrown. Amongst all conflicting
theories. one position is undenablc; the precious
metals will invariably disappear when there ceases
dunn. 1t was in stict accordance with this truth
that while, in the nth Of May last, they were e.
very where seen. and were current for all ordinary
sthey disappeared from circulate IL the
moment the payment of specie was refused bystho
banks, and the community tacitly agreed to ds-
pense with its employment, Their place was
supplied by a currency exclusively fpaper and III
many cas- Of the worst description.
Already are the bank notes now in circulatons
;.vatly tieprccated, and they huctnate in value
between one place and another; thus diminishing
Ind making uncertain the worth of property and
he price of labor, and failing to subserve, except
It a heavy loss, the purposes of bushes. With
ZACH succeeding day the metallic currency decreas-
$; by some it is boarded in the natural fear, that
nee parted with, it cannot be replaced, while by
thers it is diverted from its more legitimate uses,
or the sake of gain. Should Congress sanction
his condition fittings, by making irredeemable
'aper money receivable in payment of public dues,
temporary chek to wise and salutary policy will
n all probability, be converted into absolute des-
ruction.
1t is true that bank notes actually convertible
nto specie may be received in payment of the re-
enue, without being liable t. all these objections
nd that such course may, to some extent, pro-
note Individual convenience; and subject always
o be considered where it does not conflict with
he principles of our Government, or the general !.
Welfare of the country. If such notes only were
eceved, and always under circumstances allow
ng their early presentation for payment; and if,
hort and fixed periods, they were converted I'M
pecie, to be kepr by the officers Of the Treasur
ONE ofthe most serious Obstacles to their rece
ions would perhaps be removed. To retain
otes in the Treasury would be to renew under
other form, the loans Of public monay to the bal
nd the evils consequent thereon.
1t is however q mistaken impression that
lrge amount of specie is required in public
rents. OF the seventy or eighty millions now
mated to be in the country, ten millions would be I
bundensly sufficient far that purpose, provided an
ccumulation of large amount of revenue beyond [
he wants of the Government, be hereafter proven
ed. If to these considerations be added the iaciiE
.I.,,., Ia, s,s,K