Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-05-03
THURSDAY, MAY 3, 1888.
AR: CRAIG AND THE CURRENCY

CaAIG, en- the subject 6! the cureeucy. are
published ia late number Of the Fincas,Ie
Democrat. AS tke 9uestioa is vitality im~
Pettans one, we have felt il 10 be due TO ovr
readers ,hat they should see them. Il will
he seen thx he is decidedly a Sub Treasury
snan-shst he considers i, the best plan which
has yet been suggested TO remedy the exist
'og ersis IN our monetery system, aud Il
prevent their future recurrence. lie tel,t
as, what we all feel, that the currency il
~re.chedly deranged, and that something
positive must be done 70 restore 10 the couu.
try healthy action. This arrangement Ire
ascribes to the substitution Of bank paper for
specie IN our circulation. He says farther,
that ne is not opposed 10 sound and liberal
system Of credit, and that the great and lead
ing object with him is 10 establish regular.
uniform, sound, and permanent currency.
With these sentiments we have no DISPOSE
ton 10 quarrel, but how he proposes to carry
them out by the Sub Treasury system we
cannot imagine, and certainly he does not
tell u.s. The only distinct view he gives us Of
the mode in which it 10 to he effected, is in
the following sentence 1.-THE Government,
1.-THE Sub-Treasury system were in full op-
GRAFTON, would on the one-hand, collect all its
debts in gold and silver, and on the other.
would pay all debts due from il in gold and
silver, the effect of which would be 10 pro-
duce TO the extent Of the monies thus collect.
ed and disoursed specie circulation" This
is unqueslionabIy true-to the erient but
how would that be remedying the existing
evils OF the currency Is it not perfectly
obvious that the Banks never could resume
specie payments under such system. Ac.
cording 10 his own estimate there are not
more than thirty millions of specie in the
Banks, to five or six hundred millions of pa
per 10 circulation and every one know and
feels that there is little in the hands of the
people. The expenditures of the Govern
msnt for the present year are estimated at
upwards of thirty.two millions of dollars
How, then, would it be possible for the sys-
te'n TO work without draining from the
Banks and the People the little specie they
possess I? And what would the People do for
currency? Ii would undoubtedly come to
this, that either the scheme would fail, or The
Banks be broken up, and their paper become
worthless. Is Ibis Mr.. Craig's friendship 10
The credit system? And would not the OBJ.
vious and legitimate effect of his favorite
measure be TO make one currency for the
Hovernment aud another for the People?
True, he repudlates and denounces this idea.
out does he offer any argument TO show that
s untounded. He attempts it, certainly,
out to what purpose let his own words speak
The money disbursed by the Govern
ment must go all over the country. IL
goes to the soldiers of the U. States, wher-
ever stationed, and 60 10 all belonging 10
the Navy. Itspreads through the interi>
'or OF the country TO be exchanged for beef,
pork, flour, SC. to subsist the army and
navy, and, in a word, not dollar is in.
tended 'olie idle in the Treasury" CSC. To
illustrate the futility of this argument, we
need but ask do the people live off the Gov
eminent! II not how many are there in Mr..
Craig's district who would be receivers Of
Specie which the Government might paw
out How many Of then, are of1icehoders,
or contractors, under the Government !?
Where are the soldiers amono us-wbere
The Navy! VIVA: chance, then, would we
have TO share in this magnificent "specie cir
cula'ion'', which Mr.. Craig talks about
Alas, we fear "to tina, extent" it would ne.
We! come
Blu! farlher-Mr. Craig estimates the pre
sent paper circulation of the country et six
hundred millions OF dollars. If so-boy
would j, be possible TO make the thirty or
MY millions of specie, which he speaks of,
hll It's place 1t is as apparen, as the noon
hay sun that il the Government should pe,
possession Of the quantity necessary for its
operations, the Banks would have To on
down. and the people onsequenhy be lief,
without currency Yet Mr.. Crsip talks
Of "6ans6oozltag" in this matter. We 70.
greet that we are compelled thus TO encou,,s,
his epitbeis-but having to do so. we feel
disposed TO retsrt them. In our opinion the
'bGnrSooziing" is all on his own side. J,is
ever a suspicious circumstances 10 see man
deaf loo beautifully IN SCOT sawder," as the