The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1854-11-29
The. Constitutional Currency.

Recent Bank explosions have given rise
to animated discussinos at Cincinnati and
other places in regard to the various sys-
TENS of currency and banking. Each wri-
ter has his favorite theory, and with an oc-
casiona!ly sound idea. we have a food Of
that sophistry aud nonsense in which our
half fdedged political economists are prone
to indulge when they touch this sui jet
Money being the great power in this coun-
try, We are educated from our earliest years
in the scIencesof its acquisition. and would
resent as an insult a hint that We do not
understand thoroughly matter that We
have so constantly studied.
Yet this very familiarity has led to crude
and superficial notions, as few have taken
the trouble to study the first principles of
science of which they have not suspected
they were in any degree ignorant, The
consequence has been that plausible bat de-
lusiye schemes have taken with The public,
and that they have oaly learned wisdom
BY slow degrees, as it was bought too dear.
!y BY hald experience. The statesmen who
have conenIed lor--a metalic currency as
the only one either safe vtjastiicI by true
political science, have been derided as Shall
low empilics; and the most eminent states
man OF the West, for a long time enjoyed
the sobriquet Of Humbug,'' only because he
had the moral honesty 70 advocate the true
doctrine in the face Of a general public sen
qment in favor of bank paper. Time, how
ever, has already relieved him from al! such
opprobrlous designations. The tables are
fairly turned, the epitheL is now attached to
those who atrcve to ''fasten it on him. -
There are still enough, however, to apply
ii 10 those who advocate tho adoption Of the
Sab Treasury system and a metallic curren-
cy in the States. Such results as we ,uow
witness must do much to convince the pub.
lie mind of the correctness Of the Demo
cratic doctrines. Ingenious. paper. money
sophists may for time delude by some
new and plausible device, bat the truth will
come at last.
Is A metallic currency is the only one justi-
fed by "sound business principles" and
many of the most strenuous advocates Of
paper money nov give up. the point as re-
spects the merits of the currency, and on
y object that it is impracticabe. This is u
p ,ln; to be met. Nothing is more easy than
to est hlish and maintain hard currency.
Tie people of CHI IA find nc trouble in get
ting gold for their tea and other. produces
and it would be just as easy for cotton
growers, and the producers of wheat and
com, pork and four, to obtain gold for Il cir
products They are nearer the sources Of
supply. How is it then that the precious
metals go from us across the ocean to Chi.
na. when we have a large surplus Of arti.
cles which are at least as much in demand
as their tea in the markets Of the world?-
The secret is that the Chinese demand the
coin-an exchange of real value, and We
are content With promise.
Justice cannot be done to the subject in
one article. We have brought it up now,
because we consider this favorable time
for its discussion. In future articles we
may examine the practical difficulties tha,
are said to be in the way of introducing
gold currency on account Of the existence
Of bank currency in other States,
Toledo Republican.