The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-11-27
THE NATIONAL CURRENCY.
tFrOm the National IntelIlgencer.l

naturally continues to afford topic of re-
mark of our contemporaries of the press, as
well as to intelligent citizens in private life
who suppose themselves competent to par
take In The discussion by communicating to
the public their views in relation to the eau
ses or remedy of til, existing pressure. Our
readers have already been furnished with a
sufficiently definite statement of our own
opinions under both of these heads and while
amid the great diversity of sentiment which
prevails upon the question, 1t would i'll be-
come us to claim for ourselves any exemp-
ton from that falibility Of judgement to
which all are liable, and which is illustrated
by this very diversity, we have yet to say
that after candid consideration of the sub
ject, with respect to the various and conflc-
ting arguments it has elected, We see no
cause to modify the expressions to which we
have previously given utterance. At the
same time we are free to admit that while
the institution of an old.fashiuned National
Bank, with such additional guards and res
trietions as past experience may suggest,
seems to us the most natural, available, and
speedy remedy for the evils from which the
national finances are now suffering, we are
yet not so welded to our opinions, or so
impracticable in our aims, as to withhold oil
concurrence from any proposition which,
though it does not fully come up to our own
standard of expedieney, may nevertheless
seem to offer any rational promise of even
partial relief to thu country.
And in earnest Of this spirit we cite, ms at
least worthy of respectful consideration, the
subjoined observations, addressed through
the columns of the Boston Transcript to
the Secretary of the Treasury, and which we
understand to be from the pen of Mr.. +. Lit
tell, an intelligent citizen of Boston. Not
deeming il necessary to quote the whole let
ter OF which we give the most essential por-
tions, we may take the occasion to say of the
proposition that its adoption would doubt
less impose somewhat of additional labor up
on the Secretary of the Treasury, which,
however, we have every reason to suppose
would be cherfully borne by that officer If
only the welfare and accommodation of the
public were thereby promoted. And, to
break in some measure the force of this OBJ
lection, il might be found that the proposed
plan of relief would work equally well with
oat requiring the issue of any sub-treasury
drafts of so low n Demonstration rs is sug-
gested by the writer. The engraftment of
this feature upon the sub-tfeasury would to
II limited extent afford one of the advania-
ges secured by United States Bank, that
of furnishing "paper currency" of uniform
value throughout the whole country. We
hope, however, this fact will not constitute
very formidable objection against it in the
eyes of even such among our Democratic
friends as may be tempted TO condemn with
out hearing anything that promises in any
degree to initiate the benifcient working of
an institution which has so long severed as
the bugbear OF American politics. But to
the "remedy" in question:
ain seeking for cure ofa redundant pa
per currency we must take the patient as he
is. The people are accustomed to paper
money, and bank notes can only be driven
out by something better. Mature abhors
vacuum Let US try the expulsve power Of
new effection.'
"You hare The remedy al hand. II is this;
"When any payment is to be made by the
United States let it be done, not by single
draft on the sub-treasurer nj New York, or
Boston, or New Orleans, or Philadelphia,
but by many drafts for small sums. And
let the drafts be engraved and printed, differ
ing little in size and shape from bank notes.
These drafts will be as convenient as the pa-
per currency we have been in the habit OF
using; but, unlike that, they will always tru-
ly represent exactly so much gold lying rea.
dy for them at the mints or elsewhere, ready
for expectation, as well as for domestic
use.
"This paper currency the people will not
carry to the sub.treasury, or TO the mint, for
until they want gold. Much of it
will remain in circulation from hand to hand.
And in the process of years it will always
adapt itself exactly to the demand for paper
money, and will never by depreciation drive
gold out o! the country,
"Allhough opposed in principle 10 paper
currency for small amounts, (and the intro
duction of gold as our money takes away the
excuse for small notes,) yet for the present
need would recommend moderate issue
at first of such drafts for ten and five dollars
each.
"If issued Immediately they would fill up
a void which is now very inconvenieni, and
would give change in gold aud
silver, and regulate their prices according.
ly.
"Ir this really constitutional currency be
kept back it will force the continued use Of
bank notes. II freely used il
may begin new era"
t-Ss- It is deemed somewhat inconsistent
that the "brend or blood" party of New York.
after, resolving, with many speeches, to
attack the bread carts, and finally, after
nlnndrrinr few in earnest, did not ent the