Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1862-10-04
From the s. F. Evening Journal
The Currency Question,

States treasury notes amongst ne, has raised
quite breeze in certain circles; and from
those who, few months since, We heard
nothing but expressions of willingness to sac
rifce the "last dollar" and to "die in the
last ditch" for the benefit of tho Union and
the maintenance of the Government. we now
hear nothi g but efforts to depreciate the cur
rpncy Of the Government, to ruin its credit,
to weaken it's finances, and of course render
proportionate aid and comfort to its enemies.
For the life Of us We cannot See any reasona.
bic excuse for this opposition, on the part OF
men profrssedly loyal, to treasury notes. The
faith of the Government and the country is
pledged for their redemption, and it the Gov
ernnlent and country is worth risking life for,
WE cannot See why it is not worthy Of credit
by those who profess their willingness to die
for it.
But it is urged that the notes nre calculated
to initiate tho prices of everything else. No
such thing. The disbursement Of fifty NIL
lious of paper money throughout the country
will have precisely the same effect as would
the disbursement Of the same amount of gold.
1t would add to the currency of the country
and make money more plentiful, and ms n con.
SEQUENCE other articles worth more in compnr-
ison. The extraordinary expenses OF the
Government are now, say two millions a day
sixty millions month. Such heavy dis
burs,lnrnts reaching all branches of business.
must of course add greatly to the amount Of
money in circulation and necessarily reduce
its comparative value. The result will prac.
tically hr the same il the disbursements are
made in gold, silver or good paper money.
With so much money being constantly set
aioat throughout the country, prices Of real
estate and other understandable articles will
necessarily BE- inflated-treasury notes or no
treasury notcs-gold or no quicksilver or no
silver. 1t will be thus understood by se,si-
Bile people that the mere issuing of treasury
notes will not cause an imitation Of prices
any "inhation" which may occur will be the
natural result Of the extraordinary expendi-
lures Of money by the Governments; SO the
4" infatcd" objection to the notes falls to the
ground.
Ii the Government is not trus.worthy-if
it is like a Western "Wid Cat" banking in.
slitu,ion--ilrn of course the circulation of its
notes will prove disastrous. But If such is
the character OF the Government, what is the
use of our risking life and property to MAIN
tain i'll That's the question.
only real standard of value; grairr numbers
contend TINT real estate is til. true basis of
value. The latter ARE doubtless correct. for
without objects of use or necessity for which
gold could BE- exchanged that precious metal
would BE- entirely useless. Without n steady,
firm Government to preserve order and afford
protection to commerce and manufactures, real
estate would be comparatively worthless. and
gold would DO valurlrss in like proportion.
Then to give value to property in general. for
the benefit ofall, Govrrnm,3lt,nust be- supported.
The basis Ct the value of the treasury notes is
the real estate and the productive industry of
the country. is in fact everything which gives
any practical value to gold. Tie paper mon.
ey Of the Government being lighter is easier
of transportation than gold. and therefore its
USE is attended with less expense to commerce.
The Government being responsible for its f.
nal redemption. it should bear uniform val.
in all parts of the country. For all practical
purposes. then. the treasury notes are just rs
good and safe currency as gold is.
OF course all the brokers, bankers and ex-
change dealers in the country will combine
with traitors to depreciatc the value Of the
treasury notes. they live by shaving, ex.
change and I" wild cat" currencirs. II PEG.
pc accept the notes. and thus maintain their
try. two.thirds Of the business If irresponsible
exchange dealers, "wild cat" bankers and
shaving brokers is gone. Those lcechrs on
the industry Of the country will b. forced to
engage in some useful occupation and live on
money fairly earned; hence they are doing
all they can to depreciate the notes, and We
are sorry to SEE their efforts assisted by a few
we'll meaning people who have imbi6ed the
idea that pure metallic currency is the best
for country.
The truth ia, an entire metallic currency is
the greatest curse ever inflicted upon State
or Nation. California is the the only State
that has been foolisl, enough to attempt tho
establishment Of such an absurdity. and how
it has prospered under such regime. let thu
high rates Of interest now ruling in the face
Of ovclfowing treasure vaults answer; it this
is not sufficient. then Mt the people take nc.
count Of their losses by the failures of the ir.
responsible banks Of Page. Bacon & Co.
Adams 4 Co., Wright. Robinson and others,
who Of necessity became the custodians and
users Of the peoples metallic currency; let
them also take account If the slow progress Of
improvement in this State, and the enormous
rates Of interest which in years past have
crushed to tho earth nearly every enterprise
and energy In the State. There is certainly
wanting evidence right at home to prove con.
clusiv-Iy that an entire metallic currency ia
an entire curse We are now offered sound
paper currency; lot us act the part Of sensible
men a. we'll as patriots. and accept it.
DEPARTED HaRoEs.-The appeal snys
thu recanr hatfles have moved very fatal 10