, 1862-10-23

Gold and Treasury Notes.
Editors Chicago Tribune:
RAoMs, October 18th, 1861
The great importance Of the question Of tho
price Of gold induces me to offer some re-
marks on the subject which appear TO me to
sented to the public.
The high pr1ce of gold Is commonly treated /
as equivslent to the depreciation of Treasury |
Notea. On the contrary, gold Is ut = fictitious |
price, md Treasury Notes ~ measured by |
deprecated. There is, In fact, Wild inf1a- |
ton OF gold from various causes, ~ unsound |
and dangerous, as the speculative mutations |
which from time to time take place in other
COMING dities or classes Of properly. The
partly from error In the system Of Issue
Of rotes By the government, aided By the
stcrt-sighted and unenlightened action Of the
ba' ks, which are ever the unwi:ting instiga
tore Of inflated speculation and the fnaugurS-
'ore Of measures productive Of commercial
clique Of spectators in New York who from
time t. time sway tie markets, aa they find
they can work upon the public to thein own
advantages, have run up the price ct gold to a
rate which Is in 10 measure warranted by any
existing Or probable state Of affairs.
The defects in the system of issue BY the
government nay be classed as follows:
!. In requiring customs to be paid IN gold,
issu. +: OF paper money should show the fullest
confidence in their OWE issue. The necessity
supply Of gold for use In their business has
caused an unnecessary demand for an aecu-
mutation Of gold, and undue appreciation OF it
hg individuals. The necessity OF the govern
lnent having interest il gold Is admitted, but
the manner Of providing the necessary supply
is nnsound. The true course would BE- to pur-
chase the amount needed in the market in
way that all holders Of specie would have an
opportunity Of bidding.
established Offices where they would redeem
their notes in specie. The only amount Of pa-
per the government ought to seek to put in
circulation is the amount the iuternsl bust-
| ness OF the country can absorb. ANY excess
over euch amount can only be injurious to the
| the credit Of the government and the com
| merce OF the country. The country would ah-
| sorb and be greatly benefited By all the cur
| rency ALREADY authorized were proper col1ata-
raj measures attended to.
5. The government ought to have taken fair
I means to have all notes issued by
banks vithdrann from circulation. Tie neces-
6ity for this is too pslpabIet ito need comment.
In course Of q short trip in the States OF
Illinois and Wisconsin, have been continu-
ally addressed by parties enquiring what ]
Thought Of the price Of gold, and oa ny giving
5000, another 81 600, another $500, and so
| on. Spread that over the whole country and
We see state Of congestion which readily &C.
counts Tor much Of the present alarming state
Of af1aira.
1t is short sighted to suppose, IS portion
ct the press is inclined to do, that the spscu-
| lators viii suffer BY the reaction, which is in
eritable. The clique are too expert to be
caugh. in that way. They have fooled the
pubic until they have them in their own
price Of gold with as much success as they
have been enriched in the rise.
Tie banks might have checked the specula-
tive operation in the beginning by libera.ing
eoue Of their excessive reserves but in All
Of doing 20 they hare continued to hoard and
encourage Others in boarding.
Prices OF other commodities than gold have
had 10 corresponding rise, and measured By
tGeir rise, treasury notes can hardly be said
to be deprecated. True, prices Of many arti.
invest igation, other causes than the depreci
aticn OF the currency will afford ample exp1ar
, nation for the change: as for Instance, the
curtaiiment Of supply: as With cotton; the
scarcity of labor, as with coal; the increase
! of duties and taxation on other articles, and
, the more indirect influence Of one article upon
another, irrespective Of 6 i'd and currency.
Thtre is but one cause for anxiety iG regard
! to the government issues, and that requires
but an expression Of public opinion TO re
move. The possibility Of . further Issue q
notes being. authorized, Il generally enter
| tanned. Such measure would indeed be dis
astrous, and it is hardly conceivable that i
could be intended BY the government. The
present condition Of commerce demands 81
unqualified declaration Of policy in that re
| specr. To increase the amount already sane
: TONED, under present clrcumsta tances, wonlt
annihilats credit and produce no available
| IieaDs for the support of the country, while i
would place the mcst formidable weapon il
!. the hands Of enemies abroad ard traitors a
h-me. The present issue is needed and vi!
|. I all ~ nEearfI.d uf1i will pr7iu7ljV rau,r T.
par with specie it allowed to take its cours
without further Interference. Preserve th
treasury notes as sound circulating medium
and the West is enriched beyond any burden
the war is likely to impose upon her. Pr
4 ] serve the credit Of the government currency
a and ill the future requirements OF the GOV
eminent will be readily provided on loar
The country has hitherto had resources fl
e beyond any representation Of them BY any L
i, | climate sye:em Of credit Want OF capits
has ignoranily been assumed as great nece
sity Of the country, when the basis on whic
st older countries reputed Of inexhaustib
!, wealth have reared all their capital has bee
i unrctngnized and allowed to lay dormant i
"a rs in new sections Of the country to CAM
d property to be at seasons rather burds
lc Than q benefit.
n Il is rather u:opian to appeal to the patti
4; iem oil men In Their money operations, but St
e 1t behooyes all to be open with their conVl
y tions. would therefore urge all who no
~ gold from apprehension, to sell at once
e. they would lend their individual effort to Il
C. good Of their country, which is insepe7ah
Y from their oTn welfare. To those who CT
IL not look Or feel beyond what they can gra
J. and hold close to themselves, I would say 4,
dS 1G when you can at a prlce which is uaquestio
-. a. ably beyond real value.
ty am, respectfully, g. a. I.
IT, Col. VIM. n. Coler.
be The Cnionists Of the 10th Representa-
,M ns District Champaign, Piatt, Macon and MOI
hc | trie codDtieE--haye nominated Cnl Wm