, 1862-08-30
The Currency Question.


The Currency Question.
The advent of million or so of United States
treasury notes amongst us, has raised quite a
breeze in certain circles and from those who, a
few months since, we heard nothing but express
ions of willingness to sacrifice the " last dollar >
and to die in the last ditch for the benefit Of
the Union and the maintenance of the Govern
ment, we now hear nothing but efforts to depre-
ciate the currency of the Government, to ruin its
credit, to weaken its finances, and of course to
mics. For the life of us, we cannot see any rea-
sonable excuse for this opposition, on the part of
men professedly loyal, to treasury notes. The
faith of the Government and of the country is
pledged for their redemption, and if the Govern
ment and country is worth risking life for we can
not 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 are calculated to
initiate the prices of everything else. No such
thing. The disbursement of fifty millions of good
paper money throughout the country will have
precisely the same effect as would the disburse-
ment of the same amount of gold. 1t would add
to the currency of the country and make money
more plentiful, and as a consequence other arti-
cles worth more in comparison. The extraordi-
nary expenses of the Government are now, say
two millions day-sixty millions a month
Such heavy disbursements, 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
practically be the same if the disbursements are
made in god silver, or good paper money. With
so much money being constantly set afoat through
out the country, prices of real estate and other
merchantable articles will necessarily be inflated
treasury notes or no treasury notes-gold or no
gold-silver or no silver. 1t will thus be under
stood by sensible people that the mere issuing OF
treasury notes will not cause an imitation OF prices
any 4" initiation which may occur will be the
natural result of the extraordinary expenditures
of money by the Government; SO the =" inflated
objection to the notes falls to the ground.
If the Government is not trustworthy-if it is
like a Western Wild Cat " banking institution
then 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 maintain itP That's the
question.
Some few people contend that gold is the only
real standard of value; greater numbers contend
that real estate is the 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 steady, firm Government to preserve
order and afford protection to commerce and man
ufactures, real estate would be comparatively
worthless, and gold would be valueless in like
proportion. Then to give value to property in
general for the benefit of all, Government must
be maintained The basis of the value of the
treasury notes is the real estate and the produc-
which gives any practical value to gold. The pa
per money 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 final re-
demption it should bear uniform value in all
parts of the country. For all practical purposes,
then, the treasury notes are just good and safe
currency as gold is.
Ofcourse all the brokers, bankers and exchange
dealers in the country will combine with traitors
to deprecate the value of the treasury notes.
They live by shaving, exchange and "wd cat
currencies. If people accept the notes, and thus
maintain their par value, and uphold the credit of
the country, twothrds of the business of irrespon-
sible exchange dealers, "wild cat :" bankers and
shaving brokers is gone. Those leeches on the
industry of the country will be forced to engage
in some useful occupation and live money fairly
earned hence they are doing all they can to de-
preciate the notes, and we are sorry to see their
efforts assisted by few well meaning people who
have i'm bibed the idea that pure metallic cur
rency is the best for country.
The truth is, an entire metallic currency is the
greatest curse ever inflicted upon a State or Ma
ton. California is the only State that has been
foolish enough to attempt the establishment OF
such an absurdity, and how it has prospered under
such regime, let the high rates of interest now
ruling in the face of overfowing treasure vaults
answer if this is not sufficient then let the peo-
pie take account Of their losses by the failures OIL
the rresr ronsible banks of Page, Bacon & Co..
Adams & Co., Wright Robinson and others, who
of necessity became the custodians and users o.
the peoples metallic currency; let them also take
account of the slow progress Of improvement III
this State, and the enormous rates Of interes