The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1863-01-31
GOLD, PAPER MONEY, AND PAT.
RIOTISM.

Ii Is estimated that more than two hum
bred and fifty millions of dollars in gold
and silver are now in bank and in the hands
of the Northern people. All this vast sum
is no longer money, but is held as an arli-
Gle Of merchandise. It is not used in set
Ting differences between the banks. It is
not used by merchant or banker, by farmer
or mechanic, by pleasure seekers or day
l4borers, but is stored away in vaults,
drawers, and other hiding places, waiting
some mysterious or extraordinary call. In
the city of New York alone, there are prob
ably one hundred millions. Our incorpo-
rated institutions. hold nearly half that
amount. All these millions, here and else
where, were, until lately, used as currency.
Gold and silver were as plenty, almost, as
could be desired, with steadily increasing
stock of it from week to week; our banks
all over the country were anxious to extend
their loans and discounts; and they paid
out their specie with as much freedom as
they now do either greenbacks or corpora
ton shinplasters.
Gold is now held at a premium of over
forty per cent, not because of any extraor-
binary cal for it, but because the people are
scared There is no serious foreign de-
mand, and it is not wanted here, except for
speculative purposes. The Bulls and Bears
of Wall street are now hammering away at
il, at the Board of Brokers, with the same
pertinacity and freedom as they do at ola
Harlem or Erie or Pacific Mail. They want
it to go up or down, as the case may be,
provided they can make money. That is
all they care for; aud we hope that neither
Secretary Chase nor anybody else will be
frightened, or in the least disturbed by
these shuttlecock fluctuations.
We cannot eat gold nor drink gold; nei-
Their can we wear it, nor consume it, to any
great extent; so that it is unlike most other
merehantable articles. We can, however
hoard it; and we can take it out of our Old
stockings and look at it. What blessed
privilege that is !-remem bering all the
while we gaze that it is worth forty per cent
premium.
II is very easy to complain of such a state
of things as now exist, and TO demand that
somebody shall do something" but it is
very hard to prove that anybody, except
jeff Davis, is to blame, or that anything
but fighting will cure our troubles.
We have had but one opinion from thei
beginning in regard to the management of
know We must not attempt that which is
impracticable. We must not base our
at the present juncture. on any
old financial theories. We must face our
difficulties, and, under the war power, ride
over ali obstacles, and place the burden of
this rebellion on the shoulders of the whole
people. To raise large loans in the ordna
ry way is impracticable. If We wanted but
FIVE, ten, or even fifty millions of dollars, !
we might succeed; but We want hundreds
of milions-and we boldly affirm again and
again that there is no other way, nol0, of
meeting our engagements and heavy war
expenses but by additional iSs ues of legal
tender notes. The Secretary's bill, passed
by the Senate, proposes an addition of fifty I
millions. The issue, supported by the 9th
er measures recommended by him, would /
help greatly.
II is fact admitted by business men all
over the country. that we are short of cur
rency. Notwithstanding the large amount
of Government paper aaoat, We have not
enough circulation TO meet The fair demands
of trade. We must remember that all the
currency lately afforded by gold and silver
is entirely withdrawn from use-except as
merchandise. Here is loss of circulation
estimated at $3.50, 900, 600 The vacuuns
has not yet been FILED The legal tender
notes of tie Government have not wide
and general circulation. They are held in
large sums By Government officers to meet
the expenses of the ARMY, and BY the banks
to meet daily their calls.
Are you in favor of flooding the nation
with iredeemable currency % asks man
who don't believe in anything but gold
under any circumstances" We answer,
most emphatically, We are in favor of moth
ing, either in theory OF practice, which Is
damaging to the people. We are not IN ia
vor of war, but at present We vote for 1t, as
q M cans of peace. We are not in favor of
sacrificing the best blood in the country in
su5iuiag this rebellion, but We must new