The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1863-01-27
The Currency Question.

mo O~AAcnSy $uCsuVhs
The question now pending between the Ma
tional Government and the banking interest
of the country is one Of grave interest,an still
one which hardly admits OF two opinions. The
Advertiser said two weeks ago, in leading
editorial article, "The Treasury notes must
snpplant all other currency, which is not me-
tallic." To this conclusion all thinking men
are rapidly coming, urged by the sharp stimu-
ius OF personal interest. Every man, who
owns dollar, Is interested that this simple
but important question shouldb be so decided
as to save both the Government from disas-
trous impotence and the nation from bank
ruptcy. The Argus has consistently opposed
every measure originated by the present Ad-
ministration. Its comments upon the manage
ment Of the Department of the Treasury, in
particular, have been characterized by SUPER
fuous and ignorant severity. There has been
systematic exaggeration of the financial diff
ficulties Of the country, which it is lenient to
call either malicious or presumptuous. 1t is
with peculiar pleasure then, that we find in
the columns of this newspaper at last, COM
muncat ton which coniradicts emphatically.
point after point, the editorial misrepresenta-
lions referred to. The ability, with which this
correspondent conducts the discussion of his
important theme, would attract attention any
where; but his article derives new interest
from its insertion in the Argus, as sign of the
tunes, as proof that intelligent men of all par
ties are of one mind in this matter, and that
'Pison-mad, pig headed fightn',''
politically speaking, is not always successful
In winning even the appreciation of party.
The rebuke is received with the least possible
manifestation of editorial anuoyance-two
squirming squares. We copy from the Argus
OF Saturday, the substance OF the communica-
Ion entitled, "The Paper Money of the Gov
eminent and the Paper Money of the Banks:
To the governme mt the use of paper money
at this time is an imperious necessity, and il
Is absolutely Impossible that paper money
should be redeemed at present in specie 1t
is useless to cayi, TO find fault, or even to ar
que the point. The necessity is overwhelming,
the impossibility is complete. Nor is the pres
ent administration at all singular in this re-
spect? There Is not and has not been any ma
tion in modern times, which could carry on or
has ever attempted TO carry on a great war
like this, and yet maintain its payments in the
precious metals.
Now, at the present time, as at all times, pa
per money has its greatest danger, in its La
bility to become excessive in amount If there
Is no more of it than is needed for the trans
action of business, public and private, it does
not greatly disturb prices nor unsettle the
cost of subsistence. When it becomes very
excessive II dsturbs everything till it ends by
becoming worthless ITSELF
1t seems to me to be useless and futile to
say that the administration committed an err
ror In making the government notes a legal
tender. That was, in fact, only a statutory
declaration of the impossblity of any present
redemption Of the notes in specie. 1t was en-
acting law OF trade. into the law ofthe land
1t Is pretty much agreed on all hands, that
this country needs, at all times some hundreds
or millions Of paper money for the transaction
Of business. how many hundreds it is not ma
terial now t. inquire.
Ii must be agreed also, that in these times
the government must issue several hundreds
OF millions of its own notes, and these take
their place at once in the circulation of the
country.
How many millions shall the government
issue? No man can answer. All men hone
That it may not be more than can be absorbed
ana made servceable In the channels of gener-
al business, ana no more than will be consist
ent with maintaining an endurable scale of
prices Tor labor and the necessaries of life
nut while the government is thus under the
irreslstlpie necessity, as a matter Of simple
tye ana death, OF purchasing what it needs by
the Issue OF paper money there are some thou
sands of banks, which are also claiming and
exercising this same faculty of putting forth
paper money, as simple and mere matter Of
PROFIT upon the employment of capital. and Il
Is understood that the banks have now ont os
usual, some hundreds of millions Of their notes
these notes being also quite as irredeemahle
in specie, as the notes OF the government
The question then is the simple but most
momentous one, shall these two manufacture
ers OF paper money both go on, continuing and
enlarging their issues, until the amount of this
currency becomes so large, that all money val
-ues are overthrown, and the government can
neither buy food for its soldiers, nor a laboring
man food for his children.
Ii they cannot both keep the field of paper
circulation, ,chich one shall withdraw from il
Which one shall give up the privilege? Shall
the government disband its armies and let the