The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1863-12-10


conceal them. It is your duty, as the
guardians Of the people Of Georgia, to
speak out, and see TO it, that the Re.
public shall suffer no detriment at the
hands those whose duty it is to guard
oad defend her interests. You are
bound to see to it that the rights and
lioerty Of the people are maintained.
! will invite your attention to another
not less important topic. Our currency
is dep eciated. We have gone on in
cTeasing the amount Of Treasury credits
month after month and year after year,
yet we wonder that our credits are not
worth as much as standard bullion, as
If the experience Of all ages was not
uniform, that the greater the amount OF
he circulation, even ifit were gold it
self the less would be the value. and
that, whenever the circulation, no mat.
ter OF what it consists, exceeded the
wants Of trade, that it must of necessi.
ty depreciate
At the beginning Of the war, when I
was honored by the convention Of the
people Of Georgia with a seat in tic
Provincial Congress, the Goyernmen nj
borrowed s15,ooo,ooo by pledging one
eight Of cent per pound on all the col
ton exported from this country, payable
in nothing but gold and silver or the
cupons of the bonds, and, for the first
year Of the war, they were on par
value with goll and silver, and, even
at the present time, when gold and sill
yer have greatly inc, eased in value, are
worth SO or 100 per cent. premium,
and with this loan and Treasury notes
Mt exceeding the taxes ofthe year, the
war was carried on the first year. Bat
the war enlarged its Dimensions. Our
enemy, after putting seventy five thous
and men into The field went on increas-
ing their army, until it had accumulated
and army to fight against US which
neither We nor they, nor any human be.
ing, dreamed would be called out
Column after column, and army after
army of this mighty host did we roll
back, until he IN the madness Of his lust
for dominion with the seas at his con,
mand, levied troops from every part oi
the world to bring against us, in order
to take from US this magnificent land
which the Creator had given us: Still
our loops did not falter. We needed
more money to meet these great events
which we raised by an easy bue unsafe
mode. The Gr,ag error we committed
was this. As soon as We issued an a.
mount Of money adequate to the wants
ofcommerce, We did not stop but wen,
on increasing the amount-15O,oO 900 900
400, 900, 100000, 900, ,OOO-ard the
result was inevitable-the depreciation
from the lst Of March last, to the lst Of
July, has been at rate Of 5 per cent per
day to the lst ofJuly. It seems to be
overlooked that while yen increase the
issues Of the Government you in the
same proportion depreciate the value Of
the currency.
1t can not be otherwise, it is govern.
ed BY q law that no human Legislation
can control. lou may, BY appeals to
patriotis:-,, or IL intimidation, induce
men to take it, but after which every
means will fail, and the valpe of your
issue must finally be determined by the
ineSorable stands.d on gold and silver
the worlds measure. And all these
lawstegUlating the prices Of produce
or Of other articles Of commerce, and
establishing maxinums will not induce
these credits to be taken when it be-
comes worthless and will have no other
effect than to discourage industry, to
SOW the seed of discomfort among the
people, and to raise mp party against
the Government itself.
Our Government must pass laws by
which the amount Of cur, ency MAJ be-
reduced to requird limits and then in
stead OF our war costing us $500 ,o00,
900 year, it viii only cost sl0o,oeo.
900; instead ofraying three or five
or ten prices for our necessa.ies, We
shall get them at their lowest money
price, and instead Of promising our
soldiers eleven dollars Ter moath anp
paying them one dollar, We can pay
them what we promised to pay them,
and it will exchange for something
wherewith to support their families. It
would have been far better to have bor-
rowed money on bonds at twenty five
cents on the dollar, then to have kept