Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-01-23
orR N,TIoNAI. FINANCgs.

follows
Mr.. Riddle-Mr. Chairman, our imme-
-diate financial position is capable ofa very
condensed statement We want an nlimi-
table supply Of money. Our revenue viii
not furnish it. 1t is said we cannot bor-
row it. As we are the sovereign, we pro-
pose to make it. We have not the metals
for its coinage, and propose to substitute
paper forit.
), We are met with two very great diff
culties. II is said that we already have
an immense over issue Of this currency,
and consequent very alarming deprecia-
ton Of it. As these difficulties are to be
met in the adoption Of any plan, l pro-
pose briefly to discuss them. Is there this
large over issue; and is the currency de-
preciated as elaimed2 It is said that there
is this depreciation because of the redun-
dancy and the redundancy is proved by
the edeprecistiOn-sc convenient mode OF ar
gument, certainly.
In my brief service on this floor, was
never more interested and, as 1 think,
more benefited, than by the luminous re-
marks of the gentleman from Massachu-
sets TMr. Wslkerl the other day. Other
gentlemen gave us facts. He went below
and showed the canses that produced them.
In his hands the laws of fnance-those
which govern the subdivision, the curren-
cy-seemed few and well defined, and
their certain results TO be calculated upon.
1 beg to suggest to the gentleman, who
does me the Kindness to listen to me, that
these are exceptional times, which fear
will force change, or q suspension Of the
laws themselves; q matter too important
to be lost sight of. From data satisfacto-
~ in argument, he showed that in 1860,
| for instance, the people of the loyal States
required $500, ,0O0, 900 Of currency. He
also finds that there was then in existence
within fraction of that amount, thus es-
tablishing thesharmony between theory
and practical results Of the laws of finance.
To this sum he adds all the subsequent in
crease, some S250O0O0O or more, and
assumes that by so much is there now an
excess. Is this So Sir, in 1850 the Gov
ernment for its purposes required $780,
OOO,O of this game currency. Nations
have learned to adjust their governmental
machinery so as that it may be propelled
bv the ordinary streams Of commerce and
| inance and it should be their object to
withdraw from them as little as possible,
| return IL III Int 6lNlAl1A AAlASf anu ANNAA
| il undiminished. In 1860 the Government
used Of this $500, 100000, Sl0000O,O00 /;
that is, that quantity Of it passed through
the hands of the Government. five knew
| the average amount Of this currency in
! the hands Of the Government, we could
then determine just how much Of the
$500, ,OOO,OO the Government withdrew
| from ordinary circulation, which would
furnish basis for present circulations. 1
have no data from which to venture
| guess even at the amount.
Nobody will contend that the people do
not require for their purposes as much cur
rency as in 1850 and, as I think, more
| While some branches Of business have Ian
guished, others have been largely increas-
ed and still others, and most important
ones, have been established. While this
IS true Of the people, the wants Of the
| GoEernmentbaye increased more than ten
/ fold. For the year 1853 our expenditures
we're, in round figures, 81, 600, 100000,
which requires passage through the
| hands Of the Government Of the whole Of
this S500,000000 twice over in single
wear. Our expenditures for the year en-
suing, are to be even much larger than
for this And it is to be borne in mind
that the Government pays out much Of
these immense sums at new and unusual
| points, from which they viii not find their
/ way into the ordinary channels of busi-
ness so rapidly as formerly. Does any
body pretend that all this vast business of
the people and the Government can be
carried on with S5O0,OO0,O 900 Ofeurrency ?
Will it not require at sst 100000 2
/ | believe that it will, or more. Sir, so far
from there being o redundancy Of the cur
rency, believe there is a deficiency; and
I hope these suggestions may receive some
attention at the hands of some Of the able
theorists and practical fnanciers Of the
House.
Is thore the alarming depreciation of the
currency as claimed, and which nobody
thus far seems to question? Certainly this
is not proved by its excess; for no such
excess exists, as have shown. We are
pointed to the great difference in the nom
inal value Of the paper dollar of the Treas
ury and the gold dollar Of the mint, which
was recently forty-seven cents against the
former. And this, we are told, proves in
cOntestably that the paper dollar has de-
precisted forty-seven per cent. Perhaps
so. This depends wholly upon the place
and Office Of gold as q standard Of values.
/ If it still sits in the market place, a
crowned king, measuring with its infex-
ible scepter the value Of all other things,
this would seem to be established. But,
sir, it has been tumbled down, discrowned,
and abased, degraded to commodity Of
traffic like corn and wine and pork. In
deed it has become more variable than they.
Gold has disappeared. Nochild of the age
of two years has yet seen coin. The
eagles upon it have flown away, beyond
any power to lure them back by any
charm we have yet devised. Gold has
been seized as an article ofgsmbling spec
ulation; and, like stocks, the constant
tremor Of its price indicates nothing but
the variant waves in the ebb and flow of
Wall street. Both are the chips" of the
gamblers When gold has become an ar
| ticle of merchandise, it is no more a stand
ard of value than any other well known
and indispensable article, the price of
which is fixed by demand and supply. Try
the paper dollar to-day by ang of these
standards, and if they have greatly depre-
ciated, they viii unanimously condemn it.
What is the result7 Why, sir, the pa
per dollar now buys just as large meas
ure Of wheat, just as many pounds Of beef,
more Of pork, and more Of land, as did the
gold dollar when it was the standard Of
value. That, too, is the result tried by ev-
cry other article, the price Of which has
not been enhanced by our legislation, or
causes remote from any alleged deprecis-
ton. In September, 1861, before the al
legged depreciation began, the contractors,
with this currency, purchased, in Northern
Ohio, for the I'd Ohio cavalry, horses at an
average say Of 500 each Now, with this
same currency, deprecated forty-seven
per cent, as is alleged, the contractors are
in the same market buying horses of the
same quality for the 10Th Ohio cavalry at
q fraction less than was paid before. Why
is it that they do not pay SAT each for
the horses, and 81, Al for the measure