Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-05-06
Tn. currency Question.

The currency question is one of great import
ance to the trade and commerce OF the nation.
We have witnessed the most violent fluctuations
i'm our standard of value within the last few
weeks. carving in their train a most uneasy
feeling and making mercantile community
suffer 10 no small amount Inls must continue
if Mr. Chase will moi come to the rescue and give
us standard of value less susceptible TO these va
riatOns.
The Government has it in its power, with the
vast resources open to it, to bring about better
state of things Never, perhaps, in the history OF
the world has any nation been better able to sup
port a war than we are We should use these
resources to the best advantage possible. We
would most earnestly elloin on our finance min
lister to take steps tending to bring the currency
to a specie standard We have seen enough al
ready of the baneful effects which deprecated
currency has on the energies of the people. Trade
in great degree is now paralyZeds merchants
being incapable of Judging how their transactions
may turn out with an varying currency as
their standard of value.
In California we do not hear of these frequent
ups and downs in the prices vi commodities, and
although State bearing her share of the burth
ems of this war, there are no indications of any
unusual commOtiOn in her trade, butHit is carried
on with its usual safety, and she is growing
stronger every day. She can, therefore, lend her
aid to the suppression of this rebellion with com
parative ease. her energies being not in the least
disturbed but allowed to have their way. Cali
fornia has a standard of value which never varies
to any great exten.. Our currency is there quot
ed at di scount.
To bear the burdens of IA nation mnst be
allowed full scope to its energies and allowed a
continual application to labor of all sorts We
can look into history and there see that a curren-
cy liable to any violent fluctuations in its vare
is great impediment to a continued application
to industry.
The financial condition of Great Britain from
1897 to 1914 should be highly instructive to US
in our present calamity The Bank Of England
had. in 1897. Ell 900, 600 of her paper ahoat. and
in her vaults the usual amount of specie deemed
necessary for the redemption of her paper, and
was quite strong. Rumors of invasion in this
year spread, and every one became alarmed A
the bank the consequence. The
bank had to stop specie payments. The burdens
of War were more severely felt by her on ac-
couut of her means being employed on the
Continent, and consequently very little. if any,
finding its way back again. The paper afloat of
the bank was not increased to any extent for
three wears after its suspension. aud during that
time its value was not impaired, but circulated
freely on par with gold. In the wear 1900 the
bank began to increase its issue ard the deprecia-
ton of its paper, of course. followed, until the
amount afoat reached about f29 900 ,000in 1914
The bank currency. during this space of time,
experienced many fluctuations, and, although
its increase gradual, could not find en-
ployment enough for that increase to sustain
it. Notwithstanding this moderate use of it's
paper currency, the fluctuations in prices occa-
stoned manv disasters Many persons were
ruined during this period, and the price of labor
being always huctuating damaging to the
increase of wealth. Labor is the foundation of
all wealth, and that country where labor can be
carried with less liabilities to interruption is
certain to make the most progress. An over
issue of paper money is a great interruption to
labor of all kinds. In France during the repub-
lic of Robesperre. her finances were managed
with the most reckless disregard to her prosperi-
ty. The assignats soon became worthless, and
the people who held them lost their labor of
years with them.
Napoleon followed and he found means to re-
sumo specie payment; and never during his reign
would he allow any other standard of value. He
was enabled to continue those exhausting wars
which marked his times principally by maintain
ing this standard of value, and by imposing con-
tributons on conquered nations. At the restora-
ton OF the Borbons in 1914. the total debt of
France only 5000, 600 .00n.
The currency OF the Rebel States is fast be-
coming worthless, and when the day of its utter
wOrthlessness arrives, the Rebels will be CON-
PEELED by the force af circumstances to go to the
wall.-[N. Y. Herald.