Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1864-12-22

suits WHICH haNo Ctcateu dppTenenSlOnS
that the Union might be lost for want of
means TO prosecute the war. or rather on
account of the excessive and unnecessary
costliness of the war. 2 The Government
in its struggles with a gigantic rebellion
has not been contendiDg with armed rebels
in the field alone, but with unarmed rebels
in the loyal States, backed by an immense
interest in the hand OF loyal citizens.
S"G0ld has been favor ite article TO gam
bic in. 1t has been forced up and down
by those tricks and devices that a,e so we'll
understood attthc stock board The re
! verses OF our arms have been used hy the
operators for an advance TO send il up.
and our military successes have been tnrn.
ell to the advantage Of those who were in
terested ia decline" When the banks
and the Government suspended specie pay
ments, and new standard Of value was
created in the legal tenders. gold and sill
ver whose legal value bad been fl xed by the
same authority, became an article OF traf-
tic. subject to the influences that have con-
troll OF the market, audi yet. unfortunately,
everything necessary Tor use or consnmp.
tion was made to follow their inward ten.
dency, as il they were still the proper anil
only regulator ofprices .i
1.-The effect OF all This has been, not to
break down the credit ofthe Government,
but to increase enormously the cost Of the
war and the expense of living; for, howev-
er small may have been the connection he
tween the price OF coin and our domestic
products. every rise of gold, no matter by
what means effected, has been usei as a
pretext by holders and spectators for an
advance Of prices. TO the great injury Of
the Government and the sorrow of a large
portion OF the people. 1t is unqueston-
ably trae that the abundance Of money has
facilitated the operations against the credit
Of the Government. and that more strin.
gent market would have tendel 10 check
and restrain them; hu, it is mistaken no.
tion that the high price of coin is an evi-
dence of ain overisSuc of currency or of its
depreciation. If it were generally believ-
ed that the war would BE- en.lel by the 1t
of Jannary. gold would .ai before that
time TO 70 per cont. premum, If no iower.
although the paper money in circulation
might i'll the meantime be largely increas-
ed.
"The expenditures OF the Government
have created great expansion of CURRENCY
and of prices. There would undoubtedly
have been an expansion. in 'ess degree it
is true. but still al expansion, if the war
had been carried on nj on specie basis.-
Prices Of all the necessarics OF life, as well
az luxurics, and of everything which the
Government mnst purchase in the prose
cution of the war. are enormously high.
and the penalty is yet to be paid for the
initiation, in increased taxation, and the
ruin must overwhelm the thousands who
believe and act npon the belief, that the
apparent prosperity ofthe country IS real
and is not TO be interrupted Fortunate
vii the country be i:sihe war can lie clos
ell and prices reducc! to former standards
without a collapse. which will as greatly
excel in the extent of its disaster that
which occurred at the close of the last war
with England as the present war excels
that in costhness and magnitude. si-
AS long "a there was any uncertainty in
regard to the succc~s of the national bank
ing system. Or the popular verdict upon
its merits AMI secnriiy. L did not feel at
liberty to recommend discriminating legis-
lation against the STA e banks. Ii is for
Congress to determine If there is anv lon.
ger q reasonable uncertainty on these
points, ani if the time has not arrived
when all these institutions should he com
pelicd to retire their circulation. 1t is in
di>pensible for the financial success OF the
Treasury that tn, currency of the country
should he under the control of the Gov.
ernment. This cannot he the case as long
a. State institutions have The right to flood
the country with their issues As sys-
TEN has been devised under which State
banks. or at least many Of them as are
needed. can be re-organzed. so that the
Government can resume rightful control
over bank no'e circulation. it could be
hardly considered oppressive if Congress
should prohibit tho further issue of bank
notes not authorized by ITSELF and compel
by taxation. which shouId be snffic mt to
effect the object without being oppressive,
the withdrawal Of those which have been
already issued My own opinion is that
this should he done. and the sooner it is
done the better it will be for the banks
themselves and for the public. As long
as the two systems are conteading for the
fell. (allhough the result of the contest
can be no longer doubtful, } the Govern.
ment cannot restrain the issue of paper
money; and as the preference which is ev-
erywhere given to the national currency
over the notes Of State hanks indicates
what is the popular judgement in regard to
the merits OF the the two systems, there
seems to he no good reason why Congress
should hesitate to relieve the treasury of a
serious embarrassment, and the people of
an unsatisfactory circulation. ra.
ar'.Some important amendments are re.
quiredto the act, in order that it should
be accommodated to the wants ard. abusi.
ness OF the conntry-G sll 5iiofs -lrls-
The provisions in regard to the lawful
money reserve and the distribution of the
assets of ins olvent banks. requirei I'M odifi-
cation.
al am still ofthe opinion that the rates
of interest to I've cha,ppd hv tho Nationol