, 1864-04-30
A REDUNDANT CURRENCY.

REDUkDAFT CLRKHaC1.
These is no question but N excessive
drain Of the precious metals to pay for for
efgn goods Is doing much to keep ~ the
price Of gold end dcpreclste greenbacks. But
an excess of currency Is, after all, the main
cauec Of the trouble. There is toe much parer
money ctoat. There is more by nearly half
thna the business Of the county requires, II
onC-haf cf the whole amount were suddenly
burnt, and no more issued to 1epla:e It, the
remaining half would at once rise TO par with
gold, and would be worth as much intriu.I-
cally as the whole il now. The outstanding
currency Is as follows:
Local bsnk shlnplsstezz. 091 oo9
fractional Currency .. a.N3lo1
Certificates Of Indebtedness ......... 2o.ooo,0o0
Total ssso, 100
To this enormous flood Of currency may be
added s22o, o,00o, ,0co Of Legal Tender $ per
cent one and two year Treasury notes. They
arc mostly horGed for temporar7 investment,
but 6till are used considerably In the pay
ment Of debts and purchase OF properly.
Now tic Utmost sHu OF money that the
country cen absorb at Psfx snd use at par, In
business, is not to exceed $500, ,Goo, 600. In
time OF peace lees tLsn that cum OF coi1 and
PAPER currc1cy WAS required by the whole
Tniou, South and North. An expansion of
oD,ooo, 600 ty the local banks IN 1S56-'57
produced tie imitation, speculation and furor
that culn.iuatcd in TIE tlnancini crash Of 1857.
Oar currency ii this time is fssrfElly expan-
ded, and gold, as m irevi!ablc consequence,
las reached giddy altitude. Tie simple,
plain, ard only cure for the evil, is q .taue-
tion Of tie redundancy. Why will men-
CcDgressmen and grave Senators, as
we'll IL cltizens-persist in shutting
their eyes 10 this notorious stlf-ecident
truth. Tic value Of paper money must be
reduced to proper limits. The country can
not use tt lar much more iha.l half of 1t;
hence it is worth little more than fifty cents
or the dollar. II the rebels were TO submit
tomorrow and peace be declared, gold would
not fall to par with paprr moncy until
large portion Of The latter was Withdrawn
from circulation. And now ~c come to the
gi,t Of the whole matter, shall the Govern
mcnt withdraw three hundred millions Of its
xreenbacks; or shall the local banks retire
$500, ,0C0, ,0C0 Of their dne-bills! Remembe:
that paper money always represents debt. 1t
is the debts of the issuers to the holders.
The Government has borrowed four hundred
millions trom the Anlsricau people In the
shape OF greenbacks, and the local bankers
have borrowed three hundred millions from
the same people in the shape OF
bank notea or private corporate shin
P1astcTs; and both parties have cir
culated their due hiils. es money. Ths
consequence Is, that they have glutIcd the
market, and tEeir notes have deprecated 10
fiIty-fve cents on the dollar. Now, one side
or the Other has got to retire Its notes. Shall
the government pas up its loan from the peo-
pie eEd withdraw the greentacks! or SHALL
tie ''bsnkcrs' pay up their loan and with
draw their elirplasterse Witch has the
greatest cl:ips on the peo2lc, the govern
Eent or few individuals caIoSin. special
Ed unjuet privj.eyess Z the due bills Of
the wildcat concerns were taxed out Of cir
cu1ation BY Congress. Ercenhacks would al
most double in representative value, and the
cost Of the war would be reduced million
Of dollars day.-so E,uch cheaper would
every thing becomc- We again ask 1hc
question, which shall leave the tield to the
other, The governments greenbacks, or tie
ls1ikcr's wild-catss There Is not room for
both, one must retire; then gold will fall and
si1H dot.n. not before