The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-12-12

gnCUnt, it can neither be wealth, nor can il be
used as representative Of wealth.
Tho possession oiGold and silver is merely
tho certificate held by certain individual
that he, through his own exertions, or through
% giH conferred upon him by others, is enti.
tlcd TO draw upon The wealth Of the world, in
virtue of possessing that which was created
by labor acting upon the natural powors of
the earth. In other words, he is possessed OF
woalJh Of which he has chosen to retain only
the symbol. His power over the general
stock Of products held in the world, is the
power conferred by the common benefit pro-
Cccdng from exchange, And this il precisely
the purpose the use Of gold and silver--to
facilitate EXCHANGE. A man cannot carry
row Of throe-5tory brick horses in one POCKET
and a granary Of wheat in another; but by
the possession Of something which exists in so
limited quantity that the whole world recog-
Mics it as the representative Of wealth. he is
enabled to perform all the operations Of OK
change without difficulty.
Now, precisely as gold and silver, which are
limited in quantity, are accepted by the whole
world as representative Of wealth, so paper
sentative of wealth. AS gold and silver are
representative Of wealth, so paper currency is
q representative Of gold and silver. 1t is the
representative Of a representative.
The use of all money being for purposes of
exchange, it must be evident that when the
sum total fulflls these purposes, the surplus is
useless. TO use the illustration of JOHN
STUART MTLL:-"Two million quarters OF
corn will not feed so many persons as four
millions; but two million of pounds sterling
viii carry on as much traffic, will buy and sell
as many commodities, as four million, though
at lower nominal prices"
! Our currency has reached the greatest
| practicable expansion. Its depreciation ex-
| hibits not only fall which is as irremediable
as that consequent upon the physical law Of
| gravity in the universe, but also th3 effects Of
| the operations of spectators and the mlchi-
nations of disloyalists To increase the issue
will not remedy or even relieve the difficulty.
The amount would still more greatly propon-
dcrate over the necessities of exchange, and
the effect would be higher nominal prices.
Every one would have more to spend, but he
felt that the notes of the Government gcon-
tanned his individual promise and liability to
! pay; if he possessed knowledge Of the enor-
nous, untouched wealth OF the country, and
entertained perfect confidence ia our military
success, there would be much less deprecia-
tion Of the currency. 1t must necessarily be
deprecated, if it exceeds the purposes of eX-
change, but part of the depreciation is owing
to disloyal doubt as to its redemption. Gene
raj belief, amounting to certainty, in its re-
! demption, would keep the representative of
coin in more favorable relation to coin. But
the currency is used by human beings, many
ofwhom are Indifferent, ignorant, or depraved.
As, in order to be wealth, gold aud silver
must possess the quality of being convertible
into products Of the earth, so, in order to be
equivalent to gold and silver, notes must pos
sess the quality Of being convertible into gold
and silver. Only in the case where notes are
redeemabe at sight, will there be no deprecia-
ton below the standard of COIN
Now, when it is recollccted that our
currency is paper, and that it has had to
bear the adverse influence of an increase be-
yond the needs Of exchange, and of evil sug-
gestions as to its redemption, and to these
have been superad ed the efforts of spectators
and disloyalists, the matter for surprise is that
it has not deprecated to greater degree.
The general intelligence Of the people must be
great when they are so well aware of the
military power Of their Government and of
the wealth of their country, that they repose
almost implicit confidence in the future.
The remedy for our troubles is not to be
found in laws establishing impossibllities, nor
in further expansion of the currency. 1t is to
be found in taxation, and in procuring requi-
site funds by future loans. If it were possi-
bic to put an end to speculation in gold, it
would benefit us but it is not possible. A
law to prevent it, would stop It's publicity.
but would not stop the practice Yet, if
public opinion ever had good Office to per-
form, IL is in dlscountenancing this gambling
upon the agony of the nation. Its proceeds are
the price OF blood. Some ofthe bitterest enc
mics Of the country do not scruple to avail
/ themselves Of the opportunities afforded by
the war, which they affect to deplore, and
against which they franticaIly rail
/ Inc remedy for our troubles is TO be found
hrst OF all, in faith in our destiny. There ia
wealth enough in the land to pay our debt.
and far greater debt. Our natural wealth is
SO great that 1t seems practically limitess.
There is military power enough to crush the
/ Rebellion, Tor even now, behold, it colapsesl
Faith includes all. 1t presupposes knowledge
! OF our military power and wealth. and love
! for our country. With these come victory
and with victory, PEACE.