Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-03-31
The Initiation.

There il no Disgusting the fact that there ia a
growing dstrusi Of The future in the public mind /
The depreciation of the currency long disputed /
is now admitted on all sides. The idea is still |
entertained however, in many quarters. that a
portion OF the price Of gold, which is the most
conspicuous index OF the depreciation is due 10
speculation, and that il may be reduced by some
extraordinary movement Of the Treasury. This
is a mistake, and one fraught with grave conse-
quences Gold is relatively cheaper than other 4
articles in the existing state OF the currency, aud
to sct upon the assumption that il is TOO high will
be injurious 70 the government interests The
real position of affairs should De boldly met and
promptly provided for The difficulties grow out
of the fact that too much paper has been issued,
and too little money raised by taxation. This
system should be promptly reversed The paper
money out ought to be funded, and taxes levied
to meet the interest well as the current ex
penses Ii this were done gold would immedi-
stely fall TO par. or rather the currency would
rise to par. The expenses Of the government
would decline one half and every mans income
would be doubed-that is TO saw the same money
income would buy double the food andmanpfae-
lures.
On the other hand, il the present system goes
on. there is apparently no outlet continued depre
citation in paper; continued rise in prices. an
arithmetical progression in expenses, and hnal
bankruptcy, are inevitable. All parties are look
ing TO this result. and the mode of investing
money SO that il will prevent the catastrophe, Is
the growing anxiety in the public mind The
gold bearing stocks of the Government are pos
sessed OF this attraction, that promising the in
terest in gold. they seem to guarantee an income
which will be independent OF the depreciation o:
the currency. and thus place the stockholders
above the reach OF those disasters that threaten
the working man. or he who lives by his weekly
wages Ii must be borne IN mind, however. that
the two must stand or fall together. The Treas
ury cannot, by imitation, 20 on giving bonds for
two or three gold dollars, where it gets only the
value of one This may seem exaggeratOn;
but take an example. Ii is estimated by some OF
the leading bankers connected with the foreign
markets. that in the last five months. ten millions
of dollars of hye-tweuties have been sent TO Eu
/ rope for sale and on order Many think one-hAlf
| this amount is the maximum. These bonds
were at the last dates, dull a: sxty-three cents
per dollar These bonds may be paid in five
years, but must be paid in twenty Years II they
are paid in gold, the buyer OF one thousand dollar
/ bonds
| Pays. NEUTRALITY-SUSPICIOUS.. s b3O
He gets twenty years interest at ner
cent. Observation-Disclosures. 81 2DU
Bond at maturity ......... ....... ,UUU
Receipts 81, for one paid on 81 2W
This depreciation of the currency increases this
rate of interest which is irightiul For every
dollar now drawn from Europe 50 81 IL 10 he
earned and paid But this is not the worst The
dollar drawn from Europe is in the shape Ot
wines silks, diamonds, all that fosters that OSten-
tatious display which is exciting the fears of the
far-sighted Bonds sold in Europe are drawn
against. and the bin sold To the silk and wine
merchant. who pays for il in the legal tender he
gets from the contractor and the shOddy dealer
To pay the bond the farmer and his heirs are Il
toll through long years: whereas, it tax were
now imposed for the Go, eminent expeu ses
those expenses should be one halt in amount
and would not be swollen by accumulated inter
est If ten million dollars have been sold in En
rope thirty-hve million dollars must he sent t,
pay back and the borrowed money will not pro-
duce dollar for its own repa yment
Who is to pay at this rate the two thousanC
: millions now standing? The paper money, i
paid at all must be funded in stock. and " her
is the gold To come from? There very few
people who think the next years interest will b.
paid in gold and it does not seem possible that
should go on until May twelvemouth. Whe
that crush comes. preceded, as il may be, by sue
a depreciation of paper as will make loaf j
New York cost one hundred dollars, what vii
> be the value OF shoddy fortunes in the center O
one million workingmen in New York. who's
months paw will not buy biscuitf These me
:, will remember the double faced villiany whic
" has blown up the bubble under pretense of sup
porting the Government credit New 1or
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