The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-04-01
The Gold Bill.

the policy of the government selling the
accumulated gold in the Treasury, but our
contemporary, the Press, yesterday morning
puts forth such contrary, and, we think,
unsound views, that we deem it proper to
touch again upon the subject. The enact
lnent referred to is thus set forth, and
correctly, as tar as it goes, commented
upon by the Press:
The bill as it passed the Senate was in these
words, after the enacting clause:
IS That the Secretary OF the Treasury be
authorized to anticipate the payment OF in
terest on the public debt from tine to time,
either with or without rebate of interest upon
and he is hereby authorized to dispose OF any
gold in the treasury of the United States, not
necessary for the payment of the interest ofthe
public debt"
but the House amended the above by annex
ing the following clause
''Prorided, That the obligation to create a
sinking fund by the act of February 25tb, 1862,
shall not be impaired thereby"
This amendment, which was cOncurred in by
the Senate, and completes the bill as it passed
both houses, is said to have the effect to render
the original provisions of the bill nugatOry-
as the surplus will be largely absorbed in the
sinking fund.
Our neighbor, however, Immediately
proceeds to assault the law, because, as it
argues it prevents Mr. CHASE from de-
pressing the premium on gold by putting
more gold in circulation In other words,
it makes the argument that all of the
hyper-loyal and exclusively patriotic poll
ticials now fly to, that the United States
paper currency is only deprecated by base
copperhead spectators. In the start it
talks nonsense in asserting that gold has
any circulation now 1t is no more
circulating medium than diamonds, or
wheat, or cattle, or anything else with
which or in viii Oh we trade or speculate
In fact, so far as circulation is concerned,
all the gold coin in the country might just
as well be in the unwrought form of bull
lion; for we oftener see bald eagle of the
forest than golden eagle of the mint.
Again, the Press says that there are
over twenty lone millions of dollars ($21,-
100000 in gold held by the New York
banks, and that about that amount of gold
is lying as dormant surplus in the United
States Treasury; and because this surplus
is not put in circulation therefore the gold
spectators are able to depreciate the cur
rency. Now, if it were true that gold had
a circulation as money, does it follow that
the United States greenback currency is
improved in value, or kept from deprecia-
ton by the government putting out of its
hands the very means of redemption and
basis of confidence upon which that cur
rency was issued ? What is money but
the current representation of value? What
value has any paper money if it is not to
be redeemed in coin And how does this
paper money of the United States differ
from the paper money of any bank, ex-
cept that it cannot be protested and sued
upon for non-redemption But if the
paper money of the Union is like any
other paper money, how comes it tll:t the
paying out or putting forth the gold in the
vaults of the treasu y is going to enhance
the value OF that paper2
If the Press is correct, all any bank
has to do to improve its circulation and
ward off discount, is to dispose of all
its banking basis and issue m re bills.
But we fear our friend has suggested as
public policy what as yet is but very
doubtful p ivate practice, by which anv
one pays off an old note by maxi, g new
one
Somehow or other, with all . the won
dertol forecast of the radicals. they have
not been able to see that every greenback
ISSUED adds just 90 much to the national
debt, aud that national psrer depreciates
on account OF any and every increase of
national dett just as individual credit is
effect ted by similar circumstances. They
will not acknowledge that every green
l. "a -