Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-07-16
STATE OF THE oURREN0Y,

"OODSE4SLDI July ASI AoO1'
Editors Of InteEligsncer:
Our beloved country is enduring many
calamities /; but in my humble opinion, the
greatest is the depreciation of the Treasury
notes as compared with gold, which l learn
now sells at $3.50. That fact threatens
more disaster to our cause than all the ar
mics of our Algerine enemies, even if en-
camped in the suberbs of Baltimore. 1t is
time for every man to thiDk-to speak as
we'll as think. Let the people compare
notes and remedy will be devised. have
no doubt of the truth of the follow
ing propositions;
The whole difficulty is the result of a
legislative blunder, which forbids the du-
ties on imports to be received in Treasury
Notes, thus compelling the merchants to
make brick without straw.
Congress was betrayed into the blunder
by undue confidence in the skill and saga
city of the late Secretary OF the Treasury.
The whole difficulty is Fictitious, artificial.
And the remedy is, to down with the dam,
abolish the obstruction; or,in other words,
repeal the prohibition and receive Treasu-
~ Notes at par. The consequence would
be a great increase in the value of Treas
ury Notes See the Sd section of the 2Ist
chapter of Says Political Economy, OF
the accession of value commodity re-
ceives by being vested with the character
of money" Amongst other remarks, this
admirable author says: al must here re-
mark, that the adoption of any specific
commodity to serve as money considerably
aupments its intrinsic value or value as an
article of commerce. A new use being
discovered for the commodity, it unaToid-
ably becomes more in request; the employ
ment of great part, the half or perhaps
three, tourths of the whole stock of it on
hand, in this new way, cannot fail to rem
der the whole more scarce and dear -
(Say's Political Economy, page 224,Grigg
L Elliott's edition OF 1861
Mr.. Chase reports the duties st 100
millions of dollars per annum. What a
mighty vent could be provided for
these little items of currency, by receiving
them indiscriminately for all national dues
whatever. Then the merchants would no
longer buy gold. They would simply pro-
cure green backs. The gold gamblers
would be unhorsed. Othello's occupation
would be gone; and the prey would be
rent from the faugs of vile vermiu, whose
turpitude and bsseness, language is utterly
inadequate to describe. But We must keep
faith with the public creditors. Yes, IN
deed, we must keep faith with the public
creditors. And in proportion to my strength
l have as deep an interest in that way as
any man on the continent. But we are
not providg for the inviolAbility of the
public faith by driving the treasury over
the precipice Of bankruptcy, as We seem al
present very likely to do. The following
propositions are true: The interest of the
public creditors is identical With that of the
nation at large. When the importing mer-
chant has to pay a premium of 100 or zoo
per cent. for gold TO pay duties, he adds
that sum in addition to the duties to the
price of the commodity; and the consumer
pays the duties thus fourfolded. The pub
lie creditor is at least as large consumer
as his neighbor in the same station IN life
To uphold the present state of things, foI
the sake of little nominal advance in th'
rate Of his interest, would be most con
summate folly. Itwould be throwing aWaJ
dollars in hopes of getting dimes. If M
plan were adopted the thing works thi
way: The gold market would be almos