East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1864-05-04
THE CURRENCY QUESTION.

~ - tohttatA kthtAahJ kias <fttt'
are pressing the currency problem.
with irresistible and inexofab'e force,
to solution Thus the N. Y. Erna-
ing Post gays the financial ship Of
State is in the rapids which run faster
and faster as the river noars the Nj
ngara Falls. "Wc," its words are,
"of the. United States, financially
speaking, are in boat which rapid
current is hurrying towards preci-
pice. We speak not so much Of tho
credit of the Govcrnmodt as of the
state of our currency.'' This journal.
heretofore, has not been put under tho
ban as "Copperhead." Take another
patent, abolition type OF loyalty, this
Chronicle, at Washington, one Of tho
Government pets. 'sfhe flooding" it
says, 'of the country with paper mo-
ney must cease, else it VIII continue to
raise prices and sweep away values IN
financial dcluge." 'sThings begin
to look squally," the Springfield Re-
publican, RepubliconJ says. ga Gov
ernment dollar is worth bot 5sl cts"
The New York Commercial (Republi-
can) talks of being in danger OF times
when hatful of National notes.
will ."not buy loaf Of bread" And
SO we might go on and cito the alarm
cries from presses which for years
have held up the Democratic warnings
-of all who stood to tho old principle
- as disloyalists, copperheads.
Gold.ore day at 10: the next day
at 1877! 1t was such fluctuations, and
at length debasement of paper issues,
in spite, too, of the most stringent
Legislation to keep them up, down to
nothing in value--this hard expert
enee that made tho trainers Of the
Constitution 'hard money men, ana
Just as thoroughly as. reflection and
observation make such minds as Her
bert Spencer who is in the front rank
of cleG thinkers--a bullion st. And y,
the Madisons supposed when they
clothed Congress with power to coin
money and regulate the valuo thereof
An ordinary prcrogative of SOW,
ereignty--they had secured the cur
rency from abascment. What this
abasement has done let them attcst.---
'The fluctuations" John Adams says
June 81, 1T90, "of our circulating
medium have committed greater de-
predations upon the tho property Of
honest men than all the Frenoli pir,,-
cies. To what greater lengths this
evil may be carried i know not"
Gold at ISL on "Wednesday, and 10
ON Thursday, which means that pa
per varies ten per cent a day invnluc.
and showing debaseincnt and nuctua-
ton. ....-..-..
We agree with the Now York Post
that it is not necessary that the ship.
now in the rapids, should tuni-
BILE into Niagara, if all hands on
board will but take hold right and
turn her about. Thomseratlo make
shifts, however, of congressional pnr-
tisans will not answer. In the name
of common sense what havo the pco-
pie of this country done ?--what evil
dence have our merchants and bank
ers and thinkers given of being fools,
that at such time as this they should
by the introduction of such petty pro-
visions of law, introduced by Mr..
Sherman in the Senate, and Mr..
Stevens in the House, against Slime
sales"9 When was legislation ever
superior to the higher law of tho
working of currency matters Was
there ever anything in histery known
moro stringent than our own legisla-
ton. in revalpiiena.,,.- 4tin.ss, te LAep
up the value OF paper issues? Was
not denial to take them solemnly de-
clared to be treason? and yet they
went down. clear down to zero point.
All the Legislation Congress can frame
will be worthless, short Of stop-a
real stop of the paper emissions. 81 1t
is this which makes the difficulty
There must be shutting down of the
paper money gates. 1t must not ,bo
sham like tho late operations of tho
Treasury Department, but n stoppage
of currency emissions at once. No
agree with tho Post that "the earlier
the mistaken step of currency with
out basis is retraced, the lest violent
will be the consequences to beappre-
honded. fi lps.t gn,d n5
This is tho business in band---to
stop the paper imitation. Lot tho
financial world see that, in reality, is
sues arc to stop. Let public opinion
set to work, in every way, to compel
the so-called National Banks, to re-
deem their issues at commercial con-
tres--an all-important step. Let n
part Of the now 10-40 loan be used to
withdraw legal tcnder notes. in
word, curtail at once this insane dis
case of credit. Let every step towards
a roturn to specie basis bo welcomed;
and let tho public indignation DO hurl-
ed on those who so madly increase the
paper issues. m iN5s .a,
In oil things return to tho only safe
rulo of civil action, tho Constitution,
tho supreme law Of the land. = Bostus
Post ais ,f.e.,s r.,. ,;.,t,.
A few days since, an ingeniosrs boy
thief Stationed hmsef in front of an
exchange office in Nassau street, New
York, and, while hundreds were pass
ing, with small chisel made an open
ing between the Eless and tho SASH
With small wire, with o hook on
the cnd, no drew q fifty dollar coupon
note unobserved, and was about Ia
draw out five hundred dollar coupon
note, whom his operations were DIS
covered by an officer, and the youth
ful thief was taken to- prison. ts, 4. \.
+ CrtATS LIGHTNING SrrLE Tho Knox
vilic Uh,y and Rebel ls@Alafsr. Parson
Brownlow's paper, contains the follow
| ino IN refcrcoca 40 tho roh<.la ,fnxlx.,.