The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-12-09

i We d MOT presume to intrude our ad.
vice upon the present administration ii
! relation. to . policy of finance, or in re.
gard to any measure growing out of the
existence and necessities of the war. In
view of the late popular endorsement Of
administration measures, va assume that
the advice of tho Democratic press would
receive but little attention from the party
in power. The fact tina. the Republican
organization have assumed the entire re-
sponsibiity of the conduct and results Of
the war, relieves the. Democracy from the
duty of making direct tender of their
views and opinions AS regards the ad-
! ministration, the Democratic press have
simply passive duty to perform. They
have to wait the development and de-
mouensens of measures against which they
have protested in due form, at time when
such protest could be supposed to carry
weight or authority with it. But as re-
CARDS the people, the opposition press
have clear and imperative duty to per-
form. It is mainly through such an
agency that body of public opinion is to
be formed and visibly' organized, embody-
ing true conceptions of public policy, ope-
rating as check upon the radical and
theoretical dogmas, and destined 'eventu-
ally to shape the political future of the
Republic. Public opinion is not the crea-
ture of accidents, but of design. The
public may be deceived, but "woe unto
him by whom the transgression cometh. A"
The public may be made the dupes of a
jesuitical cunning and specious sophistry {;
but it is in the. very nature of error to pass
away as the vapor or the morning dew,
| while "truth, crushed to earth, will rise
again, F" and vindicate the immortality of
her empire.
| 1t is in this view Of the subject that we
offer some remarks on our financial policy
for public consideration. The. limits Of a
newspaper article enable Us to..give only
partial glimpses into subject of an ex-
ceedingly complex nature, but of vast inn
portanoe. This is one of the difficulties
which beset the editorial profession in the
conscientious discharge of their duties.
We will assume at the outset that pub
lie debt is something that must be paid.
We know of no law, human OF divine,
that relieves a nation from the duty of dis
charging its financial obligations, and no
honest man will either publicly Or private
ly advocate the doctrine of reputation.
The means of dscharglng public debt are
twofoll-revenue and taxation. ANY sys-
tenn Of finance which is not founded upon
this basis will prove delusive and ruinous.
The present administration, in order to
meet the necessities of the war, have
adopted double system-an expansion OF
paper currency, and the negotiation OF
long loans. 1t is to this paper money ex-
pansion that we are indebted for high
prices. At the opening of the war the
currency of the country was one hundred
and fifty millions of dollars The business
of the country was about the same. As
long as a currency bears true relation te
the amount of business transacted, the
price of gold is maintained at par The
moment you initiate the currency, or in
crease 1t beyond the demands of bushes:
transactions, you raise she quotations O.
gold. The prices of all commodities ad.
vance In proportion. If the business o
the country is $3.50. 1000, 900, and the cur
renoy double that amount, or $500, OOO,.
900, the price of gold and commodtie.
must necessarily double, 80 as to bring the
business up to fictitious standard of val
uations. As you continue to initiate thu
currency. prices will continue to advance
As you decrease 1t, prices will fall. From
this it will be readily perceived that tn,
administration committed grave erro
in initiating the circulating medium of the
country; an error which has been keenl,
felt throughout the length and breadth o
the land The other system pursued By
the government has been that of makins
long loans, by an Issue of series of bond
exempt from taxation, and bearing
interest in gold Without advertins
on the improperly Of the Unite,
States government limiting its own abilit,
to pay, by exempting its bonds from taxa
ton. and discharging its interest in gol,
when greenbacks are legal tender, let u
glance for moment at the public debt a
represented by these bonded loans. Thu
amount of gold bearing interest bonds, is
in round numbers, nine hundred millions
The interest on these, at seven per cent.
is sixty-three millions annually. Th,
government receipts in gold are derive,
from cnstOms. For the lsst focal vo.r