The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1864-03-23

should be checked, the supply of gold
will be reduced or entirely cut off But
we have the estimates of the Secretary of
the Treasury himself. He tells us. in his
report that he estimates the receipts from.
customs-gold and demand notes both
tor the current year, at ST., ,562, ,01S AZ,
while the interest on the public debt is
only $50, 164, ,136 3S. This latter amount
obviously liable to be increased by the
large amount of interest paying bonds
which are being issued. The balance in
favor OF the Government is thus $13, ,377,,
7S2 20. 1t much of this balance win be
In demand notes, / am not able now to
state with. reasonable accuracy. Some
portion OF it certainly will be-. At best,
then, even If the estimates. always liberal,
shall prove in this instance correct, the
balance will not be so large as the smallest
sum which have yet heard suggested as
the amount which tho Secretary MI ght feel
himself at liberty to sell il this resolution
shall pass. But for the next fiscal year
the receipts from customs are estimated
SIC, 900, 600 while the interest on the pub
lie debt for the same period is estimated
at $50, ,000,0 900, thus showing deficiency
during the year of gold of $4,000, 600;
that is to say, Immediately after the close
of this fiscal year, the list day of July
next, the necessary drain upon the Treas
ury of gold will be. larger than the
supply, Iand. a deficiency. apparent im--
.lnedialely, will increase constantly Till it.
reaches the sum of S l5 ,0GU, ,uuu. Gentle
men who propose, in the face oi; these
estimates, to deplete the Treasury, !, nu st
not wonder that | predict that tho Secre-
tary will lnsthat ease be compelled ~ pur-
chase gold;' aud that, too, at an elLaneed
rate. 1sg s q ss f-s e.,sE.p sE ssza, IA.
But, sir, there is another phase Of this.
question to (which l desire to call the at
rention of the House. and it Is this sit is.
proposed that the Government shall go
INTO the market with the gold which we
have compelled the people to pay for Gus.
toms, aifd buy up alta depreciation ol atty
Or sixty cents its own notes, which we
compelled the people to take at thar par
of gold 1t is proposed TO 20 iuto the
market with this gold, and purchase at a
reduced price the curren.y which the Gov
crnnlent put upon the market and COM
PEELED it, citizens to take easg gold. Mien
these reyal-tvnder notes We're issued we
we're todd that they were money. The
G Government Of the United States i'm
pressed upoAtlem as far as it could that
quality. Citizens were compelled to take
hem in the discharge of obligations to
p>-y in gold. They were compelled TO
takethem in discharge of private contracts,
in piymeht of debts aud in payment Of
ju anents, whsre the Judgment or the
cu.ltract was that gold should be paid in
stead of paper Al d now gentlemen pro
pose that the Government, ackn, wledying
that its credit is below par. acknowledg
irg that its promises to pay are not worth
the money promised, acknowledging its
own diseredit, shall sell this gold for its
own lcgal-tender notes at deprecated
rate Surely, s:l, that is a transaction in
which We ought not to engage, No hon ]
Eorable man would do so in his own prii
yatc affairs. We eannctssh our eyes j o
the facts that the paper money Of the Uni
ted States is not equal to gold but that
is no reason why We should traffic in our
own dscredit, why We should make q
profit out of our dishonorao L think, that
nothing could 50 endaager the, credit Of
.he Government, nothing SO tarnish its
good faith, nothing could so dishonor it,
as to go now into the market with gold
Which it has forced the citizens OF the
country to pay to buy at a discount the
notes which ii forced them to tuks as of
equal value with gold. Hfia" t.i 5'a
But. sir, [ 90 further. While believe
that the i'm mediate effect OF this reselu-l
tion will be to bring down the price Of
gold; while believe that the throwing
of few millions of gold upon the mar
ket will Immediately cause the price to
decline, Just as the withdrawal Of a few
millions would cause it to rise, yet [ be-
lieve that it will be step fatal to the
credit Uf the eoautry. What will the
bondholders OF this country at home and
abroad think Of our financial skill and
ability when they, see that We so readily
part with that which is the only basis of
credit. " hich alone enables US to fulfil our
obligations. without which We cannot pay
the interest on our debts as We have agreed
to pay it? 80 .ii.N A,nt2'
Why, sir, the.s is nothing which still
eire the Government of the United States
more credit than the assured fact that II
has in its vaults all the time ready for
use, not subject to contingencies, coin to
pay the interest on the pablo debt; and
as much more as il is possible to get there
TO redeem the debt when it falls dde. II
will give che Governments credit. It will
bring up Government notes to closer
proximity to gold. II, in my Judgment,
will give more credit to the Government
than anything which is to result from the
petty .expedient of reducing the nominal
price OF gold in the market of New York
three, fiye, OF. even ten cents in the next
Itew days. =. s5a9s a8t - ,.;, - 81
In any5yiew. therefore, in which / can
look at this question, whether as finan7.
cial operation, as a matter of COED faith.
as a lneans of replenishipg the, Treasury.
OF as an attempt by the Government to
regulate the money markets, Of the coup--
| try rather. than leave them TO the legiti-
mate operations of trade, in apy4 aspect it
seems TO me that the passage Of this sreso-
iutioa must be disastrous. III, 7ps ,c;S..-
nm-A A traveller, relating his adventures,
| told the company that .he and his servant