, 1865-11-30
EAr.KING IN THE S0VTH.

Wc publish elsewhere communication
from, On ahlc wriicr, who has given attention |
10 TIC subject. advocating that Congress au. |
tlorize the issue Of IN additional amaunt OF
national banking currency, and implying
That the increase should be from one to two
hundred millions. The writer contends that
II f"grcenhacks only are taken III payment for
the bonds on which tho additional currency is
issued, then for every 500 Of currency issued,
500 Of greenbacks will be paid into the Treas
urs, md TINT by Withdrawing from clrcula-
ton au the gscenbacks 50 paid In, the cuS-
rcncy, instead Of being Inflated, would BE- eou-
tracicd. Troc, but on IN Issue oi two hnn-
drcd millions Of enrrcncy, the contraction
would lc only twenty MILLIONS, which Is too
Slight TO he OF any yalue, wllle The e1ccl oi
tue mcasusc would be TO substitute
for Grcenbacks, which the govern
mcnt has the power to withdraw, o
NniionM Banking currency which 1t could
never withdraw THIS policy, instead Of
bringing us back TO a specie basis, would
drive US out upon the shoreless sea Of q paper
currency which would be not only irredee;ua-
bic but uncomfortable. We trust that no
such fnsidious devices, which under pretence
ofcontracting the currency render it forever
impossible to contract ii, Will gain the ear ot
Congress. ii.
At present the authorization of The issue ol
further National Bunk currency Is clearly IN.
necessary or The three hundred millions
now authorized. eighty -four millions Aaye not
been Issued. Even this should not be Issued
until efficient steps have been taken to fttad
the ErecnhacH now In circulation. We believe
tie funding Of two hundred millions Of green
backs would restore the country to specie
basis. OF course such IN operation would be
attended by fall in the nominal or quoting
price ot Government securities, Of real estate,
and Of all kinds Of property, which the adyo-
Gales of currency Imitation wiu Immediately
interpret into disaster. As II we con1d c1
pee. the quoting price Of all kinds Of prop
crty to remain the same with gold ut 100, as
with gold at 1ao.' With the gradual fall In
gold the quoting prices Of Government ae-
curities, houses, 1ands, rents, wagcs and rncr-
chandisa must decline But this must not be
taken as evidence Of decline In the actual
valuo OF ihe goods quoted hut ofan adyaeuein IN
tic value Of the currency in which It is quoted.
VIC copied recently from uarper's Weekly an
argument against contracting the currency
founded on the fac1 that the recent expert
mcnt Of Secretary McCu1loch In withdrawing
Gty millions, had Resulted In decline In
Government securities. But 1t l. absurd to
suppose Government securities shall bear the
came nominal price in q papar currency worth
a1.oo NJ they do In currency worth only
sixty cents. This would he to suppose that
the contraction Of the currency could add
-"~half 10 the to1al actual value Of th-
v.. s"thc currn-'-- -
rnftnose wealth. ~ ---+sy appreciates
lie oroting price o: everything must decline
What wc nced is E return to specie pay
,uen.s, no more Issues Of National Baukina
capital TIL that !. t. Is attained '- =:
.,a~, .-.~s . . =. .sssufcd, ami
.---- ~--.. :. u4slT7pution Of the three hundred
millions already authorized rs shall do justtc:
IN all