The Indianapolis daily herald., 1865-11-21
The Currency.

fNililAtlNiAi HAAANAI~s iANss
and the same painstaking care shall becginccd
in their preparation as heretofore.
The Currency.
A division d labor, Of pursuits. &. necessary
10 the successful production of wealth. 4 con-
sequence Of this variety Of trades and calling.
among men i. that no one produces every Kind
of article he wants, while each one produce
more q some given articles than be can con.
sumo. Hence the convenience, the necessity
even, Of exchanging surplusses among men
also, among nations. The national mode Of
cffecting exchange Is by swapping articles.
barter. A more convenient method il bv
means OF money, an article Of fixed value that
everybody will take in exchange a. produce
Tor such value, and which thus become, a me
dunn Of exchange. We do not pretend 20 give
technically accurate definitions Of money and
barter. We convey sufficient idea for the
present purpose.
Nor shall we attempt TO state the true pro-
portion that should exist in a country between
IT. money and it, wealth. but we may remark
that II i Of the most vital importance L. the
well-bcing of the masses that the proportion
once fixed should Dc stable. that nuciuation.
should not BE- allowed: and that this stability
can only be secured by preventing the control
Of the volume Of currency passing into the
hands Of one man. or set Of men
But though we cannot name the exact
amount Of currency we ought TO have in cireii-
lation. still. we can not reason on the subject
without assuming some sum n the probable
amount.
How much currency. then, does thi. nation
require. We do not want a medium Of ex.
change more bulky and cumbersome than the
article 20 be exchanged. We do not want the
Lycurgan plan Of having 20 haul q load Of iron
money or paper money to market for the pur-
chase of chicken. 4 small quantity of eur
reney should represent n large amount Of pro-
perry. And orr currency also should bear a
proportion % our wealth, something like the
proportion the currency of countries with
which we have commercial intercourse, bears
u the wealth Of such countries. This would
be the ease II all countries adhered to the use
Of The currency. viz: gold and silver. which
Mr.. Secretary McCULLocH says, and We be-
lievc the Almighty designed for the use Of an
nations as their circulating medium. How
much Of a circulating medium, then does this
country requires Assuming the amount be-
fore the war 10 have become properly adjusted
in proportion to wealth and business. the cues
ton arises, how much greater quantity /, now
required. Exclusive Of the increased demand
Of the Government, we should not suppose the
business and wealth Of the country would re-
quire an addition gilmore than fffy millions 10
our currency. making the proper amount now
TO be three hundred and fifty millions. But
the Government now uses an immense
amount Of currency in excess Of what II
did before the war; and this fact. we
think, necessarily demands some correspond
ing increase of money. Before the war. the
Government collected and expended from
sixty 10 eighty millions a year. More or les,
Of this amount must have been held idle i'm
the hands Of government receivers and in tran
sit from point 20 point. At this time. and
aenceforward. while we continue 10 pay the
interest on our public debt, the expenditure,
q the National Government will BE-. i'm cur
opinion. i've hundred millions a year which
must, Of course, be collected from the people.
But suppose the expenditures Of the Govern
nent TO be brought within four hundred mil
nGas-only five times a. great as before the
war-Still. we think this will involve a neccs-
-ity for the Use by the Government If AT least
anlnerease Of one hundred millions Of currency.
This would place the proper quantity Of circu-
latlng medium for u, al present. at four hun
itred and atty millions and rs our present
amount l. nine hundred and iifty millions. We
are i've hundred millions in excess. cur cir
euiating medium i more than double what il
ought 10 be. and, of course, will ultimately
Rave 10 be reduced more than one half.
II may be objected by some that we have e.
tmated the Government expenses too hirh.
hut il Is cur belief that We have estimated them
below what time viii prove them TO lie. our
interest bearing debt viii not consume les,
than enc hundred and eighty millions: eur
pension list viii require twenty millions. and
the expenses Of the Government. we are conf
dent. will exceed two hundred millions. IL
'locs seem q Us that when we look N the state
~ cur country and the world. the impression
& troubles ahead must be forsibIe. In our
country. the Republicans are unwilling for |
paeiicaiion II the country by a restoration of |
the nion. thus involving great continued ex- |
pensc with hazard Of further troubles. The |
inormoas horde q Office holders. At high sala-
ries' which We have TO provide for; the Indian
troubles constantly breaking out; the multi
Jude 81 negroes We have 10 support: the threat
enlng attitude Of our relations with foreign
powers; The iact thai almost the whole Of the
American continent i in a state Of war. civ
or foreign, while Europe does
present prospect Of permane "a
All fheSe rnatterS urornfSa > moi
nent expen>es. III r. ni peace,
ise hundred millions -rayN Govern
IN announce The ey DO not rea,l
ayear we shall De- happ,
act 90 our readers.