The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1865-10-25

coal we're prepared ior The purposes ior
which they are being used. favor we'll
secured convertible paper currency. No
other can TO any extent 5s proper su5sti-
tuie for coin. OF course il is moi expected
that there shall be dollar in coin to reserve
for every dollar OF paper in circulation =
This is not necessary. For all ordinary
home transactions paper currency is
sufficient, but there are constantly Occurring
periods wheG balanced between countries,
and in the United States between its different
in sections, mus: be settled by coin. These
balances are insign i6cant in amount, COM
parison with the transactions out of which
they arise, and when a vicious system of
credits does not too long postpone settle
ments, they re arranged without disturb.
ing movements of coins Whenever specie
is needed for such a purpose, or for any
9th er purpose, the paper currency OF the
country should be convertible into IL, and
circulation which is not SO convertible will
not be, and ought not long TO be, tolerated
| by the people. The present inconveriible
currency of the United States was a necessi-
iy of the war, but now that the war has
ceased, and the government ought not TO be
longer borrower, this currency should be
brought up TO the specie standard, and see
no way of doing this but by Withdrawing
portion of it from circulation.
THE BUSINESS OF THE couNTRv IN AN UN-
HEALTHY STATE.
| have no faith, sir, in a prosperity
which is the effect OF deprecated currency
nor can | see any safe path for US 10 Ire ad
bot that which leads 10 specie payment
The extreme high prices which now pre-
vail in the United States is an unerring in
dication that the business of the country is
in an unhealthy condition. We are meas
uring values by false standard. We have
a circulating medium altogether larger than
is needed for legitimate business-Ihe ex-
cess is used in specu!ations. The Uuiled
/ States are to-day the best market in the
+ world for foreigners TO sell in, and among
( the poorest 10 buy in. The consequence is,
that Europe is selling US more than she buys
OF US (including our securities, which ought
not 10 go sbroad,) and there is debt rolling
[
at least, with coin. The longer The initiation
continues the more difficult will il be for us
10 get back 10 The solid ground of specie
! payments, TO which we must return sooner
or later. II Congress shall, early in the ap
! preaching session, authorize the funding of
legal tenders, and the work OF a reduction
is commenced and carried on resolu,ely bot
carefully aud prudenty, we will reach it
probably without serious embarrassment 10
legitimate business il not we shall have
periiy, resulting in widespread bankruptcy
and disaster. There are other objections 10
! the presen; imitation. II is, fear, corrupt
ing the public morals. II is converting The
business of the country into gambling, and
| seriously diminishing the labor of the coun-
| Try. This is always The effect of excessive
circulation. The kind of gambling which it
produces is not confined TO the stock and
produce boards, where the very terms
which are used by the operators indicate
the nature of the transactions, but il is
spreading through our towns and into the
! rural districts. Men are apparently getting
rich while morality Ianguishes and the
productive industry Of the country is being
dim iuished. Good morals in business, and
sober, persevering industry, if not at dis
count, are considered too old fogyish for the
| present times. But feel that this is not the
occasion for croakiug, and perhaps ought
/ TO apologize for The train of marks into
which have been led. Whatever financial
troubles may be before us, Fort Wayne
, will suffer as little from them as any other
city in the country. Good financial seed
was sown here at an early day. If property
is high, there are no incumberauces upon il.
II expensive buildings are being erected,
the owners are not indebted for .hem-
Business is done here on the cash principle.
Our merchants generally buy for cash and
sell for cash, We shall doubtless wake up
some fine morning aud fad our properly
worth apparently a good deal less than at
present, but il we have no debts to pay in
dearer currency than that in which they
were contracted, we shall have little 10 fear
from any crisis that may occur.
WISE LEGISLATION EECEssARY.
But, while ieel anxious about the pres
ent initiation: and its effects upon the bus-
ness and morals of the country, j am hopeful
that, by wise legislation, We shall escape a
financial collapse, and am confident that
a grand future is before the United States.
| an hopeful that the currency may be
brought up to the specie standard without
those financial troubles which have in all
countries followed protracted and expensive
wars. BY the experience of the past four
years, we are led TO the conclusion that our
people have latent power that always
manifests itself when required. and is equal