The Indianapolis daily herald., 1865-11-27

y
We have heretofore shown that our entire
currency before the war amounted 10 three
hundred millions - that the inerca-e q the
public debt aud taxes has rendered an increase
o. one hundred and fiffy millions necessary.
making the proper amount q our circulation
Al this time 20 be- four hundred and fly mil
lions. We have shown that the present
amount actually J. nine hundred and my
millions, being Eve hundred millions In ex-
cess. or more than double what Il should
be. II thus appears that prices, at pres
enf. are really about dGuble what they
should be. upon present actual value estimated
on what We are In the habit q calling a specie
basis. bat which really means price estimated
upon proper quantity q convertible cur
reney. But In this growing Western country
there i, % real estate prospective value 10 be
added, based upon the prospects q future adj
yancement IN population and wealth. We
have, also, seen that but about sixty millions
Il our present currency T. specie. Now. of
the four hundred and iifty millions Of eircula-
ing medium demanded by the country, NJ least
one hundred and fity millions ought % be
gold and silver. The quantity Of United
states free bank paper now authorized
i three hundred millions, which added
70 the required amount Of gold and
silver, makes the sum Of four hun
dred and fifty millions, the proper amount Of
circulation. Hence, no more banks should be
created, and yet, the secretary Of the Urea
sury, while pretending one day that he j. de-
termined to go back 10 a specie standard. an
al al
the modern manner Of so conducting public az
fairs as 10 deceive the people, that he will re-
commend the creation Of more National Free
Banks though, as we have seen, the quantity
ofpaper already authorized f. up TO the max
imun Of what the country ought to have
thrown upon 1t.
Hence. we are, probably, not 10 have much
ifany reduction in the volume ofcurrency,
. Blest paper money. largest, best supply.
That lends corruption lighter wings 20 fly"
We are opposed, all the time TO the creation Of
United Staes Free Banks. We are opposed
to the increase Of paper circulation. We de-
sire 10 see, az least five hundred millions Of
what we now have got rid Of, and one hundred
and fifty millions Of gold and silver broughtinto
use. We are not in favor OF reducing the VOL
ume Of currency rapidly. Were that done, II
would illustrate too forcibly the beauties Of
paper expansions and contractions. For ex-
ample, a humble. industrious. unposted Irish
man, thinking every thing was TO go on as
usual, bought house and lot year ago, paid
liye hundred dollars on II, in interest-bearing
treasury notes. on which there was fifty dollars
Of interestdue, but he did not know 1t, and
paid them In for five hundred dollars,
though the seller Of the property, who
sharp enough To understand the
matter, got credit at the bank on his
deposit, $3.50 { great many, by the by. pay
these notes into bank without being aware Of
the interest. which the bank. however, always
foots up against Uncle SAM, singing at the
time, "Blest paper money" etc. Well. the
lrishman has paid his five hundred dollars, the
mortgage for the balance has become due, the
money king just at this time contracts the eur
rency to enable the rich creditor portion of
the community 10 make a haul, the Irishman's
house and lot fall one-haf i'm price. the seller
takes them for his mortgage, keeping his pre-
yiously paid 500, cOOlly and carelessly singing
At the time. :. Blest paper money" etc. but
the lrishman sings not. such things could
not happen, but for the wicked device and de-
vices IF paper money.
What the poor man wants. what the unsophis-
ticated man wants, what the honest man
wants and what the general welfare demands
Is a stable. uniform, non-interest bearing cur
reney, and steady course of business and
prices. You can't gamble men out of their
property with marked cards, in the above
mode on Notwithstanding currency.