Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1865-04-26

tANiilSCIkc5 Wltl
: these goods, OF which they have been ac
s cuslomed to keep liberal stock on hand
Y lhe demand for home fabrics will he
5 immense, but for foreign mercbondiv,
IL Will be greatly circumscribed. Tbi,
Will arise from two causes one is beovv
duty, the other, tho reduced ability Of tbe
common people to purchase. These arc
paIpable facts, that must be taken into
'ne account when considering the future
and its promises. But still another in.
quIry arises. When and how shall we re.
; turn to sound currency
That will depend entirely upon the
wisdom and energy of our statesmen and
public servants 1t is for them alone to
: say how soon and in what way. The
matter is in their hands. From at least
supposed necessity they violated the laws
OF value, by making that to be currency
and legal tender which bad no value, cnly
the promise Of it. They introduced cred
into the currency, and it is by their ac-
ton alone that the false element can be
eliminated, and the true standard can be
restored.
When the war has ceased, war expend-
itures will cease; but taxation will doubt
less be continued and the revenue made
to exceed disbursements, and the Govern.
ment will have the ability to take in the
greenbacks and other currency. Besides
this, as soon as the credit of the Govern
ment is secured, there will be large, we
should say, perhaps, immense demand for
public stocks, and the floating national
indebtedness can thus be rapidly funded
BY these means the volume of the cur
rency can be reduced, provided the pro-
Per steps are taken, and banks are not al
lowed to increase their issues. Congress
will have the power, and ought to have
the disposition, to compel these banks to
resume specie payments, and, if that be
done, they must greatly con tract their
circulation. Thus, by gradual process,
We shall return to the true stanard with
out any violent convulsion.
There is one unprecedented fact con-
nected with the war in which we are en-
gSeR9a gSeeR9a Is hPt inSjdidp9 Indebtedness is
so that " hen the contest is ended the peo-
pie will be freer from pecunary obliga-
tions than ever before. This is aremark-
able phenomenon, and quite in contrast
with the condition Of our county at the
close of the Revolutionary war, but the
cou rse pursued by this Government has
brought it about. Private has been ex-
changed for public Indebtedness. The
nation is involved to an inormous amount,
Every State, every county, and every
town has accumul ated debt to en- extent
before unheard Of.
This fact must greatly influence the fd-
ture. Taxation will be heavy, continuous,
and pressing. 1t will bear with great
force on the masses Of the people. Their
ccpsumption Of wealth, and of course, their
trade, must be restricted, What man
pays in taxes he cannot expend for clothes
Evorv expenditure must be curtailed to
meet the demands OF. the inevitable tax
oatherer. The result will be that ordinary
consump ton will be less, and eStraordl-
nary consumption more. Those WHO pay
the taxes must buy less, those who receive
the ruolic dividends will be able to buy
moro there will be the less low priced
and more high priced goods sold, more
Injuries end fewer recessaries, proper
lionately, than before
This crisis through which we are now
passing is destined, whether fortunately
or unfortunately, to.assimilate the nation
to European civilization The great
debt which we shall create will probably
never be paid, or ever repudiaSed' The
nations of Europe do not pay debts, they
pay the interest, They cannot pay the
principal because their current revenues
are required to meet the interest, carry
on the Government and prepare for war
in time of peace. =,
Such is our destiny, so far as all pres
ont appearances indicate the future. ba'
with regard to the currency, that will de-
pend entirely upon what tho people have
the intelligence to demand, for it is GER
tain that Congress is always ready to DO
lust what the people wish, except to re-
duce their own pay an privileges.
, What, then, would the people nave
Once they would have asked for all the
, paper money that the banks could put IN
circulation but the war has wrought
: great changes in public opinion on two
= important subjects-slavery and mixed
currency. The nature and influence OF
of each are now understood as never be-
, fore, and we think the great struggle Will
, be EQUALLY fatal tolboth.