Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1865-11-29
GnrrepoY-Resumptiou

Currency AeSULlpL4oA
The following article on the subject OF our
currency, and the res ,mption of specie pay
ments. we copy from the New York irt-
buae, Of November 23d::
We are amazed that any should believe
as several who write rs seem to do-that
our present watered Currency operates eth
er as Protection 10 Home Industry or as
an iInpediment TO excessive importation. LII
has no more effect in that way than an act
of Congress changing the denomlnatlonS
of our Specie Currency, so that every hait-
dollar should be called dollar. every halt
eagle an eagle. would have. Can 1t be ne
cessary to argue so plain proposItlonE
Resumption would help our Home Indus
try in this way Men hate to investmoney
in Houses, or Mills, or Railroads, when
they know that 81 900 thus expended now
viii go no further than $500 would by-and-
by. They naturally choose to lend their
money on stocks, or invest 1t IN Government
bonds. and thus wait till the Currency har-
dens and Prices fall before putting 1t into
structures that are certain to be cheapened
bv Resumption. Who can be ignorant OF
this?
But about Imporations:
We are now, and have long been, import
ing far too many goods, especially of costly
and sumptuous Fabrics The duties on I'm
ports are high the rates of Exchange heavl-
ly adverse so that 81 900 sent abroad for
goods will not return e100 worth TO the
American consumer; yet what cares the
man who has made $50, 600 in two or three
speculative operations? What cares his
| fashion following, dress adoring wife? They
| Jointly go ahead and pooh pooh the expense:
50 that Wines at SIS to $40 per bottle are
drunk as freely as when they cost 81 and S3.
Let us resume, aud you will see Imports
| falling off, people grown suddenly economl-
| cal. superb dresses made to do for ten OF
| twelve parties instead of one or two, and a
sudden pulling up all around. If we could
resume on the lst day of January next, we
should import One Hundred Millions worth
less in 1866 than we should on a diluted
Currency ; aud that would be just so much
clear gain.
but our Public Securities, now helG
abroad. VIII come back upon Us.
Let them come We heartily wish thel
had never gcne-wish they were all back to
day. If those who now hold them sen'
them here for sale, they can only sell then
for what we may be willing to pay for them
We profoundly wish they would send every
bond tomorrow, sell it for coin and take th
coin away We should be stronger then
and better able to resume, than we now are
Why won't people see that debt Is tn
main obstacle to Resumption? If We oSe'
Europe nothing. we might resume t0-lnor
row on quarter Of the specie we have II
the country. Nobody is going to run tn
Banks for coin but those who need it il
their business. We for illustrations re
ceive and pay out nearly 81, ,000,0O per an
! mum III our business, yet NC use no coin bu
little change and rarely ueed or draw eve
a trifiie of specie from our bank. But
we were importing Silks or Woolens, Wine
of haf hf1s Jsr we g want si e2in t9ih to the eztsI
have to supply it.
The notion that debauched Currenc
: stimulates Expectation is sheer fallac,
2 For few days Tor hours after the premium
on Gold takes long leap upward, Export;
, tion may be stimulated /; but the prices
exportable staples very soon adjust then
S selves to the new rates of Exchange, an
4 then all is fiat again.
! But we cannot export heavily at presen
for want of the raw material. We haven
the staples in large quantities to spare
1 What we should do is to reduce our lmpor
: to the lowest figure until we can grow
? heavy crop next year. And this most neeC
ed reduction will be greatly aided by r,
sumption.
Rulers of the Nations policy in beha
of Half Million widows and orphans
, Union soldiers, whose paltry pensions of .:
! per month is betitIed to s. by a dilute
Currency, we implore you to give US til
e earliest possible Resumptioni
"