The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1865-11-04
Our Ffnnnces-Thc Public Debt and
the CURRENCY.


Our Finances-rhc Public Debt and
the Currency.
The ret"rn Of peace to the country has
sides those OF 3 a~strictly political bearing
It has brought forcibly to our understand
ing, that during the progress of the war
we contracted debt which already ex-
hiblts the conna numbers OF nearly
50, 200 900, 600, TO which a sixth OF the
aggregate will probably be added before
the liabilities incurred arc all cancelled. 1t
tells Us also that this enormous cxpendi-
t',rc has entailed upon the Government the
necessary annual payment Of S190, ,0OC, 900
IN the shape OF interest; to which VIC must
add the expenses of an extraordinarily
large peace establishment and the per
centage for the sinking fund, in order to
get an idea of the amount Of taxes that
must be levied to keep the machinery in
working order. Hundreds Of projects and
theories have been advanced by f;nancia!
scrlbb1ers to show how the necessary
amount Of money to meet the yearly ex-
penses OF the Government can be raised
without depressing the people or running
the z1sk OF creating monetary disorder: but
not one Of them would bear the test Of ap-
plicability to existing circumstances. or
that history would not show to be falla-
cious.
Besides We have afioat an ir-edcemsble
paper clrculatlol which may bc detailed as
follows:
Grcenbacks, so-ca.,ed 49,. ..S42s, ,16e, ,5s9
Fractional currency ... 2e4S7 755
Interest bearing legal tenders. HOOP, ,141
National bank notes. ....... 200 925 $50
State bank bills. estimated 80 0,n. 600
Total amount OF currency. .S922, 5S6, ,245
The redemption of this vast amount Of
currency attracts to greater extent at
present the attention OF men moving III
monetary circles t:lan t?Oel tb.a ,,jtip,ot.,
caEccl;ing ot our enormous public dcb:
The financial histories Of European nations
are in vain referred to in the hope OF hn:l-
ing some successful theory that might
be profitaoiy followed. The records OF
England are searched, and nothing is
found that byiinitatlng wcul;i be unatttl:,,-
Cd with danger. 1t Is seen that a: the
c-oSc OF aer rprot:actc,i struggle with France
hcf hiiaices wc"t aS low as are nur own at
the present time whilo her slcbt was NOR.
than equal. IT IL also scel. that while
gold was at g discrnn, of 80 20 Is per cent.
the la1d-Eolders and iGnd-ho!dcrs, il! her
assomblcd Parliamcrt, through Interested
motives. sought t. restore the currency to
,he metallic basis, ana that III the attel:!r..
although partially Successful, tllcr brougAt
upon tho country :. series Of disasters
which nearly ruined her commerce ,.os-
trated htr trade. and impoverished her
wo: king people. Tho Bank of England.
which was induced, i'll 1921, nomina.ly 70
contraction to save itself. and the great re-
vulslon of 1925. which was about the most
severe that England ever felt or the world
ever knew, was the consequence It was
then discovered that forcing a return ic
the specie basis was L stroke OF mistaken,
policy, and it required the succeeding fiye
years and the mild influences Of the laws OF
trade and the strength bestowed by IN
creased population to restore the finances
OF England to sound and healthy con-
ditlon Are We prepared to submit to the
trials that the British Government expo
r1enced during the period embraced between
tS15 and 1925? IT not, let us refrain from,
looking thlther for prccedents for our
action. Let us rather permit our increas-
ing trade, foreign and domestic, the mutual
wealth, and the steady additions to our
population, to work out the problem of
return to the apecie basis aud the manner
OF discharSing our national debt.
secretary McCulloch, like Nicholas Van
s1tart, the English Chancellor of the Ex-
ehequer at the time Great Britain was
Struggling to overcome her monetary diff
ocult,es, has announced his desirc for d
speedy restoration Of specie payments; but
he IS, nevertheless, fully aware of the
dangers that would attend hssty action IN
that respect. Those who anticipate the
use Of gold in their daily transactions for
year or two hence will be eadly disappoint-
ed. And II, at any time, summary mea-
sures are adopted by Congress to bring
Gbout such resnlt, or the wild theories Of
was Chairman Of thu" Committee Of Ways
and Means, in the last Congress, are lis
tened to, we must look for the re-enactings
OF those scenes which not only ruined and
paupefized largo portion Of the people
OF the British Islands at the time we have
referred to, but brought that country to
the verge Of q revolution.
: At the next meeting Of Congress, one OF
the most important subjects that will pro-
baby be brought forward is that relating
to the. condition Of our: finances. but we
can anticipate no good results from the
tiakcring process that the question will be
likely to undergo at the hands OF the mem
bers. The people OF the country, qualified