The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1865-10-27
VOL. 61.-WHOLE No. $500.
THE CaOUNTRY's FINANCES.

4 y
the Treasury. To this fact attribute
in a great degree, the good feeling and
indulgence that have been manifested
toward me in the very trying and re-
sponsible position ] occupy. ] accept
ed the office Of Seer etary of the Treas
ury with great distrust Of my ability
to meet the publi: expectation, but
! with a sincere desir e 10 so conduct the
affairs of this great department as to
aid in restoring the credit of the gov
ernment which had been damaged by
the greatness of the public debt, and
| the uncerta inty in regard to the dura-
! ton, if not to the result Of the war,
and in bringing up the obligations OF
the government tot the specie standard.
/ IRREDEEMABLE Gu 2RENCY AN EVIL.
( ! am not cne Of til Osc who seem dis
{ posed to rop2ldiate coin as a measure OF
value, and tp make secured paper eur
rency the standard. On the contrary,
l belong to hat class Of persons, who,
regarding an exclusive metallic curren-
cy as an impracticable thing among an
enterprisin% and commercial people,
nevertheless look upon an irredeema-
bic currency as an evil which circum-
stances may for Il time render Il neccS-
sity, but is neNEt to be sustained as a
policy. BY cOrtiton consent of thena-
tions, gold and silver are the only true
measure Of value; They are the neces-
sary regulators OF trade l have, my
self, no more doubt that these metals
were prepared by tie Almighty, for
this very purposes than l have that j.
ron and coal were prepared for the pur-
poses for which they are being used.
l favor a WelI-securel convertible pa
per currency. No other can to any eX-
tent, be 4 proper substitute for coin.
OF course it is not expected that there
shall be 81 dollar in coin to reserve for
every dollar Of paper in circulation.
This is not necessary. For all ordina
ry home transactions, paper currency
is sufficient, but there are constantly
occurring periods when balances be-
tween countries, and in the Uuited
States between its different sections,
must be settled by coin. These balan-
ce5 are insignificant in amount, in com
p2risoa with the transactions cut Df
which they :Grise, and when a vicious
system OF credits doe; not too long post
pone settlements, they are arranged
without disturbing movements Of coin.
Whenever specie is needed for such
Purpose, or for any ocher purpose, the
paper currency Of the country should
be convertible into it, and circulation
which is not so convertible will not be,
and ought not long to be, tolerated by
the people. The present inconvertible
currency of the United States was ane-
cessity df the war, but now that the war
has ceased, and tlle government ought
not to be longer a borrower, this cur
rency should be brought up to the spe-
Gle standard, and ! see no way of doing
this but by withdrawing a portion of it
from circulation:
THE BUSINESS OF tit; COUNTRY IN AN
UNHEALTHY STATE.
l have no faith, sil, in a prosperity
which is the effect of adepreciated cur
rency, nor can l see any safe path for
us TO tread but that which leads to specie
payment. The extreme high prices
which now prevail in the United States
is an unerring indication that the sbus-
mess of the country is in al unhealthy
condition. We are measuring values
by false standard. We have a circu-
lating medium altogether larger than
is needed for legitimate businesS-the
excess is used in speculatiOns. The L
nited States are to-day the best market
in the world for foreigners to sell in,
and among the poorest to buy in. The
consequence is, that Europe is selling
us more than she buys of us (including
our securities, which ought not to go
abroad, and there is a debt rolling up
against us that must he settled, in part
at least, with coin. The longer the in
flation continues the more difficult will
it be for us to get back to tbesolid ground
of specie payments. TO which we must
return sooner or later. If Congress
shall, early in the approaching session,
authorize the funding of legal tenders.
and the work Of a reduction is COM
menced and carried on resolutcly but
carefully and prudently, we will reach
it probably without serious embarrass-
ment to legitimate business; if not we
shall have brief period of hollow and
seductive prosperity, resulting in wide |
spread bankruptcy and disaster There !
are other objections to the present in
fiation. 1t is, fear, cOrrupting the pub |!
lie morals. 1t is converting the busi- /
ness Of the country into gambling, and .
seriously diminishing the labor of the /
country. This Is always the effect of I
excessive circulation. The kind of /
gambling which it produces is not con-
fined to the stock and produce boards, !
where the very terms which are used 1
by the operators indicate the nature of
the transactions, but it is spreading
through our towns and into the rural .
districts. Men are apparently getting
rich while morality languishes and the