Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1865-03-16
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The FImnncIal sIiuatl0n.

The following comes from high Republican
authority, and is not only "loyal," but whA
is much rarer than "loyalty' ia Republicat
circles, Il is honest and sensible l.,.
We are sunk almost to lhe chin in the wa
ters of q depreoiated currency. Having los
our hold on lhs firm ground Of a speci,
standard almost at the outbreak of the war
we are now drifting far away with the tide
with no land sight, with no chart or compass
10 show whittier we are tending--rising al
times little on the crest OF a wave, and then
sinking deeper than ever in the hollow land
content toilenrn, with the coming of each sue
cessye morn, that we are not actually and to-
tally submerged The greatest misfortune of
all is, the general unooncern with which this
perilous state OF affairs is viewed, and the nu.
merous illusions BY which II is surrounded
Our people have been ma lie reckless by the
very magnitude OF the struggle in which they
are engaged, by the greatness OF the sacri6.
ces IL requires of them, and by the invncible-
ness Of their determination to do and TO en-
dure all in order to bring It to a successive s--
sue. Under the ipa renee of such feelings, too
many Of them are disposed to shut their eyes
10 any heedlessnsss 10 the conduct olthe 6nan.
ces, though on the proper management OF
emlnearly Ms much perhaps, as on the valor
and proper guidance of our armies in the
field, our ultimate success depends 9th
ers are over-eaguine in respeC. 10 hose to.
kens of general prosperity to which | have
gust alluded, iorgetting that the depreciation
of the currency proves that a portion at least
of this prosperity is hcticious Vast fortunes
have been ma ie through the lavish expsnd
'tnres oflthewar, and by the great rise in nom.
inal value Of stocks OF commodities on hand.
Many persons are sodeluded as to count their
wealth thus obtained in dollars But they are
wrong they ought to reckon II only as so
many hnlf dollars for the paper dollar with
which all goods are bought, all values estina-
ted and all payments made, is now worth less
than fifty cents in coin Aud the deusion,
if it can be called one, on the part of the Gov
ernment is still worse, Though all its recsip 8
from loans are in paper dollars, on some What
the larger portion OF them it has convensnted
TO pay interest in gold dollars, worth twice as
much, and has thereby voluntarily doub-
led the rates of Interests against itself.
As the whole loan must be re-.
paid at some future day 10 specie, or
its equivalent, it is now actually binding itself
to return two dollars for every one that it
borrows; and this, too, on debt already 30
great that the industry Of our children, and
perhaps of our childrens children, may be
said 70 be mortgaeed for its repayment, Ii
is the 6Oyernmeuts own, act which has de
preciaied the currency to this sad extent,
thereby doubling the price of all commodities,
both those which are needed in vast amounts
Cor its own services, and those which. are com
sumed by every private family in the land.
BY the same act it is deeply wounding it's own
credit in the money Market both at home and
abroad, aud materially lessenipg its facilities
for borrowing, just at the time when its ne
cessiies are greatest. During the last eight
or ten months, we have run into debt twice
as much as would have been necessary i( the
currency had been kept wi Thin proper limits.
At least two hundred and fifty millions OF
dollars have thus been virtually thrown away,
being double the amount that would have been
necessary, or is even now required, to bring
down the premium on gold TO about one fourth
of its present amount, lr..