Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-01-06
Tho cr,cnsaeL Question.

ing and important questions to be agitated
during the session of Congress just com
menced. relates to the currency Of the
country. Already parties are springing
up in the East and West rs the champions
Of this Or that particular idea. First, we
have the specie payment party, whose ar
guments are as torcibly presented, proba-
bly,, by the New York Tribune as by any
other paper in the country. The Tribune
argues that the contraction of the volume
OF currency will bring about a return to
specie payments-or to q currency posses
sing a specie value. Second, We find n
gradual contraction party, who profess to
believe that a sudden withdrawal Of one
hundred millions Of money will create
such a panic in the money market that a
commercial and financial cricis will over
whelm the country in ruin. Third, we
have q party proposing to increase the
National Bank currency Of the country to
provide the Southern States with a reliable
bank note circulation. Fourth, we find
that a large class object, with the most
profound indignation, to an increase OF
National Banks, and demand that, If the
East need another fifty millions, and that
amount can be safely added to the circula-
ton, greenbacks, or legal tender notes, be
issued for the sum specified. Their OBJ
lection to National Bank notes is that the
people are paying interest on the circula-
ton of the Banks, whereas g~reenbacks
cost nothing, and are more acceptable to
the people generally. We could perhaps
multiply the theories Of different parties
for the solution of u financial troubles,
but the subject is exhaustless, and sug-
gests some very extraordinary ~expedlcnts.
For instance. a gentleman i'll Chicago pro-
poses to clip the coin of the nation, so rs
TO make a dollar intrinsically worth but
s%eveuty-five cents, and then redeem the
legal tender notes with specie Of the re-
duccd standard. His argument is that as
~greenbacks are now worth only sixty-seven
or sixty-cight cents on the dollar in specie,
the people would gladly take a specie val
uation Of scvcnty-tive cents and give up
their ~greenbacks. The chief objection to
this plan is that if our coin is ever clipped
il can never be restored to its old value in
the markets OF the world.
Each one Of these several plans presents
objections, and our representatives in Con-
grcss will have much difficulty in arriving
at n satisfactory conclusion. We have
faith in Secretary McCulloch, and what
ever plan he may suggest will. we believe.
be eminently practical in its bearings and
logical in its proposed consequences. 1t
may be safely predicted, however, that
whatever mode is proposed for restoring
finances at the earliest moment to a specie
basis, will meet with opposition from
some sources. That expectation need not
u despair among the members OF Con-
gress or among the people. The whole
question is replete with complications,
dangers, doubts and difficulties, which,
might appall us if VI had not passed
through n crisis far more threatening.
There are interested parties in all sections
Of the country who will seek their W
ACKNOWLEDGEMENT by the troubles of the
Nation. There is n large creditor class
who will naturally favor measures which
will force their debtors to return a dollar
in specie for the dollar in greenbacks re-
ceived. The debtor class, on the other
hand. will prefer to risk their future by
the continued initiation, so that they may
pay their debts in the same proportion OF
specie value they received. The banking
interest will be divided, as we have reason
to believe It is already divided upon these
issues. There must be a medium some
where, and Secretary McCulloch, with all
the light he can get before him, is the most
capable man we know of to deal with the
subject.
There is one main consideration to be
kept steadily in view. The public de-
mand the speediest return to a specie ba-
sis currency consistent with safety. A
financial crash would prove a calamity to
the West. We need capital above all
things to develop our territories, and Mis-
souri, in particular want capital to open
her mines and plant her soil with a thriv-
ing population. We shall TO this extent
become borrowers from the money centers
of the East. The sudden fall in prices
which would inevitably follow any mea-
sure for Immediately contracting the cur
rency, would be absolute ruin TO many
enterprises in which Missouri is now and
will be hereafter interested. A farming
population is the most helpless in the
world in a financial crisis, where the farmer
Is in debt for any amount. New settlers
are nearly always compelled to become
debtors, and in a State just commencing
to recuperate from the tremendous losses
of war, il would be something extraordin-
AIRY if any large number of the old farmers
were not a year or two behind in their
accounts. We believe that these matters
are thoroughly understood at Washing
ton. The people have discussed them
among themselves, and their views cannot
fail TO be represented in Congress. The
farmers, in common with oil classes, will
doubtless be prepared to make sacrifices
to restore our currency, but the people
who have given up their treasured house.
hold idols-their beloved sons and broth
ers-will not begrudge another sacrifice
for the country. The greatest loss has
been suffered, and it behooves gu law
| giyers in the halls Of Congress to reduce
the next loss to the minimum amount.
l, should be made small, and fall with the
ligh,est possible weight over the longest
space of time consistent with the good Of
the whole people Missouri Democrat,