Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1866-04-05
GREENBACKS va. GOLD.

VIC folu0 VI NiSSdGoShoJ ohA Aso tSJSS
by them as the currency of the country
We now propose to offer few other con-
siderations, illustrating the Importance of
adopting the currency of the country as
its circulating medium
By an Act of Congress providing for the
issue of "Treasury Notes." the notes 80 is
sued are declared to be "legal tender"
for all liabilities, &c., except for the pay.
ment of import duties. By the Constitu.
tion of the United States, Congress has the
power to establish che currency of the coun.
try. Its right to make Treasury notes a
legal tender, will hardly be questioned
But further than this, the Legislature Of
South Carolina by an act passed at the last
session, in discriminating the kind of cur.
rency to be used 10 the payment of taxes to
the State, ratifes, in effect, the act of Con-
gress. 1t declares the notes of the United
States Treasury, and bills issued by the
authority of the (present) Legislature, to be
the kind of money the tax. collectors are to
receive The Legislature so far acknowl.
edges the legality of the currency in the
payment of taxes, as to remove all doubt,
if any could exist, of its aVailableness in
the payment of debts.
The indebtedness of the country is i'm.
mense-far beyond its ability to discharge
for several years to come. That the pay,
ment of these debts will be required by
law and in good faith, is uuquestionable.-
The sooner the country appreciates,,this fact,
the better for its welfare. Delay augments
toe debt--palsies the energy-impairs the
ability-and brings dependency and finally
despair 10 the payee. Better to set about at
once to meet the crisis that few months
more will as surely bring, as any earthly
contingency can be sure.
Greenbacks are available in the payment
of these debts. Where is the good sense and
prudence, that they are not taken now while
cheap, and slowed away for the day of pay
ment? Ifone hundred dollars in gold will
buy one hundred and twenty six dollars in
greenbacks, that will pay debts just as
efectually, dollar for dollar, as the gold
would do, why are they bot so taken and
used Their cheapness will not in all proba-
ability continue great while longer. Month
BY month, they have been approximating
nearer and nearer q specie basis. A few
more months of gradual advance will bring
them to par with specie. There is every
indication that the close of the present year
will witness mere nominal premium on
gold, as compared with them. The time is
auspicious for their general adoption, and it
is better for US to repair our error now, than
to wait for it to become more serious, and
almost fatally injurious.
A second consideration that ought to in.
huence opinion in favor of the adoption of
greepbacks as the currency, is the unoer-
tainty the use of double currency creates
in the money market. The country at large
must pay for this uncertainty heavy price.
The calculating money dealer will extort a
heavy premium upon all transactions in
which the country is concerned, to insure
him against loss by the fluctuations of the
money market. To apply the reason of
this objection to case that all can under.
stand, We will take the example of the dry
goods dealer again. His stock is purchased
in New York, payable in currency, on
sixty days time. Were his customers to
buy out his stock and pay IN currency,
he would be able to calculate acih cer-
tainty the per centage he must charge
on his stock, in order to pay his credit
ors and make reasonable profit: But his
customers bring only gold to exchange for
his goods. Gold, it is true, is worth now
perhaps premium of sl.26, but if he
makes that discount upon it, the probabili-
ties are that sixty days hence, when his
paper natures, this difference will be
narrowed down to mere fraction He
cannot undertake this risk He must put
a heavier per centage upon his goods if sold
for gold, in order to cover the risk of its
depreciation. He must. make sure of a
margin wide enough in his sales, to buy
currency enough. sixty days hence, with the
gold accumulated, to meet his obligations,
and leave him profit for his capital and
labor. Here the country is again made
the sufferer. This difficulty can be obviated
at once, by dealing with the retail merchant
in the same currency he must use to meet
his liabilities. The snhiect will be contin-