Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1866-04-12
pHHB Y0RKvII,I,B B UIR BR.

temporarily lost to it by reason of the war,
When this balance is restored, one of the
prime causes of its appreciation will have
disappeared, and currency and gold will
closely approximate in values. This must
eventually occur, inasmuch as the exports OF
the country were always largely in excess of
its imports, and the difference must be
shipped back in gold. The enhanced val
ne of cotton-fully double its former price,
will create still wider difference in the
value of exports and imports, in our favor,
and a greater quantity of gold than usual,
will be brought in to balance this difference.
Hence another important reason for the
speedy approximation Of the values of the
two currencies, and the necessity for US to
early recognize this fact, if We would avail
ourselves of the advantages it must afford
us.
We have said that gold is an article of
merchandise. It is so in fact and in theory.
The Arab-the African-or Hottentot
uses it as his currency, and gives it value
peculiar to his situation and notions, and
fails to conceive how paper representative
-equaling it in value-superior in conve-
nieuce, and admirably filling the require
ments of trade-can be invented. Eulight-
enment has swept away this difficulty with
US, and supplied the desideratum. Its plan
is safe, possible, and convenient 1t pro-
vides against the difficulty Of making gold
a circulating medium, by issuing rep
resentative of its value, cheap, easy and
meeting all the demands of trade. That
representative is the present currency of the
country, that law, interest and commercial
usage, have all sanctioned as the best and
safest that can be adopted 1t is currency
based upon the credit of country of un-
rivaled wealth and resources. Its security
is better than that of any bank or corpora
ton known previous to the war Bank
notes were based upon a fictitious deposit of
gold, and represented, in some instances,
sixty times the amount of actual cash de-.
posted. The Treasury notes are based upon
the whole aggregate wealth of the country,
and represent about one thirtieth of its ac.
tual value. They may be termed as the
issues of bank, with the entire wealth of
the Union as assets, and every citizen a
stockholder. The taxation power of the
Government is ample it can at any time
raise a revenue sufficient to redeem the
amount of currency in circulation. That
circulation amounts now to about $780,
10000, apd the revenue of the country
for the present fiscal year, from taxation and
other sources, will exceed $500, 900, ,000.
This is surely sufficient guarantee of the
ability of the Government to meet its lia-
bilities, and should at once remove all dis
trust of the soundness6f the currency.
We mentioned previously, that gold as an
article of merchandise, had appreciated in
value from causes existing by reason of the
war. Currency may be said to have maiD-
tanned steady value in the ratio of prices
as compared with other articles. Gold
commanded high price because there was
not enoug gh of the commodity in the couu-
try to meet the demands for it The. pre-
MUM on gold is due to its scarcity and con-
sequent appreciation. 1t need not be in
ferred from this, that greenbacks have de-
preciated. They have maintained a stead
Ter Ualue than any other commodity IN the
country during the last three years. Their
depreciation-if any existed-has been
slight.