Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1866-03-23
SENSIBLE FINANCIAL MOVEMENT.

SENSIBLE FINANCIAL MOVEMENT
Mr.. Sherman introduced in the q. S
Senate, on Tuesday, the 18th inst a resolu
ton providing that the outstanding Unite.
States currency, excluding interest-bearin,
notes shall not be reduced below s42O. 600.
00h that the balances in the treasury shal
not be allowed to exceed $40, ,000. 600 il
coin and $40, 900, coo in currency, but thai
the surplus shall be applied to accrueinp
Indebtedness and to paying up the interest
debt; but that the integest-bearine LEGAL
tenders shall not be retired at rate ex-
eeedlng $5,000,G00, north. The resolu-
ton was referred to the Committee on FL
nance. This is the first sensible movement
yet made on this subject In Congress and we
sincerely hope twin speedily become law
Several weeks ago the Secretary of the
treasury asked and the Finance Committee
reported a bill giving him Discretionary
powers in funding government issues and
contracting the currency. We have heard
nothing Of it since and hope to here of it no
moro. The danger Of entrustinr any one
man with the supreme control Of our nation
al finances must be evident to ALL The dan
ger OF entruSGing any one man even With
the powers now held by the Secretary of
the Treasury, especially when it was an Of
nee Who is liable to be removed at any time
ard none can tell who viii be his successor
or what his qualifications. Even the pres
cnt secretary, with all his financial skill and
and experience, in October last had the
sashness to contract the currency $38, ,0O0,-
900 in a single month, the result of which
was to bring us to the verge of financial
ruin, to stop manufactures and check busi-
ness of every kind. Since then we have
been constantly threatened with financial
crash, business of all kinds has been derang-
ed because Of the uncertainty of monetary
affairs AMI still continues So Previous to
thus rash experiment, we had already com
menced the payment of our national debt,
since then, though the Secretary saw the
ruin threatening us and ceased contraction
to sufficient extent to save us from fnan-
cial crisis, we have not been able to resume
the payment of our debt because Of the de-
arrangements caused by a too rapid contrac-
ton. The resolution of Senator Sherman
proposes to remedy these difficulties by fix
ms minimum circulation of United States
currency and fixed maximum rate of con-
traction. This viii enable business men to
determine with considerable accuracy the
condition of the money market several
months ahead and thereby restore conf
dence in business circles, and infuse new
energy into our now tagging manufactures.
Some may cry out against it as putting off |
of the resumption of specie payments, but |
let our tariff duties and internal revenue
taxes be properly revised so as to check the
importation of foreign goods and the export |
of specie, and the renewed life infused into
the business of the country viii soon pour
a steady stream into the Treasury that viii |
unable us to resume specie payments long
before the currency is contracted to the |
$420, 00G,000 contemplated in Sherman's |
bill. The moment the government is able to |
redeem It's notes in specie, there will be no |
further need of contraction, for few will care
to be encountered with specie when they |
have much more convenient circulating |
medium which is worth its face in gold all /
over the country Six months ago, when
therapid contraction policy was inaugurated |
we predicted the evil effects upon the busi-
ness of the country which have since follow
ed and urged the adoption of some such
regulation of our finances as would give us
a study, but not too rapid contraction Of the
currency, without bringing on d financial
crash. Sherman's bill we think will accom-
phsh this object, though a contraction Of
So, 100000, per month or 500, 900, 900 per
year Is more than any other nation on earth |
ever endured without financial ruin, in the |
history of financial operations; but as we
as nation have performed so many, here
tofere considered, impossibilities, we are
willing to try this with the fullest faith in
in Its accomplishment This we believe to |
be the only plan by which we can return to
specie payments, without producing finan-
sial crisis and bankrupting the government.
Let all support it who wish the accomplish
ment of so desirable an object.