The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-12-19
State of Trade and the Currency.
We take the following from the New York Ship

We take the following from the New York Ship
ping and Commercial LAST of the 18th:
It is scarcely necessary to inf m our local read
ers that trade is dull, slow .ement being Incl
dental to the close Of the year. when the attention
OF business men is largely occupied in balancing
Of the future? Those who watch the commercial
signs of the times, and are given to forecasting
the future, declare that the indications point un-
errlngly to changes which must affect the business
interests OF the country, for veal or VICE. just in
proportion as timely preparations are made to
It seems to be regarded as q settled thing that
our national taxation is to be reduced, because the
product is at present so large as to warrant re-
are quite too oppressive. The only doubt enter
Secretary of The treasury II the 1 plan Ian
payments. IF that body fail to come up to the re-
sponsibility. of decided and proper action this
wlnteS it viii certainly be matter Of profound re-
gret Tor the evil effects of an excessive and incon-
vertl6le currency, together with extreme rates Of
saxatlon, are felt with increasing pressure by the
doubtedy thrive By this abnormal Stat state es Of Affairs
Speculators, by the aid Of fictitious capital de-
r3yed from bank credits, are, to some extent en-
change of commodities may be effected, and they
Will continue to. exercise: such baneful influence
lpst 50 long as Congress consents to give heed to
lists, who contend that if the volume of paper money
is too large, the Development Of the country viii
soon restore the proportion between the currency
and the business which nses it. s$gfs:
Il In other words, the great mass of the people
must continue to suffer, and feeling Of nervous
an indenite period 4he great BODY of the read
ing and thinking people, however, have come to
understand the sophist1y Of; such arguments, and
too, and act accordingly. From whatever point Of
xgw the subject is an1yeyea + cannot be doubted
mands Of legitimate trade and is, IL consequence,
disastrously depressed An une1ring criterion Of
this is to be in the high prices Of nearly every
fINya hon dice
| or three fold above normal values. In fact the
evils that exist under the present state Of the
finances are 50 great and their influence is SO pro-
Daily Advertiser) seven the distress incident to 3
quick return to the specie basis would be more
fewer traces Of mischief upon the country at large
than the continuance OF the present mania which
| is: implied il what is usually described as a
were generally understood that specie payments
] would i-be resumed in eighteen months in
aecoraaaca a with the conviction expressed By
business men would, no doubt; SO discount the fu-
TIRE as to prevent any very serious commercial
| change but from the. preeent temper Of our law
| makers, we almost despair Of seeing them take
earnest and judicious actinn the nnatter during
set itself in opposition to the Dian PROPOSED a By
Secretary McCulloch, as regards q more rapid
OF the currency; and if be the settled
course, IN direct opposition to public sentiment,
which undoubtedly, favors conservative contrae,
ness continuance Of inordinate speculation, fre-
quent and ruinous fluctuations in commercial
values, exorbtant prices Of the necessaries Of fe
and q distorted export and import trade. IT, how
eversz CONGRESS- should, by any possibility, awake
to realizing sense q its duty to the people, and
second the earnest Efforts Of the Treasury Depart
grayitate towards the normal base, dropping n
dustleg fba 1as4 wo9a re3Te would and
miun1" would soon lose their significance, because
Of the fact that bank bill would soon have. the
same purchasing power throughout the Union as