The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1866-02-14
: .s.NUMBlERsI6.'s !; I ;I:!IlI /: I
National Finances.

F. n. Norton, OF W heelln4 ,4otmetIX
U. 8. Marshall, it. an abls.istsert which.
is published 10 the l.lsll;:gaeer, tafs12
issue. with Secretary MeC C1llcught PEI.
oy of-retiriug the; currency, J, md i 4! ~,
bis declaration tht be Intends e, 90 q ! :
" is having i,y ! direct; dsuey i! . p,tslJ.s J
tho industry Of the ooputry,s 70 his1sf. .
consumption and restr,iu enterprise,
which necessarily, s.ops ,pEeduetseas :,
We make tho following further :e.trastr
from his letter, which, ~ npit aekaoH:s
lege, seem rather plapsibls % u.s.; s.::c
What, in my opinion, the GoysrI1s1tc
ougb. to do, is to hold tho currency at,
what it is, declaring what Is the ,1suse,, ,
viz: that specie payments irstinpbniblss
for FIVE years, except through the 1osJl
laws Of death and tho ,desttuetion pf ths7
Government credit, the. complete over;
throw Of the entire banking system, and
the anuihilation of all those Who do, the
enterprise, or owu'tbe doatiug&yaluss .of
the country. We are away from specie;
payments, and it is no difference % long,
as vo arc so, whether the distance is
an inch or an ell, and all or the best that
can be done is to hold the currency level.
Declare if possible by .. congrcssione!
act that for one year the currency shall
be neither less nor more than at;Plcscnt,
and permit the different classes. of pro.
ducers to arrange their. values as com.
pared with each other. Give Us time to.
discover what is the value of one thing
compared With another, and the value Of
labor as compared With the vhole:+ Thu
violent fluctuations now, witnessed. arise
from tho fact that no ono j. assured,
whether 10 thrco months, six months, or
n year, the currency will be ono hundredi'
two hundred, or three hundred millions
less or more, than at. present y Those
now in trade or producing, simply bet
on their judgment. Heneo when tho
opinion prevails that it will DO less each
ono hugs bis grconbacks aud ceases 70
enter into the most necessary enterprises.
Ceases a, far as possible to consume tho
most necessary things 10 the. belief that
contraction will produce . fall; in values.
If this policy exists but for : month
millions will fail to DO produced, and
the government will have lost the noces::
sary subjects Of taxation. In = short
time those who hold tho merchandise
become alarmed and dispose Of their
vaulablcs at ruinous prices. !.
To avoid these fuctustions and those
catastrophcs, let tho Secretary Of tho
Treasury tell tho people truly how much
money is now in circulation; Let him
declare that for ono, year or ,fye,, tho
volume Of it shall bc no more, no less.
Each man will then find an enterprise
into which he will embark his capital
lie will not wait, as now, upon tho ,ia.
ture, hoping, as at present, for . timo
whom he can operate with more security !,
because of n reduced currency and -.
duccd prices. Tho present uncertain,
condition Of things tends TO- excite mon
to ask prices such Us will cover possible
margins Of loss either by contraction
or imitation Of the currency" j. H. ;Hia:.
10 many cases men prefer to pay the
present high prices 10 the fear Of still
higher rates. In other cases they hold
themselves aloof altogether from all sorts
Of industry, preferrins to take no risks
whatever either (or q rise or. . fall.
Give US steudincss. We want no moro
interest bearing debt. Why retire tho.
| only portion ofour debt upon which we
pay 20 interest with bonds upon which 70
pay seven and three.tenths per aunum?
Or why create q bank currency upon
which ths people pay from. ten TO twenty
per cent. ia the shape Of profits to stock.
holders. when the country prefers tho
srccubacks which pay no interest? All
this interest and all their profits must
come, if they come at all, out Of. labor.
Stimulate then this labor By au: easy
non interest bearing money msrket.
Leave the currency remain as it Is, 80
that when the tax collector comes along
we can pay him easily, money being
cheap. Give US also an increase in tho
tariff, equal to the internal revenue ley,
led on manufactured articles. Excite
into activity every engine, crank, screw,
lever and wedsc-all NJ usclcs, all nerves,
oil brains. Thus, and thus aloue; can
VIC pay the debt. Paral5zc. US by tam,
perius with or retiring the circulation
! tight gold-dcpress it 6ctitiously below
, its true value-make it 50 that the in.
porter obtains it ,cheaply-alirm as =
few times more-nullify tho tariff By iu..
creasing tho tax on domestic manulsc.:
,ures and not equalizing it By inpo.ipHt
the same on imported ones-importfree.aH
ly-,end out balances 10 gold, :bosds
and credit-returu tho legal tenders "
the issue ofinterest bearing bonds -abd
soon, very soon, 70 shall come 10 specie
payments With round turn but ass,
ruined people. ~ .:ii!:.s =
I q, D. Hk