The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1867-12-07
The FmGmci0I Question.

u
our legislators capitalists aud business mcn.-
Every body seems to recognize the necessity Of
making some provision for the future OF our Debt,
some arrangement by which it, payment may be
rendered easy by our own or some future genera.
ton, while the present business circles Of the
country may not be ineonvcnicncci by the too
grca, expansion OF ihecurrcncy nor by its con-
traction. Many scheme have been proposed 10
eiicc, the end sought, aud IL IL probable that b.,
fore the present session Of Congress shall have
ended, our financial policy lor iu,utc years, will
be settled
W. have large debt. The war JUS, closed
rendered II necessary for our goyernmrnt To issue
it, notes to he redeemed AZ some future day. in
order to meet the largely increased expenses incl
dent To state Of war Tho number or these
promises to phy accumulated rapidly, some
times aggrega,ing the amount Of ,@o millions Of
dollars a day, 80 that when the rebellion Was
over, il lei, the government an outstanding debt
OF nearly three thousand millionso OF dollars since
10y iudicious management and heavy TAXATION,
reduced to something over twcn,y-ipur hundred
millions, representing our present debt. This
and tivc-iwenly bonds aud certificates Of indcbi-
cduess Thee bonds bear Interest. som, 10 gold
others in currency, aud 30 pa! lhi in'cf"s,
large amount 81 money must annually bee raised
irccnhacks bear no interest, AMI therefore there
IS party growing up in the country favorable
10 su,a legislation As will convert all our bands
and evidences OF debt at every description into
simple government notes. which will hear no in
,crcsi. We look upon such policy as being
very disastrous to the county. our debt is &C.
cured now capitalists have loaned their money
TO the government because IL is good invest
meni they receive their Interest. aud n'c look
ing forward 10 time when tie nation will rrIa,
hem the principal. t. all sources o. profit arr
removed from hi. principal and # these honi
FcPrrsen, nothing mote than mcr' circulating
medium. grcenbaci' must appreciate in value
gold mus, go up There j. ccriAnl, enough oi
money in circulation. There wa uniccn, when
every thing was held At much higher value
than now For instance. a year or ~. ago cot
ton, in which. probably, mole nour! is annual.
~ invested than in ans other commodity of the
country. was fifty or sky cent q pound aud
even higher, while now j, j. bu' purlrcn Aour
was from fifteen to twenty doilars Icr barrel.
noH /, ranges from eight io twcN- provisions
of all kinds was probably ihr,,'.'old 10 value a.
compared wiki lfc'cn' pfic'' Boo short "v'r,-
thing rcpui-it" 10 orr .gi si-',i,a comfort can
now 10" purchased for much ic. ulorr, lhau for-
tnori.. When these high ifir'- sui'4 ibrfc W..
mou,. enough 10 tbc c,4u't. zoo lpi.i.,.,, ST.,
required au! whcr, !. iLc Hc,,.-..y iur ,NfAu.
SION. tr increasing the circulating medium o.
thr country, when the same. or u"afis the same
amount. is ia circulation as ssh . Ca greater
amount Was required to purchase nhn, wc need.
"a !, seems 10 Us that instead - expanding 'hc
currency. the policy o. contraction .dyoca',l
and pracIised by Scorc;Ary N,CLloh :, The
nest. BY existing laws. tie = erc,ary Of III.
Treasury Is privileged TO redeem four millions Of
dollars o; the debt monthly o.. hl4 .tcali,
done so and thinks II the bcs, policy 20 not only
continue doing So bat De- even ass. 'ho author.
~ 10 retire a greater amount monthly At onc
time, in August ami Sep;cml.r, ls5i, large
amour, Of notes bearing compound iu,ci.,, was
issued, and these have mA,urcl and been r.
deemed as fas, as presented 10 the treasury. hut
late statement shows that very L,ayy PER cent
age OF the whole amount issue! yot remains out
They draw no interest 0: cogr- p. anil their non.
presentation exhibits the confileu,c Of H.. hold.
crs in the stability OF the government. These
holders know that their notes will De redeemed
on presentation, AMI hence they prefer 20 keen
them II IS probable, also. ,ha, large rropot.
ton Of these notes will never be- presented for
payment. They were used. mostly, tor the pur.
pose Of paying oiT,h army aa 'arrc is no louh,
that millions Of dollars were Lost .al icstro,,d
by the casualties Of var, leaving BE govern.
ment gamer 10 that amount.
Blu, when can specie payments he resumed
when will the country be 10 lcl condition as
10 redeem its notes AMI bond. anl 20 trlnslc,
all as business upon specie BASH. Many per.
sons believe that il can be- lone uIw-,ia, an
that il needed /, ior the Sc.sr,ar, nfihc Treasury
10 hang out sign stating thai the Uni,ei
States have resumed specie payments They
argue hat such a course would ~ once bring M
our paper money 10 the fu.l value Of gold aud
that it, holders would have no uduccmrut ,o
press iiupon the Treasury. i.cau-r iLoir note.
would he worth jus, as mach IN az l,grpu.c. o.
trade. az cnutsc, - large Amu.ni ui government
notes would hc presented for sym,n, lu' thea
there il large amour, Of ro'l 81, hand d, meet
ibis demand. Secretary McC.!iuh reports a bal.
ancc o. gold on hand Of over one huudfcl and
fifty millions of dollar Which. the ff,nls of i'm.
mediate resumption argue, wosh -G',,r 20 re-
deem al certificate of l,Li that woull L. ,nc.
sen,e! and would prevent any thing l,kr panic
This IL very peasant solution 20 tho financial
QUESTION. hut j, would ccri.inl, De- frtusui with
diug,r. \ gold capital Of oar huulial anl tiny
million. oi dollar. &. bat email amount 10
commrnce the redemption OF over two thuasnI
millions With and such COURSE wr fcnr would
prove disastrous 10 the country Senator morrill,
has introduced bill into the SENATE iooaing To-
the resumption Of spccic payment, IN l-G,. but.
on Hccoan, Of some Of ihr pro,i ions ~ the bill
u is though, II will fail but {, :. almost ccrt,n
that "n early day bill will brp,s.ci by Ton
gres- preparing for resumption ~ "a iniurr time
and ~ shaping legislation a. in fori,a auy tear
" disaster rc.uliiag.
There IT, however. grow ~. disposition 10 lri
our public debt remain for rnvmcn, D., future
generations. II Is aigu~l hat the people Of to-
day have endured enough iu ichucc ~ their
government, have made all requisite, .acrilirr. to
maintain the country ani 10 prevent -. d.rup-
ton, nnl that oil We ought nos To lo il L. se-
cure the interest on our debt, leaving ,o Iosiefi-
~ The work Of paying itoT There g. mprh n
ruth and sense in this r'a'on.nr iut yH p g.
Questionable whether our eountr, will ever he
paying It, debts 4 policy Of gradual reduction
would seem 10 be- the besi--'hni fpr the pres.
'ni generation TO pay oil as much &c they can
without serious Inconvenience. leaving the bal.
anc' 10 ihosc who ARE Ia couic ificr az
lIu' there IL vet smother rltts WIN .lc bosin.
ming {" advocate national ii hanui ,nl di..r,rr
"a the shape u a complete rcpudniiou Of our
delft IL neal k.FAf.i ~ u...nsf....I III.