The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1867-01-17


depraved currency, contraction or ex-
pansion, high taxation ideas, and the
mutability of our financial policy, are
the captions of leaders to be found
daily in our exchanges. In this Sec
ton the subject does not engage much
attention, as we are isolated from the
Government and deprived of the priv
ilege of participating in the legisla-
ton of the nation. But in the North
it is different, where currency sadly
out of joint, and Congress that is
daily submitting fresh financial prop
ositions, stagnates business and keeps
prices as yascilating as the weather
cock.
The paper bubble which has caused
an unnatural order Of business and
created much idleness and specula-
ton, it is feared, will burst unless steps
are taken to provide for a return to a
metallic circulation. Congress devotes
considerable time to this subject every
session, but fails to take the action
necessary to destroy our phantom
wealth and drain the country of the
redundancy of paper creating so much
suspicion and alarm. During the
present brief session Of Congress a
number of wild financial propositions
have been submitted, and received the
earnest support of some stilted mem
bers. With several hundreds of mil
lions of paper now in use, a Congress
man gets up and proposes to increase
the national bank circulation by two
thirds, thus guaranteeing a greater
crash than the Union experienced in
1857. Next we have Senate bill to
make national bank-notes a legal ten
der and limit the reduction of Treas
ury notes to one million instead of
four millions per month. Then we
have an elaborate financial speech
from Jno. D. Kelly, an interested
Pennsylvania representative, in which
he severely criticises the recommends
tons of the Secretary of the Treas
ury, opposes the reduction of the
greenback currency and advocates a
proper protective tariff to give en-
ployment to all the issues authorized
by law. Last we have a report by
telegraph that there is very general
feeling among members of both
Houses of Congress against any fur
ther reduction of the medium of
trade; and again that Senator John
Sherman expressed the belief that
Congress would not interfere with the
present currency law at all, or in other
words, that it would neither authorize
contraction nor reduction. These
varied propositions-this diversity of
opinion as to the best plan for assisting
the people and securing and securing
a healthy circulating medium, has
very damaging effect on commerce,
producing stagnation and distrust.
In the South where the people are
not engaged in stupendous specula-
tons, the moderate contraction of four
millions per month with proportion
Il reduction of taxes, is generally con-
,eded to be what the country needs.
The day of contraction must come,
md we might as well begin now At |
10 future period will the people be |
,etter prepared for it. The saying is
rite but true, that trade can bear
nything better than uncertainty 81
nd surely no one will argue that we
an have settled currency until the
resent volume of paper is diminished
0, the par of gold. We take issue with
Ir. Kelly, and think Mr.. McCulloch's
Ian should be carried out in the main.
let the balloon be gradually contrac-
ed until the promises to pay have
OF different purchasing value every
ay. The increased purchasing power
f mans money will more than COM
ensate for what may appear a sac
fee in selling as the figures fall.
rices will always keep on level with
le contraction, and therefore no
anger of loss should be apprehended.
7e hope the views Of Kelly and other
lterested quacks will not prevail in
ongress, but that the Secretary of the
reasury be given license to drag us
ut of the slough of despond and
uide the country back to the fnan-
al prosperity and stability it enjoyed
re the sword was loosened from its
cabbard.
The fashions always interest the Ia +,
les, and it may. crafty them to know
lat it is the newest fashion to wear
loaks, sacks, capotes, and other arti
les belonging to the .swrap" family,
hort for promenade, and large for the
arriage and opera. Also, that the