Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1867-12-12

ccrrespondingly increased, and the
nation would enter upon a career Of
speculation far exceeding anything we
have ever seen. The standard of val
ue would be as shifting as the winds,
and would rise an fall as suddenly. No
man could manage his property Sc
curely No merchant could depend
upon any sure profits The farmer
could no. calculate upon fixed price,
for prices of commodities would huc-
tuate and change as with the tide.
Every business interest would be un-
settled. The spectator would thrive
and the laboring man suffer, for wages
move upward NOR slowly than any
thing else. As gold and staple arti-
cles become enchanted, the tendency
TO fix two prices upon the article to
be sold increases, and eventually re
suits in establishing a specie and pa
per price When this point is reached,
utter depreciation Of the paper money
rapidly follows, and practical repudia-
tion ensues. We have had enough Of
uncertain trade, ofunsettled values, Of
profigacy oflavish expenditure oftho
peoples money, Of speculation, of vice
and corruption in high places. In the
production Of all these, n redundant
currency has been potent agent.
The approach to specie payments, and
a Just standard Of values, seems hard
enough now how much more difficult
viii it be when this enormous imitation
shall have occurred.
But, it is said, pay the debt in legal.
tenders as il natures, and thus avoid
the vast volume Of currency conso-
quent upon payment Of the whole.
Thoro are redeemable now and IN
1868, at the option Of the Treasury,
over q thousand millions Of 5-20s and
$40 notes. viii we lift the whole
IL not how muchy If two hundred
millions are 10 be paid in legal-tend-
ers, who shall be required TO give up
his bond aud take the notes, and who
permitted TO retain the bondsy As
rapidly as we have the means realized
from our assets, It is proper 70 exer-
else our option and pay the FIRST who
comes, according to the spirit Of his
contract. But let Us avoid further
imitation, and a system of financeerine
/ that is TT least open to the suspicion
Of being founded in bad morals.
The bonds deposited by the national
banks occupya different position from
any others. Those banks are Tn.
creatures Of Congress. They accept
ed their charters and deposited thC
bonds under an express agreement
that Congress might alter, amond, oi
repeal the law creating them. These
securities are already in the custody
Of the Treasury; the government il
in effect bound TO redeem the notes
thcy secure; they are redoemable IL
Ilegal-tendcrs, and the holder cannot
demand gold in taking them he as
sents to this contract. The banki
cannot complain; individualsaro unin
iured, and the people save twenty
millions annually by substituting 10
ral-tenders for the national banl
notes. The volume of currency is no
increased, and the public faith is no
broken. The national banks promisi
to pay in government promises; thi
holder accepts that agreement Con
! grcss intcrposes in pursuance OF tn
I express contract with the banks, an,
substitutes that for which we arc ulti
matoly bound. There is no wrong II
this, but there is o great public benefit
No holder of national securities cal
object to the receipt Of legal-tender
for his bond, unless II specially pro
vidcs for other funds for payment
The "grecnbacks' nor IN eristeHce wer
a part Of the finance system whom h
made his contract, and he gave hi
money recognizing his liability &
, accept them in payments but it oa
not q part Of his contract that the.
I should, in effect, be made irredoema
bio and specie payments made impo;
/ siblo for them, by the issuo Of a vas
addition TO those already out. Tn
act of 18th July, 1861, authorized tn
. issue Of twenty year bonds, lega
{ tender notes and : $40 notes. FIT
millions Of bonds payable in 1881, an
! fifty millions OF legal-tenders, wer
issued under this law. The aot q
25th February, 1862, authorized th
500 bonds, and directed the issue {
ono hundred and fifty millions {
"groenbacks."
The acts of 11th July, 1862, LIT
January, 1868, and Sd March, 1866
/ gave further authority to issue lega
, tenders, end under them more tina
four hundred millions were issueC
These laws are all prior in date to th
{ acts authorizing war loans in the iorT
: Of bonds, except those already reiel
red TO.
Tho true solution of the much dil
cussed financial problem, "lIow sha
! the debt be paidy does not lie in a
! enormous imitation of the currency Q
in any other of the patent measure
. of which so many are now in vogu
, but is to be found in the praoic'
recognition aud patient appicatio
f of the curse originally pronounced o
, man: ain the sweat of thy face sha
: thou cat bread
The common sense principles, th
E old fashioned doctrines that are
! daily use in the business life of a pra
/ teal, honest, and earnest man of tn
world, who seeks TO obtain wealtl
s are those that arc best fitted for on
f present condition All others wi
, prove fallacious. Labor and produ
1 ton, industry aud frugality, are ii
only sure paths TO competence for u
|. individual, and through these, an
!. ~ hnr-nlnnrnnnt of mnn himsnlf W