Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1868-11-24
Specie Payments True Remedy
for Financial Disturbances

The ground and lofty tumbling
which has been practised in Wall
street during the past thirty days,
and OF which there seems to be no
end, may we'll lead US to inquire
what are the causes of so disgracefuI
and pernIcious an exhibition. There
has never been a period, not even
during the vicisstrdes of the war.
when the money market was so un-
settled. From morning till night.
day after day, and week after week.
we see nothing but succession OF
small panics alternating with little
spasms of exhilaration The stock
market IS IL chronic condition of
chllls and fever. Bank robberies and
oond robberles are ofunusual frequen
cy Five such affairs are reported
IN single day-as though the Lhiovee
saw their opportunity in a time
when meas minds are greatly exci>
ted by alternate hopes and fears -
There IS nothing wanting to make NJ
first class commercial and financial
Iophet. If the general business Of
the country were now based upoa
the long credit system which prevail
ed in 1857 we should specdil, wit
ness u collapse, as compared with
which hat would be "a mere flicker
The ready pay or short credit sys
TEN, which has been forced npon the
business community by the inslabii
ty Of the currency. is the only com
pen>ailug advantage which we have
gained in return for shifting stand
ard OF values
The centre and starting point Of
all the perturbations in Wall street
IS the currency corner" which was
worked up two or three weeks ago
to the creation Of which, it is believ-
ed certain banks have lent them,
selves, and it is suspected the Secre>
tary OF the Treasury has contributed
the overwhelming power of his office
No supposabIe condition Of things
no possible conjunction of circum-
ever exist to point
ont more clearly the need Of a restor-
allon OF specie payments. A curren
cy corner on a specie basis is impos-
slble, because the specie reserve of
the world is too large to be corner
ca. The paper currency of the Uni>
ted States, irredeemable and deprecia.
ted though it be, is Of certain fixed
1t has no more fiexibiIity
than coat Of mail. It is impossible
at any time to arbitrarily Withdraw
q sufficient amountfr from circulation to
produce Il panic. The Secretary of
the Treasury can do so by mere act
OF vOlition. He can make the mon
cy market easy or tight. lie can
sell gold enough in the next three
days to contract the currency one
hundred millions Of dollars. He can
Reissue greenbackesenou h to expand
it forty millions. Any combination
Of sharpers, with the assistance of
two or three banks, can produce
similar result in less degree In
short, the business of the country,
which ought never TO be in the con
troll OF "a power less wise and benig
nant than Divine Providence, is at
the mercy of knaves. Anything
may happen. Nobody knows what
TO expect. The progress of the coun
Try is retarded and its prosperity
shaken because we have violated
fundamental cconimical Lava law
as well settled as that Of gravitation
The law Of specie payments. That
it was necessary t. suspend specie
payments six years ago can hardly
be disputed. That il is necessary to
pay the penalty for it cannot be den,
led. But we must return to me-.
talIic basis. We must set our faces
that way, though we 20 never 50
slowly. The longer we remaln doa
ing among The eddles and whrlpools
OF an irredeemable currency, the
worse will be our cndition