The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1868-01-09

! ss 1t ,s 60 ~ FL + sSSSSSs go
! n. ,. WALxR 81 I'm yIRAucDS.
/ Hon. Robert J. Waltw - puhlished
. letter Of great ability - H. Anncaal
situation Of the coastsy. which eaeAeso
be universally rseA We ars nos pre-
pared - yet to agree with ~ view hs
| expressed that foreign loan Il the bsse
| way out Of our troublss, bat ~ moss
heartily endorse his opinion aheuS the
urgent necessity Ut esetiag back 10
specie payments-thso oaly Arn Eounda-
ton on which the business Of The coun.
try can rest-at thu srliest possible day.
His views on the expansiea Of re pras-
emit currency and the svils thak vsuld
result from An additional food Of IRE
deemabls paper Are alsA SQUAD, aad we
commend them 70 these persons Who
think our monetary disorder can be
cured BY showering more paper promises
to pay upon the people. He ssys:
Those, generally. who opposs contract
ion. or resumption, favor what they call
expansion. snd many of thsn woald nay
of our whole dvs-twsnty lsaa In green
backs. Now. this With our present
greenbacks and the convsrtible seven
thirties would make . total srssnbsck
currency Of nearly ssss Siyisss Of dollars,
aud, with the national baak currency,
redeemable in greenbacks. asariy twsn-
ty-thres, hundred millions. Of currency,
mere naked promises Of payment fund
able in none Of the stocks Of the Gov
ernment Nov. our present currency.
bank and legal tenders, 10 worth In gold
nearly $500, 100000. Would the expand.
ed currency be worth that much I
think its first value would be mach lsse,
and that il would 60 on constantly di
minishing in value until il wosld, In no
brief period, share the fate Of French g
assignats and Continenial msasy. There
would be . nominal but no neal washable
expansion Of the currency, Ios the In
creased amount would purchase lsss than
the former. bat far moro valuble circula-
tion. Such . system would. in fact, be
depreciation only-a vast addition 10 the
volume Of the currency. bat = di.,;nu.
tion Of it, aggregate value. Such .
would mot bs worth at the st.r.
twenty cents on the dollar in gold. Tho
first result would be 70 increase the ex- =
penses Of the Government and Of living
nearly four-fold, with no cosree,ondino
Increase OF wages or revenue. TIE ex.
penses Of the Government. naid in thia
deprecated paper. would svell 20 nearly
two billions . yeer and thu exce.a Of
our annual expenditures over r...fnt.
would exceed 3 billion dolla.s : rear
swelling yearly, with the neoeeaary de-.
nand for : further inA..ionu- pnt;I the
whole mass would beeome vorthle,. and
Ieave the GovernmenA .nd peeele v;th-
,ut money or credit The fu6asion of
In irredeemable. nan.r ou.r..,cv ,.~..-
,ariallv leada to den,.e;.s;o.. Ana o.r
md only in reDudiation apd b.ntrrnH.
". How can IL ba oahervi.e, /, ,Ho~
IAN ne contract vhau &h.,.. -. ,o ho,a.
a which Aha currecov ..n h. s,,a.a
,onds tn. x.,ue AZ -h;.h ~. ~. >.
bv the action 81 the c.v.,,
nent? And If contraction !. o,,.von.
vhen our currency i, $500. 600 600 .r
l6OO, 900, 600, how inapitslv more on
,ressive will contraction become vben
he currency il increased In n OO1 600
90 o.. .OOO, 600. .OOO.-But LAT us a. vb.t
be effect of this dep,eoi.t;on vo,,h no
n present v.lnea. Our r.t;c,.l S.,k
otes and lep.l-ta.d.r. ..o.,e - 49,
700, 900, 600. now vor.b .bout asoo.
OO. 900 in gold to tboss vho ho,d th.r,