The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-12-10

THURSDAY. DEG. 10.
Resumption Of Specie Payment.
Numerous journals and many spec
ulators are clamoring fer hasty
return to specie payment A strong
pressure will be brought to bear up
on Congress to effect this change in
our finances. and we hope will prove
utterly Intellectual. Whence the
necessity for immediate return to
specie payment. Are grcenbacks
obnoxious3 Are they refused by
any department of business? No.
There never was q better ard more
acceptable currency in this country.
A grecnback dollar in Maine is the
same in Iowa, and as current in one
place as in the other. tits true that
greenbacks are deprecated, but we
believe this depreciation will dimin-
ish in due time. Then, again, this
depreciation is crippling no branch
of the national industry, but it is
the scarcity of money and the high
interest which it commands, that
cripples and sickens the various
branches of industry. Since the
policy of contraction was inaugural
eel, and large amount of currency
thus retired, manufacture, in every
department, has languished. We
are not. and never have been, in IA
vor of imitation of the currency, and
we are equally opposed to any con-
traction of its present bulk. In
deed, we believe that the restora,
tion of the amount retired by the
McCulloch policy, would have ben
eficial influence. That villainous poll
cy,which Congress arrested too late,
was in favor of, and in the exclusive
interest of the money spectators
and aristocracy Of the country, and
an outrage upon the industry and
labor of the same. A hasty return
to specie would enrich the money
spectators and impoverish the Ia
borers- in every department of in
dustry.y 1t is undoubtedly true that
a reduction of the volume of cur
rency would also effect reduction
in the value Of all articles of con-
sumption, but we fear that the Ia
boring man would find it more diff
ficult to obtain enough money to
purchase quarter sack of flour
then, than he does now to purchase
a barrel; and all will acknowledge
that money is scarce enough now.
We make no pretentlon to being a
tinancier or anything else, but it is
our decided conviction that hasty
return to specie payment would be
the greatest calamity that has ever
befallen upon the national industries
in the history of our country. 1t
would fatally cripple commerce and
manufacture, and cruelty op-
press the laborers, while
it would enrich the money specula
tors of the land, in whose behalf no
legislation is needed. It is the la
boring classes who need legislative
protection and not the rich specula
tors. Congress, ins cad of inaugu-
rating measures to return to specie
payment. should devote their ener-
gies and wisdom to devise some
plan by which to reduce the enor-
nous and oppressive interest now
paid on the national debt. So long as
the Government pays such high in
tcrest, every man who can accumu-
late little money hastens to put it
into bonds instead of lending the
the same to some industrious mer-
chant or manufacturer in his neigh
borhood. Then again, if demand
is made for a private loan, the party
to whom application is made will
reply that he can put his money into
bonds, at such a rate ofinterest,and
exempt from taxation, and if the
private party wishes to secure the
loan, he must pay much larger IN
terest than is payed by the Govern
mcnt or else go without it. Most
Of our readers will see without diff
Guilty, that the above illustration is
not drawn from fancy. Not long
ago, sn extensive manufacturer re-
marked to US, in a conversation
There was a time when farmers
would come to our office and ask to
lend Us money. but now they put it
into bonds and we can get no mon
ey from them at any inducement we
can make" The fact is that the
Government is paying an interest
which is absolutely ruinous for pri-
vate individuals to ende1vor to com
pets with. Now We hope that the |
Funding Bill will become law at an |
early day, and that the Government
rate ofinterest will be established
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