Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-09-01
The Currency upou a specie Basis

Ahe Currency upOu a Specie Basis
We reproduce the following able edito-
'ial from the Washington ID. o. Euening
Express, and commend it to the perusal OF
Ill who desire return to specie payments
Why not have the best currency in the
world-paper redeemable in specie?
The Democratic party has declared in its
platform that the public debt shall be paid
in lawful money" or in exact accordance
with the laws under which the debt was
Surely no creditor has a
right to claim anything beyond his con-
tract. And the subscribers to and holders
of the five-twenties (and they are much
the largest class of public creditors) who
have received six per cent. in gold for the
mast five years on the one hundred dollars,
no right to complain if the people of Che
begin to look into their affairs,
with view to devise ways and means to
pay their debts, at the earliest possible day,
in an equitable and lawful manner. To do
this the credit of the Government must be
restored by return to Democratic princi
Piles, and in honest and economic expendi-
lures, by such reduction in the military and
civil list as may manifestly be made with
out detriment-but great advant1ge-to
public interests and to our system of re-
publican government.
At the present time the Government is
paying a premium in gold of 100000
annually to the national banks for circu-
lating medium of $500, 100000, which is
not 80 acceptable as greenbacks. These
banks can well afford to pay more than
half this twenty millions as a corrupting
fund to retain their monopoly over the
money affairs of the country. This ought
not to be; the Government should have
the benefit of this circulation, and save
the $200O0OO0 year in gold to the
people.
In September, 1865, when business had
not yet recovered from the shock of war,
the currency amounted to about $1,2S2,-
600 900, of which more than $6S4, 900
was in legal tenders. Since that period,
less than three years, the interest paying
debt has been immensely increased, al
though the people have paid in taxes
about one thousand five hundred millions
of dollars, averaging five hundred mil
lions year, or an annual charge of about
one hundred dollars on every voter in the
land. And in the same period of time the
currency-the circulating medium-has
been reduced more than $500 900 900, leav-
ing less than $775,000,000, nearly two
thirds of which is necessary to meet the
enormous taxes levied by an incompetent
and corrupt Congress for the purpose of
enriching themselves and their adherents,
that has nearly bankrupted and demoral-
ized the country.
In September, 1855, when the currency
of the country amounted to more than one
thousand two hunered and eighty millions,
and nearly seven hundred millions OF it
were legal tenders, gold was worth only
$l.30; and now, with a circulating medi-
um of less than seven hundred and seven
ty-five millions, of which less than four
hundred and sixty-five millions are legal
tenders, gold is worth more than $1.45-
then the paper dollar was worth seventy
six cents, and now it is worth less than
siXty-eight cents. This is pretty cOnclu-
sive evidence that people are losing conf
dence in the present management OF affairs,
and that, so long as it does not go bey ond
the requirements of business, an increase
in the volume of circulation does not en-
hance the value of gold nor depreciate the
value of bonds or greenbacks, but brings
them both nearest the standard of value.
1t is believed by the most experienced
men and accomplished financiers that the
wants of the country demand at least a
thousand millions of currency. Assuming g
Ghis to be so, there is no good reason why
the Government should not have the bene-
fit of the whole of it, instead of the COM
paratively small amount now in circulation.
Let che national bank act be repealed, pur-
chase three hundred millions of their
bonds, now on deposit, with "lawful
money" whic:i will go into circulation in
place of their notes, and will save the
country annually $1S, 600, 900 in gold. Then,
to increase the currency np to the wants of
the people, redeem $250,000, 900 more of
the five-twenties in lawful money, doing it
gradually, so that the influx may not be
dangerously sudden, and $4,000, 600 year
more will be saved to a tax-ridden people.
This may be done without injury to any
one, and will be a saving of $33,000,000 a
year in gold-enough to support the army
and navy, honestly and economically ex-
pended, in time of peace, and furnish the
country with comparatively sound and
stable circulating medium. 81.
With the Democratic party in power,
peace and good government would be re-
stored to the Southern States, and in place
of being dead weights on the BODY polite,
thew would revive and be what they ever
had been, the great producers for exporta-
ton and consumers of the products of the
West and manufactures of the East. Com.
merce would again revive. and instead of
the freiohts on our great exnort and inn
mort trade going into the pockets of foreign
shin owners. thew would he Maid to our own
people. thus saving to the nation at least
fiftv millions a wear in pold. which now
ooes abroad One GOOD cron in the
South. snch as was raised there former
IV. added TO what now SllDDeQ
from the North. and the balance of trade
must be largely in favor of this country.
Then, instead of sending gold to Europe
TO nav for Inxuries. their gold would come
here IN nav for raw material and the ne
cessa ries of lite Instead ot fen States of
the Union heino inert and overwheImed
with Gloom. apathy and acknowledgements.
eight or ten millions of neonle wo,lfti at
once come into a new existence 4tezdfyide
our burdens and participate in our welfare.
We wonId AGAIN he united for veal or for
woe. nresenting an unbroken front. which
wonId insure the resnect of ali nations
and oive ms an Influence in the affairs nj
the World to which onr nosit;on and mower
entitIe ms.
Notbino but a inst Government. guaran-
teeing to every State equal constitutional
RIGHTS. and an honest administration of
affairs. is required to raise us at once from
our present humiliatino nosition of paying
-. -. Ieh.. q: -. Hiaha..l