Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1868-12-24

y
have been suspended is the reduc
ton in the nominal prices of p.Oper-
city and labor, which operates inju-
riously upon the debtor class. 1t is
generally true that as the purchasing
powers of the currency are increased
the nominal prices Of property are
But this effect is some
times counteracted by the increase
in the volume of the currency. The
imitation of currency, even though it
be composed of gold ana silver ex
increases the nom nal pri-
ces of property. 3D.. BY fixing the
period Of redemption SO far off the
Government will have time to collect
the amount Of gold that will be nee
essary And / will now consider
the amount of gold that will proba-
bly, be required and with which it
will be safe to begin redemption. 1t
is shown by the history of banking
that solvent and we'll conducted
banks can safely carry on business
when they have 81 in gold in their
vaults to 50 Of their circulation. 1t
is also shown by bank history that
banks which hive suspended specie
but whose sOlvency and
good management are not suspected.
have been able to resume when they
have gOtte into their vaults 81 in
gold t. 81 80 of their circulation
The credit OF the Government is
better than that of any bank, and can
resume on smaller proportion of
gold than any suspended bank under
the old rule"
Yet if it be nece ssary that o dol
lar of gold should he in the United
States Treasury for every dollar of
greenback currency in circulation,
the Senator tells us how we can get
it:
''And now will consider the ques
ton how the COVE. nment shall pro-
cure the gold TO begin the redemp
ton. TO this | answer that the sale
of gold oy the Secretary Of the Treas
ury shall be stopped, and that which
will accrue hereafter over and above
the suns required 10 pa the interest
on the public debt and for specific
uses, shall be reserved and set apart
for the redemption of the greenback
notes. There is now in the Treasu-
nv, q surplus of not less than SO
100000 and accruing surplus unier
the present tariff for the next two
years cannot he less than than 800
100000. WI ich will together make
S1I0 100000 It's very difficult to
make an estimate of the amount of
gold in the country. The director
of the mint at Philadelphia in 1861
estimated the amount of gold in the
country to have been S275. 000,0 600.
which | have no doubt was much
short of the actual amount The
of the currency, in his re-
port last year, estimated the gold
product of our mines from the Both
Of JUNE, 1860 to tie 30th of June.
1867, Mt 1920, 900. The imports
of gold from abroad during the same
period were S7S,933.5S7. The pro-
ducts of the mines during the year
ending June Both, ls6S,are estimated
at $4,000 60, making iii the aggre
gate So o3,5S7. to which may be
added the gold circulation of Cali
fornia and other gold producing
States not included in the above cal
culation ESTIMATED at $4,000. 000),
IN all S9G,253.5S7 Deduct
ing S477,740.90S, exported during
the same period leaves S412.512,-
619. There is also another large i'm
port Of gold into the country from
Europe of which there is 10 official
record, the amount OF which can on
~ be guessed at | mean that which
is broughtin small sums by immi
grants who come to our country at
the rate of half a million Il year.
lave heard various conjectures as to
the amount thus brou~iit to the
country, and none have put it lower
t'lan SO, 100000 per anaum for the
eight or ten years past, making the
sum OF Sl60, 100000, which added
to the above makes a total sum of
S572, I2,579. But TO make allow
ances for mistakes and exaggeration,
put the gold and silver coin ia the
country at S400,0O0,000. The pro-
duct of the mines for the next year
may be safely estimated at seventy
five millions. and alter that at one
hundred millions per anrum When
the Pacific Railroad is completed.
which will lie next year, the facilities
for getting to the mines and for the
transportation OF heavy machinery
necessary for quartz mining, will be
greatly increased, and must add very
largely to the gold and silver prod
ucts But after all, the question of
the amount of gold in the country is
by no means so important as might
at first lie supposed. When the
greenoacks begin to appreciate in
value our bonds will inevitably adj
vance along with them, and it will be
a very easy matter for the govern
ment to procure enough of gold
abroad on its bonds. added to that
= 4
the whole greenback circulation, and
to this end ] have provided in my
bill that the Secretary of the Treasu-
nv may. as the time for redemption
negotiate bonds, draw
ing interest ut the rate Of, for
the purpose of procuring gold suffi
cient to complete the work of re.
demption:''