Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1869-11-17
NalerloWn Republican.
rsanesaag, ,70Y. II. 1853.
SPECIE PAYMENTS.

SPECIE PAYMENTS.
It is very common t. hear ,pocie
payments sroken Of as being the
one thing desirable at the present time
Il is argued that return to gold and
silver Currency would do away with all
our financial difficulties, that business
would revive al millennium q good
times AMI commercial prosperity be
introduced Very many give their az
sent to these propositions who you'd,
if closely questioned, be wholly unable
10 give any good eason for so doing,
and We are inclined to think that no
one can satisfactorily demonstrate that
a return to specie payments would OF
itself restore confidence and cause bu-
slness to revive. There is a tradition
abroad to that effect and it haa been
very generally accepted, yet we do not
believe that II rests npon substantial
basis or that the solution Of our DIFF
culties les IL that direction. AL can
yemembey the financial crises, the de
pression2 in business and the lizard
times" which used freque 1tly to char
actize the periods when specie pay
ments we're ii vogue. Failures among
business men we're no less common
then than now, AMI the total inability
of specie payments to prevent CONNER
eial disasters was clearly shown.
The fact is that the country needs
not only good money but also enough
Of it. Gold ard silver are by no
means the best money in use. They
make safe currency because the Gus
tom of the world has bestowed upon
them an intrinsic value, sbut such
money is too bulky to be carried about
in large sums, and its transportation
from one section to another for the
purpose of paying debts would be al
together too expensive. Good paper
money is far better currency than gold
and silver Besides there is not more
than half enough of coined money in
the country to supply its business
wants. 4 return to specie payments
would render necessary the provision
of additional currency Of SOME sort, or
otherwise business of all kinds would
be reduced to the lowest possible limits,
and all enterprise be crushed out.
Our greenbaeks are really the best
money we which we have ever had, and
if the Government, instead of "retir
ing" and burning them upas vas done
two years ago, had only issued more Of
them. made them redeemable IN del
certain conditions and receivable for
duties, it would have been far better
for the country. There would then
have been an abundance Of money to
conduct business and the people would
not have been compelled to choose be-
tween general stagnation or the mlser-
les of the credit system Such moDey
would have the confidence Of the PEG
ple AID would have been Of uniform
value throughout the nation. Gold
and silver. when used as currency, ara
liable at any time to be exported OF
imported in quantities sufficient IL
affect the market, but a national cur
rency which voald have value great
or at home than abroad, thereby pre-
venting its being shipped out Of the
country, would remain constant in
quantity and business would not be
subject to the sudden fluctuations
caused by q surplus or scarcity Of cur
reneY.
The real secret of our financial diff
sulties is not that gold is worth sl.26
sud from that upwards, but that there
is not enough money in the country
for the actual wants of business, and
that one section or another must con
tinually suffer from scarcity. 1t is in
the power Of the Government to rem
edy this evil, and We hope to see
measures adopted during the coming
session Of Congress having that object
in view.