Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1869-10-29
8eofmo ynqultet-
sPECIE PAYMENTs-A FREE BANK
ING LAW.


at I29 we then had paper currency of
over 500 millions of dollars with which to
transact the business of the country. At
that time our manufacturers were flourish
ing everywhere every man had plenty of
money, and in spite Of the war the whole
North was more prosperous than ever be-
fore. Prompted by free-trade advisers
taken into their councils BY Andy johnson
and his Cabinet, Secretary MeCulloeh made
his notorious Fort Wayne speech in which he
insisted on an immediate aud rapid contrao-
ton policy in order to reduce the price Of
gold and resume specie payments. The
volume of the currency has been reduced
about 200 millions, and to day gold is or
per cent higher than it was in lSe5. We
argued, and as we think demonstrated at that
time, thatcontTaction, whileit would destroy
our prosperity, would not bring specie pay
msnts. Our prediction has been verified
by experience The oaly way to bring
about specie payments is 70 restore public
confidence; cease advocating reputation;
pay off our debt as rapidly as possible and
refund it at lower rates until our national
indebtedness is brought down to an easily
comfortable amount and lastly and most
important Of all, so encourage and foster our
own manufactures as to enable them to sup
ply cur own markets Gold is not needed
at home except as a basis for currency.
The cause of its high price is the demand
for expectation to pay our foreign debts
When we manufacture goods of every varie-
ty, sufficient to supply our own markets,
We will have no demand for gold for expor-
tation, because we will have no foreign debts
to pay. Then gold, not being needed or
wanted for our owu ordinary business ex-
changes, will not command any premium.
But the question Of specie payments IS of
small moment to US compared with the
prosperity Of the country. We have found
the legal tenders more convenient and in
every way more desirable in the transaction
Of business. We have also learned BY ex
peHence that when they were most plenty
business of every kind was most prosperous
The contraction Of the currency has caused
the stoppage of many manufacturing enter
prises and the working or short time of
many more, has thrown iaborers, in mine
and factory, out of employment or restricted
their power of buying because of decreased
wages, aud the result of all is duh times
and scarcity of money. Now if the contrac-
ton of the currency has no effect on the
gold premium, interferes with our prosperi
ty, reduces our business, and thereby our
revenue from Internal taxes, and conse-
quently lessons our ability to pay our debt,
why should it be continued? IF on the con
trary an abundance Of paper money pro-
NOTED our prosperity, increased our manu-
features, gave every one plenty Of work and
liberal wages, gave the farmer high prices
for his produce and caused a general pros
perity, Why shall We not return to the policy
that supplies us with an abundance of that
currency which has been shown to be so
necessary to our prosperity? We think no
one will deny that such a course is the best
possible one to pursue. Such a conclusion
arrived at, what course will best secure the
object desired In 1865 with $S07, ,2l8, 100
Of a circulating medium for the North alone
we were more prosperous than ever before.
Under The contraction pulley mmgurated
by McCullcoh we have but $646, 900, 900,
for both North and South and the result is
a scarcity Of money everywhere and a gen
eral stagnation Of business for want Of
sufficient quantity Of that medium through
which cur exchanges are effected As
remedy for these evils we believe free
banking law, with The circulation secured on
the plan Of the national banks, will be found
the safest, most convenient and most elas-
tic system on which to furnish the country
circulating medium at once safe current
all over the country aud adapting its vol
ume TO the business necessities Of the whole
country, and at the same time creating a
home demand iJr cur bonds and keeping
The gold, payable as interest on them, at
home Shall it be tried