The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1869-12-02
Money and the National Debt.
FINANCE AND CURRENCY.

ElNANCE AMI CUhhENC1s
We publish to-day a very striking article
extracted from new paper called "The
World Refornaer" published in New York.
The views therein taken Of the questions Of
Currency and the National debt are original
and imposing While We are not prepared
to yield our full assent to them they are, to
say the least worthy of earnest consideration.
We therefore lay them before our readers and
invite candid scrutiny and discussion of
them. While there may be errors in the
system, We are Of the opinion that there is
much merit in the suggestions Of the author.
We live in progressive age and it would not
be wise to reject proposition merely because
it is new and at variance with our precon-
ceived opinions. The whole system Of paper
money, and bills of exchange and Banking is
comparatively new and is the offspring Of
modern civilization Can we undertake to
SAY that we have attained the utmost limit to
which the paper system can be carried p
While improvements arc being made daily in
every department Of human knowledge, would
it not be presumptuous in any man to say
thus far thou cans't 60, but no farther!"
The proposed system Of currency seems to
us to possess some very important advantages
Among these, is the tendency to prevent fuc
tuations and boarding. When there happens
to be foreign demand for gold, our currency
becomes diminished, and the value of every
kind of property is materially affected. So
when panic prevails or spirit of speeula
ton is abroad, there is disposition to hoard
gold, or to lock it up in the hands O. q rings"
Of corrupt gold brokers with view to pro
duce distress and enable them to prey on the
nlisfortunes of their fellow citizens o
Under the new system there would be. a
| fixed ratio between the currency and the pop
ulation. The export Of gold would in no
wise affect IT, And there would be no motive
either to hoard itor to export it. No one
would hoard it, because it would have no in
trinsic value and would be useful merely as a
medium of exchange, or a measure Of value,
Of other articles. Who ever heard of any
one boarding Bank notes or u, s. Treasury
notes? Nor would there be any motive to
export it because it would notbe current be-
You'd the limits Of, the United States
The fluctuations in the value of Bank notes
and U. S. Treasury notes, have bcoccasioned,
not by any change in their absolute value, but
merely of their relative value to gold, the
value Of which is always uncertain, because it
depends, in great measure, on the foreign
demand for it, arising from excessive ;mpor-
tations, and an adverse balance Of trade
: Another good effect Of the new system
would be its tendencyto check foreign impor-
tations and to promote home production.
Under the present system, a season Of pros
perity is, followed by excessive. importations
of foreign Injuries. This excessive importa-
ton is followed by an export Of gold to pay !
for them. The country is thus denudcd of its
supply Of gold, and then scarcity Of money,
Distress and bankruptcy, arethe consequences
Gold being the basis Of our present currency,
and gold being quite as fuctuating as, any
other commodity, any currency founded upon
it must necessarily Aactuate with It is
impossible to erect stable edifce on an I'M
stable foundation. '''e' 1'tNs'.--4
The safety of the proposed currency would
be uneoubted, because it would be a mortgage
on all the real and personal property of the
United States! ali ssss 3Yss- % fey ;sl5
But some may enquire, will it be current?
We cannot for moment doubt it,, - 1t would
possess every faculty which gold now possess.
IS. It would be alegaltcpder fora demands
lot only between man and man, in the pay
nent Of debts but between the citizen and the
government in the discharge, of all public
lues. In that respect it would be superior to
he present treasury notes, because it would
e receivable in payment Of imports, while
he present currency is not receivable at our
ustom houses. ssaq y8e9fe q 7.4ilQiaa Il.
We need not enlarge on thcrelief whichrthe
roposcd system would afford to the people by /,
n immediate reduction, which it would effect y