The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1869-02-05
THE MIRACLE.

-. Z =
TO tEansmute our paper currency ia.
20 gold dollars, or their equivalsnt
Wfthent serious detrimeus to valuel, d
Industry and c0mmeree, Is the greas
problem of the period. Many are sng-
gestlng plans for the undertaking. We
are informed that there are now tWo
hundred and nineteen financial theories
before Congress. 3 The man who seri-
0usIy undertakes this financial refoT9n.
alton, engages in . labor that wOuId
have appalled, the tabled Sysiphus, and
the spapef boulder which he may en-
deavoF to roll into specie will be apt Go
cannot begin until he considers All the
elements of the enterprise-some Of the
principal Of which are these:
s1.i The true nature of money. 2oThe
FelNttons Of the commercial Representa-
tive OF money (paper), to money itself,
Is The condition OF our country before
the war. 4 The bulk Of trade and sn-
dustry of all kinds before the war, and
the amount of gold and currency then
necessary to sustain our interests aud
effect exchanges. 5. The amount OF
coin and currency now in the country,
and the extent Of our business. 8.
What are the relations of our money
and paper representatives of money to
each other aud to our greatly exdanded
interests. z. Whether the expansion
OF our business does not require much
more gold and paper than were reQuir-
ed before the war. 8. Whether We
have not right to anticipate an expan-
sion OF industry and commerce within
two or three years that will absorb all
the means now afloat. @aIe9 - -
It seems to us that even il all these
things had been fully, considered, there
is yet wanting one fact upon which the
problem Of redemption must rest. or 1t
will fail disastrously. That is 4 posi-
tive knowledge Of the fact that there Is
accessible fully one-third as much gold
in the country as there is paper nnney.
Now, we do not kRoec that. Nobody
processes to ksaot1, and those who con-
tend for it only guess.'e 20 a9 l.lsose
II hasseemed to US that most of our
so called financiers have failed to take
into consideration the important fact
that while we have been Initiating our
currency, every species of industry and
commerce have so Vastly expanded that
Il Is next to ywildness itself to attempt
to manage them by the meagre means
we had before the war-S202, COO 600 OF
paper and SS8, OO0, 600 of coin, or q total
Of 1900, 000-which is only nine
millions less than our National Bank
currency. They have also overlooked
the fact that the imitation applied chief
" to the adhering States, and that
hardly one-tenthG of our ameans have
been used at all, as yet, in the rebellious
States. 1t seems to us that the rapid
recovery of the South from the effects
of war have been overlooked to'a very
great extent, and that If q broad view
of the increasing needs of that section
are taken, it win result in a conels son
that we cannot afford to wait awhile 70
watch the effect of its recovery, without
attempting any legislation whatever in
the way Of resumption. Of cOurees
while we are waiting and watching,
we shall feel the evil effects of change
full values caused by Wall street oPeF1-
tions, but we can better stand the CerS
tAia.ty of thvso easily measured Auets-
tioHs than the violent and disastrQGe
revulsion that would overtake the
country in the probable event of q fail
ure to make resumption permanent
DGytOss co., Journal. ~ Ho-ssas sdr