The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1870-01-19

- - 4A
occupied in the business of,tbe coun.
try, and from which the Treasury, fol-
it's own oouyepience, displaced it, 4, II
should bo ready to substitute coin in
the general circulation before It an.
dertakes ito withdraw legal tender
notes otherwise tho iof
the. paper amounts to an absolute de.
struction Of 80, much of our stock of
lawful money, and practically, of so
much Of the peoples capital ia tho
form of'ready money. Jticii' S@ith-
drawal wouldH lessen everywhere tho
resources for paying debts,amake all
debts less secure, diminish, confidence
and render disastrous papies probable.
Two kiuds of money Of unedual
value will not circulate together!
The, governments, therefore, cannot
make coin take the place 2in generai
circulation of any. portion Of the notes
which may be Withdrawn until the
notes are fret rendered equiyal
lent to coin. This oan only BE done
by making them redeemablea in 4 coin
on demand. And it must BIO, borne in
mind that this is all that is necessary
to be dono to restore general specie
payments. The banks farep not. in "a
state of suspicion they redeem their
notes and pay their, other, aebts in
lawful money Of the country if that
lawful money were to-day equivalent
to coin, they would End themselves
and all their customers paling specie
without any effort on their part and
without any distress. 1t il, She gov
eminent, and the govern usnt only,
which has suspended payment; tho
legal tender notes alone which. are ir-
redecmable. When the federal Treas
ury is ready to redeem dts legal ton
der promises in gold, rs Inst as the
public are likely to- present them,
specie paymoutslare thereby resumed
all over the. country, without further
effort on the part of any one and
without Inconvenience to the people.
Then, and not now, will ba the pro-
per time for taking in the lhper for
such contraction can do no mischief.
twill in fact be no; contraction.
The Treasury may then, ca5col every
noto SO sooff as It is paid; for gold
and the notes being at parj the Coin
paid out Of the Treasury viii enter
inte the general circulation ln place of
the notes + raaaamed. land, Hesdimigu-
I tion OF the stock Of YaWfuIlm6ney IN
use will be forced on the pePle-
I The essential evil Of OF present
lawful money is to be foundnoS in its
quantity but in the fact bhat it is
not redcemable it is, for tht reason,
deprcciated- a less quantity would
as certainly be depreoiateS if that
less quantity continued ID be irre-
dsemablo. Even as sffugf note, is
sued by the government, Il byany
other debtor, without proviGbn made
! for its payment, would become depre-
ciated. The remedy whiea wisdom,
suggests Is to make the enotet redeema-
Bile, without pausing to iiscuss tke
question Of how much monG the peo-
| pie ought to have, in use. IN, looking
back we SEQ that when our bney was
good in quality no appreheI ons were
felt thattoo much of il wouI Ibe used.
The government passed through its
mint all the gold the .peopSe chose to
have coined. Political economists
and states,aefs may speculate, as they
do, as to how much money ts''necessa.
ry and proper for tho buEnSess of a
counary : but this is . zStestion be-
yond their wisdom, II .tSe! govern
ment will take care that, thu none it
issues is good, the people kSlD regu-
late the quantity TO be used by their
needSr 50 I" ti@'AT"&e8 4 S9s sM
It. Is the spepial duty of 4,esfsderar
Treasury, the issue Of whes4. ;a;EIssa sssa;:s.- ssa;:s.-
able paper has brought ue t|s Epr pres
ent condition, 70 see to it I Bat thcre
is an ample supply ofsoin re Aimed iq
the country SO as to make u transi-
tion from our present currentE to gold
both easy and permanent 10 fE seems
obvious that, this 1supplye H. gold
should be in :, the, federaiihst.easpry,
which Is responsible for, the Shly, irre-
desmable paper now afoaty & that the
coin may Be ready, when de proper
time comes, to 5aow promptly outj Of
the Treasury into general o ciroula-
ton in exchange for the noteS sedeems
ao3EpsbrENp cREDIk, 20
TRe FIRST duty of the COVE d,nmren,t ID
to make its legal t'tender pipmises as
good as gold. Having gothusj Established
. ito credit, it will End no, ID dtsisultyaih
negotiating loans, atg lower interest,
and in managing It's bonded debt. II
cannot, any more than a prisite debt
or, hope for high credit whie pay ying
some debts and ignoring othgs.i.led
It.is59 delusion to ,anpposa Tint the
payment of afew ofiour benaas before
they are due materially helps the
ppblie credit, tbe Treasnkf }isiq not
bankrupt astoiMs boads ait aspayh'g
the 4iuterest according tss eopEaet, and
the principal isiget yet duet Ehis;ia
mi, tho point ahereithe qpnh saeradit
|ineeds to be ,helpc cdsasThe Z Ssaaagy, ia
hankrnnt On ia lapal kan&srInaknsI.