The south-western. [volume] (Shreveport, La.) 1852-1870, 1870-03-09
The Issuance of Currencv,

The commercial world was gratifed at the vote in
the House of Representatives, insructing the Commit
tee on Banking and Currency to report bill to IN
crease the volume of circulating medium fifty millions
of dollars thinking that it had not been adopted by
the Republican majority for mere buncombe purposes,
with no intention of carrying it into effect This hope
has been disappointed by resolution which passed
the Senate on the 25h ut to the effect, that to add
to the present irredeemable paper currency of the
country would be TO render more difficult and remote
the resumption of specie payments, and to encourage
and foster the spirit of specuaton to aggravate the
evils produced by the frequent and sudden tuctua-
tons of the value of the currency to depreciae the
credit of the nation and to check the legitimate bust
in settling down on safe and permanent basis; and
therefore in the opinion of the Senate the existing
volume of such currency ought not to be increased
In other words, the moneyed influence of the East
has been potent in sitting this measure, which would
have operated untold good upon commercial circles,
especially of the West and South. As for the inter
ests of the latter of regard wonld be had by
the Radical party, but the growing West should be
listened to as matter of policy, if not of justice by
that party A large number of Western Representa-
obedience, doubtless, to the overwhelming popular
feeling in their districts in favor Of it, Such acts as
this on the part of the Senate will certainly increase
the feeling, which is rapidly shaping itself into oppo
sitiUn the part of the West to give little State like
Rhode Island or New Hampshire, potent infu-
ence in the Senate that Of the large States of the
West.
Tbo "a for, sniff
cent currency Business is terribly depressed that
account. 1t wants, not fifty Millions but five times
fifty millions of dollars and that to check
the runous effects of the contracting policy, which
Mr.. Boutwell, in his wisdom, aided and abeted by the
less wise President has seen proper to adopt This
expansion, conceive should be in legaltenders, il
indeed there be such thing, and not in national bank
currency The first does not cost the people thing,
while upon the second there is interest of six per
cent. The contraction of the currency has brought
general distress and ruin at the West and North
shown by the large number of failures there. The
South far, has been in great part exempt because
of her large cotton CROP for which remunerave prices
have been received. We say, far but there is dan
ger ahead even to Southern merchants So far our
reading of history extends country before at
tempted to pay huge war debt, and to maintain the
extravagan taxation which it caused upon the basis
of specie currency. A liberal expansion is desired
by everybody who is not in the interest of the bond
holders. These latter are, of course deaf adders
to the cry of distress wrung from the lips Of others by
poverty and want however dire.
There is a of consolation to us, however, even
under this affection. If We suffer- enemies suffer
in like if not greater degree, and surely may be
pardoned for laying this fattering JUNCTION soul