The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1871-07-27
prom the MY Mercantile Adverti4sf "

lyPs.' II
large, and particularly the members OF tine
Press of the United statesj to theiserygreat
Importance fat once arriving'a at q correct
solution Of the currency question: The le:
galzed currency Of nation ,undelrlliess ells and
really controls all her Industries: We have
given. much: care to the consideration OF the
subject and have, from time to time, dis
c:usscd various arguments offered for and and
against the adoption of an exclusively paper
currency bus I'd apon Mdtionalr@lth, ignor-
ing gold and silver except as an ,articlezsaf
merchandise me ch : putting those metals upon the
same { asis as other products Of the country
From all the suggestions offered, we cannot
discover a.single valid objection to "a currency
of paper issued by the Government, the vol
ume of which Shall be adjusted at all times by
is conrcrtibility into interest bearing Govern IN
ment bonds, and reEconvcrsion, into legal
tender notes in both cases at the option OF
the holder. We-earnestly desise that our
caodntte,np6rries adtt, Of the Press should give this
matter careful tkought at an early day,
waving anprsiudce in favor ofthis or that
theory which tradition has handed down to
US. I - ..,.-
We say that gold is not now, never was,
and never. can be a true standard Of value.
Ten dollars in gold; notwithstanding itspres,
ent preniilmi will not buy as much corn.
pork, beef, butter, cheese tea, coffee, ETC.,
to-day, as did one-half the same weight Iffd Ifofdf
the same metal 30 years ago. Il Gold is a
commodity, and its value isegoverned by the
law of supply and demand, the same as every
other commodity, and hence, the use of it as
a basis for our currency isarelic ofbarbarism
unworthy of our times, ~ ~
In another column Of this issue we publish
copy of a protest Of legal tender note.
Our object in demanding the payment OF
legal tender note, was simply to attract the
attention of the publicto the question, "Does
our legal tender paper dollar represent a dol
lar or not9" 1t cannot be said that it, is a
dollar, and yet that is not; th-t is an absurr-
.dity,.,F legal tender notes are dollars, what
righthas the Secretary OF the Treasury to
pay large premium in legal tender notes for
& 20 Bonds. upon which the year option has
matured2 1fthey arc not dollars, but
promises.to pay dollars; why are they not
redeemed on'demand? They have been Tor
a'long time outstanding, and still the Govern
ment ncglects to pay them. -. .-.
=: All parties are agreed that the country
needs AM elastic currency that will. meet the
requirements of trade at all times. We claim
that the only method, Of pcrfecting - our
currency enc, is to issue aGovernment token, and
make it a legal tender for all debts or do
mands, public or private, in. accordance with
the theory announcedin the seUe'lh article Of
our Commercial and Financial Platform: 4.
The same idea Of an improved currency is
contained!in the advice gKeaiin a letter liad-
dressed totIIon: WIN! II. Seward, while he
was Secretary of State. We reproduce the
letter r; on the seventh page Of the issue, and
ask for it thoughtful reading. We uuheslI.,
tatiugly predict that the plan ofinterchanga-
bility'of Legal Tender Notes with Govern
ment Bonds. at the option of the holder,
which is therein advocated viii il n less IS; than
five years from this date be made, the basis
of fouricurrency. to 4zsi,.'.'ra. c-g-@'..E NJ ~
We shall continue to labor and anxioasly
hope for the early adoption Of "a reform M of
our currency, which is 4 50 seriously NEEDED @
The. coinage of metal has in every instance
thus far utterly failed to supply a currency
of steady value. We kuowwhereof we speak
in these matters for we have suffered severe
ly from the evils growing out Of an unstable
currency. In the monthof September, 1857,
we were made painfully aware of the fact that
gold advanced in price at least fifty per cent
within the space Of ten or twenty days at most,
We admit that gold did not then sell at
premium, for it was our only legal tender
We do claim, however, that it required fifty.
per cent. more tea, sugar, coffee, rice, etc,
etc., to buy given amount of gold thahit did
thirty days previous to'that date. " - 8 F:4i 3:
1t is probably only bccase wp were made
to suffer that our eyes were opened to the
'fallacy of using any commodity as currency.
No one, after moment reflection, will de-
my that it is of the utmost Importance to- the
commercial ii interests Of tie country TO Rste
currency in, which no combination Of. per,
sons or circumstances could create a. ''cor-
ner:''as riis,5Gen - KS 8 II a : e'rSsTalsa
I In advancing what We deem correct views
ON finance in this one directioh We have ex-
pended during thepast five years, consider.
l n q z 1 u III.