Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1872-04-25

- AAS ->S 49, - - @ER ssseresss .asze-
rssl So sdl y seTs~s 81 .s~w -m-fa.
aid Of the preservstios of the vublie fai.t
md to provide thes nexnsH@r avaviur sh,
COIN interest cfshe pa6sc deSI. has saied
! rssst <ncrmcasiy te'the already sptscsSvs
tssif and 70 the enrich dent rAssprossel
ted nianufacturescfthe ccuotry. - Assam.
ing the average Of the tariff a. CIV pei
cent. the premium On gold o. sAe lss n
November. 1869. being twensy-essht. th<
sexual average tariG was sixty-sour %,
cent. Do the snnsidase IN 1870 the pre-.
tniuin on gold was eleven sad a half
which made tie sctaAl 'Ssri6 6fty-6ve and
three qds-tess per cent. On che ssu>
] date u 1877 tie premiam ~ss twelve pes
{ cent. and t1e actsal toRif fifty-six ver
1gat::: md sshe present. date. che pts.bi.
dh bcfax ten pesseeuts .ssA ssesaai lsssiG
is 6fty-6ve per cent. or one tenth more
t!rsu the nominal amount Of the duty. -rys
Now, what would bc the effect Of Q re.
turn to specie payments, or the reception
by the Government Of its own le gal-tender
notes in payment Of customs duties, for
practically the latter would be the imme-
dlate and direct result Of the former /? II
would be reduction Of one tenth or ten
per cent. upon the whole tariff. and would
not diminish BY q single dollar the astusl
receipts from that source by the Treasury
Of the United States Nay, as the effect
OF a reduction Of duties is always to en-
courage and increase importations, there
would be larger revenue for customs
than now takes place, and the addition
may reasonably be computed at a su,n
much greater than tl,e profit of nearly nine
millions which the Government now makes
BY its traffic ID gold 1t the New York
stock board. s. e -#a ~ 1..-s
Nov, is it any wonder when such &C.
tive combinations arc concerned in perpct-
uating deprecated currency under dis
guiscs that have not been penetrated by
the people. because the emisssries of pro-
fitsble delusion swarm the land aud dark
en- the avenues to the popular understand
ing with their clamors about public faith.
which tends toward their own. advantage,
and hold up the terrors Of monetary dis
tress in the process of rcsumption-is it,
| say. any wonder tha. timid men should
have been turned aside and the resolute
even should have faltcred in applying the
needed remedy to the diseases ofthc body
polite Bat it always has been so, and
always. will be so Nothing ever has and
nothing ever will procure a return from 4
deprecated currency to specie currency
except the interposition of law.
In the year 1916. after the SUSPENSION
of specie payments occasioncd By the war
Of 1912 with Great Britain. return 10
specie payments was compelled BY the
Government in mode somewhat sterner
than the mode which | have suggested,
but waieh contains the germ and sub
, stance Of The idea. only different in the
mod le of its operation. which is embraced
in tie Dill wi!ic'; have submitted to Con-
gress l refer to the resolution Of Mr..
Webster. Of April &c. 1916. requiring all
duties. taxes. and debts. payable to the
United States. to be collected aud paid in
the legal currency of tho United States
(Which then meant gold and .silver) or
Treasury notes. or notes Of the Bank Of
the United States, after the lst of Eebru-
airy then pex. ensuing. This simple res
olu:ion discredited the notes Of non-spe-
eie-payiug banks and operated compul-
sion'upon them to resume specie payments
or he banished from circulation. The
measure which | propose is simply for the
Government to cease to discrcdit its own
notes, and to receive them in payment of
all custom. and other debts and dues of
the United States. and. as I have already
shown, they would be at substantial par
with the five per cent. gold interest bonds
Of the United States. and resumption of
specie payments would be ins.:ntaneou.
all orer the country.
There is very general and most fall
lacious idea prevalent. circulated and in
sisted upon By the m.achievoc.iy interes-
| ted classes I have already described, That
contraction Of the volume Of paper currcn-
cy is necessary before resumption can be
effected or maintained. That idea arises
out of, or rather recei-es couutenancc
from, reasons applicable TO the suspensions
Of specie payments with which VIC were
formerly familiar when Incorporated bank.
Of limited capital furnished the paper cir
culaiion. aud when there was nothing to
support the credit of their aotes bat their
ability to meet a demand for their redemp-
ton except the gold and silver in TIC
vaults Of the banks psa. in the present
condition of things all TIC paper eircula-
, ..ou. noth-tLe legal-tondsr and the nation
al bank-no.c circulation, rests upon lhe
credit and is sustained By the taxable pro-
pcrty Of the whole country. and receiva-
bility for taxes and dues Of the Govern
meut supplies in itself the ampiess .rnd
for redemption. It was an accepted axiom
Of the former system Of banking, that q
specie fund Of one dollar foe three Of paper
was healthy bssis for specic-paying
bank-note circulation.
Now the annual taxes Of the United
States furnish direct basis ofrcdemption
for more than half the entire circulation
without reference to the local taxation o!
the States which is nearly a. large as the
former. By referring TO che tables Of the
present census Of the United States il ap-
pears that the aggregate public income Of
the country in 1870. was $6Ss 500. .43s.
OF which the taxation Of the States and
Territories vas 22Sf. .IS0.Sf2 But il,
Independently Of these cossidensions. il
tbe SIN insisted tiist The present volume cl
the currency is too large for the Legitimate
business Of the country. and that con.
traction OF its volume is necessary before
specie payments can be resumed. or If re-
,suned that it cannot be successfully m.is.
!, tanned. . Few statistical facts will suffice