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


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What il the price 5f eaid 10 the narkss,
and what has ID bean for some month,
pask? IL ranges in the neighborhesd .!
ten per cent. lAssuasing that il woala re-
qnire the Government 10 90 into the
market 20 buy gold. and that the price
of gold should Cur a single year. after an
earnest effort tn rcestablish the credit oi
the Governmen.in allits dealings. ain
where it IL. only S1l.0O0. 600 vopii be
required 10 maks up that deficit. Ii h.z
already been shown that the Administers
ton claims praise for haxing paid. of on,
OF current resources $500. 600, 600 Of the
principal Of the debt within three years,
besides liqsidating regulariya ,ysz.eses,
quarterly. aud the et,;-.y .yfhe com
iug years are nni .Wns lf~exisus
ones Trdccd, the iSg population
and productive capacity Of the country
Justify the anticipation of large increase
There can then be no reason to suggest
the inability Of the Government to provide
the means to pay any premium upon gold
which might be required to pay the annu-
al interest without any serious Impairment
Of the annual resources,
And if by the amount of such premium
there was dimunition in volume 10 like
extent in the reduction of The principal
OF the debt. where would be the injury
1t is then most obvious that there is no
urgency TO palliate. still less any necessity
to justify the Government in deprecia,in-
and debasing the circulation on lcgal-ten-
der notes. which it requires the people
to use in all their domestic dealings, and
that the time has arrived for q rereal of
the law which denies the right to the citi-
zen to pay to the Government his debt
for customs duties in national currency,
just as he may pay other toxes and private
obligations. In orther words, the duty
now devolves upon the country TO treat
its own currency As equal to actual money,
to elevate il to the standard Of gold cur
rency by itself receiving it ;.s the cquiva-
lent of gold for all its obligations. and
also for its bonds bearing coin-interest. -
Impressed with these views introduced
on the 18th Of December a bill providing
that Treasury notes shall be receivable i'm
payment Of duties on imports in the same
manner and upon like footing Us they arc
now authorized by law to be received in
payment of any other debt or obligation
due to the United States"
What would be the Immediate effect of
this provision 1t can scarcely be con-
tended that if the lcgal-tender notes are
now sustained at within ten per cent. of
the value Of gold by their rcccivabi.ity for
one hundred aud fifty millions per annum
Of internal taxes and dues TO the Govern
mert, they w.uld not have their val
ne raised BY being made receivable for
more than three hunc.ci and ffty mil
lions Of taxes. The entire amount Of the
currency is S355. .9I0,!l9 so.
The whole amount of il is absorbable in
any and every year in payment of the an
nual revenue. II there is any reliance to
be placed upon the opinions of men emi-
nent in fnapee-I speak not Of the char
latans Of the Treasury Depar,ment-notes
of the Government receivable in payment
Of all public dues. aud not exceeding in
quantity the amount needed in the aanu-
al receipts and disbursements Of the Treas
urv, vii! always approximate if not stand
actually at par with the precious metals.
Let us bear in mind, in considering thi.
question. that 50 long as the obligation to
accept lcgal-tcnder notes in all domestic
transactions Of the country exists. there is
and can be no demand for gold except
for the balances Of foreign exchange. and
therefore that the premium on gold is due
almost exclusively to the artificial and
forced demand which the Government It
self keeps up by its customs re gulations, and
by the constant boarding and locking up
in the Treasury al average of 3 100. 900,
600 in gold. Wha, wonder Is il that gold
is at a premium when $500. 600, 600 oft are
exsc;ed annually at the great commercial
centre of the country. and 800, 900. .O00
kept constantly locked up in the Treasu-
nv. To any candid mind it must be con.
vincing argument Of the inherent credit
OF the Government notes that thew are
maintained within ten per cent. of gold
when the Government with one hand ex-
acts gold from the people and with the
other keeps constantly boarded perhaps
one third of the supply with which tha:
demand could be met.
But again, the United States Eve per
cent. bonds are selling to-day at the New
York stock board at precisely the same
r.t@ium as gold, to wit, from 10 to 1l0s
in currency: that is to say the h.aa: {:
the United States arc at pr With gold
How many are outstanding? The total
bonded debt paying interest in coin is a
little over eighteen hundred million dol
lars. These stand at par. The credit OF
the country is capable of maintaining them
at par. Now let the Government give the
same credit to its 1886 900, 900 legal
tender notes. and will it be contended that
they cannot be maintained at par. and es.
pecially when the country has shown It's
capacity TO ex;inguish absolutely $500
00O.0 Of principal debt within three
years! do not rely upon my own opin-
ions to support the argument. / quote
again from the opinion Of Chief Jus.icc
Chase. uttered in the solemn form Of his
opinion IN the lesal-tender cases hcfors
the Supreme Court, recently decided. the
cases OF kncx against Lee and Parker
against Davs.) lie says
=" II is plain thar currency 50 supported oan.
not depreciate more than the loans in eshe,
words below The gyaersl credit Of the esan.
~. lt viii rise CO fall win it A tn.
present moment IL the notes were receiv.
ed for eve per ceaI beads, they would be a
par. In Other words, srecie payrents wosld
be resareds ~
II the way 10 then 80 readily sna rcbvi.