The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-10-08
A Crazy Pr0pOsitiOn,

A Washington despatch says that it is pro-
posed to ask Congress at its next session to
issue one hundred millions more of green
backs, under the plea thai we cannot carry
on the business of the country with the seven
hundred millions now in circulation or locked
up. The proposition is so wild that it will be
regarded as the capard of sensational cor
respondent, or of men who should be sent to
the mad-house. Instead of this, intelligent
business men look upon the occurrences of
the past few weeks as the direct results of
our present currency and see in a resumption
of specie payments, either immediate or with
in short time, the only remedy for the
present diff cuIties and their constant recur-
renee in the future.
A correspondent of the New York Times
in noticing this matter asserts that had our
circulating medium been that of the family
OF commercial nations, the panic which grew
out of lapse OF public confidence and con-
sequent withdrawal of large quantities of
currency from circulation, would have been
ayerted, since stringency in this country OF
the recognized money of the world would
have inevitably and speedily attracted from
other nations an addition of coin sufficient
to restore the equilibrium. Further imitation,
then, must-serve not only to further ALLEVIATE
us from the business world but provide the
means to create other and more disastrous
panics.
fortunately for the country, intelligent
business men in all sections are opposed to
any further expansion of the currency. In
the West, which has at times favored the is
suing of unlimited paper money, there ap-
pears to be decided change in public senti-
ment, and the most influential Journals and
leading public men advocate RESUMPTION of
specie payments as the only means to prevent
financial panics.
At the present time everything is opposed
to imitation and favorable to the adoption of
the recognized circulating medium of the
world by the United States. Our imports
from January LIST to October LIST 1873 show
filling off of $27,0O0,00O from those of the
same period last year while our exports for the
same period have increased $4,000. 000--an
improvement in our favor of more than sS75.-
100000 for the first three-quarters OF the
year 1873. During the same period OF 1873,
our specie exports have been ST., 1867, 1858 less
than in 1872 and $2s,176, 100 less than in
1871. The ratio of improvement, it is stated,
will increase during the balance of the year,
as the recent crisis has checked the volume of
imports except in specie, while the advices
from Europe are to the effect that the short
ness of bread crops is continental rather than
confined to Great Britain so that there will
be an unprecedented demand for our bread
stuffs. The London Saturday Rorietr in an
article on the "wheat CROP estimates that
England's deficit is about 96,00O,0OO bushels
and that of France 100000 Last year
England was the only buyer and imported
from all sources including France nearly 1O4,-
100000 bushels. This year France and Eng
land will require nearly 100000 bushels
more between them. 1.-THE question is'' says
the Recieec, ''can this quantity be obtained?'
The article concludes by saying that it sis too
much, however, to expect America to more
than double her expectation of last year. 1t
is improbable, if, not impossible that she can
so do. Either France or England must then
go Short There will be active competition
between the merchants of the two nations
wherever wheat is to be had, and the result
of the competition will be to raise prices
Bread must be dear.''
The result of this will be that this country
may not only retain its own product of coin
but will draw large sums from both England
and France. 1t is, therefore, rather time
to adopt the currency of the world than
to pursue the policy of further imitation
which should bring upon us the contempt of
all nations. Resumption, not imitation, is the
duty of the hour, and there can be no more
propitious occasion than the present.