The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1873-11-29
MEETING OF CONGRESS-.


Congress will assemble on Monday next,
and the session is looked forward to with
much expectation by the public. The
Cuban question which momentarily fiared
up like torch of war, bids fair to subside
as quickly, and be the subject Of consider
able diplomacy.
The financial question is evidently to be
the question of the session. The panic and
crash in money and business matters have
served to increase the restiveness which
the public have felt for long time at the
little advance which has been made toward
specie payments. That we should have
reached gold and silver long ere this, is an
impression that the people are strongly
possessed with. The well-meant efforts Of
the Administration to tighten the burdens
of the people by paying off the public
debt, many believe was not the most sub
stantial way to afford relief. An irredeem-
able paper currency which is constantly
kept tiuctuating by stock-gamblers, has
cost the legitimate business of the coun-
t.y more than the reduction of the debt
has saved in taxes. 1t is the impression Of
MANY of our clearest thinkers and ablest
financial men, that the gold expended in
purchasing bonds, if invested in green
backs would have long since brought us to
specie payments. Government, like indi-
yiduals, they contend, can only pay its
obligations by procuring real money TO
meet them with. Its greenbacks have
taken the place Of gold dollars and eagles,
and those promises to pay are long since
due. Gold to redeem them should have
been purchased expressly for the purpose
of redeeming greenbacks on demand, il
sufficient did not find its way into the
treasury from custom receipts. Album
dance from this source has been received
to have taken up greenbacks, till they
became so scarce that they would have
been equal to gold. If brought to a gold
standard with a reserve of gold in the
treasury to meet all demands upon it, then
it would have not been difficult to float
three dollars in greenbacks for every gold
dollar in circulation. There are three hun
bred and fifty Or sixty millions of green
backs in circulation; the Government can
not command gold enough to keep that
volume in circulation, and maintain specie
payment if the gold gamblers of Europe
and the United Stated combine to make
run on the treasury. But if it buy up and
withhold sufficient amount of green
backs from circulation, the gold that will
be set afloat by so doing, together with
sufficient gold reserve in the treasury t6
meet all demands on it for exchange fol
greenbacks, then specie payment will have
been reserved to remain permanent.
This would cost something of course
No debt can be liquidated without costing
Property of some kind must be converted
into cash to meet promises to pay. The
Governments property is tax, and all the
receipts over and above the current ex
penses of the Government, might have
been applied to paying off the greenbacl
promises to pay, which every working mar
n6lu, anu WulCu uIcW liz iutClCSe, III paw
of paying off bonds which represented idle
capital and drew interest. Now that the
revenues have run down SO as to leave NJ
surplus after the current expenses of Gov
eminent have been betrayed, there is ne
gold to redeem greenbacks with. unless il
is bought by issuing bonds and increasing
the debt. This, many of our ablest finan
ciers think, would be cheapest for the
people, in the long run, to do. The uncer
tain and f1uctuating values caused by al
irredeemable paper currency cost the
American people more than to buy golc
outright sufficient to redeem all green
backs on demand. Debt is debt, ant
greenbacks are as clearly part of thu
Government debt as bonds. When golt
enough is provided to redeem them we will
have specie payment and settled values
and not till then.