The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-12-03
REvENUEs--THE CURRENCY.

i'SSu Wy ioooous anu TO provide by wise
and .well.considered legislation, as far as
II lies In your power, against its recur-
renee, and to take advantage of all
dement's that may have accrued. NV
own Judgment is that however much
individuals may have suffered, one long
step mas been taken towards specie
payments; that we can never have
permanent prosperity until fair ba-
Sis IS reached, and that specie basis
cannot be reached and maintained until
our exports, exclusive of gold, pay for
our imports. interest due abroad, and
other specie obligations, or so nearly so
as to leave an appreciative accumulation of
the precious metals in the country from the
products OF our mines. The development
OF the mines of precious metals during the |
past year, and the prospective develop
ment OF them for years to come, are graft |
lying IN their results. Could but one.half |
OF the gold extracted from the mines be re-
tanned at home our advance towards specie
payments would be rapid. To increase
our exports sufficient currency is required
to keep all the industries of the country
Without this, national as
well as individual, bankruptcy must
'nsue. More initiation, on the other hand.
0hile 1t might give temporary relief, would
'niy lead to imitation of prices, the impos-
ability OF competing in our own markets
or the products of home skill and labor.
ma repeated renewals of present expe.
renee. Elasticity to our circulating me.
lium, therefore, and just enough of it to :
ransact the legitimate business of the coun-
y and to keep all industries employed, is
.hat IS most to be desired. The exact me-
ium IS specie-the recognized medium of
xchange the world over. That obtained,
:, : shai! have a currency of an exact degree
! elasticity. Ii there be too much of it for i,
he legitimate purposes of trade and COM b
lerce 1t will How out Of the country IF h
20 little, the reverse will result. TO hold \
nat we nave and to appreciate our cur r.
sncy to that standard is problem de- q
srying OF the most serious consideration n
congress. The experience of the pre- a
snt panic has proven that the currency of ii
le country, based as it is upon the credit II
Inc country, is the best that has ever h,
cen devised. Usually in times of such n
lals currency has become worthless, or 40 "
UGH deprecated in value as to initiate ~
10 values of all the necessaries of life as n
impaired with the currency. Every one
'idlng 1t has been anxious to dispose of ne
on any terms. Now we witness the Fl
verse. Holders of currency hold it as si
eY did gold in former experiences of a "
,e nature. ~ ~
It's patent to the most causual observer he
&C much more currency or money is re- II
ifed TO transact the legitimate trade of mr.
country during the fall and winter IA
'nths, when the vast crops are being re- t t.
,ved, than during the balance of the tn,
III. with our present system the amount ca,
tne country remains the same through I'll,
the entire year, resulting in accumula- an
OF all the surplus capital of the pu
'h.sy IN few centres when not en- ne,
yea IN the moving of crops, tempted HI
re by the offer Of interest on call loans. mi
e Ct I'D. peng paid, this surplus capital wo
dit. Being subject to .scall.v Il cam So,
be loaned, only in part at for
g, to the, merchant or manufac- ma
II Tor liked term. Hence, no matter in :