Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1873-12-12
pnrt Gobacfo Gin1es
PORT eco:
$4,000
Friday Morning, December .......12, 1878.
Financial.

majority of the Republican party can or
will meet the EFFICIENCY of the occasion, or
the magnitude of the interests involved, we
have but faint hopes.
The leaders of the dominant party well
know that financial crisis always drives
from power the party during whose incum-
bency it takes place, especially if popular
intelligence can trace the causes of so dis
astrous condition of public affairs either
to the policy or misconduct of the controll-
ing power. That the Republican party is
responsible alone for the present condi-
ton of our finances the people believe, and
the leaders of that party are aware of that
belief if they do not admit the justice of
it. And, knowing this, their efforts will
be more turned towards the connection of
some scheme which will afford temporary
relief and tide us over present difficult
ties, rather than to bring about a perma-
nent and radical cure. Hence we hear all
this talk about more money being wanted
for the business of the country, and that
other more senseless talk of San elastic cur
rency," to move the crops, &C., as if both
do not mean imitation.
These are measures which can afford
temporary relief, and only, in the end, ag-
gravate the disease. And we feel justified,
therefore, in saying that we have but little
hope of Congress being equal to the occa-
sion. There is but one mode possible to
afford the necessary relief: that is to re-
sumo specie payments, and the sooner the
better. To do this would be to recognise
the justice of the clamor made about our
financial system by the Democrats, and
this the party now in power never win do
SO long as. they can avoid it. Whilst we
say the salvation of the country depends
upon the speedy resumption of specie pay
ments, we do not wish to be understood as
saying this resumption should be imme-
date and violent As to the mode of do
ing so we will speak. hereafter. But our
purpose now is to show, as briefly as the
magnitude of the subject will permit us,
that there is and can be no other remedy
for our difficulties than the one pointed
out-all other schemes are visionary and
ephemeral.
It is hardly necessary, at this late day,
to- speak of the great advantages of gold
as a currency, these have been too univer-
sally recon- the earliest days. Of
the present. But mas
much as it has Dccn Che policy of the paper
system to disparage it as currency for the
last twelve years, and teach that it was
almost useless for business purposes it
may be well to state some of its prominent
advantages. 1t hasan intrinsic and uni
form value whichngives it currency all over
the world as the best standard of the val
ne of property which the wisdom of man
ever yet discovered. Its superiority, where
by its possessor can control all other money,
especially paper money, of which it is the
antagonist. And whilst it has all these
attributes as standard of value, it is also
an article of merchandise produced by Ia
Dor and having marketable value as any
other result of industry. And at this par
ticular time the production of precious
metals, for home use or export, is one of
the greatest industries of the United States,
and it is absurd for President Grant to say
that the country is made poorer by the ex-
portation of gold. 1t makes it no poorer
than an equal amount in value of iron or
anything. else. Having thus briefly refer
red to the admitted value of gold as uni
versal standard of value, it is but an easy
transition to show that no nation can be
prosperous in its mercantile pursuits which
has any other currency than gold-and
when we say this we mean, of course, a
currency redeemable in gold; it is then
the equivalent of this universal currency,
and of course equal in value thereto and
the same thing.
All this is elementary, but when we see
such fallacies asserted as the public intel.
ligence has been insulted with by the Pre-.
sident and the Secretary of the Treasury
we feel ourselves justified in going back to
the A, B, G of political economy in order
to expose them. In fact, with our plair
understanding of these elementary princi
pies, we cannot more thoroughly confute
these errors than by reciting these truths
Then we say that gold, like commerce
els cosmopolitan. It moves to and fro az
required by the demands of trade. 1t il
the handmade of trade, and like it is regu-
lated by the law of supply and demand
ALL this being so, and who can deny it il
follows that any country which by law OBJ
structs the-ebband flow of gold, in accord
ance with the laws of trade, necessarily is
doing violence to the harmony of the whole
comm arcial system, and if not strong E.
nough to maintain itself In secluded de
pendence upon its own resources, must
yield to the stronger. power, and suffer the
consequences of its ill-advised revolt a.
eainst the universal law.
OF such character is the financial sys-
tenn of the United States, and we are now
paying the penalty ofour rashness. It had
It's origin, during the daysof the rebellion
and the necessities of the hour compelled
it's adoption. And it answered Its pur,
x,.,.os 1volI aa a war rneasure. when trade