The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1873-10-11

VIII Oemanu BTodtcE leSuOS VI AZ, ssn"
thus make it so plenty and so common
that its value will become less. We
have just witnessed how an almost
irresistible pressure has been brought
upon the President and his advisers
to induce them to unlock the vaults
of the Treasury and flood the coun-
try with money. Thanks to the iron
firmness of our chief magistrate, he
was able to resist the appeals of the
wild and maddened brokers of Wall
street, and our circulation is still kept
within reasonable limits.
1t is possible, yes it is probable, we
will yet feel the evil effects of the in
creased amount of circulation result
ing from the purchase of bonds. Let
us hope, however, that the increase
has been so small that the evil will be
imperceptible. 1t is one of the plain
est and one of the most indisputable
of facts, and it is a principle taught
in every work ON political economy,
that the moro plenty an article be-
comes the less value does it have,
and the more scarce it becomes the
greater value does it have. This
principle must be modified, however,
by the proyiso that the wants of the
age or demands of the people for such
article remains constant. Thus mod
flied there is no exception to the prin-
ciple. Even gold forms no exception.
Were the precious metals of the world
doubled in quantity their value would
be diminished to just one-half. A
doubling of the amount of gold in the
world would not increase its purchas-
ing power one iota. Paper represen-
tatives of money can not be an excep-
ton to the rule. We have now in
circulation in this country about seven
hundred million dollars; in ! Treasury
notes and national hank notes. Make
it fourteenShundred3 million dollars
and two dollars would buy no more
than one dollar does now. But the
evils of an inflated currency do not
stop with mere general enchance-
ment of prices. If SO it could scarcely
be called an evil. 1t would matter
but little if the laborer had to pay
sixteen dollars for barrel of -four in
stead of eight provided he received
,, in wages four dollars day instead Of
two. All past experience tells us that
there is a proportion between 1.-The
amount of paper money and the gold
: upon whose value it is based thai
must be maintained. When thai
proper proportion is exceeded all re-
lations seem to be destroyed and in
tegminable difficulties begin to arise
What we want in this country is ;
paper currency whose value shall
equal that of gold. Many prominent
financiers are even now urging tina
the present is good time to resum,
i specie payment. am not prepared
i to subscribe to this opinion, but fee
that this is an excellent time to discus
. the question of resumption.
n The public debt statement TO
! the month of September shows a re
: duction of $l,9Ol, 467 Is, which il
o much less than usual. We are n,
It longer diminishing the debt at th,
n rate of eighty or hundred million
d annually. However, we are doin,
# we'll as it is. The total amount O
n the debt is now Tor was on the morn
# ing of the LIST inst.) s2,13S, 793, 1893 II
If The total Understanding debt i
e 81, 769, S26, $50. Of this amount 81,
}. 235, OOO, 900 bears interest at the rat,
e of six per cent. per annum, $4s8, 567 !,
" 200 at five per cent. and $679, 900 a
n four per cent. The last rate is in law
II full currency.
If The amount of cash in the Treasur,
y is-coin ssO,246, 757-currency 90,
e 289, 032-special deposits for the re
e demption of coin certificates 81 $50,
t. OO0-in all 1894, 775, 789.
% The accrued interest on the entir
o debt amounts to s3l ,688, $3.50. TIL
l. amount of legal-tenders and fractional
st currency is s4O2, 3O9, 133. OF thi
1856, O79, JAP is legal-tenders and SAG,
IT 229, 39l fractional currency.
n Doubtless the redoubtable Cap
tain Jack and his accomplices il