Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-12-16
Spirit Of yeffusoll.
Charlestown, JeHersea County, West Va.
TUESDAY MORNING, DECEMBER IS. 1873.
For the Spirit of Jefferson, and Free Press viii
please copy.l
SPECIE BASIS! RETURN TO HARD
MONEY!

MONb4s
The issue of the 29th of November last of
the Free Press quoted the Cumberland Times
upon the National Banking system as q failure,
and inculcating the idea of the necessity of
return to the hard money basis of all currency !:
|, The Cumberland Times. in accounting for the
breakdown, says: "Dazzled at the idea of
universal emancipation from the swindles of
the wild>cat banking institutions, we forgot
our greenbdcks were only regarded as promises
to phy in the foreign marts of the world. and
that the export of gold to equalize these
promises, placed the balance of trade against
us, and made it only matter of time as to
when the crash would come," &c.: In the
issue of the Free Press also of the 9th of De.
cember in his answer to 'sVindex" the Free
Press says: SIT is true that this policy (of
contraction) has been pursued since the war
until there may be but $3.50 of currency to
$40 90 per capita as of that date, and for
anght we know the Government will con-
tiuue to contract until we touch the only sure
footing of any currency-a specie basis''
The Free Press; then, both from its ap-
proval of the doctrine of the Cumberland
Tunes, and the sentiment above avowed, in
its editorial of December 9th, is in favor Of
the hard money basis of currency, and justi.
hes these contractions of the currency from
$40 per capita to Sl3 60, however grinding
they may be to the labor and property of the
country, and will even go with the govern
ment In still greater contraction 'suuti we
touch the only sure footing of any currency
q specie basis -
With word upon the falIscy of the Cum.
herand Times about the ssbalance of trade.
l will pay my respects to the sold Fumiy
Journal" and to the bond autocracy, shavers
and usurcrs, who, no doubt, will agree with
him in his views of contracting the currency
even below Sl3 GO and until he reaches his
"hard pan," aud "sure footing of any cur
rency-a specie basis"
But first. ip regard to the "balance of trade"
what is it? The Cumberland Times does
not tell US what it is, aud only deals in dog
matical assertion, and declamatory egotism,
destitute alike of all explanations and proof.
The foreign trade of this country, let me tell
the Cumberland Times and the Free Press
too. is not the .ftliefh part of the internal or
domestic trade. and does not in all proba-
bilty, exceed three hundred millions of dol
lars, while the internal and domestic trade, to
use one of their words will stouch" the
billions. | do not give the exact amounts of
rhe foreign aud domestic trade, as the sta,is~
tics are not by me, but whatever they be. the
relative amounts will be found as state them.
and that is all we want for the argument
Then, what is foreign trade but an exchange
of the 7,ro''uc'ions of this country for the pro.
auctions of other Countries and what is the
"bdiance Of trade" but the deficit of the pro.
ductions on one side to equal the productions
on the other! The trade being, as assumed
300 millions, we meet it with our cotton, to-
hacco, wheat, manufactures, and other pro-
ductions, aud if there should be a balance of
L I mil IL =.
settled in specie, and that being, like cotton,
wheat, or tobacco, only production of the
earth, it is the business of the merchant to
buy it. as he buys wheat. cotton, or tobacco,
and thus with it, so bought, to strike tho bal.
ance sheet Aud this will be an easy matter
when specie is demonetizet, as it oughtto be :;
for even now the fall in gold is caused by the
prospect of the new and true monetary svs>
TEN, the monetary system of the people, and
not based solely on specie, an insignificant por-
tion of the wealth and values of the country.
and nearly all of it in the hands of few mo.
nopolists, but on the entire wealth and values
OF the whole. country amounting to twenty
four billions including specie and, which
specie, OF never more than 800 millions, and
mow of not over 135 or 40 millions, is. as
before stated most insignificant part, mere
ptcayune of the twenty four billions, or f,oenty
tour thousand millions of entire national
wealth. And yet, upon this most insienifi>
cant basis of one hundred and forty or fifty
millions of specie, or three hundred-the
largest amount we have ever had in the coun>
try-the Cumberland Times and the Free
Press. as political economists, wonld prefer to
res. the paper money of the country instead
OF the basis proposed by the people which,
would be all the wealth of the country amounts
ing to twenty four billions, and including to
boot their precious specie And they would
do this as if the experiment had not been
tried before and signally, and ineloriously,
and dissstrously failed accompanied by
crashes, and crises, aud panics and simply
for the reason that the specie basis was like
pyramid standing On its apex, narrow, and
tottering, and prone to fall at any moment,
and crushing under debris and shattered ma
terlals all the interests, and exchanges and
commerce of the entire country Oh no,
gentlemen Editors, we have had fully enough
! OF your specie basis, and the experiments of
the few monopolists who o,cnea it, and of their
contractions and expansions and suspensions,
and now having INDUCED them in another ex>
pertinent, to>wit: their rotten, swindliug nav
tional bank system which, has also sienally
failed, We think it is high time that the peo
pie should try their own hand on a currency
OF paper based on the principles of common
sense and common honesty, instead of the de-
lusions of the interested or bribed political
Economists of the past who. philosophical
very wisely for a few monopolsts, and usurers.
and Bankers, bat very badly for the masses of
mankind. We propose to you money based
on all the territory of the United States, from
the Atlantic to the Pacific, on all its seattle
upon thousand hills" its forests. mines, sg-
riculture, manufactures, commerce, all its
laborers, Artizans, inventors, and besides all
these, all its specie in the bargain. Now,