New-York tribune., 1873-12-13
PROGRESS or INFLATfON.

On the 3lst of August last there were in
circulation s34iOO0,OOO of legal-tender notes
and $45 000, 900 of fractional currency, making
! 1893 900 Of paper promises to pay, after
deducting the sums held i'll the L. ). Treasu-
rics. The corresponding amounts now are
S372, 100000 of legal-tender notes and $4,000
900 of fractional currency, or :420,OO00O0 in
all deducting as before the sums in the
Treasury. This is an imitation OF S3l,OOO,OW
in "a little more than three months. When Mr..
Richardson was paying ont $1S000,OOO in buy
ing up the bonds held by the savings
banks of this city we did not
fail again and again to warn him
that just what has followed would
follow We knew that he would need all his
money before the close of the calendar year,
and that if he paid it out his only resource
would be the manufacture of unauthorized
greenbacks. or, in other words, an initiation
of the currency. We confess, however, that
we expected to find in the Presidents message
and the Seyretary's report a plain statement
of the necessities of the Government, and an
appeal to Congress TO provide the requisite
ways and means. But we were disappointed.
After an exhibit showing nine millions in
crease of the Public Debt in a single month,
it WAS still considered questionable by
the Administration whether the Treas
ury stood in need of additional re-
sources. The probable deficiency up to the
close of the fiscal year was purpOsely under
estimated, and the difficulties in which the
prodigality of Congress had involved the
Treasury were ascribed to the Panic. To all
appearances the House of Representatives will
refuse to do anything for the Treasury so long
rs dollar of the fOrtyfour million so-caled
reserve" remains to be issued. BY merely
doing nothing, the persons who think "more
currency is needed to do the business of the
Country can secure imitation. and it is alb
surd to suppose they will not adopt the Fabian
policy, by which victory is certain.
There is no escape from it. Mr.. Richardson
is forcing his brandy down the throat of the
country, and will continue to do so, in all
probability, until the limit of four hundred
millions is reached by the disbursement of
ser, 900 more. No wonder that, even before
the paralyzed industry of the country has fully
regained the use of its limbs, Wall Street is de-
!irious. No wonder the exchanges are turning
against this country, even while the exports
are still twenty millions a month in excess of
the imports. NOwOnder gold is rising even be.
fore the present useless surplus is reshipped TO
the foreign bank vaults whence it came.
Here il, in fact, certain length of rome.
The question u.s. how long will ii be ere we
reach the end of il 7 Certain it is that when
we have reached the end, which we seem TO
be approaching with some rapidity wo shall
be further from specie payments than we were
six months ago. Brandy is a powerful thing.
and it is quito palpable that in the present
emergency it is being administered in no
homeopathic doses. II takes some time to GET
over the pleasant effects of it, but. the nevita.
bic prostration comes at last. We shall yet see
the day when Mr.. Boutwell, and Mr.. Richardson
will receive due credit for the misfortunes
which they have let loose upon the country
in the shape Of their " reserve The trainers
of the Constitution of the United States never
contemplated such tricks with the currency.
even in times of war; far less did they con-
template a wholesale tanpering with contracts
in years Of peace. The laborer throughout
the country ia having his wages reduced.
Rather should they be increased, and this in
duo time tho laborer will certainly discover.