New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-09

nissd. The opposition maintained Il
I duty Of the government 70 employ j
eredie and revenues. to furnish pap
medium equally b good throughout q
Union, as also 70 supply the means I
money values BY exchange. ct least to th
extent of its own revenue transfers an
balances on, deposit ga1sl no assaslGbK
iaeT The fedeEai currency was defeated an
the hard money party triumphed in th
defeat Of the United States Bank and ID
passage Of the deposit act The feders
government collected its dues in coin
and deposited the amounts in certail
designated sbaAAs..n The transfer Of thi
specie was attended, with expense an,
trouble. 30 gold deertifcatesS natural.
came in and the government idepsrte'
virtually from the. bullion doctrine. I
~asy inevitable. - also, that the deposi
banks should use the current and averag'
deposit Of specie is bssis Of business 8,
gradually the Lacedemonian system failed
The national credits had been transfesret
| nom Philadelphia 10 New. York, and th,
| people resolved the notes of State bank
ID place Of the paper circulation guaran.
teed BY the government The business
intercourse of the Union was conducted
BY local bills and currency, subject. q q
the hitter. to the obvious Inconvenience o.
realizing ct, one point the obligations is
sued It smother. Such Was the relation
Of the government to the circulation
q the beginning Of the vsr. The
combat between the tbnlionistss and the
advocates Of paper money had resulted IN
the triumph Of, the latter. The govern
ment had disconnected itself with the
paper currency but this was very far
f1om suppressing that currency. On the
contrary. it was even more excessive than
before the act Of disconnection. Paper
money was found in fact to depend on the
fAith Of the people as well as in the force
Of law and order prevailing in commu-
nifty. The advantages Of a sound and con
vertible currency being admitted, it was
seen that the c0antries subject to revolu-
tionary disturh.ases employed the pre-
cious metalE skmle those countries in
which conAAsece and order prevailed de-
rived great advantage from credit sys-
tenn and paper currency. In England q
money order is good throughout the king
DOM. In Mexico one must take a bag to
hold his silver dollars. with revolver and
. double-barreled gun to guard it. An
exclusive hard money currency is barbar-
SIN; paper currency universally accept
lble is civilization. y % E'-',"'
But with the beginning Of the war the
'upply of q uniform national currency be-
anne military necessity. Where expendi-
ures were millions minute, q currency Of |
DIN alone was obviously impossible. Yet
be government proposed nothing more
han to furnish, the circulation to COD
uct this gigantic expenditure. The issue
+ paper went on. The production Of
pecie values at home or the importation
+ specie from abroad was insufficient to
rotect this currency at the counter Of
be national treasury. The excessive issue,
u which there was no direct return ex-
ept in blood and gunpowder, far sur
assed the ability Of any nation to redeem
lstantly. The relative value of currency
ID specie reached its crisis at something
ke two dollars and eighty cents currency
= one dollar gold. With peace came the
storation of productive capacity in the
hole nation, the suspension Of expendi-
re without direct return, and the renewal
revenues and other public resources.
Gradually this excessive food of cur
ncy was absorbed and resumed its reg
ar channels. Gradually the public mind {
road and at home became convinced
at the government intended honestly to {
nit and redeem this currency at proper 4
oportion between its volume and the i
'nts and numbers Of the people. 1t !
,uld be unjust to the cotton and sugar 4
owing States to omit saying that the ,
mense specie values exported by them '
We contributed more to the restoration G
confidence in the ability of the govern I
mt to make good its currency than any a
9 other financial resource. Trad l..r.-.5 G
We demonstrated yesterday that the s.
ion of the government has been con- c
ed strictly to furnish national cur y
ICY. 1t has in nothing assumed to sup Ii
exchanges or commercial accom- il
dations. Here, then, is the COM A
mise between those who claim II
that the government should fur ~
b credits for commerce and agricul- o,
e, and those who demanded total h 3,
aration Of bank and State. The gov ~
ment supplies and guarantees an equal .,
uniform currency. We have hereto >;
shown by an examination of all the
s on that subject that the interference o,
the government with the monetary Bj
irs of the country is limited to the OF
'ct stated. II may be repeated that to
stability Of this currency is proven CD
he fact that its value with respect to 20
has not been materially affected by Or
financial disturbances and even by W.
suspension Of the banks. Gold in fin
York is quoted at 110f in currency. en-
Ny, then, the government has main M,
3D. d stable and uniform currency fai
imption is slowly approaching. Ths1 idt