The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1874-04-17
INITIATION NOT so BAD AFTER
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ALL.
There is some Significance in the
fact that leading Grant organs are
moderating their opposition to the
bill to increase the volume Of the
currency. The Washington Nationl
Republican, which at first strongly
opposed the measure, takes q hope>
full view of the situation in the fol-
lowing editorial article:
The Senate has finally agreed up
on bill to regulate the currency,
which is not as bad, by any means,
as it might have been, and is, per-
haps, much better than we had rea.
son to expect from the prevailing
temper Of Congress. 1t provides
for an addition to the circulating
medium above the volume of last
September, when the panic broke
upon as, Of ninety millions, consist
ing in forty-four millions Of green
backs and forty-six millions in ma
tional bank notes.
This will make the volume of au,
thorized paper currency in the coun-
try consist Of four hundred million
greenbacks, four hundred million ma
tional bank notes, and about fifty
million fractional notes, aggregating
eight hundred aud fifty millions
This is an addition ofabout two dol
lars per capita for the present popu-
lation Of the country, and will have
but little perceptible effect upon pri-
ces, as it is accompanied by the req
uisite provision for accumulation Of
coin in the vaults of the national
banks. 1t would undoubtedly have
been far more satisfactory to many
if a similar provision had been made
for an accumulation of coin in the
Treasury for the ultimate redemption
Of greenbacks.
The presumption is that the im-
mediate effect of this bill, if il should
become law, will be to appreciate
coin and bank notes at the expense
Of the legal tenders. Practically the
holder Of the national bank note will
be secured to the extent OF about
one hundred and thirty per cent,
while the holder Of the greenback is
secured by the simple faith Of the
nation, immaturing and uncertain
If the theory of the expansionists be
true, that the country is actually
short Of the requisite quantity of cir
culation with which to effect exchan>
ges, no depreciation of the legal ten
ders will result. On the contrary,
If the resumptionists are correct, it
will not be surprising to find gold up
among the twenties In the course of
few weeks.
It is qualification TO know that
the assembled wisdom Of the nation
has arrived at conclusion, and
business can now settle down upon
the practical basis afforded by this
bill.
The ninety millions additional cur
rency provided for will soon be ab.
sorbed by those States which have
complained of an insufficiency OF
currency and banking facilities, and
the various industries of the country
can be fully employed. The ma
tional banks will be strengthened by
gradual accumulation of gold re-
serves, which latter, in four to six
years, under this arrangement, will
be wholly composed ofcoin.
Let US hope that in the meantime
the Treasury win also be able, by an
Increase Of our expectations Of cot
ton and cereals, to make considera-
BILE accommodations of coin, and pro-
sent condition more appropriate to
the redemption of the legal tenders.
1t is the true policy to give the
system thus inaugurated fair and
impartial trial, let the results be
what they may.