, 1874-11-14

lta vAluD. W0 mutt Ctlnrgo " Will CDilHlt!grar
bio portion OF our outiro national debt; with Il
portion Of 9tnto city, aud corporation debts ;
with tho embarrassment unnRed by tho gradual
Bubsdoneo Of rr!ues., us the growlug business OF
tho country Blowfy adantcd Itself to tho too great
volume Of tito currency; with tue late panip
arising from tho sudden discovery Tint tito blHI.
1css ousci priso Of tho country lad upconscfo,,alv
gone boyund tho capacity OF the clrro1loy: aud
with at OWL subsequent to nil tl,eso, wh,cl, Il ia
tho Object Of this paper to Indicate,
an tile lawH atnnd, tho volume Ut o,,r o,,rronov
Is fixed, aold cannot supplement II only
THE SUICIDAL. Policy or 1NrtAT1oN
can Incl eaae y. The buaneRH of tho country 10
increasing. Which fa, Of ITSELF cxaotIy oquvalent
original ishuo boon redundant, tlio cause would,
long hgo, havc produced itB ciroct In b,lsiuoss-
embarrassment but business required timo to
Gro,ws G't,s 70 Tue currency; Money was not, mean
ccssiso imitation. rhe extra vol%e ''t Is ta,sou u e p
2y tho enhancement III prloos, which require Il
groater amount Of money for u given amount OF
bnsi11cas, and Keeps tho groater quantity EN-
rloyod' Tho fall in priccB rendered each dollar
capable Of transferring colBtantly-incroasin
amount Of merchandise, until tho true relative
vAlue Of monoy and commodities was reached,
Gold has. all this timo, maintained approxi-
mnscly its yaluo relatively to commodities,
value depending on tho relative quantity Of gold
md Of motcnatdiso In tho mnrkot of tho wholo
world. at length tho faEling prices could do ITO
moro; bnHlnoss-ontcrprtse Still extonded itsolf,
apd the sudden cos.aciousi,esHo Of too groat oxteu
sion
PRODUCED THE PANIC.
Now tho ccaaatton OF railroad-ontcrprise las
contracted business, and Congress- has expanded
tho currency. 4 temporary caao naturally re-
sultsi but, nnlesa tho business Of tho country
wore to renlaln htattonnry, which is iaconceiya-
bio, tho apme oauHes may be expected to produce
tho san,e Effects Tho pario was a symptom Of
Hi OWL atll existing; and it lnay fairly DO ansio-
pated that, in tho course OF tinlo, money will
agan booon,o scarce and produce llstrcsa,
hence, losa diRastrously, than before.
Simple contraction will not holp III. Tho bar
rior will st exist That kcepB gold from cisculat-
iing together with paper: We llave tried 1t, and
It only produced tho olfocs which might have
Tlat species of contraction which conHists in tho
simple withdrawal Of functional curronoy from
circulation would, as tho oxperleuce Of Scotland
in 1775 slows, cauae those dirty lttlonote8 which
eiIvor, nnhko gold. may circulate togethor with
rapcr, even whom Bonlewhns doprccfated; and,
hence, this particular act OF simple contraction
would aid tho resumption Of spooie -paymonts In
must beneficial lnnnuer.-but not ths aimplo
lesaonng Of tho whole bulk OF tho curroncy,
Thcro III but ono natural aud loalthy rcniotly
MARE THE CURRENCY nEDEEuADLE.
Wo mood not substitute speco for the paper of
proper denomination now existing,-A 1liensi,ie
moro expensive than tho necessity of tho case
ssoro is yaino ami anao it. to rircntntn to"othe-
vii, vail Ti,a n]cc@a n'cto1a rnniI ,s'a t,r
atursIlv ntn rlrn1nton an,,,lou,ot,, Sn"n ~" wv
curro,ny whcn II IL ilariant III ,,;";na + ~ H.
nntmroi anstirity tTlc rronanr~ r6nd -, ,aua ~
aoss rod 10 The fu1y amont of ;ta notoa NV Iat HU
is ,,of tho cnso In INV Emrancon rr',,trv ,yaso
nannr cirr,,a,ca i: va. ,,nt tha nnao ;;, 1o
rrt1 Stats iions riic b, t,ie o'a nas .n;t
fo com,'torl,aiamco n,a,v han nnnu ;'o1 ti,a,s
notoa wors raJoomab1a amI oiran1atcn a;,o t'9,s v
aihc with Eull With n rensnunhia a,nrlttt n
1,nl5 ~ hs7d and ,,or,,.a,on ~ no,, 'oas T..
goia on naan, aIt ana poa'iss'oh 10 so.i certain
mc"e av ann hofora tho - co,tr, ~. n an"lans
~ ITs Sorra nrnrr1.r.r rnIrs ~ .,a1r nr! oeel'f'
M nm won1'l thon wnnt liam orn1'ano., O"h f,r
Void an2 ,,n aoru;Jar,fto ,,n+ ,soI r. ~ LUZ
sontad for redcmntion ria "vn.riouna Ton " " H.
o1a,a that ~ H. n,'n y. III
md onr avn mai ornor,on"c i1aoI' u" III no,
to Iess than fhe anpnt nf notas-cvon a,nn'i
" tssn t"n ~ H. n'os ~ noteH-onen snhil
f. ttInas So ,otas na,ou,e nu.ien 70 Iau-