, 1874-03-11
$I3l,850,Sa3

AHRItHuto ClECH"t4ttt 'o4uep"tV
The above figures show TINT within Tie last
thirty-ni1lo months there hnH been MI inorcauo
Of ssS7 GOO ,0U0 OF currency and yet shown by
tho price Of gold, tho yaluo Of tho currency iB
lust about tho sane Ms it WAS over throo years
ago. It May DO suggested TINT tho expansion
Of trade has been equal to tho expansion OF cur
rency MID TINT this Inns prevented tho loprecia-
ton. Tha, however. would not be tonablo
ground. Eycry ono ntl,Ht admit TINT trade haa
becn much depressed ninco tho panic, and docs
not require as much currency now ns 1t did 4
year ago, Or oven three yoars ngo, md yet with
Tho price Of gold at 11l1a to-day, and with
nenrly sY8 600 0U0 moro paror money in circnla-
ton thar three years ago. and nearly $50, 900, ono
in worth % coutB in gold on tho dollar, or just
about tho saino MI thrpo years ago, and ia worth
even 4 little moro than 1t was ono yonr ago.
when trattc was much moro expanded, and cur-
atr,,cton Of railroads iu tho distant Territories
Of tho West. 1t cannot bo roabonably onimod
tint ethor tho population or tho business OF tho
country las Increased in tho Same ratio rs tho
currency i'll tho Inst ycnr. Tho fact, therefore.
that this incroaso Of currency Inns hcon mado
without causing depreciation Ill it's vnllo, shows
TINT tho depreciation is due to some other caliso
than the amount Of it in clrcnlatiun., This
cause, wo claim, ls Tug pors!stont ropuulatiou OF
But wo have even amore conclusive proof TINT
tho value Of the currency is governed by tho Rt
titudo Of t]lo Government in regard to rcslomp-
tion In coin rather than by tho amount Of cur
roncy in circulation. This proof B iu tho effect
produced by tho "public Credit :" resolution
rassed by tho Congress- OF 136D-'70. During tic
year 1sG9 with un aggregate OF only $GS1 .o'',000
OF EroonDacka, fractionalB, and National Bunk
n0tos in circulation, the ayorAEo price OF gold
Is cents III gold Of, tho dollar, but after tho
adoption Of tho rublio Credit resolution which
pledged tho faith OF the Government to rodeem
its grcenbacks in coin as soon Us practicabo, tho
f1f In Fo,p
naouths touched l1l15.. From this Ggnre
it Inns tluctaatcd up and down in accordance with
the movements Of tile Treasury and tile otllor
HpcculatorB for tho last three yoarB, but from
Wo think tlat the foregoing facts prove TINT
the aggregate volume OF currency may be i'll
creased i,y iho inerens0 Of Natiornl Bark notes,
and yet tho entire volume of currency bo appro
I'LL its promises in the lcgn-tenlor notes to tho
extent Of its ability to ito no. II, nHtoad OF be-
coming spoentnr It, 'tA own ,tolon by tilu slo
Of gold. tile Government will devote its ss,rpn,
I,any groonbaclH tho greenbarka vii!
If tho Treasury pays them NIL ont
again. And # TIC grcenbacls appreciate i'll valne
Tie National Bunk notes, rctee,nabIo in groon-
backs, must soappreeinte, no 'nnttor how many
Of thcsn arc i'll circulation. Woeluim, therefore,
ki,at banking car safely be made FREQ ii tho Gov
eiumcnt will only show disposition to establish
lta credit By the redemption or HfCenDactB to tile
=1tcn: OF its ability each month, mud that this
you'll not necessarily imply contraction Of thu
Ereenkacka, nor oven q complete resumption Of
specie payments. 1t il true that greonbuckH will
Probably never quito reach par with gold, without
tas redemption ot all the greenbaeks that nay
Ir*ci1t: even ii tue Government were to redeem
anl Pay out again, no moro tAau 81 3,000,0Q0 pct
a,nth. This sufficient ground for the belief tl.nt
:r:e banking. under such circumstances, coulG
To: result III depseclation of the currency, a,d
therefore, would not lead to inllatior."
THE INDIAN rAaIISE AND TILE PRICE OF Dn1;AD
HTuFFH.
4 London dispatch OF March G To the Nov
York Jonrndt of Commerce says LnE1 North
brook. Elceyoy and Governor GoMulal Ut India
te!eSraphs to tho Indian Oco tint il in oxpucte'
the Government will be Obliged tn naintall
",fth, 900 persona for throo nlonthH. The sxiuli
t.tusca on account OF tho fn1lino To thu end ii
February last arc estiulnted At S7,5tn, ,lilD. Mr
Di-laell, the new Minihtor, is reported III nnyinl
that the Governments would necessarily b:cnIn
E large purchaser Of brealstufrB rogArslsbsH L
the price.
LOCAL STOCK AND IoSD aAnEET.
,lessra. Preatun, keau & Co. quote IN follow