The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1874-05-02
THE CURRENCY AND THE VETO.

ELKTON, MAY 2, 1874.
THE CURRENCY AND THE VETO.
The veto of the Currency bill put timely
check to the wild schemes of the imitation
lists, and has brought them back to soberly
consider what measures can be devised to
bring about specie payments, and at the
same time cause no severe shock TO the bus
mess of the country, which now languishes
as much from uncertainty of business men,
as to what Congress would or will do in
reference to the money of the country, as
from the long stimulating effect upon the
trade and business of the country which an
exclusive paper money system has fostered.
The great waste of the war destroyed hun
dreds of millions of real substantial pro-
perty in the South and West, while in the
Eastern manufacturing Districts, and in
the commercial centers the business created
by the war was profitable, inasmuch as the
war caused drain in the shape of taxes
from all other sections to those points
where the Government procured its mater
ial and supplies of all kinds. These ports
of the country grew rich at the expense OF
the other parts, and added to the wealth
acquired through the channels of legiti-
mate trade, many millions additional by
stock and gold gambling. The surplus
gold has been drained from the country
and sent abroad by the manipulations of the
gold gamblers, who Congress has constantly
favored, by taking no decided means to
bring the paper money of the Government
to par with specie. Had the millions of
surplus gold sold as merchandise in the
stock market by the Secretary of the Treas
ury, been kept in the vaults of the Treas
ury, enough long since, would have been
accumulated to have redeemed all the green
backs in circulation. The Government
with sufficient amount of coin on hand
to redeem the greenbacks, would have had
no difficulty in floating the present volume
of paper money, and in addition to this
there would have been large amount of
specie added to the circulating medium.
This would have provided an abundance of
currency, which would have been on par
with tho money of the world, and have
checked the many wildcat speculations
which are always springing up in exclusive
paper money eras.
But no effort being made to reach specie
payment, the speculations which were bas-
ed, upon nothing real, came to dismal
end, when people got tired of all credit
lok, cd To coff1o In tho midst
of distress the inflationists cry out for
more paper money for the South and West;
but they one and all utterly fail to tell US
how, in case the Government should print
an extra hundred millions of greenbacks
and national bank currency, the needy
South and West are to get this money from
the Government. They have nothing to
exchange for it. Then how is it to bene
fit these parts of the country? Clearly,
this has never been answered by any infla-
zionist. The fact is the war destroyed
great deal of real wealth which the fiction
of paper money and credit has been repre-
senting all these years, and which has COM
pletely played out. The honest good sense
this wealth, and there is nothing to show
for it. Capital in an undeveloped state
exists in untold millions in the West and
South, but it will require labor and time to
turn it into money. The money capital is
owned principally in the old commercial
sections of the country, and it will stay
there until suficiency of raw material is
sent from the West and South to exchange
for it, which will require time and indus
try; and to facilitate this nothing is so
much needed as uniform currency which
is based upon the standard of the money
of the world, and subject to the least fuct-
uation. Before the war we had currency
of gold, silver and paper. All under S.
was coin, and our agricultural interests
steadily improved, and every other interest
connected with it. Had we gold and sill
YER currency exclusively for less amounts
than SIS every man would know the value
Of his property.
The national banks should be compelled
to retain at least half the gold which they
receive from the Government as interest on
their bond deposits, while the Government
might safely supply them with currency to
the full face amount of their bonds. A
systematic effort to reach specie payment
once adopted by Congress would 60 far
towards bringing the greenbacks to par
and much smaller quantity of gold would
suffice to keep greenbacks at par than is
r. ha nh oiy
dollar for dollar when demanded, few would
want more than enough for change, and
the equilibrium between coin and paper
once established and measures taken to
keep it SO, the banking facilities of the
country could be extended to its utmost
needs without danger of collapses which
is ever imminent when we have nothing
but paper money.
The inflationists talk of appealing the
question of indefinite postponement of
specie payment and more paper money to
the people. The popular sentiment on this
matter has undergone marvellous change
within the last decade, if it is not found
almost unanimous in pronouncing for a
speedy return to gold and silver, which
alone will test the soundness of the theory
on which our national banks is established
We believe the popular judgment is en-
tirely in favor of the Presidents veto.
GREAT Cry AND LITTLE WooL.-At
the last Fall election in Prince Georges
county, there was failure to elect County
Clerk, the Republican Clerk claiming to
have been elected and the Democratic can
didate declaring he had been cheated
There was difference of seven votes, we
believe. The election was upset by the
Legislature and a new trial had last week.
In the new trial Henry Brooks, the Demo-
cratic Clerk, counts out three votes more
than his opponent. Over this result The
Prince Georgian is wild, and in long primer