Wilmington daily gazette., 1874-02-16
Hon. Eli Salisbury on the Currency.

Senator Salisbury made an able, clear and logi-
cal speech In the nited States Senate on Friday
iu which he showed that the evils resulting from
the present system Ct banking as connected with
the L. : Government Were far more embarrass-
rug than the injuries from the occasional failures
un der the old state Bank system, while the peo-
pie were far more easily aud certainly accommo
dated with currency and at the same time escaped
the terrible effects of Imitation.
lie took tue true and only ground on which
any solid argument can be based 10 show the sure
and certain way to reach restoration Of conf
dence aud cure for the existing evils Vi: by a
return Of the National Legislature to the rigid
system of economy that characterized the gov
ernment previous to the war This must be done
now or hereafter. and the sooner it is commenced
the sooner We will reach the bottom of our trou-
lics aBd commence again 10 increase our wealth
and importance 10 the world.
Mr.. Salisbury has been very mperfecty lepsr-
ed in the papers, and we regret that We are not
able to give the whole OF his able effort. He
showed tina. The currency nj present sisted of
s3S0, 900 of Creenbacks; $3.50 900, 900 of ma
tional bank notes, and $4,000 900 of fractional
or postal currency; making in The aggregate
s1.0oo0i00O Of currency, for the redemption CT
which the government was responsible. Audthc
failure Of the government to provide the means
10 redeem the currency has deprecated 1t in value,
and the consequence IS thai it Will not purchase
either for individuals or government as much as
It should, and The prices Of many of the necessi-
lies Of hfc, through the high protective duties
and the depression of the currency have arisen to
such pIice as to te out Of all proportion to the
prices OF former times Mr.. Salisbury corrected
an important error in the report Of the Govern
ment Comptroller ot the Currency 1t was stated
that before the war ,he banl. circulation in Della
ware was SOS $40 aud in ls,}. under the nation
al banL system, it IS ! |, ,29G.6l5. Mr.. Salisbury
sag the pad In capital Of tho hank, as shown hy
The revised statutes of our Stale was over mil
lion and half in 1859, subsequent TO that date
several State banks were chartered, and under the
law at that time the banks had the right to issue
double the amount of their capital, SO thai in
1862, under the cid system, We had q circulation
u nearly four millions, redeemable in com.
Mr. salisbury, in referring 10 the expenses
the government, said Since tue war including
The interest on the public debt, our expenses will
average annually over S300,000,000. The army
sahono,0O0. the navy S20,oO0,o00, Indians more
than 100000; "about double the appropriations
tor the same purpose under any democratic al
lninistration while a multitude of,ncw offices
Lave been created, wholly unnecessary for the
public service, and solely for The purpose OF re.
varding party favorites," In the following few
sentences, which have the true Democratic ring
Mr., Sanlsbury strikes at the true cause of our
difficulties, and gives utterance to the sentiment
ot millions of voices, OF all parties in all section.
oi the country Let the party in power save
the country from dshonor by curtaiing expendi
tnres by abolishing unnecessary offices, by re-
dncing the expenses of the army and navy, by re-
vising the pension list, and by protecting tha
iund from the frauds practised upon it, and by
iigd economy in all public expenditures, and in
creased taxation will be unnecessary The publi
faith need not be further tarnished nor the bur
dens OF the people further increased ii prope
economy is used in the management of publ
cfairs =