Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-02-27

tie leaders are at fault. Mr.. Conkiirg
saidsonyesterday to- the Senate thar
nothing could be more suggestive Of
the weakness OF their whole proceed
ings than the hap-hazard manner in
which the Senate hes acted" Mr..
Dawes, Chairman of the Committee of
Ways and Means in the House showed
hyfacts.and figures the head long speed
the Governmentw was rushing torepudia-
ton and ruin, and that one of three
things must be done increase the
taxes reduce the expenses, or create
loans. Like panic-stricken sailors in
a heavy storm, the party seems par
alyzed and under this stunning SEN
satioD has no fixed policy of design,
and no concert of action. While
some of the leaders Gas Ferry, IN the
Senate, and Garfield, III the House,
advocate an expansion Of the currency,
others, Gas Morrill,, of Vermont, and
Conkling), denounce it as n system
ITO launch the nation upon a tea
without shore or bottom" while some,
as this late Secretary of the Treasury.
(BoutweH) drifts along, opposing eN-
pansion or contraction, or a return
to specie payments. As II party, the
Republicans are sol8mnly pledged to
this latter course, a return to specie
payments. General Grant n his i'll
augural address, declared 10 the ma
tlOn that "a return to specie payment
must be provided for" The exigen-
cies of the times compelled the acs of
the 25th of February 1862, which
made greenbacks a legal tender ex-
cept for duties, and interest to be
paid in coin. They were convertible
into six-per cent. bonds, payable,
principal and interest, in coin. The
intention of the party is not to be
doubted. for the act OF the 18th of
March 1869 solemnly pledges the pub
lie faith for the payment of these
notes an cont at tho earliest possible
moment. The Republican National
Convention, presided over by Judge
Settle, of your. State, On the 9Th of
juno 1872, declared that "our national
currency shall be perfected by speedy
resumption of specie payments
In recent Convention held in Con
necticut. the Republican party there
declared that no further increase of
the currency is needed, and that Con
gress should secure the early resump-
ton OF specie payments This policy
SO solemnly enacted, and SO repeatedly
enunciated, rs openly gone back upon
by Terry, Morton. Butler, and others;
and they with the rest are floating
around in vaccillation and consterna-
ton. Can such leaders hold safely the
reins Of government The principles
solemnly laid down. are frequently
violated, and the ship Of State is drift
ing down to the fearful abyss Of sor-
row and suffering, while the people of
the South are grooming under bur
dens too grievous to be borne" As to
expansion of the currency, the North
do not want any more they lave re-
duEdancv. Of the millions OF circula-
ton the North have more than their
share, while the South has less. Be-
fore the war 0S60) North Carolina had
banking capital OF S5,2I5 500. She
has now a banking capital only OF 81
$40 800, while her population il spite
of the war, has increased from 9J4 6Z2
in 1860 to ], 0Sl.3j in 1870. Ne need
more circulatioIJ, CONSTELLATION demands
it. It would he as wise n a parent TO
attempt to make son of 20 wears oil
wear the same clothes that fitted him
s.. 10.
What is then the Prospects before
us, time and kind Pro~.dracn oa'y
can reveal The present prospect j O
increase the National Bunk circulation
some 4o0. 900, 900. Ipis Wit juii tie
fury of the present Storm, bat j ,ii,,ut
providing for redemption in som. -so!il
form, il Is only :" treasurine % wrail.
against day OF wrath When oace
an inflated paper currency becomts q
fixed policy, then GENES panic. suffer
ing ard ruin. Mr. Macon declared
that .'paper money could never lie
beat 1t is Offering u shadow Tor a
MISUNDERSTANDING 81 egg and re-
ceivinga ssoue.--Tbe= greenonck cur
| rency under act OF 1862, already had
failed to realize the expectations OF its
creation and has fulfilled the witty
prediction when issued. 1t is said that
Mr.. Lincoln once was asked WHY
were Green backs like the Jews !? He
replied they are like the Jews. for they
are the issue of Abraham, and have 10
Redeemer." When our nation leaves
the sound principles Of the Constitt.-
ton to 9 make anything but gold and
silver coin tenaer III payment OF
debts" ii has embarked ii peri ions
and unlawful course / conclude this
an extract from speech Of Thomas If.
Benton nearly forty years ago. in the
Senate OF the United States, which is
replete with wisdom
Zone of the highest functions Of
money IS to measure wines That is a
function which paper canno5 perform.
The measure OF value, must possess
intrinsic value, and must Itself be frce
from sudden variations of value. It
must have uniform ard universal
value. AS well might We attempt %
make a measure OF length out Of that
which has no length or a measure OF
weight out of that which r,,> no weight,
Il measure Of GIHn+it;cs ont of that
wl.;ch has 10 c'},,.:.Tv 10 Eoid any
quantity, IL - e.:G s.Snr to make a
measure opt Il ilat which has 10 i'll
tr;nsic value. Tie rrt ciuus metals
alone can constitute q measure of val
ues. Paper money can measure the
value of nothing, not even itself. Its
own va.ua is eternaily ineasu.e i by it's
reactioIi-hy its cunvrrtihl!ltT into
specie. EPGf"F:TG.;.
Fl..m she Raj IL IN nliIltr.
E'rnce. s:is,S> OF tan tzsetsss- OF t!ic
Trustees ossiiets,iscrs.ty cf North
Caro!inR.
I1I:ST DAI.
EALEiGI. Feb. Is.
Al d meeting Of the Trustees OF tie
University Of North Carolina, begun
and held III the city OF Eeleigh on tho
18th day of February, \. D., 1854, be
ing the day and plac, appointed Icy an
act of the General Assembly OF North
Carolina, entitled "aE as to fix the
time ana place of The first meeting OF
the Trustees of the University" rati-
fed the 1sh 1.av of February, 1871.
On notion OF Mr.. Paul {. Cameron,
Of Orange, Hon. William \. Graham,
OF Orange, was called temporarily to
the chair, and on motion of Mr.. Walter
L. Steele. OF Richmond. ". il. Saun-
ders,- OF New Hanover, was appointed
secretary pro tom. g.
Tie certificate Of The election Of
tr1,sfea waS- then rpa1 ~ fnt3rv-s and