Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1874-04-22
A PALPABLE MEASUREMENT.


The Enterprise, In an editorial this
morning. affects to consider the oppo-
sltion raised against the "~Inflatlon
BILL" now before the President for his
approval. as factious aud hypocriticai,
and In support Of its theory makes the
startling and erroneous assertion that
.for the past two years the amount Of
currency In circulation has been s3s2,-
900. 1000" Evidently the editor OF the
Enterprise 10 either misinformsd or
strains . point to make his case. Up
to the financial panic Of last Fall and
for some years preceding, the author
izsd circulation Of United States cur
rency was not over 1856, 0o0, 900, and
the actual amount outstanding has Of
ten been as low as $3.50, 600, 900. Fol-
lowing the outbreak Of that panic and
during It's continuance, Secretary Rich
ardson caused to be issued ILLEGALLY rs
we believel 500, 100000 Of the $ii,-
OOO, 900 Withdrawn under the Secre-
taryshlp OF Hon. Hugh Mcculloch.
This was done gradually, and for the
assumed rsassn that the receipts Of the
Government In greenbscks from in-
ternal Revenue and ether sources were
not enough to meet current expenses.
This deficiency Of receipts above ex-
penses In tho month Of October, 1873,
exceeded 20, 0Vo. 900, and to avoid go
ing into the market and purchasing
g~reenbacks with gold, the Secretary
drew upon this rsserve He also at
tempted to relieve the panic BY Pur-
chasing interest bearing bonds with
currency from this reserve which he
did in the beginning OF the panic to
the amount OF some Sl2, 900, 900. The
present amount OF ASA, 000, 900, in-
stead OF being In circulation for
two years. as asserted by the En-
i.rprise, has been out for less than
six months.
But tho addition Of eighteen mil
lions more Of United States currency
to our circulation Is not all the evil
contemplated by this bill. 1t alss au-
thorlzes the ~iafla;ion OF the National
Bank currency to the amount OF $780,
0O0. 000 or In other words 1t dilutes
the currency Of the United States, as
compared with the circulation before
the panic, In the proportion OF "a to
3J6, or owe 20 per cent. In short, 1t
retards resumption. Thus, II, with
the circulation Of 35G millions, the
Government could have resumed spe-
Gle payments In five years, with this
additional Issue IL will take twenty
per cent. longer, or another year /; for
1t will not be denied that each addi-
tional dollar OF promises Issued, TO-
tards to a certain extent specie pay
ments by increasing tho d~lsproportion
Of currency to the amount Of specie
In tie country. We most earnestly
deprscate the effect OF that legislation
which seeks to hinder this Government
from fulfilling Its promises. 1t isa
species OF sophistry fraught with un-
told evil to the country which declares
that there Is no pecuniary responsible
Icy attaching TO the utterer Of u prom
issory note, and that because q State
or nation has the power Ii also has the
right to repudlato Its solemn obliga-
tons. That II Is net, as the Enterprise
assumes, a light or trivial thing to
thus stultify the Republican party and
dishonor the nation, Is evidenced by
the fact that nine-tenths Of tho tale..,.
and we were about to say all tho in
tegrity OF both Houses Of Congress
were arrayed against tho passage OF
the bill, and by the further TACT that
there Is not a prominent financial
writer Of the day who does not con-
demn this tirst step always the most
dangerousl toward loss Of national
credit and integrity.