New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-14

/ 6SN6SS IA A0AAO0tAOA Va O1O UC64O0 Va
ability in the government to meet it's en-
gagements. It is not able, at present, to
make them good by some eleven per cent.
Why force it to undertake that which is
known to be impossible of immediate
performance? Why compel the con-
valescent to rise from his bed, only
to show that he can walk? He can
but stagger, and may relapse, with
a ~postponement of recovery caused by
the premature exertion. The people
are not looking to the promise to pay spe-
Gle, they look to the general ability of the
government to make good its obligations.
Otherwise why was it that in the midst of
the panic the currency was worth as much
specie as before the panic? The govern
ment does not resemble a bank. 1t is re-
sponsible only for circulation. 1t has no
outstanding obligations dependent upon
its ability to collect its suspended bills
payable. The government owes for the
circulation and it owes nothing else pay
able on demand. The people believe it
will, in due time, make good its c~ircula.
ton. and are content. AS the government
becomes more and more able to collect its
revenues in currency, the currency will
approximate specie par. This will satisfy
the people. who are by no means clamor-
ous for specie payment.
The issue Of currency i'll proportion to
local demand is a question to itself. Some
populations need more currency than
others. The ranchero of Texas can carry
a bank note in his pocket for months
without use for it. He has all the COM
forts that his state Of life requires. The
cotton planter is also Indifferent 70 the
daily use of currency for long periods.
His revenue comes in once q year, and he
negotiates q credit for commodities that
he may need during the growth Of his
crop. The population of commercial
and manufacturing communities. OF .he
other hand, draw weekly wages, and make
daily expenses. There must then be q
need Of more circulating medium in the
last than the first cases cited. The de.
mands Of the genera! indationist conflicts |
with the policy Of those who demand i'm |
mediate resumption. It is, therefore, the
true policy of the government to get along !
with as little currency as possible. and
leave the currency to resume itself when
it gets ready. We're it hot for the Excess
sive sums paid out for foreign imports
the only use of any currency would be to
pay each other and our dues to the gov.
ernment. With this we would be satisfied, |
and the operatives in q factory would be
with the employers due bills so
far as they could purchase on the premises
everything that they needed.
The best means Of making good the
Deficiencies is to cut down ap-
preparations. To create new debt or i'm.
pose new taxes is a selfish system that
casts upon others the cost OF supplying
Dur extravagance. The retention Of the
AK on coffee will not add 70 the burdens
the people. because the repeal Of the
AK did not reduce the market price Of
coffee. The producer charged the same
price as before. and put the repealed tax
his pocket. Whisky and tobacco have
40 defenders. They are lawful game, like
he malt tax in England. They are not
paid by women nor children, and if men
lon't like to pay them they have only to
spite the government by giyin: up the use
If either, and keep out Of the saloons and
:obacco shops. Altogether. We are very
veil satisfied with the fiscal system as it
$. and only wish it was in the power of
'ur people 70 earn a larger share OF the
by IN increased business and
better price for their crops anu commodi-
les.