The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1875-01-02
SPECIE PAYMENT.

On Monday Congress will again assem-
BILE, and whatever they propose to do, will
have to he accomplished within the short
space of two months. In the House the
Currency Bill, which was pressed through
the Senate under caucus rule, will come up
for the action of the Representatives,, and
is likely to meet with strenuous opposition
and have sundry amendments attached to
it. But it is safe to predict that no bill
which will materially aid the country in
arriving at specie payments, is likely, or at
all probable. to pass this Congress.
The question of specie payments is, how
ever, rapidly looming up as the greatest
political question of the day. 1t will, in
another month, overshadow all other ques-
tions. 1t is not yet party question, but
is likely to soon become one, and play the
most conspicuous part of any question in
the next Presidential campaign. 1t is time
the people had begun to apply the test of
common sense to it, and become more
familiar with subject which influences
their business and future prosperity more
than any other question before the coun-
try. Every dollar of paper atloat as cur
rency is as surely Government loan as the
bonds which draw interest in gold from the
Treasury; and the loan must be paid. The
idea that this paper currency loan is being
carried by the business, and capitalists of
the world without interest is one of the
fallacies of the times. The industry of the
country is taxed at the rate of 10 to 12 per
cent interest on every dollar of paper money
atloat; and the nation had better be paying
the ordinary rate of six per cent interest
on an additional issue of bonds which
would take the place of the paper money
loan, than what it is now, and has been,
doing since the war closed paying on its
paper currency equal to the difference be-
tween the value of greenbacks and gold.
Wall street has ruled the Government in
financial matters since it was forced into
the market as borrower, and our states
men are constantly looking after the inter-
est of the money kings of that quarter,
and neglecting the people. The people
have been passive, while the spectators
have been alive to their interests. Let the
people rouse up and begin to demand re-
sumption, and their powerful voice will
drown every other sound.
The greenback and National Bank note
currency is nothing more or less than
loan by the Government, which must be
redeemed in gold on demand. If one-half
of it is converted into gold to pay the other
half on demand, the credit of the Govern
ment will then be equal to making the
remaining greenbacks pass at par with gold.
The gold can be obtained by holding on to
the surplus which the Treasurer now sells
weekly in Wall street, whence it is shipped
to Europe, and by issuing bonds for enough
to make sum sufficient to redeem all the
greenbacks that are offered. This result
will never be attempted by Congress till
the mass of the people drive that body to
it. When the question comes up in future
election canvasses, as a test with candi-
dates, a way will speedily be found of re-
Stunning specie payments. But while set
of demagogues think they can make politi-
cal capital out of initiation, specie pay
ments will never be reached, and every
honest business and laboring man will be
taxed 10 to IL per cent in the discount, as
the interest he is paying, on his paper
money.