Richland beacon. [volume] (Rayville, La.) 1869-1890, 1875-12-11
The Currency Question.

We consider the following views of
the Southern (Se!ma, Ala } Argus
about as sound and sensible as anv wc
have seen on this subject. We see no
need of either inal,ion or immediate
resumption of specie payment. believe
that either would result in financial
and commercial disaster throughout
the country, aud regard the aggi,aliOn
of both as political brbbies and bal
derdash. The Argut says:
In no country but the United States
could meI pretending 10 staIesrIan-
ship he found to propose AL upheaval
Of all the foundations of trade and
business by IA general and sweeping
revolution Of fixed financial sy,icn.
That Is what Is proposed by those
who ipsi,t upon II speedy return to a
specie basis through legal enactmrntS,
by those also who urge The extinction
of the national banks, and also by
those who advocate considerable
imitation of the greenback currency.
We svmpalhize with none of these.
1t appears To Us that our currency is
very good, that We have money sutli-
ciert and no more than sufficient for
the business of the country, and that
h., Al l. a.. a
best guarded bahkS in the world.
The last congress, for the benefit Of
jobbers aud spectators more than
capitalists, PASSED an act to contract
the currency aud pIovide for return
to the specie asis at ii time fixed,
and left the secretary of the treasury
with power to carry ii out Or hot as
may seem best in his sight or may
appear most promUtivc of the interests >
Of those with whom he may be con-
nected in speculative or other enter
prlses. The repeal of that act would
put business back Oh the basis on
which it has stood for wears and on
which all enga yehrnIS have been ell
tered into, and leave adjustments he.
tween the debtor aud creditor CLASSES
10 be made under the conditions eXi-.
ting at the time their relations were
established. This act should be re,
pealed, and then we should make
haste slow v.
We by no means hold that there Is
no room for improvement in the laws
regulating our financial affairs, but. in
d spirit of true conservatism, insist that
change! should be gradually and eau.
tiously made, SO as to work no dis.
turbance in the business of tie coun.
try, and 10 do Io wrong to any class
or interest. Our greenbacks and ma
tiOnal bank notes are not at par with
gold; but they have pretty uniform
fixed value, they are equally current
in every part OF the country, and nc
failures or crises or cInvulsions can
seriousl y impair their purchasing
power Ia The hands of the people. a
paper currency Is Il necessity, no mat
ter what its basis. When gold anC
silver alone were legal tender, W,
had United States banks, state banks
shinplasters-paper money OF souh,
sort always; but we never before haC
a paper currency of so uniform 9
value as now. Grcenbacks, based oil
the faith Of the nation, would be a:
good as gold if there were any guar
antee Of no unfriendly Legislation
and national bank notes, redeemab',
in greenbacks, with security deposited
in the vaults Of the treasury depart
ment, are as good as greenbancks
Perhaps greenbacks should be receiv
able for customs dues and the interes
on the public debt as well as TO
everything else. Perhaps addi,iona
guarantees can be thrown around th
t banks Perhaps new bonds bearin;
5 lower rate of interest might be NOR
rapidly substituted for the old bond.
Doubtless good many changes nigh
;. in the course of time be made; bu
a we are getting along so well with III
: existing money system we think
= would be dangerous, and almost Grim
nal, to revoluiionize it in any of i,
in,nortant f,aturaS