The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-07-07
New orleans Times.
THE CURRENCY QUESTION.
The South Not For Imitation.

On what authority Go the northern pa
pers declare that the south is in favor of
rag-money inflationp There is not jour-
nal of prominence in the south that favors
it, nor a really representative man that we
know of who wants more irredeemable
money "to meet the wants of trade" or for
any other purpose. On the contrary, 80
far as the south has spoken at all, the SEN
timent has been pointedly opposed to in
fation.
Neither "vast majority" of the So
called democratic party throughout the
south, nor any majority either of that party
or of the people are in favor of greenback
expansion. Further than that, we believe
it is entirely safe TO say that not even re-
spectacle minority of our people are in ia
vor of it. We have called the attention of
the northern press to their mistake on
several occasions, but they have not needed.
Shall we point out each one of them by
name and say Thou indomitable ass, stop
thy hullabaloo for one little moment, and
allow the country to hear what the facts
really are?
The south is in favor of return to
specie payments at the earliest possible
moment for several very excellent reasons
First-lt is mainly an agricultural re-
tism-plodding, if you please-in its views
of the currency question. We do not know
whether the Chicago Times is correct in
| regard to its representations concerning the
western patrons or not, but certainly 1t is
wrong in regard to those of the south. The
expansion fallacy had its origin in distinct
lively commercial centres. We do not think
1t Is as strong anywhere as represented, but
1t Is especially without reasonable exist
| cnce here.
Second--We have passed through all the
reverses possible, and having reached the
bed rock are beginning to feel the impulse
of natural and healthy growth. "Strin-
gency" has exhausted its terror upon us,
and we are beginning to regard it as a
rather wholesome, if unpleasant, medicine.
Besides, we do not find, on a careful in.
| spectiOn, that there is dearth of currency.
There is more currency on hand, in banks,
than there is profitable employment for.
We know, therefore, that what we need is
not more rag money circulation, but more
production TO distribute the money now ON
hand among those most in need of it. And
having now before us the prospect Of q
bountiful crop, we look to that AS the pro.
per means of restoring buoy ancy to bust
ness
| IHHu-AHu HlOst ltnpOrtant compared
with the northern states, our exports are
very large in proportion to our total pro
ductien. We receive pay for our products
on a special basis, the price being con
trolled by countries having sound cur
rency, while we buy our supplies on {
greenback basis. the prices being controlled
by the north and west and inflated bv al
irredeemable and deprecated currency
Thus we lose both ways, and this is wha
currency expansion does for us. 1t wout
be q very singular fanaticism for the south
to favor initiation, and it does not. Tha
such a sentiment is attributed to us car
only be accounted for by the "slap-bang'
style of journalism now so prevalent,
which assumes the existence of facts with
out the least knowledge or investigation
concerning them.