The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1876-08-17

currency, U. s. Treasury, July 6, 1878,
makes the following report: "The whole
amount of legal tender notes deposited
with the Treasury, for the purpose of re-
tiring National Bank circulation, since the
passage of the Act. fof June 90, lS74O
is $25,523,O57; deposits by banks in
liquidation previous to that time, were
S3,9l3,675; making a total of $685.
1872. Deducting the circulation redeem
ed with legal-tender notes and destroyed,
amounting to S9,627, ,OO6, there remained
on deposit with the Treasurer, (July-lst)
in legal-tender notes, for the purpose of
retiring circulation, $l9,7O9,666" The
amount since that date has been increas-
ed.
From the facts here presented, it is
mauifestly evident that the volume of cur
rency now in circulation in the United
States, is amply sufficient for all legiti-.
mate purposes, and that tbs recent fnan-
cial panic was not the result, even remote
ly, of too contracted currency.
THE QUALITY OF THE CURRENCY.
II. Is the Currency Of tie country ade-
quqte in character to the ,oGnts of Iegiti-
mate b1tsincsss
That portion of it-and it embraces
nearly the whole-that is known as
deprecated paper currency, is defective,
because of its instability. It has no ac-
knowledged standard of value, on which
investments can safely be made, contracts
entered into, or business transacted. There
are scarcely three successive days in the
year in which the value of our paper cur
rency is the same 1t is therefore, un-
safe as a basis for business transactions.
Bring it to gold basis, and it will at
once assert and maintain standard val
ue. and may then be used as the basis of
all legitimate transactions, however exten-
sive, and become desirable circulating
medium, not only in the United States,
but also throughout the Dominion Of Can
ada, Mexico, and generally over the CONT
nent
A fuctuating currency deprives farm
ers, artizans, mechanics, laborers and hon
est tradesmen of millions Of dollars of
their earnings, annually because it COM
pels them to accept green-back for
dollar, when in reality it is worth only
about eighty-eight cents to-day and eigh-
ty-seven or eighty-nine possibly to-mor-
row. 1t puts millions Of dollars into the
pockets Of sharpers, because, it increases
the opportunities for financial gambling;
and every change in its value is made to
work to their advantage. It weakens
confidence in the results of business trans
actions, discourages legitimate enterprise
and retards substantial progress and pros
perity.
| In view of these facts, Congress has
authorized the Secretary of the Treasury
to prepare for specie resumption, and
there need be no difficulty in resuming
within the time indicated, January l,
1871 unless it comes from the persis-
tent efforts of the Democratic party to
defeat the measure, if possible, by de-
manding more irredeemable paper money,
one of the most fatal financial blunders
that could possibly. be conceived. The
policy and aim of the Secretary Of the
Treasury is to resume specie payments
and with confidence and cooperation on
the part of the people he can do 80
Over $43,OO0,OOO of specie were coined
during the last fiscal year--more than
} four times the amount of the coinage Of
England-and it is claimed by the Direct
or of the Mints that the turnout fol
next year will be more than double