Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-10-15
$tauntott Spectator,
TUESDAY, OCTOBER Is, 1873.
A Few Thoughts on the Currency.

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TUESDAY, OCTOBER Is, 1873.
A Few Thoughts on the Currency.
The speech of General Echols, at the
Town Hall, on Saturday night, q synop-
sis of which is published in our local
columns this morning,!is mastery ex-
position of the issues involved in this
canvass. 1t seems strange
to us that such an issue, as the one be-
tween the hard money men and the
should need exposition, at
all, it is SO plain to be seen where the
right of the question lies. That there
is any connection between the hard
times, through which our people have
gone, and are now going, and the
amount of money in circulation in the
country, is as great a fallacy as was
ever presented to the consideration of a
people. There is plenty of money in
the country. The only thing that is
necessary for any man to get as much
of it as he wants, at reasonable rate OF
interest, is that he should have sufficient
collateral to offer the lender. New York
banks are fairly stuffed with money,
which is anxiously waiting for safe in
vestment, but which Will lie forever
locked in the vaults where it now is. un-
less there be such revival of industry
iv,% I,o FRI will offer al a inuaat.
ment. This caution is the strongest
lesson that the capitalists of the country
learned from the panic of 1873. They
have lost confidence, and this very con-
fidence is what is lacking, not money.
The trade of the country is not carried
on actually with money, but with cred
it, fand credit cannot exist where conf
dence is lacking. Ask any merchant,
or farmer or cattle, dealer. or professional
man of your acquaintance how much
money in bank notes or coin or green
backs he actually handles in his bust
ness, in the course of a year, and you
amount is in comparison with the total
of the business transacted. He will
tell you that he uses, outside of his cash
sales, checks, negotiable notes, notes Of
hand and other forms of credit, and that
he seldom sees the actual money fol
which he sells his Merchandise or his
advice. And he will tell you too that
it is easy to get money or credit either il
you have anything.to offer for it, other
wise not. If the Government or the
States were to issue their notes until
there was a million dollars per head fol
every man woman or child in the coun
try. and every dollar of the paper was
worth dollar in gold, It.would not ben
eft any individual unless he had some
thing to offer in exchange for money
The price Of all necessaries would rise
SO as to almost starve the poor, while the
rich would pile up mountains of wealth
as they didIduring the war, the debtors
the men who have had the creditors
commodities and used them and coult
pay for them in the deprecated currency
would be the only people benefited in
the slightest degree, and their benefit
would be only of the most temporary
character, for the temptation to go into
debt again would be too strong. There
would be the same carnival of specula-
ton again, but the settling day would
surely come. Nothing could prevent
that. Then the same miseries would
have to be gonelthrough with again. Blu,
now that we are at the end or so neal
it, now that health has come again t.
the country do not let us again expose
ourselves to the same disease so soon
Let US show that our hard experience
has at least taught us to be as wise al
the little child, who, having burnt his
fingers, breads the fire, and let the infla
tionists sew erely alone.