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The Currency Of Credit

The Currency Of Credit image
Parent Issue
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-The New ï ork iLxpress says : 1 he tost allowe lts Bnancial correspondenta to talk like so many " Copperheads." Of its policy of trying to malse two-thlrds of a dollar a whole one, and certain other financial practices, it eays: " But by way of disguising its own insolvency, the Government enacted a law declariug that its promises to pay, which it was openly violating every day, were and should be consideredaspayment between private parties, as well as from itself. Tbus the obligation of every contract for money in the United States was arbitralily legislated out of it, and thoupunds of dobts, cootracted in good faith for money, were paid off in currency worth only forty cents on the dollar. All business relations were thrown into confusión, pricos universally uusetfíed, and trade turned to gambling. Tbia disboneHt act, passod in a suelden heat of mistaken but sincere patriotisia, is even dow defended in cool blood by such wise financiers as the Tribune, as a " necessity." Yet na man has ever been able to point out any good reeul t aceon - plished by it, whk-h would not hae been more effectually accomplished 1 y hooest measures ; while the mUcbulC whioh have grown out of it are ilready overwbekning; and they have but bcgun." J5.ríT An excellent imitation of the new issu of the 50 eent í'racíional curreucy has been received at the Treasury Department. It is coneidored to bc the best executod counterfeit yet put in eirculation. It can be, however, easily distinguished from the original by the coloiina:. and in thesignature of General Spinner the last E has beeu omitted. Thb Hecretary has decided to alter ibe general appea?ince of the present issue of fractional currency in order to make it uaiform and to better protect from countSrfeiting in future. A grent rnanufáctory of s-teel nrsoori to be estabüahed two miles below Harrisbargh, Penn., on the Busquehanna river. A thousand skilled workinen are to be brought from Eugland, and fifteen hundrcd others are to be gathered in this country.


Old News
Michigan Argus