Nuhou, Volume I, Number 19, 29 April 1873 — Currency [ARTICLE]

Currency

Has beon discugBcd by thc Adoertiser and Gazelle, and \vc thougbt 'wo ougbt to say a word on the subject. We don't sec mueli oeeaeion to disßent from tbeir views, and at the same we do not feel inclined to participate in any alarms, on aceourit of 14 eilver certificatet?/' so long as the speōie is depoeited \vith the goyernment to meet the certificates, whieh certainly afford a convenience to thc mercantile community. In respect to a circulating mcdium as we have none of our own, we ought to make foreign coins pasg at such rates as will,_l)ring and keep them in the eonntry, | Fapcr moncy we do not nccd, and the creation of it is not likely to be attempted by those in powei% : for one reason at least, that it would lower the rate of interest. As to the scarcity of gold, that is owing to the fact that we have not as former]j a sufficient re~ mittance in produce to offer in its stead, Werc our shipments of sugar to the coast in escess of our importations ii'oin the United States, we wou!d not have to ship specic to San Prancisco. i Werc our shipmenta to the Colonics sufficient to 1 furnish sterling exchange for our importations j from that quarter and from Europe, we .ehould j not need to draw on €alifornia for that purpose, ! And were our shipments of fungus, old metal, &c., to Uhina as large'a!s'forrijierly, .we should not need to send our twenty dollar pieees in that direction; TJie balance is against us—our imports bsing larger than our exports. With reeiprocity it wouki bc the otber way. Money waeiM be plenty, and excljange and mterest lower, With i'cciprocity, "evcn with Australia. if not! ivitii Amenea, we wou!d keep a surplus of hard j eash ? and might by-and-by eoin our own eurreney.