The Daily Phoenix

The State Currency.

It is to be deeply regretted that there was any just cause for the depreciation of the bills receivable issued by the State, as it has led to serious inconvenience among all classes of the community. But there was a cause, and apparently a good one, and it was this, that some of the members of the Legislature who authorized these issues refused to receive them from the Treasurer for their pay-bills, and drew from that officer all the greenbacks he held for the purpose of redeeming these bills, as the wants of the mercantile community might require such redemption. This action of the originators of these bills was highly reprehensible; for, had they left the greenbacks in the Treasury, they would have answered all the purposes of the trade of the community, and there would have been no depreciation in this home currency, when all knew they would be redeemed on presentation. But the legislators have left the evil and inconvenience with the people, and it is not our purpose to discuss the selfishness or want of patriotism which imposed it upon them. All we can do is to make the best of it while it lasts. Every good citizen, where it can be avoided, should ignore any arbitrary rate of discount established by brokers. That discount bears hard, first on the merchant, who cannot lay in his supplies without greenbacks, or at a loss of ten per cent.; second, upon contractors and employers, who, in any work for the State, at least, must take the State issues at par; third, upon their employees, who have to buy their supplies from the retail merchant. In this way the depreciation—at present ten per cent.—has become universal throughout the State. All the railroads—chartered corporations of the State—refuse the currency, and, in self-defence, all classes now value it at only ninety cents on the dollar. As we have said, the only amelioration of this deplorable state of our home currency is for all to bear as equally as possible the vexatious inconvenience, and divide, as far as may be practicable, any loss that may arise in circulating it among our own people. It will be redeemable in a few months; until then, let us do our best to mitigate the evil we have to contend with.