The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1867-12-11

case. It's Judgment cannot De anticIpaeeus
for it is not governed by any rule. The law
dies not define what shall be deemed good
case for removal 8 It is impossible even to
conjecture what may or may not be SO con-
sidered by the Senate. The nature Of the.
subject forbids clear proof If the charge be-
incapacity, what evidence viii support it ~
Fidelity to the Constitution may be under
stood or misunderstood in a thousand differ,
ent ways and by violent party men, in vio-
lent party times, uniaithfulness to the Cons
stitution may even come to be conslderedi
meritorious. IF the officer he accused of
dishonesty, how shall it be made out Will
| it be inferred from acts unconnected with
public duty, from private history. OF from
general reputation Or must the President
await the commission of all actual INSIDE
meanor in office Shall he, in the mean
time, risk the character and interest of the
nation in the hands Of men to whom he
cannot give his confidence Must he for
bear his complaint until the mischief is done
and cannot be prevented? If his zeal in the
public service should impel him to antici-
pate the overt act, must he move at the per-
il of being tried himself for the offence OF
slandering his subordinates In the present
circumstances of the country, some one must
be held responsible for official delinquency
of every kind. 1t is extremely difficult to
say where that responsibility should be
thrown, if it be not left where that it has
been placed by the Constitution. But all
just men will admit that the President
ought to be- entirely relieved from such re-
sponsibility, if be cannot meet it by reason,
of restrictions placed by law upon his ac-
ton. ,.s,5i,F
The unrestricted power of removal from Office
is q very great one to be trusted even to Magis-
trate chosen by the general suffrage OF the whole
people, and accountable directly to tnem for his
acts. 1t is undoubtedly liable to abuse, and at
some periods of our history perhaps has been
abused. II ii be thought desirable and cOnstitu-
tional that it should be SO limited as to make
the President merely a common informer against
other public agents, he should at least he per-
mitted to act in that capacity before some open
tribunal, independent of party politics, ready to
investigate the merits of every case, furnished
with the means of taking evidence, and bound to
decide according to establishe rules This
would guarantee the safety OF the accuser when
he acts in good faith, and at the same time secure
the rights OF the other party. Ispeak of course
with all proper respect for the present Senate,
but it does not seem to me that any legislative
body can be so constituted to insure its fitness
for these functions. ailis.cai I4I
III Is not the theory OI tulS 0ONeTHuicut tudb
public offices are the property OF those who hold
them. They are given merely as trust for the
public benefit, sometimes for fixed period,
sometimes during good behavior, but generally
they are liable to be terminated at the pleasure
of the appointing power, which represents the
collective majesty and speaks the will OF the peO-
Pile. The forced retention in Office of single
dishonest person may work great injury to the
public interests. The danger to the public
service come not from the power to remove, but
from the power to appoint. Therefore 1t was
that the trainers OF the Constitution left the
power of removal unrestricted, while they gave
the Senate right to reject all appointments
which, in its opinion, were not tit to be made.
A little reflection on this subject will probably
satisfy all who have the good of the country ut
heart, that our best course is to take the Consti
tuition for our guide, walk in the path marked
out by the founders of the republic, and obey
the rules made sacred by the observance OF our
great predecessors. ~
The present condition of our finances and cir
culating medium is one to which your early con-
sideration is invited.
The proportion which the currency of any
country should bear to the whole value of the
annual produce circulated b. lis means is
question upon which political economists have
not agreed Nor can it be controlled by legisla-
ton, but must be left to the irrevOcable laws
which everywhere regulate commerce and trade.
The circulating medium Will ever irreslstibly
mand The law OF demand and supply is as
unerring as that which regulates the tides of the
ocean; and indeed currency, like the tides, has
its Gibbs and flows throughout the commercial
world. r.rtalJ r t,s..
At the beginning of the rebellion the bank-note
circulation OF the country amounted to not much
more than two hundred millions of dollars; now
the circulation of National Bank notes and those
known as illegal tenders" is nearly seven
hundred millions. While it is urged by some
that this amount should be increased, Others
contend that a decided reduction is absolutely
essential to the best interests of the conntry.-
In view of the diverse opinions, it may be well
to ascertain tine real value OF our paper issues,
when compared with metallic currency. For
this purpose, let US inquire how much gold and
silver could be purchased by the seven hundred
millions OF paper money now in circulation -
Probably not more than half the amount of the
latter-showing that when our paper CURRENCY is
compared with gold and silver, its commercial
value is compressed into three hundred and fifty
millions. This striking fact makes it the obvious
duty of the Government, as early as may be con-
sstcnt with the principles of sound political
economy, to take such measures as will enable
the holder of its notes and those of the National
Banks to convert them, without loss, into specie
or its equivalent. A reduction OF our paper cir
culating medium need not necessarily follow
This, however, would depend upon the law of
demand and supply, though it should be borne
in mind that by making legal tender and bank
notes convertible into coin or its equivalent,
their present specie value in the hands of their
holders would be enhanced one hundred per cent.
v Legislation for the accomplishment OF result
SO desirable is demanded by the highest public
considerations. The Constitution contemplates
that the circulating medium Of the country shall
Z be uniform in quality and value. At the time of
the formation of that instrument, the country
had just emerged from the War ofthe Revolution,
and was suffering from the effects of redundant
and worthless paper currency. The sages OF that
period were anxious to protect their posterity
from the evils which they themselves had ex-
rerienced. Hence, in providing circulating
medium they conferred upon Congress the
power to coin money and regulate the value
thereof, at the same time prohibiting tue States
from making anything but gold and silver
tender in payment of debts. Fl ffEf
The anomalous condition of our currency is in
striking contrast with TINT which was originally
designed, Our circulation now embraces, first
notes OF the National Banks, which are made re-
ceivabo for all dues to the government, excluding
D imposts,l and by all its creditors excepting in
payment for interest upon its bonds and the
securities themselves; second, legatender notes,
issued by the United States, and which the law
requires shall be received as well in payment of
all debts between citizens as of all Government.
dues, excepting imposts; and, third, gold and
silver coin. BY the operation of our present
system of Finance, however, the metallic currency,
when collected is reserved only for one class of
Government creditors, who, holding its bonds, 1
semi-annualy receive their interest In coin from
the National Treasury. They are thus made to
occupy an invdious position. which may be used
to strengthen the arguments of those who would
bring into disrepute the obligations of the nation
In the payment of all its debts, the plighted faith
of the Governments should be invioably main
tanned. But while it acts with fidelity toward
the bondhoder who loaned his money that the
integrity of the Union might be preserved, it
should at the same time observe good faith with
the great masses Of the people, who, having
rescued the Union from the perils of rebellion,
now bear the burdens OF taxation, that the Gov
eminent may be able to fulfil its engagements.