The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1867-12-07

body can be constituted US to insure Its htness
1t is not the theory of this Government that
public offices are the property of those who hold
them. They are given merely as a 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, when represents tue
collective majesty and speaks the VIII OF Inc peo-
pie 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 it 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 at
heart, that our best course is 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
cuating 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 By its means is a
question upon which political economists have
not agreed Nor can it be controlled by legisla-
ton, but must be left to the irrcyocable laws
which everywhere regulate commerce and trade
The circulating medium will ever irresstbly
flow to those points where it is in greatest de-
mana. Inc INV OF ucInanQ ana 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.
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 legal tenders" is nearly seven
hundred millions. While it is urged by some
that this amount should be increased, others
contend that decided reduction is absolutely
essential to the best interests of the country
In view of the diverse opinions, it may be well
to ascertain the real value of our paper issues,
when compared with a 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 i'll 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 carly as may be con-
sstent 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.
IL
so desirable is demanded by the highest public
considerations The Constitution contemplates
that the circulating medium of the country shall
be uniform in quality and value. AT the time of
the formation of that instrument, the country
had just emerged from the War Of the 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-
rcrienced. Hence, in providing a circulating
medium, they conferred upon Congress the
power to coin money and regulate the value
thereof, at the same time prohibiting the States
from making anything but gold and silver a
tender in payment of debts.
The anomalous condition of our currency is in
striking contrast with that which WAS originally
designed. Our circulation now embraces, first
notes OF the National Banks, which made re-
ccvable for all dues to the government, excluding
imposts, and by all its creditors, excepting i'll
tor interest upon its bonds and the
securities themselves; second, legal-tcnder notes,
issued by the United States, and which the law
requires shall be received us well in payment of
all debts between citizens 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 Tor one class of
Government creditors, who, holding its bonds,
semi annually receive their interest i'll coin from
the National Treasury. They are thus made to
occupy an invidious position, which may be used
to strengthen the arguments of those who would |
bring into disreputc the obligations of the nation
In the payment of all its debts, the plghted faith
of the Governments should be inviolaby 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
may be able to fulfil its engagements
There is reason which will be accepted as
satisfactory by the people, why those who defend
is on the land and protect us on the sea; the
)ensioncr upon the gratitude of the nation, bear
ng the scars and wounds received while in its
service; the public servants i'll the various De-
3artments of the Government; the farmer w 10
supplies the soldiers of the army and the sailors
IT the navy; the artisan who tolls in the nations
workshops, or the mechanics and laborers who
build its edifces and construct its forts and
yessels of war-should, in payment of their just
md hard-earned dues, receive deprecated paper,
4 hile another class oil their countrymen, no more
deserving, arc paid in coin of gold and silver
equal and exact justice requires that all the
reditors of tie Government should be paid in a
currency possessing uniform value. This can
,uly be accomplished by the restoration of the
currency to the standard established by the Con-
and by this means we would remove a
which may, lift has not already
lone SO, create a prejudice that may become
leep-rooted and widespread, and imperil the
RATIONAL credit.
The feasibility of making our currency cor
espOnd with the constitutional standard may be
cen by reference to a few facts derived from our
statistics.
The production of precious metals in the
} nited States from 1919 to 1867, inclusive, a
mounted to S579, 900; from 1858 to 1862 inclusive
o S137, 500 600; and from 1860 to 1867, inclusive
O S457, 500, 000-making the grand aggregate of
produce since 1S49, 81 ~, 0O0,O 600. The amount
If specie coined from 1S49 to 1857, inclusive, was
400 OOO,OOO from 1858 to 1860, inclusive, s125,-
OO, 600; aud from 1861 to 1867, inclusive, $780,
700, OOO-making the total coinage since 1849
1874, 10000 From 1919 to 1857, inclusive, the
let exports Of specie amounted to S271 000, 600;
rom 1858 to 1860, inclusive, to S14S, 900 000 and
rom 1861 to 1867, inclusive, 1922, 600 0O0-malS-
ng the aggregate of net exports since 1S49,
;741 100000. These figures show an excess of
product over net exports of S433, 600, 900. There
re in the Treasury Sill, 000, 900 in coin, some
hing more than $40 0OO, 900 in circulation on the
Pacific Coast, and few millions in the National
md other banks-in all about $3.50, 0O0, 900. This,
however, taking into account the specie in the
country prior to 1S49, leaves more than three
hundred millions of dollars which have not been
accounted for by expectation, and therefore may
rel remain in the country.
These are important facts, and show how COM
,letely the inferior currency will supersede the
,etter, forcing it from circulation among the
masses, and causing it to be exported as a mere
rticle of trade, to add to the money capital of
oreign lands They show the necessity of retir-
ng our paper money, that the return of gold and
liver to the avenues of trade may be invited and