The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-12-11

value. At the time Of the formation of !
that instrument. the country had jus, emer |
grd from the war Of the Revolution, and |
wa, suffering from the effects OF a rodnn- |
dant and worthless paper currency. The |
sages of that period were ANXIOUS to pro-
tect their pnsteriiy from the evils which |
they themselves had experienced. Hence.
in providing a circulating medium, they
snn'cr. cd upOn Congress the power 10 coin
mcnry aud regulate the value thereof, at
the sau time prohibi' ing States from max.
ing ANYTHING but gold and silver legal
tn'Aer in payment oi d"bts.
The present annm Slnns condition Of our
currency j. in strikinr contrast to that
which was ORIGINALLY designed. Oar clrcn'
latinn now embracrs. FIRST: Notes Of Ma
tinnql R,rks. which are made receivable for
al dues In the Government, including Inn
posts and by all lis creditors excepting in
pay,rcnt OF interests upon its bonds aud Sc
carities themselves; second, legal tender
nnscs issued ly the United States, and
Eh,cA tn Inv requires shall bH received as
well ia pay reat Of all d 'h,s b tween citizens
a. nf Gnvcrnmrnt DIES excartiug imposts;
and third. gsld and silver coin.
BY the operation OF our present system
Of GraMcc. however, the metallic currency,
when cnlicc ed, is reserved only tor one
rI,ss of Govprnment creditors, who, hold
ing its bonds. semi annually receive their
interest in in from the National Treasury.
They are thus made to occupy an invidious
position. which may be rsed to strengthen
the arguments of those who would bring
into tlisrc pute the obligations of the nation.
In III, payment OF al, its debts the plight
ed taith Of the Government should be invl-
olqhly maintained; but while it acts With
fidelity toward the hondhsller, who loaned
his money that the integrity of the Union
| might be preserved, it should, at the same
time, observe COOL faith with thh groa
masses Of the people, who, having rescued
the Union from the perils of rebellion, now
/ bear the burdens Of taxation. that the Gov
ernment may be able to fulfil its engage
| mPntS.
There is no reason which will be accepted
as satisfactory by the people, why those
who defend MS on land and protect us on
the sen, pensioners on the gratitude OF the
nation, bearing sears and wounds received
while in its service; public servants in the
varions departments of the Government;
the farmer, who supplies the soldiers of the
army and the sailors Of the navy; the ar
tisan who tolls in the nations work shops
mechanics and laborers who build edificcs,
ond construct It's forts and vessels of war
should in payment of their just and hard
earned dues, received deprecated paper,
while another class, thcir ceuntrymen, no
more deserving, arc paid in gold and sill
vcr. .,
Equal and exact justice requires that nll
creditors of the Government should be
| i -, q u IL
ue. This can only be accomplished by a
restoration Of the currency to the standard
established by the Constitution; and by this
which may, if it has not already done so,
create prejudice that may become deep~
rooted, wide spread, and imperll the nation
al credit.
The feasibility of making our currency
correspond with the constitutional standard
may be seen by relcrnce to a few tlcts da>
rived from our commercial statistics.
The production Of precious metals in the
United States, from lS49 to 1851, inclusive,
amounted to $579,000,O00; from 1858 to
1860, inclusive, to $l37, 500 600, and from
1861 to 1867, inclusive, to $457 800, O0)-
making a grand aggregate products, since
l849, Of $l,l74000, 900.
The amount of specie coined from lS49
to 1857, inclusive, was $439 600, O0O from
1853 to 1860 inclusive, $l250O0000, and
from 1861 to 1857, inclusive, $4,000 900,
making total coinage, since 1910, of$S74,-
0)000)
From 1849 to 1857, inclusive, the net cx
ports of specie amounted to s27l 900, 900;
from 1858 to 1850, inclusive, to $l4S, S,0O0.>
600, and from 1861 to 1867, inclusive, to
$322, 900, 900, making the aggregate of net
exports. since lS49, s74l ,000,00 These
figures show an excess Of product over net
exports of $433, 0000,00
There are in the Treasury l11,000,00C
in coin, something more then $40, ,000
in circulation on the PaciGc coast, AMI /
few millions in National and other banks. Ii
all, about $i6o,0O0,000, This however
taking into account the specie in the coun
, try prior to l949, leaves more then $780,,
900, 600 which have not been accounted foy
by expectation, and therefore nay yet re-
) main the conutry
These are important facts and show how
completely an inferour currency will super
sede a better, forcing it from circulation
among the masses, and causing it to be cX'
ported as mere articl Of trada, to add tc
the r'oney capital of foreign lands. They
show thc necessity of retiring our paper
money, that return of gold and silver tt
} the avenues Of trade may be invited, and q
. demand created which will cause the reten
ton at home Of at least so much Of the
product on Of our rich and inexhaustiblG
} go!d>bearlng fields as may be sufficient fol
7 the purposes OFcirculation. 1t is uDreasona
bic to expect return to n sound currency
so long as the Government, by continuing
to issue irredcemable notes, fills the channel
Of circulation with deprecated paper.
Notwithstanding the coinage By our mint,
) since l849, of 1914, 900, the people art
, now strangers to the currency which wa,
designed for their use and benft. Speci
mems of the precious metals, bearing tht
national device, are seldom seen excep
when produced to crafty interest or excite
by their novelty.
If deprecated paper is to be continued
as the permanent currency of the country
and all our coin is to become mere artcl,
ment in price of all that is indispensable t.
the comfort of the people, it would be wis'
. economy to abolish our mints, thus savis.
the nation the care and expense incident t
such establishments, and let all our preciou
metals be exported in bullion.
} The time has come, however, when tn,
Government and the National Banks shoulc
be required to take most efficient steps anc
make all necessary arrangements for re
!, sumption Of specie payments at the earlies
practicable period Specie payments hav
ing been once re9umed, by Government.
!. and banks, all notes or bills of paper issued
by either of less demon ination than TWEEN
ty dollars should by law be excluded from
circulation, so that the people may hav,
the benefit and convenience of gold anc
silver currency. which in all their bushes,
Transactions will be uniform in value al
| ho,,a aud ,I,rooJ E,,ar, MN, of ,,uoso..