The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-12-07
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y INC tSesioiuty OF maktnS our .ctiffeficy
correspond WITH the ooustitnti6nSl ifahS.
ard may be seen by reference TO q. few fScfs;
derived from our commercial statieAtcs,
Ihe production OF preoious metals i'm the
United States from 18z9 to- 1857 fri6lusiyel
amounted to S579, 600, 600, from 1858 10
!SS0, inclusive, to s137s 600, 600; and from
making the grand aggregate OF products
since 1919, 81, I,174, 600 660. The sinount of
specie coined from 1859 to 1857, 5fnclusiye.
was $eS9, ,OOO, ,00O; from 1858 to 1850, inclu.
sive, $l2o,O000O0; and from 1861 to 1867,
inclusive, $40, ,0O0, GOO 00-making the total
1s49 70 1857, inclusive, Che net oxports ~
specie amounted to S271, 900 ,0OC; from 1855
to 1860, inclusive, to S148, ,O00, GOO; and from
1851 to 1867. inciusive, $822, ,O00, 00O--mak-
lng go the, ne aggregate,lof gg net exports since
aoas, Sfat'oOO.o90. These figures show an
excess OF product over net exports lof
S433, ,00O, goo. There are in the Treasury
Sill 900 goo in coin, something more than
SAC, ,O0O, 900 in circulation on the Pacific
coast, and few millions in the national
and other banks-ina all, abont $16O. .OOO, ,OOO.,
speole IN the country prior 70 1s49, leaves
more than $500, ,006, ,06O which have It
been accounted for by eXportat atiou. a a,,d
therefore may Jet remain in the country.
These. are important facts, and show
how completely the inferior currency will
supersede the better, forcing il from cir Sir
oulation among the masses, and causing it
to be exported as a mere; article of. trade.
to add TO the money capital OF foreign
lands. They chow tho necessity of retir-
ing onr paper money that the retrrn Of
may be invited, and q demand created
which will caslse the 5retention at home of
! at least so much of the e.produc ctions of onr
rich and inexhaustible gold-bearing fields
as may he sufficient for purposes of circu-
iation. 1t is unreasonable to expect to re-
turn to sound currency 80 long as the
Government, by continuing to issue ire
deemable notes, fills the channels of circu-
lation with deprecated paper. Notwith-
standing coinage by our mints. since
184s, of 874,000,000, tho people are now
strangers to the currency which was de-
signed for their use and benefit, and speoi-
mems of the precious metals bearing the
national device are seldom seen, except
when produced to crafty the interest ex.
cited by their novelty. II deprecated
paper is to be continued as the permanent
currency OF the country, and all our coin is
to become . mere article of traffic and
speculation, to the enhancement in price
OF all that is Indispensable to the comfort
OF the people, 1t would be wise ECONOMY to
abolish our mints, thus saving the nation
the care and expense incident to such
establishments, and let all our precious
metals be exported in bullion. Thsstime
has come, however, when the.Government
and.national banks should be required 70
| take the most efficient steps, and make all
necessary arrangements for resumption
| OF specie payments ut the earliest prac.
ticabie period. Specie payments having
| been once resumed by the Government
and banks, all notes or bills of paper issued
by either OF o less denominations than san
| should by law be excluded from circuIa.
tion, &c that the people may have the
dement, and convenience Of gold and sill
yer currency, which, in all their business
transactions, will be uniform in value at
home and abroad. ,f,tit s'.l :
every man oflproperty or industry,
| every man who desires TO preserve what
he honestly possesses, or to obtain what
he can honestly earn, has O. direct interest
In MAINTAINING safe circulating Medium
-such o medium as shall be- real and
substantial, not liable to vibrate with
opinions; not subject to be blown up or
blown down by the breath Of speculation.
but to be made stable and secure. A dis.
ordered currency is one OF the greatest
political evils. 1t undermines the virtues
necessary for the support Of the social
system, and encourages propenaities de-
struotiye Of it's hsppiness;i it vars against
industry, frugality and economy, and II
fosters the evil spirits Of extravagance and
speculation" 1t has been asserted by one
OF our profound and most gifted states
cheating the laboring classes of mankind.
none has been more effectual than that
which deludes them with paper money.
This is the most effectual Of inventions to
fertiize the rich mans fields by the sweat
OF the poor name brow. Ordinary tyran-
ny, oppressive, excessive taxation-these
bear lightly on the happiness of the mass
OF the community compared with q fraud
ulent currency, and TIE, robberies com
mitted by depreciated paper. Our own
history has recorded for our instruction
enough, and more than enough, of the
demoralizing tendency, the injustices, and
the lntolerable oppression on the virtuous
and well-disposed OF q degraded paper
currency, authorized by law, or in any wsy
| countenapced by Government" It ia one
OF the most successful devices, in times of
peace or war, expansions or reyulsions.
| to accomplish the trarsfer Of all the pre-
cious metals from the great mass of the
| people into the hands Of the few. where
| they are boarded in secret places, or depos-
| ited in strong boxes, under bolts and bara.
while the people are left to endure all tn @
lnconveniences, sacrifice, and demoraliza-
ton resulting from the use of a depreci-
| ated and worthless paper money.
The condition Of our finances and the
| operations OF our revenue system are set
forth and fully explained in the able and
instructive report Of the Secretary of the
treasury: On the 30th of. June, 1856. the
public debt amounted to 81, ,783, ,425. .879: on
the 3Oth OF June last, it was 81, ,692, 1893. .215
showing reduction during the fiscal
year or S9l ,226, ,664. During the fiscal year
ending June 80, 1867, the receipts were
S390, 634 ,01O, and the expenditures $40
.I9. ~ si29SIleaving a. e an available surplus OF