Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1867-12-12

4
such measures as will enable theholdei
Of its notes and those OF the National
Banks to convert them, without loss
into specie or its equivalent A re.
duction of our paper circulating me.
dunn need not necessarily follow
This, however, would depend upon
the law of demand and supply, though
II 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 the holders would be enhanced one
hundred per cent.
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 be uniform in quality and value.
At the time Of the formation of tha.
instrument the country had just
emerged from the war of the Revolu-
ton, and was suffering from the effects
of q redundant and worthless paper
currency. The sages of that period
were anxious to protect their pos
terity from the evils which they them
selves had experienced Hence, in
providing 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 3 tender in payment
a Of debts.
The anomalous condition Of our
currency is in striking contrast with
that which was originally designed.
B Our circulation now embraces, first,
notes of the National Banks, which
+ are made receivable for all dues TO the
Government, excluding imposts, and
by all its creditors, accepting in pay
ment of interest upon its bonds and
4 the securities themselves; second legal
4 tender notes, issued by the United
4 States, and which the law requires
4 shall be received as well in payment
Of all debts between citizens as of all
Government dues, excepting imposts;
aid, third, gold and silver coin. BY
the operation ofour present system Of
finance, however, the metallic curren-
cy, when collected, is reserved only
for one class Of Government creditors,
who, holding its bonds, semi-annually
receive their interest in 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 disrepute the obligations of the
nation. In the payments of all its
debts, the plighted faith of the Govern
ment should beinviolably maintained.
But while its acts with fidelity toward
the bondholder 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, have res
cued the Union from the perils of re-
bellion, now bear the burdens of tax
alton, that the Government may be
able to fulfill its engagements. There
is no reason which will be accepted
as satisfactory by the people why
those who defend us on the land and
protect US on the sea the pensioner
upon the gratitude of the nation, bear
ing the scars and wounds received
while in its service; the public SER
wants in the various Departments of
the Government; the farmer who sup
plies the soldier of the army and the
sailor of the navy the artisan who
tolls in the nations workshops, or the
mechanics and laborers who build its
edifces and construct its forts and
vessels of war-should, in payment of
their Just and hard-earned dues, re-
ceive deprecated paper, while another
class of their countrymen, no more
deserving, are paid in coin ofgold and
silver Equal and exact justice re-
quires that all the creditors of the
Government should be paid in a cur
rency possessing uniform value.
This can only be accomplished by the
restoration of the currency to the
standard established by the Constitu-
ton, and by this means we would re-
move discrimination which may, if
it has not already done so, create q
prejudice that may become deep-root-
ed and widespread, and impcril the
national credit.
The feasibility of making our cur.
rency correspond with the constitu-
tiona standard may be seen by refer
ence to q few facts derived from our
commercial statistics.
The production Of precious metals
in the United States from ls49 to
1857, inclusive, amounted TO $780,
100000; and from 1861 to 1867, in
elusive, to si5T 500, ,000-making the
grand aggregate of products since
ls49, 81, ,174 100000. The amount of
specie coined from 1S49 to 1857, in
elusive, was s439,000,0 600; from 1858
to 1860, inclusive, s125,000,000; aud
from 1861 to 1867, inclusive, 1910, ,0O0,-
OO0-making the total coinage since
ls49, 1914, 100000. From 1S49 to
1857, inclusive, the net exports of
specie amounted to s271 100000; from
1858 to 1860, inclusive, to sl4S, 900;
and from 1861 to 1867, inclusive, 1922
600, ,O00-making the aggregate of net
exports since 1s49, s74l 100000. These
figures show an excess of product over
net exports of s433, 100000. There
are in the Treasury sl1l,OO0,0OO in
coin, something more than $40, 100000
in circulation on the Pacific Coast, and
few millions in the National and
other Banks-in all about sl60, O00, 900.