The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1867-12-12

made sacred by observance, Ut our great
pretsceESors
The present condition Of our finances
ard circulating medium Is enc 10 which
your early consideration is invited. The
proportion which the currency Of any
country should bear to the hole value OF
the ANIMAL produce circulated by lis means
is question upon which political econ
omisys bave not agreed nor car it be
Controlled by legislation, but must be left
to irrevucable laws watch eTcrya'here reg
ulate coinFnercs aud trade. The circuias>
ipg medium will ever irresistibiy flow TO
those points where il IS III greatest demand.
The law OF demand and supply is as uner-
ring az that which regulates the tides Of
TIE ocean, sud indeed tie currency. ike
the tide, has its ebbs and flows through
GU: the commercial world. Al the begin
ming of the rebellion, the bank note circu>
latiUn of the country amounted to not
much more than two hundred millions Of
dollars. Nov the circulation of National
bank notes ard those known as legai ten
ders, is nearly seven hundred millions,
while ii is LrgoG by some .hat this RmSuu ut
should be increased. Others contend That
decided reduction is absolutely essential
TO the best interests of the country. In
view of these diverse opinions, il may be
well 20 ascertain the real value OF our pa
per Issues, when compared with metallic
inconvertible currency. For this purpose
we inquire how much gold and silver
could be purchased by seven hundred
millions of paper money now in circula
tion. Probably not more than half the
amour, of the latter, she wing that when our
paper Currency is compared with gold and
silver, its commercial value is compressed
into three hundred and fiiiy millions -
fhis striking fact makes il the obvious
duty of the Government as early as may
be consistent with the principles Of sound
political economy 10 take such measures
as will enable holders Of It's notes and those
OF National banks 10 Convert them wIth>
out loss into specie or lis equivalent. A
reduction of our paper circulating 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 an
the hands Of their holders wo1ld be en-
HANGED one hundred per cent. The legls-
latiun for the accomplishment of result
50 desirable, IS demanded by the highest
public considerations TIE constitution
coniemplates 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,
end was sofering from the effects Of a re-
dundant and worthless paper currency.
The sages Of that period were anxious TO
protect their posteriiy from evils which
they themselves had experienced, hence,
in proviling circulating medium, they
conferred upon Congress the power 70
coin nnn,y and regulate the value thereof,
- ,he same time prohibiting the States
fron1 eIakins anything bot geld and -ilve-
q tender IN the payment Of dsbfs.
Gre anomalous condition our cure pcy
il now IN, is striking cQntrs4st with that
vhich was originally designed Our cir
c9..ii,n now embraces,
FIRST. Eores Of National banks which
are made receivable for all dues to the
government, excluding imports. and by all
ita cre3,tors, excepting in payment Of in-
tores. upon It's bonds aud securities them
se,Ies.
Second. Legal tender notes issued By
tue United STATES, which the law re-
onires shah BE- received ss vel IN pay fnenl
Cf az dstts bstween citizens as Of aI gov
ernG'eal dies, excepting iinposts ana
Third. Gold aud silver coin. BY the
operation of cur present system OF finance,
ho wever, metallic currency, when collect
ed, is reserved only for one class of govern
rneut creditors, who, holding IT'S bonds.
Eemiaannally receive their interest in coin
from thu national treasury. They are
thus made to occupy an inTidious position,
which may be used to strengthen the a.gu-
mems Of t.ose who would bring into dis
repute the Obligations of the nation in The
payment OF all its deb's.
The p'igh'ei faith OF he government
should be i..iably maintained bur while
II acts With fidelity toward the bondholder,
VINO loaned his money that the integrity
OF tue Union might be preserved. ii should
at the same Time observe good faith with
the great masses of the people who, hav-
ing rescued the Union from the perils Of
rebellion, now bear the burdens of taxa
ton that the Government may be able TO
fulfill It's engagements. There is no rea-
son which Will be accepted as satisfactory
by the people, why those who defend us
on land and protect on sea /; pensioners
upon the gratitude of the nation, bearing
scarS and wounds received in its service
puhiic servants III the various deoartmenis
ot the Government, farmers who supply
the soldiers of he army and The sailors
OF lke navy; artisans who toll in the ma
iIon's ~orS shops mechanics and laborers
who build is e3ifces aud construct it's
forts and vessels, should, ia payment of
their just and hard earned dues. receive