Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1867-12-06


preserved, it should at the same time observe
L good faith with the great masses of the people,
I Who having rescued the Union from the perila
4 of rebellion, now bear the burdens of taxation,
that the Government may be able TO fulfil its en-
lgagements.~ There is no reason which will be
accepted as satisfactory by the people, why those
4. who defend US on the land and protect US on The
sea hepensionsr upon the gratitude of the no.
! ton, bearing the scars and wounds received
1 while in its service; the public servants in the
various Departments of the Government; the
farmer who supplies the soldiers of the army and
the sailors of the navy; the artisan who tolls in
! the nation q workshops, or the mechanics and Ia
borers who build its edfces and construct its
forts and vessels of war-should, in payment Of
their just andShard-earned dues, receive deprs-
| ciated paper, while another class of their coun-
| trymen, no more deserving, are paid in coin Of
gold and silver Equal and exact justice re-
quires that all the creditors of the Government
should be paid in a currency possessing uniforrf
value. This can only be accomplished by the
restoration of the currency to the standard estab
lished by the Co Institution: and by this means
we would remove discrimination which may,
if it has not already done SO, create a prejudice
that may become deep-rooted and widespread,
| and imperilth the national credit. FFsfs .sss-g.
| The feasibility Of making our currency cors
respond with the constitutional Standard may DO
seen by reference to q few facts derived from our
commercial statistics. 49,
The production of precious metals in the emf
! ted States from l849 to 1857, Inclusive amounted
to $579, 600; from 1888 to $780, inclusive,
to $I37 500, COO; and from SCI to 1857, inclu.
sive, to, $457 500, 000--making the grand aggre-
gate of products since ls49 81 ,l74, 600, GOO Tho
amount of specie coined from l849 to 1857, In
elusive, was $439, 600, 900; from 1858 to 1850,
inclusive, Sl25, 900, COO; and from 1861 to 1867
inclusive So o, 900, 0G0-making the total COIN
age since ls49, .$s74, 600, 900. From ls49 to
1851, inclusive, the net exports ofspecie amount.
to san ,0oo, 600; from 1858 to 1860, inclu-
sive, to $l48, 200, 900; and from 1861 to 1867.
F, inclusive, $322, ZOO, o00--making the aggregate
| of net exports since 1S49, $741 200, 900. These
| figures show excess of product over net en-
ports of $433, 100000. There are in the Treasu-
ry Sill 200, GOA in coin, something more than
/ SAC, 900, 900 in circulation on the Pacific Coast
and few millions in the National and other
Banks-in all about $3.50, 600, 900. This, how
ever, taking into account the specie in the coun-
| try prior to 1849 leaves more than three hun
dred millions of dollars which have not been &C
counted for by expectation, and therefore may
yet remain in the country. at f FL -
These are important facts and show how com.
1 pletely the inferior currency will supersede the
better, forcing it from circulation among the
! MASSES, and causing it to be exported as a mere
article of trade, TO add to the money ycspital Of
foreign lands They show the necessity of retir-
ing our paper money, that the return of geld
and demand created which will cause the re-
| tention at home of at leas; so much of the pro-
| auctions of our rich and inexhaustible gold
bearing fields rs may be sufficient for purposes of
circulation. 1t is unreasonable to xpect return
to = sound currency so long as the Government,
by continuing to issue irredeemable notes, fills
| the channels of circulation with deprecated pa
per- Notwithstanding coinage by our minis,
since 849 Of eight hundred aad seventy. four
mil ions OF dollars, the people are now strangers
to the currency which WAS designed for their uae
| and benefit, and specimens of the precious metals
bearing the national device are seldom seen, ex-
cept when produced to crafty the interest sx-
cited by their novelty If deprecated paper is TO
be continued as the permanent currency of the
country, ard all our coin is to become a mere
articie Of traffic and speculation, to the enhance
ment in price of all that is indispensable to the
comfort Of the people, it would be wise economy
to abolish our mnts, thus saving the nation the
care and expense incident to such establishments,
and let all our precious metals be exported in
bullion. The time has come however when tho
! Govern msnt and National Banks should he re-
| CURED to take the most efficient steps and make
| all necessary arrangements for resumption Of
specie payments at the earliest practicable period
| Specie payments having been once resumed by
the Government and banks all notes or bills VI
! paper issued by either of a less denomination
\ than twenty dollars should by law be excluded
from circulation, SO that the people may have the
| benefit and convenience of gold and silver cur.
reney which in. all their business transactions
will be uniform in value at home and abroad.
3" Every man of property or industry, evory
man who.desires to preserve what he honestly
possesses, or to obtain what he can honestly earn
has direct interest in maintaining safe circu-
lating medium-such medium as shall be real
and sub tantial, not liable to vibrate with opn-
ions, not subject to be blown down by the breath
of speculation, but to be made stable and secure.
/ A disordered currency is one of the greatest po-
! litical evils 1t undermines the virtues neces-
sary for the support OF the social aystem and en-
courages propensiiies destructive Of its happiness
it wars against industry, frugality, and economy,
and it Testers The evil spirits Of ex ravagance and
speculation 1t has been asserted by one of our
profound and most gifted statesmen, that ''of all
the contrivances for cheating thelaborlng classes
of mankind, none has been more ehFectual th~a
that which deluaes them with paper money -
This is the most efectual of inventions to fertye
the rich mans fields by the sweat of the poor
| man brow. Ordinary tyranny, oppression ex--
scessive taxation-these bear lightly on the hap
piness of the mass of the community compared
! with fraudulent currency, and the robberits'
I committed by deprecated paper. Our own his
| tory has recorded for our instruction enough,
| and more than enough of the demoraiizng teu-
dency, the injustice, and the intolerable oppres-
sion on the virtuous and will-disposed of de-
| graded paper currency, authorized by law or in
any way ceuntenaneed by Government" II is
one OF the most successful devices, in times Of
peace or war, expansions or revulsons, to a.
complish the transfer of all the precious metals
| from the great mass of the people into the hands
of the few, where they are boarded in secret
places or deposited in strong boxes under bolss
and bars, while the people are lett to endure all
the inconvenience sacrifice and decentralization
resulting from the use Of deprecated and worth
| less paper money. The condition ofour finances
and the operations of our revenue system are set
forth and fully explained in the able and instrue-
| tive report of the Secretary of the Treasury. On
! the seth of June, 1866, the public debt amounted
to So. 1885, 425, s79; on the 3Oth of June last it
was 50, 692, 1919, 215, showing reduction during
the fiscal year of S9l, 226, 664 During the fiscal
year ending June 80, 1857, the receipts were
$500. 634, 0l0 and the expenditures $3l6, 729,-
1919, leayAg an available surplus of $l43, 904 -
$780, 1t is estimated siat the receipts for the As
cal year ending June so, 1858, will be S4l7,lel,-
92s,. and that theexpenditurss will reach the sum
1898, 269, 226, leaving in the Treasury surplus
of $23 S92, 1902. For the fiscal year ending June
80, 1869, it is estimated that the receipts will
amount TO 1881, ZOO, 00O and that the expendi-
lures will be S372 200, 000 showing an excess Of
SO 0G0, 900 in favor of the Government.
The attention OF Congress is earnestly invited
to the necessity of a thorough revision of our
system. Our internal revenue laws and impost
system should be so adjusted as to bear most