Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1867-12-07


requires shall be received as well in paw
mont OF all debts between citizens as of
all government dues excepting in,perts
and,
Third-GoM and Silver coin. By the
operation of our present system of IL
nance, however, metallic currency, when
collected, is-rescrved only for one class
OF government creditors, who, holding
f1ts'bonds, seini-aBnwally receive their in-
terest IN soin from the National Treasury
hey are TINS made to occupy an invid-
ious position, which may be used to
strengthen the arguments of those who
would bring into disrepute the obliga-
tiOns OF the nation in the payment of its
debts. The plighted faith of the qoy-
ernment should be inviolably maintained.
but while it acts with fidelity tow.ard
the bond holder who loaned his money
that the integrity of the Union might be
preserved, it should at the same time OBJ
serve good faith with the great masses
OF tie people, who, having rescued the
mon IRON the perils of the rebellion,
now bear the burden of taxation that
the government may be able to fulfil its
obligations. There is no reason which
will be accepted as satisfactory by the
people why those who defend us on land
and protect us OH sea, the pensioners
upon the gratitude of the nation, bearing
scars and wounds received while in its
service; the public servants in the vari-
oas departments of the government, the
farmers who supplied the soldiers of the
army and sailors of the navy; the arti-
zans who toll in the nations workshops.
and the mechanics and Iaborers who
build its edltices and construct its forts
ana vessels OF war, should, in payment
OF their hard earned dues, receive depre-
clated paper, while anothar class-their
countrymen-nO more deserving. are maid
i'll coined gold and silver. EQUAL and
exact justice requires that all creditors
ofthe Government should be paid in a
currency possessing uniform Value
This can only be accomplished By the
restoration Of the currency to the stand
ard established by the Constitution. and
by this means we would remove dis
elimination which may, if it has not
already done so, create a predujice that
may become deep rooted and vide
spread and imperil the national credit.
The feasibility of making our currency
correspond With the Constitutional stand
ar'! may be seen by reference to few
facts derived from our commercial stafis-
tics. The production of the precious
metals i'll the Cnited States from Is49 to
1857 inclusive, amounted to S579,OOO,-
600; from 1858 to 1850, inclpsive, TO
Sl37, ,5C9,9 900, and ftom 1861 10 1867, III
elusive, to S457, 100000, making grand
aggregate of the products since IS49,
OF ,l74 100000, Tie amount of specie
coined from 1910 to 1857, inclusive, was
439,Oo0,000; from 1853 20 1860, inclu-
-sIve, Sl26.O00,000; and from 1861 to
1867, inclusive, 3IO,O00,00O. making a
total since TS4S of 1914 900, 900. From
f849 to 1865, inclusive, the net expoi ts
OF specie amounted to S27l 900, 900; 1858
to 1860, inclusive, to Si48, 800, and
and from 1861 to 1867, inclusive, 332,-
100000, making total aggregate of net
exports since 1913 of S74f, ,0O0, ,OOO.-
These figures show an excess of product
over net exports of S424 100000 There
are III the Treasury $II1,OOO,OOO in coin
something more than $4,000, 900 in circu-
latiOn on the Pacific coast, and few
millions in the National and other banks
in all about $3.50, 100000 This however,
taking into account the specie in the
country prior to 1910, leaves more than
$300,000,000 which hive not been :
counted for by expectation, and the E.
fore may yet remain iii the country. These
are important facts to show how COM
pletel Y inferior currency will supercede
the better, forcing it from circulat OF
among the masses, and causing it to be
exported rs mere article of trade, to
add to money capital in foreign lands.
They show the necessity of retiring cur
paper money, that the return of gold al d
silver to the avenues of trade may be
invited, and a demand which will cause
4 retention at home at least of so much of
the productions of oEr rich and unex-
haustable gold bearing field as may bc
sufficient for the purpose of circulation,
1t is unreasonable to expect sound cur
rencv so long rs the Government, by
to issue irredeemable notes
fills the channels of circulation with de-
prcciatcd paper. Notwithstanding the
coinage by our mints since IS49 of SS74,-
100000, the people are now strangers to
i currency which Was disigned for their
use and benefit and specimens of the
precious metals bVsring national devices
are seldom seen, except wheu prOdReed
to crafty the interest excited by their
novelty. If deprecated paper is to be
continued as the permanent currency Of
the country, ard all our coin is to be-
come mere article of traffic and specu-
lion to the enhancement in price of ali
hat is indispensable to he comfort of
he peobIe, it would be wise economy to
.bolish our mints, thus saving the na-
ion the care and expense incident to
,uch establishments and let all our pre-
'iOus metals be exported in bullion.
The time has come, however, when
he Government and banks should be re-
luired to take the most efficient steps
md make all necessary arrangements tor
resumption of specie payment at the. :
arliest practicable period. Specie pay
nent having once been resumed by the
Government and banks all notes or bills; i
# paper issued by either of a less denom-
nation than twentw dollars, should by
aw be excluded from circulation, so that
he people may have the benefit and