, 1867-12-20

repcy possessing uDiform value. This can only
be accomplished by the restoration of the car,
rency to the standard established BY the OonstiS
tuition; and by this means we would remove q
discrimination which may, lift has not already
done SO, create predjudiee that may become
deep rooted aud wide spread and inperil the
national credit.
The feasibility Of making our eurreteF cores
pond with the constitutional standard may be
seen by reference 10 a few facts, derived from
our commercial statistics. TIE projection Of
precious metals 10 the United States. from ls49
to 1857 inclusive, amounted to S57S 900 900;
from 1858 to 1860 inclusive to $I97,5 900;
making the grand aggregate of products since
ls49, 81, ia, 100000. ~
The amount of specie coined from Is49 to, s57
inclusive, was $439 200, 900; from 1885 % 1850
inclusive, $l25,OOO, 900; and from ls6Ifo 1867
inclusive, $3IO. .OOO, 900; making the tcsal coins
age since 1s49, 1914 900 900.
From 1S49 TO 1857 inci iusive,. the net exports
of specie amounted to $27l 900 900; from 1858
to 1860 inclusive, Sl4s, ,OoO, 900; aud from 1851
to 1867 inclusive, 1922, ,OoO, 900; making the ag-
gregate of net exporIs since ls49, STAT, 900 600
These figures show an excess Of product over
net exports Of $433, ,00O,0O
There are in the treasury Sill, 900 900 in coin,
and something more than $40, ,0O0, 600 iu circula,
tion on the Pacific coast, and a few millions in
the national and other banks; in all about Sl60
900, 900. This, however, taking into account
the specie in the country prior to l649, leaves
more than three hundred millions of dollars
which have not been accounted forby exporta>
ton, and therefore may yet remain in the coun-
try.
These are important facts and show how infe-
rior eurrendy will supercede the attet, forcing
il from circulation among the masses and csus>
ing it TO be exported, as u ere article of trade,
to add to the money capital of foreign lands.
They show the necessity of retiring our paper
money, that the return of gold and silver TO the
avenues OF trade may be invited and demand
created which will cause the retention at home
OF at least SO much of the productions of our
rich and inexhaustIble gold bearing fields as
may be sufficient for the purposes of cIrcula~
tion.
l; is unreasonablet0 0eXpect return to a sound
currency, so long AS the Government, by contiu-
uiUg to issue irredeemable notes hilsthe chan
nels of circulation with deprecated paper. Not
wthsiandiug coinage by our miuts siDce lS49
oil S874,0OO, 900, the people are now strangers to
tue currency which was designed for their use
aud benefit, and specimens of precious metals,
bearing the national device, are seldom seen,
except when produced to crafty the interest ex-
cited by their novelty.
If 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 peo.
pie, it would be wise economy TO abolish our
mInts, thus saving the nation the care and ex>
pense incident to such establishments and let all
our precious metals be exported in bullion. The
time has come, however, wnen the government
and national banks should be required to take
efficient steps and make all necessary arrauge>
meuts for Il resumption of specie payments at
the earliest practicable period. Specie pay.
ments having at ouce been resumed by the gov
ernment and the banks, all otes or bills of pa
per issued by either OF 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.
rency, which IN all their business transactions
will be uniform in value, at home aud abroad.
Every man of property or industry, every man
who desires to preserve what he honestly DOS
seSses, or to obtain what be eau honestly earn
has direct interest in maintaining a safe circu.
lating medium, such a medium as shall be real
and substantial; not liable to vibrate with opn>
ions, not subject to be blown up or blown down
BY the breath of speculation, but to be made sta
bic and secure. disordered currency is one
of the greatest of political evils. 1t undcrmines
the virtues necessary for the support of the So
cial system, aud encourages prOpenshies des.
tructIve off happiness. 1t against indus
try, frugallty aud economy, and it fosters the
evil spirits OF extravagance aud speculation.
It has been asserted by one of our profound
and most gifted statesman, that of all the con
trivances Tor cheating the laboring classes OF
mankind, noue has been more etfectual than
that which deudes them with paper money
This is the most effeclual of all inventions to
ferIilize the rich mans fields by the sweat OF
the poor mans brow. Ordinary tyranny, op.
preston aud excessive taxation bear lightly up.
on the happiness OF the mass of the community,
compared with with fraudulent currency and
robberies committed by deprecated paper. Our
own history has recorded for our instruction
enough, and more than enough, of the demor-
aliziug tendency, Injustice and intolerate op>
preston on the VirtuOus and well disposed, of a
degraded paper currency, authorized BY law, or
10 any way countenanced by The government. 1t
is one of the most successful devices, in times
OF peace or war, of expansions or revulsions, TO
accomplish the transfer of all the precious met
ais from the great mass of the people into the
hands of few, where they are boarded in Sc,
cret places, or deposited in strong boxes, under
bolts and bars, while people are left to endure
all the Inconvenience, sacrifice and demoraliza-
tion resulting from the use of deprecated and
WORTHLESS paper money.
The condition of our finances and the opera.
tons OF our revenue system are set forth and
fully explained in the able and instructive re.
| port of the Secretary of the Treasury. % the
3Oth Of June, 1866, the public debt amounted to
S2'7s3 425,879; on the Both of June last it was
81 ,692, 1893 ,2l5; showing reduction during the
fiscal year of $9l, ,226, ,664 During the fiscal
year ending June 80. 1857 the receipts were
$3.50 ,olO, end the expenditures S346, 729,
l29, leaving an available surplus of $l43, ,9O4, :
$50 1t is estimated that the receipts for the
fiscal year ending June 80, 1868, will be SAT-.
l6l,628, and that the expenditures will reach
the sum of $393, ,269 226, leaving in the Treasu>
ury surplus of $23 ,so2, ,7O2. For the fiscal
year ending June 80, 1862 it Is estimated that
the receipts will amour, to 1881, 900 900, and
the expenditures will be $3T2,O 200, 900, showing
an excess of 50, ,OOe, 600 in favor of the Govern
ment.
The attention of Congress is earnestly in
vited to the necessity Of a thorough revision
OF our revenue system. Our internal r4ve
nue. laws and impoSt system should be SO
adjusted as to bear most heavily on articles
ct luxury, leaving the necessares of life as
free from taxation as may be consistent with
the real wants of the governmt mt, economic
ally administered. Taxation would not then
fall unduly on the man of moderate means,
aud while none would be entirely exem ol