Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1867-12-11

koAAOu anu uuElng good behavlOr-but general
. they are liable to be terminated at the Measure
the appointing power, which represents the cole
i've majority and speaks the will of the people.
Inc forced retention in office of a single disho,
est person may work great injury to the pabl
interests, ana danger to the public service Ev
{ comes not from the power 70 appoint; therefore
was that the trainers of the Constitution Jeff N
power OF removal unrestricted, while thew rave IN
Senate the right to reject all appointments wbjc
IN Its opinion were not ct to be made
a little reflection on this subject will probabl
satisfy All who have the good Of the country d
near that our best course is TO take the Constitu
ton for our guide walk in the path marked ont \,
the founders of the Republic and obey the rule
made sacred by the observance of our great prede
cessors.
The PRESENT CONDITION OF OUR FINANCES AM
CIRCULATING MEDIUM
Is one to which your early consideration Is invi
! sea. Inc proportion which the currency Of any
country should bear to the whole value of the an.
nuai produce circulated by its means is question
! upon which political economists have net agreed
nor can 1t be controlled by legislation bat must he
lett 70 the lrrevocable laws which everywhere req
ulate commerce and trade The circulating n1efiin1
Will ever irresistably flow to those points where Il i,
IN the greatest demand. The law Of demand and
supply is as unerring as that which regulates the
tides OF the ocean; and, indeed currency, like tides
has its Gibbs and flows throughout the Commercial
world AT the beginning of the rebellion the bank
note circulation of the country amounted 70 not
much more than two hundred millions of dollars
Now the circulation of the National Bank notes
nd these known as legai-tendeFs IS nearly seven
hundred millions While it is urged by some that
shis amount should be increased others contend
tnat decided reduction is absolutely essential To
tho best Interests of the country In view If those
dYerseopinlons it may be well TO ascertain the real
value OF our paper issues when compared with a
metallic or convertible currency. For this burmese
let us In0rira how much gold and ai1vor ,o,,15 4
purchased by the seven hundred millions Of paper
money now in circulation? Probably not more
than half the amount of the latter showing that
when our paper currency IS compared with gold
and silver its commercial value is compressed into
three hundred and fifty millions. This striking
fact makes it the obvious duty of the Government
as early as may be consistent with the principles Of
sound political economy, to take such measures as
will enable the holder of these notes and those of
National Banks, 10 convert them without loss into
specie, or its equivalent reduction Of our paper
circulating medium need not necessarily follow
This, however, would depend upon the law of de-
mand and supply though it should be borne in
mind that by making legal tender and bank notes
convertible into coin its equivalent their
present specie value in the hands Of their holders
would DO enhanced one hundred per cent. Legs-
lation for accomplishing result so desirable is de-
manded by the highest public considerations. The
Constitution contemplates that the circulating me-
dunn of the country shall be uniform in quality and
value at the time Of the formation of that instru-
ment the country had just emerged from the war
OF the revolution and was suffering from the effects
OF redundant and worthless paper currency.
The sages Of that period were anxious to protect
their posterty from the evils which they themselves
had experienced. Hence in providing a circula-
ting medium they conferred upon Congress power
to coin money, and regulate the value thereof, at
the same time prohibiting the States from making
anything but gold and silver q tender in payment |
of debts. The anomalous condition of our currency
Is IN striking contrast with that which was orgi-
nally designed. Our circulation now embraces hrst
notes of National Banks which are made receva-
bic for all dues to the Government, including i'm
ports, and by all It's creditors excepting in payment
OF interest upon its bonds and securities themselves
second, legal tender notes issued by the United |
States, and which the law requires shall be received
rs well in payment of all debts between citizens,
as OF all Government dues, excepting the imports
and one-third of the gold and silver.
By the operation of our present system of finance /
however, metallic currency when collected is re-
served only for one class of Government credtors1
who, holding its bonds semi-annually receive their
interest in coin from the National Treasury They |
are thus made to occupy invidious position, |
which may be of use to strengthen the arguments |
OF those who would bring into dsrepute the obi |
cations Of the nation in payment of al its debts
The phghted faith Of the Governments should be IN
violably maintained but while it acts with Adelity
toward the bondhoder who loaned bis 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, having rescued the
Union from the perils Of rebellion, now bear the |
burden of taxation that the Government may be
able to fulfill its engagements.
There is no reason which will be accepted as sat-
isfactory by the people why those who defend us
on the land and protect US on the sea, pensioners
upon the gratitude of the nation bearing and
wounds received while in its service public servants
in the various departments of the Government the
farmers the soldiers of the army and the sailors Of
the navy, the artisans who toll in the nations work
shops, the mechanics and laborers who build its ed
fees and construct its forts and vessels of war,
should, in payment of their just and hard-earned
dues receive deprecated paper, while another class
of their countrymen more deserving, are paid in
coin, gold and silver. Equal and exact justice re-
be paid in cFFeedlite rsof the Government should
This can only be accomplished by TIE Pesaos ss5o
of the currency to the standard established by the
Constitution, and by this means we would remove
q discrimination which may, if it has not already
done So create prejudice that may become deep
rooted and widespread and imperil the national
credit.
The feasibility of making our currency CORE
spond with the constitutional standard may be
by reference TO a few facts derived from our COM
mercial statistics. The production of precious met
ais in the United States from 1871 10 1857 inclusive
amounted to $679, 000, 900; from 1858 to $780, in
elusive, to $4,000 o0O and from 1861 20 1857 in
elusive, to S457 SOC, oOO-making grand aggregate
Of products since Ie4e, of $1,174,0o000O. Amount
of specie coined from fS49 to 1857, inclusive, was
S439Oeo 900; from 1858 to 1860, inclusive, $780,
COO ooO and from 1861 TO 1861 inclusive, 1910 OOo,
600, making the total coinage since ls49 1914, o0O,
600. From 1s49 TO 1857, inclusive, the net exports
of specie amounted to S27l 100000; from 1853 TO
1850 inclusive, 10 Sf4a 600 000 and from 1861 10
1857 inclusive 1922, 900, 000-making the Rggre-
gate net exports since Is4s, Sal 100000.
These figures show an excess of product over the
net exports of s433 600 600 There are in the Trea
sury Sill, 900 in coin, something more than
$4,000 900 in circulation on the Pacific coast, and
few millions in the National and other banks
in all about $3.50, 600, 900 This, however, taking
into account specie in the country prior to 1861,
leaves more than three hundred million dollars,
which have not been accounted for by expectation,
and, therefore, may yet remain IN the country.