Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-12-05


may, if it has not already done 80, create
prejudice that may become deep.rooted
and wide spread, and imperil the ma
tional credit
The feasibility Of making our currency
correspond with the constitutional stan.
dard may be seen by reference to a few
facts derived from our commercial
statistics. The production of precious
metals in the United States from 1874
TO 1857, inclusive, amounted to $579,.
100000; from 1858 to 1860, inclusive,
to $l37, 900, 900; and from 1861 to 1867
inclusive, to $457, 500, ,O0O making the
grand aggregate OF products, since l849,
81, l74,000, 900. Amount Of specie coined
from l849 to 1857, inclusive, was $780,
100000; from 1858 to 1860. inclusive,
Sl25, 900, ,000 and from 1861 to 1867,
inclusive, 1910, 1000, 900; making the total
coinage, since lsl9, 1914, 900, 900 From
l949 to 1857, inclusive, the net exports
of specie amounted to $27l, 900, 900;
from 1858 to 1860, inclusive, TO $l48,-
100000; and from 1861 to 1867, inclu-
sivs, $322, 100000; making the aggre-
gate net exports, since lS49, S74l,-
900, 900.
These figures show an excess Of pro-
duct over the net exports Of $433, ,000,-
900. There are in the Treasury SILL
ZOO, 900 IN coin, something more than
$40, 900, 900 in circulation on the Pacific
coast, and few millions in National
and other banks-in all about $780,
100000. This, however, taking into
oooornt enao;a - Tho oountrv prior IN
l849 leaves more than three hundred
Million dollars which have not been
accounted for by expectation, and, there
fore, may yet remain in the country.
If deprecated paper is to be continued
as the permanent currency of the coun-
try, aud all our coin is to become mere
article of traffic and speculation to en-.
hancement in price of all that is indis-
pensable to the comforts of the people,
it would be wise economy to abolish our
mnts, thus saving the nation the care
and expense incident to such establish
ments, and let all our precious metals be
exportedin bullion. The time has come,
however, when the Government and the
national banks should be required to
take most efficient steps and make all
necessary arrangements for the resump-
ton of specie payments at the earliest
practicable period.
1t is unreasonable to expect a return
to sound currency so long as the
Government, by continuing to issue
irredeemable notes, fills the channels of
circulation with deprecated paper.
Notwithstanding the coinage by our
mints since l649 of 1874, 900, 900, people
are now strangers to currency designed
for their use and benefit, and specimens
of the precious metals bearing the ma
tional device are not set down except
when produced to crafty the interest
excited by their novelty.
Specie payments having been once
resumed by the Government and banks,
all notes or bills of paper issued by either
of less denomination than twenty dol
lars, should by law be excluded from
circulation, so that the people may have
the benefit and convenience of q gold
currency, which in all their business
transactions will be uniform in value at
home and abroad. Every man of pro-
lperty or industry; every man who de-
sires to preserve what he honestly pos
sesses, TO obtain what he can honestly
earn, has direct tendency Id maintain
ing safe circulating medium; such a
medium as shall be real and substantial,
not liable to vibrate with opinions, not
subject to be blown up or blown down by
the breath of speculation, but to be made
stable and secure.
These are important facts and show
how completely inferior currency will
supercede better, forcing it from circula'
ton among the masses and causing it to
be exported as a mere article of trade, to
add to the money capital OF foreign lands.
They show the necessity Of retiring our
paper money that a return of gold aud
silver to the avenues of trade may be
Invited and demand created which will
cause the retention at home OF at least 80
much of production.
A disordered currency is one of the
greatest political evils. 1t undermines
virtues necessary for the support of our
social system, aud encourages propensl'
ties destructive of its happiness. 1t
wars against Industry, frugslity and
economy, and it fosters the evil spirit of
extravagance aud speculation. 1t has
been asserted by one of our profound
and most gifted statesmen that of all
contrivances for cheating the laboring
classes of mankind, none has been more
efIectual than that which deludes them
with paper money This is the most
eifectual of inventions to fertilize the
rich mans fields by the sweat of the
poor mans brow.
Ordinary tyranny, oppression, exces-
sive taxatlon-these bear lightly on the
happiness of the masses OF the commu-
nifty compared with fraudulent cur.
rency, and robberies committed by
deprecated paper. Our own history is
recorded for our instruction. Enough
and more than enough of demoraliztng
tendency, injustice and intolerable op--
preston on the virtuous and we'll disposed
of degraded paper currency authorized
by law or in any way countenanced by
the Government
1t is one Of the most successful devices
in times of peace or war or revolutions,
by expansion, TO accomplish the transfer
of 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 un-
der bolts and bars, while people are left
to endure all the inconvenience, sacrifice
and decentralization resulting from the
use of deprecated and worthless paper
money.
The condition of our finances and the
of our revenue system are set
forth and fully explained in the able and
report Of the Secretary of the
Treasury. On the 30th Of june, 1866
the public debt amounted to 81, 1888, 49,
s79: on the 30th Of June last it Was 81
eq2 .2l5. showing a reduction during