Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-12-04

requires that all creditors Of the govern
usnt should be paid in currency possessing
. uniform value. This can only Dc accom-
piisbed BY the restoration Of the currt ncy
to the standard established By the Cons /
tuition, and by this means we would remove
dlscrimpa,ipn which may, II it has not
already done SO, create 50 great prejudice
rs to become deep-rooted and widespread,
and imperil the national credit. The feast
tiliiy Of making our currency correspond
with the constitutional standard may be
seen BY rsiereace 10 q tew facts derived
ON our ccm nercial statistics. The pro-
daetion OF precious metals IN the United
States, from isia to 1857 inclusive, amount
cd to S5.y, 00O,cu0; from 1865 to 1860 in
elusive, to el3s 200. 0O0 and from 1891 10
1867 inclusive. to $154, 5Ul,00o, making n
&l,l74,cOo,Ou0. The amount Of specie
t43S. 0o0, 900 from 1858 TO 1860, inclusive,
fl2o 100000; and from 1861 to 1867, in
elusive, $4,000, 900; making total coin
age since lS49 Of $S74, 900. From lSi9
TO 1857, inclusive, the net exports or srece
amounted to $271 100000; from 1868 10
1860, inclusive. TO ti4s, 600, 900; and from
1861 to 1867, inclusive, to <S22. 000, 900 /;
making . total aggregate Of net exports
since lsi9 Of t7i1 200. 900. These figures
show an excess Of product over net export
OF S433. 100000. There are in the Treas
ury $l1l, 100000 in coin, something
more than $iO,00o,00o in circulation on
the Pacific coast, and a few millions
in the National and other banks.
in all about slGo. 100000. This. however,
taking into account the specie in the coun-
try 10 1864 leaves more than 100000
900 not accounted for by expectation, and
therefore msy vet remain in the country.
These are important facts, and show com
pletly how An inferior currency will super
cede q better, forcing it from circulation
among tie masses. and causing it to be ex-
ported as mere article Of trade to add
money capital to foreign lands. They show
the necessity Of relieving our pspar money !;
that me return Of gold and silver TO the av-
enues Of trade may be invited aud demand
cveated which will cause reaction al home
Of at least Of SO much Of the productions Of
our rich and inexhaustibe gold-bearing
fields AS may be sufficient Tor the purpose
Of circulation. 1t is unreasonable to expect
. return to . sound currency SO long as the
Government by continuing to issue ire
deemable notes fills the channels Of circu-
lation with deprecated paper. Nothwith-
standing the coinage by our mints since
lS49 of ci BIT hundred and seventy four
millions Of dollars, the people are now
strangers TO currency which was designed
for their use and benefit, and specimens of
precious metals bearing the national device
are seldom seen except when produced to
crafty the interest excited by their novel
~ the permanent currency Of the country,
and all our coin is to become . mere article
OF traffic and speculation to the enhance
rnent in force Of all that is Indispensable to
the comfort of the people, it would be wise
economy to abolish our minis, 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 when the Government and Nation
al Banks should be required to take the
most efficient steps and make oil necessary
arrangements Tor . resumption Of specie
payments 1t the earliest practicable period
Specie payments having been once resumed,
and bank and all other notes or bills OF pa
per issued by either, Of less denomination
than twenty dollars, should by law be ex-
cluded from circulation, so that the people
may have the benefit aud convenience Of q
gold and silver currency which in all other
business transactions will be uniform in
value At home and abroad. Every man Of
property or industry every man who de-
sirss to preserve what he honestly possess
es, or to obtain what he can honestly earn
has 4 direct interest in maintaining . safe
circulating medium, such medium as shall
be real and substantial, not liable to vibrats
with opinions, not subject to be blown up
or down by the breath OF speculation, but
to be m ade stable and secure. A disordered
currency is one of the greatest political
evils. 1t undermines the Treasury for sup
port Of the s. cial system, and encourages
propcnsites destructive Of it's happiness,
it was against industry, frugality and econ
omy, and i. fosters the evil spirit Of extra
vsgance and speculation. 1t has been as
serted BY one ofour profound and most gif
ted statesmen that Of oil contyivances for
cheating clssses Of mankind, none has ever
been:more eHectual than tina, which deludes
them with paper money. This is the most
etfcetual Of inventions u ferlilize rich men .
Ordinary tyranny, oppression. excessive
taxation these bear light on the happiness
ofthe masses OF the community compared
with fraudulent currency, and robberies
committed by deprec s;ed paper. Our own
history is recorded for our instruction.
Enough aud M re than enough Of a demon
alizating tendency. injustice and intolera-
BILE oppression on the virtuous and.well dis
posed Of a degraded paper currency author
lied by law, or in any way countenanced
by government. tits one ofthc most sue
cessfui devices Of times of peace or war,
reyulsions or revolutions, to accomplish
the transfer Of precious metals from the
great mass Of the people into the hands Of
few where they are boarded in secret pla-
ces, or deposited in strong boxes under
bolts and bars, willis the people are left TO
endure all the Inconvenience, sacrifice and
decentralization resulting from the use of
appreciated and worthless paper money.
The condition Of our finances and the OF
Grafton CT our revenue system are set forth
and fully explained in the able and instruc
tive report Of the Secretary of the Treas
Dry. On the Both Of June, 1866, the pub
lie debt amounted to $2,1s3, 425, $40 on the
ottti Vi Juuc I5st ~ WaS
showing reduction during the fiscal year
Of SSl, 226.66l. During the fiscal year
ending June 30th, 1867, the receipts were
$4aO, 6340 l0. and expenditures 1856, 729,-
1873, leaving an available surplus Of $l43,-
904. $50. Il is estimated that rcceipts for
the fiscal year ending June 3Oth, 1867, will
be s4l7, 16l ,92s, and that Of expenditures
will reach the sum Of 4393, 22G, 226. leaving
in the Treasury surplus Of rs. 500 ,7o2. For
the fiscal year ending June 3Oth, 1869, it
is estimated the receipts will amount to
1891 900 900, and that the expenditures
will be 1912, 900 900, showing an excess Of
$9, 900 900 in favor Of the government.
The attention Of Congress is earnestly
invited to the necessity Of thorough re-
vision Of our revenue system Our intern
al revenue laws and import system should
be so adjusted % to bear most heavily on ar
ticlesof luxury leaving the necessaries Of life
as free from taxation a. may be consistent
with the real wants Of the government.
The government e onomicslly administered
taxation would not then fall unduly on the
man OF moderate means, and while none
would be entirely exempt from assessment
all in proportion TO their pecun-
iary abilities would contribute
towards the support Of the State.
A modification Of the internal revenue sys-
TEN BY large reduction in the number Of