The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-12-04

trusted even 10 a Magistrate choscn by
the general suffrage Of the whole peo.
pie, and accountable directly % them
for his acts. II "a undoubtedly liable
70 abuse, and At some periods OF our
history perhAps has been abused. lit
be thought desirable and constitutional
that Il should be 80 limited as TO make
the President merely q common In.
former against other public agents, he
should at least be permitted 10 act In
that capacity before Bone open tribu.
nal, independent OF party politics,
ready to investigate the merits OF every
case, furnished with the meana of tax.
Ing evidence, and bound 10 decide 40.
crdlng to established rules. This would
guarantee the safety OF the accuser
when he acts In good faith, and at the
party. speak OF course with all proper
respect for the present Senate, but II
does not seem TO me that any leglsla-
tive body can he so constituted as 10 In
sure ita ftness for these functions.
Itis not the theory OF this Govern.
ment that public offices are the proper.
ty Of those who hold them. They arc
given merely as q trust for the public
benefit, sometimes for q fixed period,
sometimes during good behavior, but
generally they are liable to be termi.
mated at the pleasure Of tho appointing
power, which represents the collective
majesty aud speaks thewIll OF the peo.
PIE. The forced retention In ofiiee OF a
single dishonest person may work great
injury 10 the public interests. The
danger to the public service comes not
fromthe poWerito remove, bat from the
power to appoint. Therefore it was
that the trainers Of the Constitution
left the power OF removal unrestricted;
while they gave the Senate u right to
reject all appointments which, In its
opinion, were not fit 10 be made. "A
little reflection on this subject will
probably satisfy all who have the good
ot the country at heart that our best
course is 10 take the Constitution for
our guide, walk in the path marked out
by the founders Of the Republic, and
obey the rules made sacred by the OBJ.
servauce OF our great pred decessors. n
The present condition Of our finances
and circulating medium IL one 10 which
Your early consideration Is invited.
The proportion which the currency OF
any country should bear TO the whole
yalne Of the annual produce circulated
by It's means Is question upon which
political economists have not agreed,
Nor can II be controlled by legislation,
bnt must be left TO the irrevocabIe laws
which everywhere regulate commerce
and trade. The circulating medium
will ever irresistibly flow 10 those points
where II is In greatest demand. The
law OF demand and supply is us unerr.
ing rs that which regulates the tides Of
the ocean; and indeed currency, like
the tides, has Its ebbs and flows
throughout the commercial world.
At the beginning of the rebellion the
bank.note circulation OF the country
amounted TO not much more than two
hundred millions OF dollars; now the
circulation OF National Bank notes and
those known as illegal tenderHn is near
ly seven hundred millions. While II is
urged by some that this amount should
be increased, others cou tend that n de-
clded reduction II absolutely essential
to the best interests Of the country. In
view Of these diverse opinions, it may
be well to ascertain the real value OF
our paper issues, when compared with
Il metallic or convertible CURRENCY. For
this purpose, let us inquire how much
gold and silver could be purchased by
the seven hundred millions OF paper
money now In circulation? Probably
not more than half the amount or the
latter-shOwing that when our paper
currency IL compared with gold and
silver, its commercial value Ia COM
pressed 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,
10 take such measures US will enable
the holder OF Its notes and those OF the
National Banks to convert them, with
out loss, into specie or It's equivalent.
A reduction OF our paper circulating
medium need not necessarily follow.
This, however, would depend upon the
law OF demand and supply, though it
should be borne In mind that by max
ing legal tender and bank noles con-
verttble into coin or Its equivalent,
their present specie value In the hands
OF their holders would be enhanced one
hundred per cent.
Legislation tor the accomplishment
OF II result so desirable Is dema nded by
the highest public considerations. The
Constitution contemplateS that the cir.
culating medium OF the country shall
be uniform in quality and value. At
the time OF the formation OF that in.
strument, the coantry had lust en-
erged from the War OF the Revolution,
and was suffering from the effects OF
redundant aud WORTHLESS paper curren.
cy. The sageS OF that period were anx.
IN hat an III KkAn
evils which they themselves had expe.
rienced. Hence, In providing circu-
lating medium, they conferred upon
Congress the power TO coin money and
regulate the value thereof, at the same
time prohibiting the States from max.
ing anything but gold aud silver ten
der In payment OF debts. Ut.
The anomalous condition OF our cur
renuy Is In striking contrast with that
which was originally designed. Our
circulation now embraces, first, notes OF
the National Banks, which are made
receivable for all dues 10 the Govern.
ment, excluding imposts, and by all It's
creditors, excepting In payment OF in-
terest upon Its bonds and the securities
themselves; second, legal tender notes,
issued by The United States, and which
the law requires shall be received rs we'll
In pay Of all debts between citizens
as OF all Government dues, excepting
imposIS; aud, third, gold and silver
coin. BY the operation OF our present
system of tiuance, however, tho metal.
lic currency, when collected, Is reserv-
ed Uuly for one class OF Government
creditors. who, holding its bonds, semi
annually receive their interest In coin
from tho National Treasury. They are
thus made to occupy an invidious po.
SltiOn, which may he used TO strength.
en- the arguments OF those who would
bring into disrepute the obligations OF
the nation. In the payment OF all It's
debts, the plighted faith OF the Govern.
ment should be iuviolably maintained
But while II acts with fidelity toward
the bOndhOlder who loaued his money
that tho integrity OF the Union might
be preserved, II should atthe same time
ObservsBoOd faith with the great masses
0f the people, who, having rescued the
Union from the perlls OF rebellion, now
bear the burdens OF taxation, that the
Government may be able 10 fultill Its
engagements. There Is no reason
which will be accepted az satisfactory
by tho people, why those who defend
uS on the land aud Protect us on the
sea- the pensloner upon the gratitude
of tho nation, bearing the scars and
wounds received while In Its service;
the public servants In the various De.
ma Ftfnaula Of tho InvnHnONant. tha