Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1867-12-14

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is IN iate me- constitution ~ onf guide
salh IN me path marked ont ~ ihe found
~ " me- feIubiie, aud hhey NE rules mals
saefed w ne oiissf'ante NJ onf Ffeai ~.
dfrraauIa
1be present condition u ouf finances and
eifoulsiihg msdin n " ane 10 which your
tafly oohsldefsilon IL lntiled, The pro.
puflion which The eurfIney ~ any oouniry
should beat 10 The whole value VI ahnual
produce circulated by NJ means, lisa ques.
ton upon witch political economists have
not agreed nor can " bo controlled by leg
islutiun, bat n must he loft N the laws
which everywhere regulate commerce aud
trade. The circulating medium will ever
How IN those points where II Is Ia greatest
demand. The law Of demand and supply
Is Ms unerring rs that which regulates the
tides ~ the ocean aud, indeed, currency,
like The tides, has It's Gibbs aud flows through
on the commercial world. A. the begin
ming Of the rebellion the bank note oirou-
latiOn Of the country amounted To not much
more Than two hundred million Of dollars,
Now the circulation Of national bank notes,
aud those known rs legal tenders, Is nearly
seven hundred millio While II Is urged
by some that this amount should be in
creased, others contend that decided reduc'
ton is absolutely essential 10 the best in-
teresls OF the country.
In view OF those diverse opinions, IL may
DO we'll TO ascertain the real value OF our
paper issues, when compared with metallic
or converted currency for this purpose, let
us inquire how much gold aud silver, could
be purchased by the seven hundred millions
OF paper money now in circulation, Proba-
bly, not more than half the amount Of Tie
latter, showing that when our paper cur
rency is compared 10 the gold and silver, its
commercial value is compressed into three
hundred and fifty millions. This striking
fact makes II the obvious duty Of Govern
men., MS early rs may be consistent with
the principles of sound political economy,
TO take such measures MS will enable the
holder Of its notes and those of national
banks to convert them without loss into
specie, or it's equivalent. A reduction of
our paper and 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
making legal tender and bank notes CON
vertible into coin or its equiv alent, their
present specie value in the hands of their
holders would be enhanced one hundred
por cent.
Lepislation for occotnb,;sl ;nu A rrsult 40
des;roh,e Ia demanded bv ,ho h;rbost nub-
liz cons;Jor.lions' The constitution CON
~. A.. A.. ,;,.u,o,;nn n,od;,m of
Tho conntrv sb n ho nn;form IN ouol;tv and
yaIro n, 40 Tina Of Tho formo,;on of that
;ns,r,mon, The countrv had ms, EMERGED
rror, a ,,or ~ ro,oIu,;or ,nd wos suffor.
inc from the effects of n REDUNDANT and
wor,bIe.s noner c,rroncr Tho snces a;
Tim, neriod were nn.,ons 10 nro,oct ,ho;r
nosier;Iv from tbe avis wh;oh ,hsv than.
soI,as Loa .vnor;a,ai. honoo In rrov;d;n,
n c;rcnIst;na n, ed;rm ,bov conrorred mon
Connress The nowar ~ o,;n n,nnoy and ror.
,,io,e ,he raIne ,hareof -, Tho soma ,;me
uroh;h;,;,n ,Lo Sto,.. So, noL;no am.
hin, Int ooj,l n nd siivar a ,oooi ,ondor /,
nav5snt oS deh,. Tha onomoions cond;.
Inn ~ o,r countrv ia in .triEin contrast
iii ,to, t,b;ch ,vos or;.,naiI, je.;nnod
Onr circ,.,at;on now emSroces Srst notes
ss..,... Il hanks which n ro made receivo.
y, ""''o" ~ dnos - a. E.r.sss, sssi'.s
ole Tor ai' uues w '"' "o'ern"eh'' eAoiuu'
ing imports, ana by all its creditors, ex-
cepting IN payment OF interest upon It's
ponds ana the securities themselves; second
legal tender notes, issued by the Uni'ed
states, anu which inc Ia" requires shaii DC
rec iVed as well In payment oil all deots
between citiHens as OF Government dues
excepting imports; ana lhird, gold ana Sill
yer com.
by the operation OF the present system
OF finance, however, metallic currency
when collected, is reserved only for one
class Of Government creditors, VINO, mold
ing its bon DIS, semi anInni!y receive their
interest in coin from the National Ire'su-
ry. They are thus made to occupy an in
vidious position, which may be used to
strengthen the arguments of those who
would bring into disrepute the obligations
of the nation.
In the payment of oil its debts, the plight
Ell 1altn OF the uoVernmentshouluOe lnVlo-
| lably maintained, but while it acts with f.
del;tv toword tho bondbolder who looned
'J Wy 'ne'
MS money that the integrity OF the Ohioh
might be preserved it should ut the same
time observe uood fifth with the masses of
", a.
inc people VINO, haNihB rescueu 'he Onioh
from the perils of rebellion, now bear the
h,rdor, NJ toxo,;on ,bot tho Governmant
- 90, =. Wv .
may pe aoie 10 iuihii its engneeh'eh's'
There is no reason which will be accepted
as satisfactory by the people why those who
dofend ns on Tho land and nro,ect mo an tho
u'ie"" w. "" Wv ' o Pioee' 10 " ~
| sea, pensioners upon the gratitude OF the
nation, bearing scars and wounds received
wh;lo IN Ito sory;co tho n,,hl;o s,r,o,ts in
"h.o i" ITO 'ei 'no Puu''0 ''i' ""'o ="
various departments OF the government, the
farmer who supplies the soldiers of the ar
INV and tho eoiiors of tho noyy tho african
ny GU. my SAW y. w. ""'1, w
VINO Tolls IN the nations workshops, me-
chanics and laborers who build editces,
and construct its forts md vessels of war
aLs,,IS =. . 20 IL, 49,, Laui
shou'u' ~ pay"eh: VI 'neir JUST ahu h"ru
earned dues, receive deprecated paper,
while another class their countrymen. no
,,oro dn.or,;nn 81 ro;a i, Co., Ill nj
nuie ueooi 'ine, aie P"iu III eoin' Boiu apu
silver. Equal ana exact justice requires
that all the creditors of the government
L.,,a l.. Iii l.; ,,rrou,,, .o.sor.I,,,
shouiu oe Paiu III ou'iehoy possessing
uniform value.
Th;, cor o,,v bc accommodated nv t,o ro,tor,,io,
NJ currcncv IN Tho standard established nv tbe con-
stitnt;on' and NV iris means we conId romove al.
tion ybich NAV ifit has not a,rcadv done AZ
oraa,a n nra;udica that NAV hocoma das1 rooteJ
u,dosnroad and ;mnor;i ,Io n.tiono, cradle TLo
Te.sihiiitv or maxi, pnr currancv correspond with
Tho con I'd m.y l.. sean nv rorenca
70 fey S,cts deriyed from mr. commercia .,atistics
~" nroi~c.;on Of nrnc;on. na,aia IN ,hs Mni,.d
STATES rom isaS ~ iss7 ;ncInsiye manntsd IN
ssso 0o ooo. from, Is5s IN Isco inrins;ya 70 sIaT
80 900 ana from 1881 TO 1861 ineIusiye tn s457