Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-12-03

Dub al fuet men VIII al Hllt u at the president
ought TO be entirely relieved from such re.
sponsioility, n he cannot meet it sy resson OF
restrictions placed by law upon his sc ion.
The unrestricted power OF removal from o.
Magistrate chosen by ihe general suffrage OF
the whcle people, and accountable directly o
them Tor his acts IL ls undoubtedly iiahl- }
sonse, snd az some periods Of our history per
hsps has been abused. II il be thought desIr-
able and constitu aopal thai IL should Ne 80
Limited as 20 make ine President merely a
common informer against other pueic agents,
teshoold a. least o- permitted 20 act IN thai
cap acity before some open tribunal, ndepen .
dent Of party politics, ready 10 investigat. 70 q
meris OF every case, furnished with tbs
means 81 taking evidence, ano bound 70 de-
eide acco1 ding 10 established rules This
would guarantee the safety OF uhe accusar
when he acts in good faIis. and a. the SANE
tine securetse rights OF Ihs ot1er parry +
press NJ Senate. but IL does not seem 20 ne that
any legislative BODY can be consiitutec a =
70 insure Its fitness for these functions.
IL 10 mo- The ibeoGy Of this Government tha.
pubhs Cffices are the property OF those VINO
hold Them They are gwen merely as q trusr
for the public benefit, sometimes for d flxs1
period, sometimes during good behavior. bu.
generally they are liable 10 De terminated a.
tne pleas ure OF The appointng power. which
represents the collective ms,ssty aud speaks
the Will OF The people. Tn forced retention
in oflce OF pgle Ishonest per SON may work
great injury 20 the public interests The
danger 10 the public service comes no. from
the power 10 remove, out from the power to
appoiDt. Therefore IL was that the trainers of
the Constitution left the power OF removal nm
restricted. while they gave the Sen ate a right
10 REJECT all appoint ments which. in It's optn-
ion, were not fit 10 be made. A little refiee-
ton on this subject will probably satisfy all
" no have the good Of the country az heart n al
our best course 10 TO take the Constitution for
our guide, walk IN the path marked out by the
founders or the Republic, and obev the rules
made sacred by The Observance Of our erea,
predecessors.
The present condition OF our finances and
circulating medium is one 70 which your early
&c ne psiderauon rs IN viied.
The proportion which the currency OF any
country should bear 10 the whole value OF the
annual produce circulated by its means is a
question upon which political economists
have not agreed Nor can il be controlled by
legislation, bat must be left 10 the Irrevocabie
laws which everywhere regulate commerce
and trade The cirC u1ating medium will ever
irresistibiy flow TO those points where It is in
greatest demand. The law OF demand and
supply is as unerring as that which regulates
the tides OF the ocean; ana indeed currency
hEe the ndes, has its eoes and flows through
ont the commercial world.
At The beginning Of the rebellion the bank
note circulation OF the country amounted 20
not much more than two hundred millions of
dollars; now the circulation Of National Bank
aoiee and those known as illegal tenders" is
nearly seven hundred millions While il is
urged by some that this amount should be in
creased. others cont nd that decided reduc-
ton is absolutely essential TO the best Interests
OF the country. In view OF these diverse opin-
ions, II may be well TO ascertain the real yaiue
Oh onr paper issues, when compared with a
metallic or convertible currency. For this
puJpose let us inquire how much gold and
silver could be purchased by the seven hum
dred millions Of paper money now in circula
ton! Probably not more than half the
amount OF The iatter-showing that when our
paper currency is compared with 20 d and
silver, ITS commercial value is compressed I'M to
three hundred and fifty millions. This strtk-
hnf nf, q
trnlnent, as early as may be consistent with
the principles Of sound Political economy, to
take such measures as will enable the holder
OF its notes and those of the National Banks
10 convert them, without loss, into specie or It's
equivalent A reduction OF our paper clrcul
ting medium need not necessarily follow. This,
mand and supply, though IL should be borne
IN mind that by making legal tender ana bank
notes convertible INTO coin or its equivalent,
their present specie value In the hands OF their
holders would be enhanced one hundred DER
cent.
Legislation for the Accomplishment Of a re.
srIt so desirable is demanded by the highest
public considerations. The Constitution CON
templates that the circulating medium OF the
country snail be uniform In quality and val
ue. AT the time Of the formation OF tn It nstru-
ment, the country had just emerged from the
War of the Revolution. and was suffering from
the effects OF a redundant and worthless paper
currency. The sages OF that period were anx.
ious 10 protect their po sterity from the evils
Hence, in providing circulating medium,
they conferred upon Congress the power TO
coin money and regulate the value thereof at
the same time prohibiting the States from
making anything but gold and silver a tender
IN payne of debts.
The anomalous condition OF our currency Is
in striking contrast with that which was
originally designed. Our circ culation no " EN-.
braces, first, notes of the National Banks
" which are made receivable for ali dues to the
Government, excluding imposts, and by all
tfS NftlRS
upon its bonds and the securities themselves:
second, legal-tender nots, issued by the
United States. snd which the law requires
shaii be received as well In payment Of all
debts between citizens as of all Governments
dues, excepting imposts; and, third, gold and
silver coin. By the operation OF our present
system OF finance, however, The metallic cur
rency, when collected, is reserved only for one
class OF government creditors, who, holding
its bonds semi-annually receive their interest
IN coin from the national Treasury. They are
thus made 10 occupy an iuvidious position,
which may be used to strengthen the argu.
ments OF those who would bring into disre-
pnte the obligations of the nation. In the pay-
msnt OF all its debts, the plighted faith OF the
Government should be inviolably maintained
But while il acts with fidelity toward the
oOndholder " no loaned his money that the in
tesrily OF The Union might be preserved. 1t
should at the same time observe good faith
with the great masses of the people, who.
having Rescued the Ulion from the perils OF
rebellion, now bear the burdens of
mat tne Government bi
able TO fulfil its engagements. There
is TO reason which viii be accepted as satis-
factory BY the people. why those no defend
us on The land and protect us on the SEA; The
pensioner upon the gratitude Of the nation.
bearing the scars and wounds received while
In its service; the public servants IN the yari-
Gus Departments or the Governments; the tar
mer who supplies the soldiers of the army and
the sailors OF the navy; The artisan " no tolls in
The nations workshops, or the mechanics and
laooIers who build It's edif1ces and construct
lis forts and vessels of war-Should, in pay-
ment OF their just and hard earned dues, re-
ceive deprecia,ed paper. while another class
OF their countrymen. NO more deserving, Are
paid in coin OF gold and silver. Equal and
exact justice requires that all the creditors Of
the Government should be paid in a currency
possessing uniform value. This can only be
accomplish he'd by the restoration OF the curren-
cy 10 the standard established by the Con stitu-
ton, and by this means we would remove q
discrimination which may, il 1t has not al.
ready done SO, create a prejudice that NAV be.
come deep rooted and wide spread and i'm.
peril the national credit.
The feasibility Of making our currency cor.
respond with the constitutional standard NAV
be eeen by reference 70 q few facts derived from
our com mercial statistics.
The production OF precious metals in the
United States from 1s49 to 1857, inclusive,
amounted to S579, 100000; from 1858 to 1850, in
elusive, to Sl37.500.OO0 and from 1861 70 1867,
inclusive, to &457. SOC, ,OO0-makipG the Grand
aggregate Of prod uc,e since 1s40 Si,I74,G COO
The amount OF specie coined from lea9 70 1857.
inclusive, was S439, GOO Zoo; from 1858 to 1890
inclusive, S125,O00.0t0; and from 1881 to 1867.