The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1867-12-05

erally they ate liable to Be terminal n n
'pie1snre Of the appointing power, vh5ch'
represents the collective wajasy and speal.
The uil Of the people. EQresd retsstsoae IA
AoAaoe ct = single dishonee esoereoa map work,
great injury 10 ths public interestA. Dan
GER OF the public serYice comes not ffen the
power to remove. bat from TN pswer to Ap-
spoiAts Therefore il vas that4hs ftamsfs
sf4hD consultation loft The power Of Fssao-
vi safesticted, while thsy gnvs she senate
the right b reject I'll eappointments which,
in its opinion, were not At TO be madc. A
iittse reAection on this subjsct viii probably
satiSsJ III who have the good Of the country
~ hcxft, that our best course is TO take the
constitution for our guide. walk 10 the path
marked out by the founders Of the repuh
Lie. and obey the rules mada 1aSred By ths
observance Of orr great predecessors.
n 1HEEInANCra. Vi
The present condition of our finances aud
circulating lnclinln H. one tovh1A yor ear
y copSideratioIi1s Invited. The proportion
which the currency Oh any country should
bear to the whole value. of the annual pro-
duce circulated by It's neans il question
upon which political economists have not
agreed, nor can Il be controlled BY .legisla-
ton, but must be left TO the irrevocable laws
which everywhere regulate commerce and
trade. TheciTculatin2 medium. viii ever
irfesistibly Gov TO the points whore it Is 10
the greatest demand The law Of demand
and supply j. - unesring u that which r6k-
ulatei the tides Of the ocean; and, indeed,
currency, like the tidcs has n GIBBS and
flows throughout the commercial world.
Al the beginning of The rshsllion. the
bank note circulation of the country amount
Cd 70 not much more than $500, O00, OOe !;
now, the ciFcuiatioa Of natioAal bank koA0s
and those known AZ legal-tenders is nearly
800, 900, 600 While Il is urged by some
that this amount should be increassd, others
contend that decided reduction Is abso-
lutely essential to the best interests Of the
country In view OF these diverse opinions
it may be we'll to ascertain the real value of
our paper issues when compared with the
metallic Or convertible currency. For this
purpose, let rs inquire how much gold and
silver could be purchased BY the 500, Co.,
900 of paper money now in circulation.
Probably not more than half the amount Of
the latter, showing that, when our paper
currency is compared with gold aud silver,
its commercial value IS compressed into
$685., eO0, 900. This striking fact makes it
the obvious duty Of the government, a. ear
~ as may be consistent with the prin-
ciples Of sound political economy, to take
such measures US will enable the holderS OF
its notes, and those of the national banks,
to convert them without loss into specie or
its equivalent. A reduction Of our paper
circulating medium need not necessarily fol
log this, however, We depend upon the
law Of demand, though it should be born
in mind that, by making legal tenders aud
hank notes convertible into coin oritseauiv-
lent, their present specie value 10 the hands
of their holders would be enhanced one hun
bred per cent. Legislation for accomplish
lug result SO desirable is demanded BY the
highest public considerations. The constr
tuition contempistes that the circulating me
diuin of the country shall be uniform 10
quantity sud value. At the time Of the
| formation Of th.t instrument, the country
had just emerged from the war Of the revo-
luton. and Was Suffering from the effects oil
a redundant and worthless paper currency.
The sages Of that period were anxious to
Ithey themselves had experienced Hssse,
in providing that Integrity oftAe Union
might be preserved, i should, aktAe sane
time, observe good Faith with the great
masses Of the people, who having pre-
served the Union from the perils Of the
| rebellion, now bear the burden of taxa
ton that the government may be able to
fulfh il engagements. Therr y no reason
which will be accepted as satisfactory by
the people, why those who defend us on
landaud protect us on sea; pensioners upon
the gratitude Of the nation, bearing the
SCARS Of wounds received while in its ser
wee; public servants in the various depart
ments of the government; the farmer vht
supplies the soldiers Of tho army and the
sailors II The NY, tho ArtiSAn Mo TOLL
In the nstiou's workshop; the mechanics
and laborers who build its edifces and con
struct IT. forts and vesscls4H- wan, shoah
in payment Of their Just and hard earned
dues, receive deprecated paper while an
'oshen class Of their ooahtry,neh, no more
deserving, are paid in eeip,-gold and sit
YER Equal and exact justice requires thai
al oredisots of khe.- government should be
paid In = currency p6sbeszing . uniform
v6lue. This caa only be ne5eahD fished By
tho restontisa Of tAs Uurseaeso the
stSBdard eseablished ~ ~ 80 fhtien
and hy this me4na "a w0uld ssnaose = dis
ctimiAatioA wAisA mayy4 It hn ~ al
rAly dt4s n s111ees1 m1jadisG AstS flaj
1919 IL, ~ d: h 49, 8. sa II. yss ~ snes
The. fsaibiik ofmakiae mn snrroacy
correspond with the constitutional standard
may be seen By reference to few fact
aeuyed from our commercial statistics
| I've FosuataonHof precious meeals insthe
uei1ee Han nomI SAY to 1926 laeluslse,
anoaae4 20 $Ss. eol oo9;1fseH ass5Ste
iSeo, nclus.ve, to sl37s 3oo, oW; and from
| Irc1 20 1891, inclusive, % sf57 ,ouU,o 900
making sne grand ag9rega1G OF product:
s0ee 1eas y Il4,Vl5, 4U 4le amount o.
fspGe eAnsd nor lsD TO it37s hchdte,
vas $l3s,OOO,O OO; from 1893 to 1860. in.
elusive, $i2e, OW,oyo; and from 1861 T.
1867, inclusive, $h0,0oo, Ooo,-making the
totafe reInssss SINCE .fs4Ss 1884,, 600, 900.
From .Sas g lSss, inclusive, the net ex.
rom az, \. s a ssso ; ;ao'nsv ~ ~ ~
-. Z go. soa1SA-S5er- - 80 49, 49,
eun AoAA AcuA ~ Aooi tuca@Sise, SS1z,vUu.'