The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1867-12-13
early consideration is invited; The proper


ton upon which political economists have
not agreed, nor can it be controlled by leg
lslatlon, but must be left to the IITevocaD Die
laws which everywhere regulate commerce
and trade. The circulating medium will
ever lrreslstably flow tothose points where 1t
Ism greatest demand. The law OF supply aud
/ demand Is as unerring as that which regu-
! e. me tides otthe ocean; and indet dc ,rrcLcy
| ike the tldes, has Its GIBBS aud flows through
! out the commercial world At the begin
nlng OF the rebellion the bank note cirula-
ton 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 legal tenders, is nearly
seven hundred millions. While it is urged
by some that this amount should be IN
creased, others contend that decided re-
ducton is 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. W hen
compared with Il metallic or convertible cur
rency tor this purpose, LEI 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 of the amount of the latter, showing
that when our paper currency Is compared
with gold and silver, Its commercial value Is
compressed into three hundred and fifty
millions. This striking fact makes It the
obvious duty of the Government, as early as
it may be consistent with the principles OF
sound political economy, to take such meas
ures aS will enable the holders Of Its notes,
aud those of the national banks, to convert
them without loss on specie or its eqnlva-
lent. A reduction OF our paper circulating
medium need not necessarily follow. This,
however, would depend upon the law OF
demand and supply, though 1t should be
borne in mind that by making legal tender
and bank notes convertible into com or It's
equivalent their present specie value IN the
hands of their holders would be enhanced
one hundred per cent. Legislation for the
accomplishment Of a result so desirable Is
demanded by the highest public cOnsldera-
tiuns. The Constitution contemplates that
the circulating medium of the country shall
be uniform in quality and value at the
time of the formation of that instrument
The country had just emerged from the
warOfth he Revolution, and was suffering from
the effects OF IA redundant and worthless pa
,.er currency The sages Of that period We're
anxious to protect their p0sterity from The
evils which eythemselves had experienced.
Hence in providing a 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 godand silver tender
in payment of debts. The anomalous con
diton of our currency is in striking contrast
with that which was originally designed.
Our circulation now embraces first, notes OF
the national banks, which are made IecelV-
able for all dues to the Government, exclud-
ing imports, and by all its creditors, except
ing in payment of interest upon Its bonds
and the securities themselves; second, legal
tender notes issued hy the United States,
and which the law requires shall be received
as well in payment OF all debts between cItl-
zeus, as Of all Government dues, excepting
imports and third, gold and silver COIN
By the operation Of our present system OF
finance, however the metallic currency when
collected is reserved only for one class OF
Government creditors, who, holding Its
bonds, semi annually receive their interest
in coin for the National Treasury. They
are thus made to occupy an lnvldlOus po-
sition, which may be used to strengthen the
arguments Of those who would bring INTO
disrepute the obligations OF the nation. In
| the payment of all its debts the pllghted
! faith of the Government should be lnvio a
! bly, maintained but, while 1t acts with
| fidelity towards the bondhOlder who
Ioanded his money that the integrity of the
Union might be preserved, it would at the
same time, observe good faith with the
great mass of the people who, having rescu-
ed the Union from the perilS of rebellion,
now bear the burdens Of taxation that the
| Government may be able TO fulfil its engage
m,nts. There i no reason which will be
! g.. h., ba hU
| those who defend US on the land and pro-
tect us on the sea, the pensioners upon
the gratitude OF the nation, Drawing the
scars and wounds dSreceived wilhelm its service,
the public servants in the various depart
ments of the Government, the farmer who
supplies the soldiers Of the army and the
sailors Of the navy, the artisan who tolls in
the nation 5 workshops, or the mechanics
and abolers who build its edifces and con-
Struct its forts and vessels of war, shuul4 n
payment of their just and hari earned dues
receive deprecated paper, while another
class Of their countrymen,n no more deserving
are paid in coin Of gold and silver. Equal
and exact Justice requires that all the cred
itors of the Government should be paid IN
currency possessing uniform value. This
eau OILY be accomplished by the restoration
of the currency to the standard established
by the Constitution, and by this means we
would remove d discrimination which may,
if it has not already d me so, create preju-
lice that may become deep rooted and WIDE
spread, and mperil the national credit The
feasibility ofmaklng rur currency correspond
with the C0nstitu iInal standard may be
| Zen by reference to few facts derived from
oar commercial statistics The production
of precou. metals in the United States from
! lS49 10 1857, inclusive, amounted to S579-
! 600. 600; from 1853 to 1860, inclusive, to
| Sl37 500, 600, and from 1861 to 1867, lnclu-
! Sive, to $457 800 900. making the grand
aggregated products since lS49 81, l74,O0O,-
! 900 The amount Of specie coined from
! IS49 10 1857, inclusive, was $439 00O,O00;
| from 1858 10 1860, inclusive, Sl52. OOOO00;
! and from 1861 to 1867, inclu,ive, $3l0.000,-
! 600. making total coinage since lS49 $S74,-
! OOO.000 From lS49 to 1857, inclusive, the
exports Of specie amounted to $21 500,
! 600: from 1898 to 1860, inclusive, Sl4S.-
! OO0. 600 and f ON 1861 to 1867. il clus ve, it
wa, $322, 900, 900, making the aegregate OF
net exports since IS49. Sal ,O00.O0O. There
are in the Treasury Sill 100000 in coin,
something more than 10000, 900 in clrcu-
lation on the Pacific Coast, and few mil.
lions in the national and other banks, in all
about SI6O. coo. 600 This, however, taking
| into acc, unt the specie in tt q country prior
! TO lS49, leaves more than three hundred
milEeas of dollars which have not been ac
counted for by expectation, and therefore,
NAV vet remain in the cnuntry. These are
q 4 IL, ,.,NInf ..ltr