Natchitoches spectator. [volume] (Natchitoches, La.) 1867-18??, 1867-12-19

y
be increased, others contend that de
cided reduction is absolutely essential
to the best interests of the country.
B. In view of these diverse. opinions, it
may be well 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 and silver could be purchased by
the seven hundred millions 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 and sill
yer, it's commercial valne is compressed
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 politica. economy, to take such
measures as will enable the holder of its
notes and those of national banks to
convert them without loss into specie,
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 convertible into coin or
it's equivalent, their present specie value
in the hands of their holders wonld be
EXCHANGED one hundred per cent.
Legislation for accomplishing result
SO desirable is demanded by the highest
public considerations. The Constitu-
medium of the country shall be uniform
in quality and value at the time of the
formation of that instrument. The coun-
try had just emerged from a war of re-
volntion, and was suffering from the
effects of redundant and worthless
paper currency. The sages of that pc
Rod were anxious to protect their pos
terity from the evils which they them
selves had experienced; hence. in pro-
viding a circulating medium, they con-
ferred upon Congress the power to coin
money and regulate the power thereof,
at same time prohibiting the States
from making anything but gold and
silver legal tender in payment of debts.
The anomalous condition of our country
is in striking contrast with that which
was originally designed. Our circula-
tiOn now embraces, first, notes of nation
al banks, which are made receivable for
all dues to the government, excluding
imports, and by an its creditors, except
ing i'll payment of interest upon its
bonds and the securities upon them
selves; second, legal tender notes, is
sued by the United States, and which
the law requires shall be received as
well in payment of all debts between
citizens as of government dues, except
ing imports; and third, gold and silver
coin.
By the operation of the present system
of finance, however, metallic currency,
when collected, is reserved only for one
class of government creditors, who,
holding it's bonds, semi-annully receive
their interest in coin from the national
k,n., 10 10
Ply an invidious 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 all it's debts the
| plighted faith of the government should
be inYiolably maintained, but while it
| acts with fidelity toward the bOndholder
who loaned his money that the integrity
of the Union might be preserved, it
should at the same time observe good
faith with the great masses of the
people. who, having rescued the Union
from the perils of rebellion, now bear
the burdens of taxation that the govern
ment may be able to fulfill its engage
mentS.
There is no reason which will be ac-
cepted as satisfactory by the people
why those who defend us on the land
and protect us on the sea, pensioners
upon the gratitude of the nation, bear
ing scars and wounds received while in
it's service, the public servants in va,
rious departments 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'a
workshops, mechanics and Ia borers who
build edifces, and construct it's forts
and vessels of war, should, in payment
of their just and hard earned dues, re-
ceiue deprecated paper, while another
class, their countrymen, no more de-
serving, are paid in coin, gold, and sill
yer. Equal and exact justice requires
that all the creditors of the government
should be paid in currency possessing a
uniform value.
This can only be accomplished by the
restoration of currency to the standard
established by the Constitution, and by
this means we could remove a discrimi-
nation which may become deep-rooted,
wide spread, and imperil the national
credit. The feasibility of making our
currency correspond with the constitu-
tional standard, may be seen by refer
ence to few facts derived from our
| commercial statistics The production