The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1867-12-13

Try SuOuIu DeaE 70 us W1Ole value o
t annual produce circulated by its means
is question upon which political econo-
3 misls have not agreed, nor eau it be con.
trolled by Legislation, but must be left tc
E irrevocable law, which everywhere regu,
lates commerce and trade. The circuIat
!. ing medium will ever irresstibIy flow Io
tnUse points where it is in the greatest
demand. The law of demand aud sup
ply is as unerriDg as that which regu.
lates the tides of tie ocean, aud inc eed
currency like the tides has its Gibbs and
flows throughout the commercial world
At the beginning of the rebellion the
bank note circulation of the country
amounted to not much more than two
hundred millions of dollars, now the cir
culstion of the 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 increased, others contend that decid
ed reduction is absolutely essential TO the
best interests of our country.
In view of these diverse opinions, it
! may be we'll to ascertain the real value OF
our paper issues when compared with q
metallic or convertible currency. For
this purpose let US inquire how much
| gold and silver could be purchased by
the seven hundred millions of paper mon
ey now in circulation. Probably not
more than half the amount OF the latter,
showing that when our paper currency
is compared with gold and silver. lis com
mercial value is compressed into three
hundred and fifty millions.
This striking fact makes it TIE obvious
duty of the government, 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 TO convert
them without loss into specie or its equiv
alent. A reduction of our paper cIrcu-
latlug medium need not necessarily fol-
low. This, however, would depend up.
on the law OF demand and supply, though
IL should be borne in mind that by maxi
ing legal tender and bank notes convert
BILE inIo COIN or ills equivalent, their pres
ent specie value in the hands Of their hold
ers would be enhanced one hundred per
cent. Legislation for sccomplis hing a re-
suit SO desirable is demanded by the high
est public considerations.
The constitution cOntemplates that the
circulating medium of the country shall
be uniform 10 quality and value. At the
time of the formation of that instrument,
the country had just emerged from the
war of revolution, and was suffering from
The effects of a redundant and worthless
paper currency. Ssges of that period
were anxious to protect their posterity
1 foam a,yIIc v3h TS,, thar ha1oealro, Io,I
experienced; hence in providing a circu
lsung medium they conferred upon Con
| gress tue power to coin money and regu-
late the value thereof, at the same time
prohibiting the States frou making any
thing but gold and silver q tender pay
ment of debts.
The anomalous condition of our cur
reucy is in striking contrast with that
which was originally designed for our
circulation. Ii now embraces, first, notes
of National banks, which are made receiv-
able for all dues TO government, but ex
eIuding imports, and by all its creditors,
excepting in the payment OF interest upon
its bonds and securities themselves.
Second. legal tender notes issued by the
Uoited States, and which the law requires
shall be received as we'll 10 payment of all
debts between citizens as of all govern
ment dues excepting imports; and third,
gold aud silver coin.
BY the operation Of our present system
of finance. however, the metallic cnrren-
cy when collectedy is re serVed only for
one class of government creditors. who
holding its bonds, semi annually receive
their interest 10 coin from the national
treasury. They are thus made to occupy
an invidious position which may be used
TO strengthen the arguments of those who
would bring into disreputa the oblga-
Iions OF the nati, in payment of all its
debts.
The pIighted faith of the government
should be inviolablY mainIained; but
while it acts with fidelity to the bond
holder who loaned his money that the IN.
tegrity 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
periis of rebellion, now bear the burdens
of taxation. that the government may be
able to fulfil its en- gagements.
There is no reason which will be &C
cepted as satisfactory by the people why
i those Who defend }us on land, protect u
on The seattle pensioner upon the graii-
Iude of the nation, bearing scars and
wounds received while in its service-the
public servants in the various dppart-
ments Of the goveFnmenI-Ihs farmer
who supplies the soldiers of the army snd
the sailors of the navy-tbe artisan who
tolls in the nalion's work shops, and the
mechanics and laborers who build it's ed
i6css and construct it's forts and vessels
of war should in payment oftheir just
and hard-esrned dues. receive deprecated
paper, while another class of their coun
trymeu, no more deserving. are paid il
coin, gold and silver equal: and vet Jus
tics requires that all creditors of the gov
ernment shall be paid 10 currency pos
ses sing q uniform value. This can onlg
be accomplished by restoration oftbs cur
rency 10 the standard established by tbs
cousti ution, and by this means "s "c "a ).
remove a DETERMINATIONS which may J! u
has not already done So create :
} dice which may become deep rooted ano
i. vide sprsad, and imPerI the National
credit.
The feasibility Of making our currency
correspond With the constitutions stand
. ard NAV be sesu By reference to a few
facts t]erived from our commercial Stats
tics. The production Of precious metal
il Cbs UsiIsd Sia,ss from le49 to 1887