Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1867-12-13

Wv pressure rt me appointing power, which
,e,svscatS elective majesty and speaks the
wiz Q. The lcoi lc. Tie forced retention in
"A'tc q / single dishonest person may work
eat inttay 20 public interests. Danger tt
>he p!iiltic service comes not from the powe,
I" remove, bat tlcn the power to appoint
3j,nrc..sci ii was that the trainers of the consti.
'mt"a ists the power of removal unrestricted
wtti,s they gave the Senate the right to reiec,
All appointments which, in its opinion, were
not III lie be made. A little reflection on this
~ hi"ct will probably satisfy all who have the
good Of iae country at heart, that our bes,
cnttse IS 10 take the constitution for our guide
Walk in the path marked out by the founders
ofthe republic and ooey rules made sacred
Ny The observance Of our great predecessors
F,NANcE.
The present condition of our finances and
calculating medium is one to which your early
consideration is invited. The proportion
which ITO currency of any country should
i2nr 70 the whole value of The annual produce
c'r"niate,i by its means is n question upon
which paiiiica! economists have not agreed
nr cen Il he controlled by legislation, but
n:s: re }cst to irrcvocahle laws which every
N's"rc regulate commerce and trade. The cir.
chatting medium Will ever irresistably flow
I" TIA pa:nt- wh"rc it is in the greatest de-
mani. TIE law Of demand and supply is rs
unsrrin- ~ that which regulates the ocean,
and, indacl the currency. like 'ie tides, LAS
lis e'.h> and nows throughout the commercial
world. Al the beginning Of the rebellion, the
htnSno.c circulation Of the country amounted
to not mach more than two hundred millions
of dollars. Now, the circulation of National
Bank notes, aud those known as legal tenders,
is nearly seven hundred millions. While il
il urged by some that this amount should be
increased. others contend that q decided re-
dn,tion is absolutely essential to the best in
terests .. The country. In view of these di.
verse opinions, 1t may be we'll to ascertain the
real value nf our paper issues when compared
with a metallic or convertible currency. For
this purpose let us inquire how much gold
and silver could he purchased with seven
hundred millions of paper money now in cir.
c~m5ation. Probably not more than half the
nn1uat 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 strik-
ing fact makes it the obvious duty of the
Government, as early as may be consistent
with the principles Of sound political econo-
my. to take such measures as will enable the
J older o. its notes and those of the National
IA, ks 10 convert them, without less, into
g. e',e or its equivalent 4 reduction of our
T1rcr circulating medium need not necessa.
RI Y tal' W his. However, VI depend uron
ttr iaw If demand and :he law Of supply.
thorel. i should he borne in mind that, BY
ii tking ieeal-tcnder bank notes convertible
into coin or its equivalent. their present specie
valne, IN The hands Of their holders, would be
cuhancod ono hundred per cent. Legislation
for accomplishing a result so desirable is de.
mandel by the highest public considerations
The 'oh ,t'tn.'an c~nntempiates that the circu-
hating ,,elium Of the country shall he uniform
in qta'.y and value. Al The time of the for.
n,ar:en Of shat instrument, the country had
just emerged from n war Of revolution, and
was suffering f'om the effects Of a redundant
and worthless paper currency. Sages of that
p tioi we're anxious to protect their .posterity
from he evils which they themselves had
experienced. HENCE in providing that the
integrity of The Union might be preserved, it
should at The same time observe good faith
with the great masses of people who, having
rescued the | MON from the perils of rebellion,
now bear the burdens Of taxation that the
Government may be able to fulfill its engage
ments. There is no reason which will be nc-
coptel as satisfactory by the people, why
ti,ose who defend lis O.. land and protect US
on sea. pensioners upon the gratitude of the
nation, bearing scars and Wounds received
while in its service public servants in the
variou. 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 nations workshops THE mechanic
and laborcr who build the edifces and con-
ssruct lis forts and vessels Of war-should in
payment Of their just and hard-earncd dues
receive Deprecated paper, while another class
of their countrymen. no more deserving, are
paid in eoin-gold and silver. Equal and
exact Justice requires that all creditors of the
government should be paid in currency pos
sessing n uniform value. This can only be
accomplished by the restoration Of the curren-
cy 10 the standard established by the Consti-
tuition, and By this means we would remove
q discrimination which may, if it has not al
ready lone so, create so great a prejudice rs
10 become de-p>roo,ed and wide spread, and
in peril the National credit. The feasibility
OF mating our currency correspond with the
institutional STANDARD may be seen by refer
ence n q few facts derived from our commer-
cial Statistics. The production Of precious
metals in the United States, from 1919 to 1857
inclusive. announced to S579,O0O 900; from
1858 10 1850 inclusive. to Sl37. 500, 900, and
from 1851 to 1857 inclusive, to $454, 100000;
making a grand aggregate Of products since
lS49, OF S1,i1l,0C0. 200. The amount Of specie
coined from 1910 to 1857. inclusive. was
S43S.0 U0, 900 from 1858 to 1860, inclusive,
$l25, 1000 and from 1861 to 1863. inclu.
sive, S31e, 00Oth0: making a total coinage
since ls4a Of 1874. DG0. 900. From 1919 to
1857, inclusive. the net exports Of specie
amounted to S21l, 00G. 900; from 1858 to 1860,
inclusive. to Sl49.C coo. 600; and from 1861 to
1867, inclusive. to S3-2, UOU, 900 making a
total aggregate of lie. exports since lS4y of
S74i. 900. 900. These figures show an excess
OF product over net export Of S433, 600, 0OO.-
are in the Treasury Sill 900, 900 in
coin. something more than $4O,tOO,OOO in cir
on the Pacific coast, and u few mil
lions in the National and other banks, in all
about $780, 900, ZOO. This, however, taking
into account the specie in the country to 1864
leaves more than $500, 100000 not accounted
for by expectation, aud therefore may yet re-
main in the country. These are important facts,
and show completely how an inferior curren-
cy win supereede \ better. forcing it fIom
circulation amang the masses, and causing II
10 be exported az i mere article Of trade TO
add money capital to foreign lands. They
show tile necessity Of relieving our paper
money that the return of gold ard silver to
the avenues. of trade may he invited and q
demand created wA.sE will cause . rs>action
~ home Of al least Of so much Of the produce
lions Of our rich and inexhaustible gold bea--
ing fields as may be sufficient for the purpose
OF circulation. 1t is unreasonable to expect .
return to = sound currency SO long as the
able notes fills the channels Of circulation
with deprecated paper. outstanding
the coinage by our minis since 1849 Of eight
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