The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-12-18

anything gold and silver tender payment of debt
The anomalous condition of currency is in striking
contrast with that which originally designed Our
circulation embraces first the notes National
Banks, which made receivable for all dues 10 the
Government, excluding imports and by all It's cred-
tors, excepting payment of interest upon its bonds
and securities themselves; second egal-tender notes,
issued by the United States and which the law requires
shall be received well in payment of all debts be-
tween citizens, 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 ouy
tor one class of Government creditors who holding its
bonds Semlannlay receive their interest in coin from
the Nationrl Treasury. They thus made to occupy
ndivious position which may be used to strengthen
the arguments of those who would bring to disrepue
the obligations OF the nation. In payment of all its
debts the plighcd faith Of the Government should be
| inyiolaby mantained but while it acts with fidelity
toward the bondhoder 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
of the people, who, having rescued the Union from
that the Government may be able to fulfil its engage
ments There is no reason which will be accepted
satisfactory by the people, why those who defend
land and protecus the sea- the pensioners upon the
gratitude of the nation, bearing and wounds
celved while IN service the public servants in various
departments OF the Governments the farmers who sup
piled the soldiers of the army and sailors of the navy;
the artisans who toll in the nations workshops, the
mechanics and laborers who build its edices and
sruct its forts and vessels of war, should, in payment
OF their just and hard earned dues receive deprecated
paper, while another class of their countrymen,
more deserving are paid in coin of gold and silver.
Equal and exact justice requires that the creditors of
the Government should be paid in currency possess
ing uniform value. This can only be accomplished
by the restoration of the currency to the standard esab
lished the by Constitution and by this would
remove dissemination which may if it has not already
done So create prejudice that NAV become deeproot
ed and widespread and imperil the National credit.
The feasibility of making or currency correspond with
the constitutional Standard may be by reference
to few facts derived from commercial statistics.
The production OF precious metals in the United States
from 10 n1,eiTr mn b1r
from 1858 to 1860 inclusive to S37 900 900; and from
1861, to 1867, inclusive, to S457 800 900; making
grand aggregate of products since lS49 of s. 00O
600 The amount of specie coined from lS49 to 1857,
incusvewas S439 900 900; from 1850 Inclusive
10000, and from 1861 to 1867, inclusive, $50,
5000, making total coinage since 1S49, $74 600 600
From 1849 to 1857 Inclusive the exports of specie
amounted to S27l 900 600; from 1858 to 1860 inclusive
TO $l4S 900; and from 1861 to 1867 inclusive, to
1922 OO0OOO making aggregate Of net exports since
1849, of S14 000 600 Those figures show excess of
product over net exports of S433 0C00. There
are in the Treasury Sill 900 in coin, something
more than $4,000 coo III circulation the Pacific coast
and few millions in National and in other banks-in
all about $1G0,00o,000 Th s however, taking into
count the specie i'll the country pr or to lS49 leaves
than $500 100000 which have been accountedor
by expectation, and therefore may yet remain in the
country These are important facts, and show how
completely an inferior currency will supercede better,
forcing from circulation among the Masses and
ing it 10 be exported article Of trade add
to the money capital of foreign lands They show the
necessity Of retiring paper money that the return
Of gold and silver to the of trade may be nvi
ted, and demand created, which will the reen
tion at home OF at least much Of the productions of
rich and inexhuustible gold bearing fields may
be sufficient for the purposes of circulation. 1t is
reasonable to expect return to sound currency
long as the Government by continuing issue ire
deemabe notes. fills the channels of circulation with
deprecated paper. Notwithstanding the coinage by
mints since 1919 Of SS74 900 000 the people
strangers to the currency which des gned for their
aud benefit, and specimens of the precious metals
bearing the national device seldom except
when produced to crafty the interest excited by their
novelty. 1fdeprecaed paper to be continued as the
permanent currency Of the country and all coin is
to become article of traffic and speculation, to
the enhancement in price of all that is indispensable to
the comfort Of the people, would be wise economy to
abolish mints thus saving the nation the and
expense incident to such establishments, and let
precious metals be exported i'll bullion. The time has
come, however, when the Government and the Nation
al Banks should be required to take most efficient steps,
and make all necessary arrang ngements for resumption
of specie payments at the earliest practicable period,
Specie payments having been once resumed by the
Government and the banks all notes bills of paper
issued by either of less denomination than $50 should
by law be excluded from circulation, SO that the peo
pie may have the benefit and convenience of gold and
silver currency which III all their business transactions
will be uniform value at home and abroad. Every
of property industry every who desires to pre-
serve what he honestly possesses or to obtain what he
honestly earn, has direct interest in main tanning
safe circulating medium, such medium as shall be real
and substantial not liable to vibrate with opinions, not
subject to be blown up or blown down by breath of
speculation but to be made stable and secure dSor
dered currency is of the greatest of political evils
he for he of
e soca a
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