Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1867-12-13

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he increased, others contend that decided
reduction is absolutely essential TO the
best Interests Of the eouutry.
Il, In view of these diverse opinions. i
,nay be well to ascertain the real value o.
our paper issues. when compared with
metallic or converted currency; for this
purpose, let W. inquire how much GOLD
aud silver could be purchased by the
seven hundred millions of paper money
pow in circulation. Probably not more
than half the amount of the latter, show
ing that when our paper currency is com.
pared with gold and silver. its commercial
value Is compressed into three hundred and
6fty millions. This striking fact makes il
The obvious duty Of the Government, as
early - may be consistent with the princi.
.rles Of sound political economy, to take
such measures as will enable the holder oil
its notes aud those Of National Banks to
eoavert them without loss into specie, OF
its equivalent. A reduction of our paper
and circulating mediu'n need not necesssri-
ly follow This, how lever, would depend
upon the law of demand and supply,
though il should be lorne in mind that by
making legal tender and bank notes con-
ver,ible into coin OF its equivalent, their
present specie value in the hands Of their
holders would be enhanced one hundred
per ssHt.-a - tira .f
Leg Station for accomplishing result
90 des.fsble is demanded by the highest
public considerations. The Constitution
contemplated that the circulating medium
of the country shall De uniform in quality
and value nj the time Of the formation OF
that instrument The country had just
emerged from war Of revolution, and
was suffering from the effects Of rcdnn-
danfsnd worthless paper currency. The
sages Of that period were anxious to pro-
tecf their posterity from the evils which
they themselves had experienced; hence,
in providing n circulating medium, they
conferred upon Congress the power to
coin money and regulate the value thereof,
ct the 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 orig
inslly designed. Our circulation now cnl.
braces, 6rrt. notes OF National Banks,
which are made receivable for all dues to
the Government, excluding imports, and
BY ell its creditors, excepting in payment
Of interest upon its bonds and the securities
themselves; second, legal tender notes
issued By the United States, and which
the Law requires shall be received a. we'll
In payment OF all debts between citizens
- al Government dues, excepting Imports;
aud third, gold and silver coin.
BY the operation Of the present system
OF finance, however, metallic currency,
when collected. l. reserved only for one
class OF Government creditors, who, hold.
ing lis bond-, semi annually receive their
interest Ia coin from the National Treas
ury. They are thus made to occupy an
invidious position. which may be used 70
strengthen the arguments OF those who
would bring into disrepuie the obligations
of the nation.
In the payment Of all debts the plighted
faith Of the Government should be inyiola-
bly, maintained, but while IL aois with e.
dsliiy toward the boudholder who loaned
bis money that the integrity of the Union
might be preserved, IL should nj the same
time observe good faith with the great
masses Of the people, who, having rescued
tho Union FROM the perils Of rebellion,
nov bear the burdens Of taxation that the
Government may be able to iul6ll It's on.
gsRements. There is no reason which will
DO accepted as satisfactory by the people
Why those who defend us on the land aud
protect us on the sea, pensioners upon tho
gratitude Of the nation, bearing scsrs, and
wounds received wilhelm IFS service, the
public servants 10 various departments OF
abe Government. tho farmer who supplies
tee soldiers Of the army and the sailors of
the navy, the artisan who tolls In the ma
iion's work shops, mechanics and laborers
who build edi6ces aud construct its forts and
vessels OF war, should, In payment OF their
Just and hard earned dues, receive depre.
eisted paper, while another class, their
country mea no more deserving, are paid
in coin. gold aud silver. Equal and exact
justice requires that all the creditors. of
the Government should be paid ia cur
rency possessing uniform value.
This can only be accomplished by tho
restoration ofeurrency to the standard es-
tablished By the Constitution. aud by this
means we could remove u discrimination
which may, If II has not already done so,
create prejudice that may become deep.
rooted. wide sprcad, and imperil tho ma
tiousl credit. Tho feasibility of making
our currency correspond with the consti-
tutional standard. may be seen by reference
TO lew facts derived from our commercial
statistics The production of the precious
metals in the United States from 1919 to
1857 inclusive. amounted to S579, 600, 900:
from 1855 to 1850, inclusive, to STAT Geo.
O00. and from 1861 to 1867, inclusive. TO
si51 500, 600, making a grand aggregate
Of products since lS49, Sl,l7I, OO0, 900.
The amount ofspecie coin cd from 1919 TO
1851. inclusive. was eI39 900, 900; and
from 1853 to $50, inclusive, Sl25, 600 900;
aud from 1861 TO 1867. inclusive, $780,
200 900, making the total coinage since
l849. $4,000, 600 From 1919 to 1857,
inclusive, the net exports Of specie amount
cd to s27i 100000; from 1858 to 1860,
inclusive. to sl4S, QUO, 900; aud from 1861
10 1867 inclusive. 1922, 600, 600; making
an aggregate Of net exports since 1919,
al 100000. These figures show an
excess Of product over net exports Of S433.-
Uo0, 200. There are in The Treasury
Sill ,0O0,0 900, in coin; something more
than sac. 100000 in circulation on the
Pacific coast and few millions IN Tho