The Waynesburg Republican. [volume] (Waynesburg, Pa.) 1867-18??, 1867-12-11

COulpdTcu VIII thc uctoilN UT CollNcI-
table currency. For this purpose, let
US inquire how much gold and silver
could be purchased by the seven han-
dred millions of paper money now in
circulation? Probably not riore than
half the amount of the lattGr-shoMing
that when our paper currency is COM
pared with gold AID silver, its COM
rlercial Talue Is compressedinto three
hundred aud fifty millions. This
! tstriking fact makes it the obvious du-
| ty OF the Government, as carly 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 National Banks
to convert them without loss, into
specie or its equivalent. A reduction
of our paper circulating medium need
not necessarially follow. This, how
ever, will depend on the law of de-
mand and supply, though it should be
borne in mind that by making legal
tender and bank notes convertible in
to coin or its equivalent, their present
specie value in the hands of their hold
ers would bo enhanced one hundred
per cent.
Legislation for the accomplishment
of result so desirable is demanded
by the highest public considerations.
The Constitution contemplates that
the circulating medium of the conntry
shall be uniform in quality and value.
At the time of the formation Of that
instrument, the country had just emer-
eed from the War of the Revolution,
and was suffering from the effect of a
redundant and worthless paper culren-
cy. The sages Of that period were
anxious to protect their posterity from
the evils which they themselves. had
experienced. Hence, in providing a
circulating medium, they conferred up
on Congress the power to coin money
and regulate. the value thereof at the
same time prohibiting the States from
making anything but gold and silver a
tender in payment OF debts.
! The anomalous condition ofour cur
rcncy is in striking contrast with that
which was originally designed. On
circulation now embraces, first, notes
of the National Banks, which are
made receivable for all dues to the
Government, excluding imposts, and
4 by all its creditors, excepting in pay
ment of interest upon its bonds and
the securities themselves; second, le-
gal tender notes, issued by the United
| States, and which the law requires
shall be received as well in payment
of all debts between citizens Of all Gov
crnment dues, excepting imposts; and,
third, gold and silver coin. By the
operation of our present system OF fl
nance, however, the metallic currency,
when collected, is reserved for only
one class of Government creditors,
who, holding its bonds, semi-annually
receive their interest in coin from the
National Treasury. They are thus
made to occupy an inyidious position,
which may be used to strengthen the
arguments of those who would brine
into disreputc the obligaticns Of the
nation. In the payment of all its
debts the plighted faith of the Govern
ment should be invio!ably 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 res
cued the Union from the perils ofre-
bcllion, now bear the burdens of taxa
ton, that the Government may be
able to fulfill its engagements. There
| is no reason which will be accepted as
satisfactory by the people, why those
| who defend us on the land and pro-
tect us on the sea the pensioner on
thcgratitude of the nation, bearing the
scars and wounds received while in its
service; the public servants in the
various Departments Of the Govern
ment ; the farmer who supplies. thS
army and the sailors of the navy; the
! artisan who tolls in the nations work
I shops, or the mechanics and laborers
!, who build its edifices and constructs
4 its i,;rts and vessels Of war-should
4 in payment of their just and hard earn
ell dues, receive deprecated paper
4 while another class Of their coGntry-
men. 10 more deserving, are paid in
coin Of rold and silver. Equal and
exact Justice requires that all the ere
ditors of the Government should be
paid in d currency possessing a uniform
4. value. This can ouly be accomplish
ed by the restoration of the currency
to the standard established by the
4 Constitution; and by this means We
would remove discrimination which
may, fit has not already done so, ere
ate prejudice which may become
deep rooted and wide spread, and 'm-
| peril the national credit. ~ ''
! The feasibility ofmaking our cr-
rency correspond with the constitu
i;onal standard may be seen by refer
ence fA n few facts derived from our
commercial statistics, y1l,.a,,., !.
The production Of, precious metals
ir the United States from 1s49 to
1857, inclusive, amounted to S579,-
t 100000; from 1858 to 1860, inclu-
! sive, $l3750o,000 ;and from 1861
to 1867, inclusive, to $40, 800, 600
making the grand aggregate. Of PRO Pr
duets since lS4s, ST, ia, 100000. The
amount of,specie coiped from 1919 TO
/ 1eh7 inclusive. was S439. 100000