The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1867-12-12

Soo9, ,UOU,OOU; from 1898 to 1860, in-
elusive, it was $l25, ,O0U, 900, and from
1861 to 1867, inclusive, it was $8I0,-
O00, ,000-nakipg the total coinage since
1849, $S74, 100000 From lS49 TO
1887, inclusive. the net exports of specie
amounted to S27l ,00Q, 900 from 1883
to 1860, inclusive, to 81 4S, 900, 900, and
from 1851 10 1867, inclusive, it was
$S22, 200, ,000-making the aggregate net
exports since lS49, $74I, 100000. These
figures show an excess of product over the
net exports OF S433, 100000. There are
IN the Treasury $lll, 100000 in coin.
something more than $40 coo 900 in cir
culafion on the Pacific coast, ard few
millions in national and other banks-in
all about $3.50, 900, 900. This, however,
taking into account the specie in the coun-
Try prior 10 1919, leaves more than $780,
OO0, ,0U0 which have not been accounted
for by expectation, and therefore may We!
remain in the country. These are impor-
tGnt facts, and'show how completely in
farior currency viii supercede better, fore
ing it from circulation among tie MASSES,
and causing it to be exported as mere
article OF trade, TO add 20 the noEey cap
ltal Of foreign lands. They show the ne
cessity of retiring our paper money, that
the return of gold and silver TO the avenues
| Of trade may be invited, and a demand
created which will cause a retention Ri
home OF 81 least so much of the produc-
Iions of our rich and inexhaustibie gold
bearing 6,lds as may be sufficient for pur-
poses Of circulation. 1t is unreasonable
4
! long rs the government, by continuing 10
issue irredeernable notes, fills the channels
Of circulation with deprecated paper
Notwithstanding the coinage BY our minis
since lS49 of SS74 100000, the people
s.e now strangers 70 currency which was
! designed 70: tLsir use and benefit, and spe>
cimens of precious metals bearing rational
devices, are seldom seen except when pro-
| duced to crafty the interest excited by
| their novelty. If deprecated paper is 10
! be continued as the permanent currency Of
the country, and all our coin is 10 become
a mere article Of traffic and speculation,
to the enhancement in price of al that is
indispensable to the comfort Of the people,
it would be wise economy, TO abolish our
mints, thus saving the nation the care and
| expense incident To such establishments
and let all our precious metals be exported
in bullion. The time has come, however,
when the Government and national banks
should be required to take mort efficient
sieps and make all necessary arrange
for resumption Of specie payments at The
earliest practicable period. Specie pay
ments having been once resumed by the
- L. ~
OF paper issued by either, of less denom-
inAtion ihaD twenty dollars, should, by
law, be excluded from circulation. SO that
the people may have the benefit and con-
yenience of II gold and silver currency,
which in al their business transactions
will be Uniform IN value At home ard
abroad Every man ot property or indus
Try, every man Who desires 10 preserve
what he honestly possesses. or go Obtain
what be has honestly earned, has a direct
inteTeS: IN maintaining safe circulating
medium-such u medium a. shall be real
and substantial--not liable 10 vibrate with
Opinions, not subject to be biown up or
blown down by the breath Of speculation,
but TO be made stable and secure. A dis
ordered currency is one OF the gre Attest po-
lirical evils. 1t undermines the virtues
necessary tor the support of the social sys-
teGl, and encourages properties destructive
to its happiness Ii wars against industry,
trUgality and economy. and it fosters the
eTli spirits of extravaganza and specula-
ton. II has been asserted by one OF our
profound and gifted statesmen. that OF all
cUnjrIyances ior cheating Tne iaooIing
classes % mankind, none has been more
electra! than that whioi, delrdes them
with paper maney This Is the most ef-
feCtIai Of inventions 10 fer;iiza the rich
mans field by the sweat oE the poor mans
brow. Ordinary tyranny, expressions,
excessive taxation-these bear lightly on
the happiness of the mass of community,
compared with fraudulent currency aud
robbeFies committed by deprecated paper
Our own history has recorded f1r our IN
stsuc;ion enough and more than enough Of
demonstrating tendency, injustice and intol-
erablc oppression on the 'lrtuous and we'll
disposed, Of Il degraded paper currency,
authorized by law or in any other way
countenSnced by the government It is
one OF the most successful devices in times
OF peace or war, expansions or reyuIsions,
to accomplish the transfer of sil precious
metals from the great mass of the people
into the hands of the few, where they are
boarded in secret places or deposited in
strong boxes, under bolts and bars, while
the people are left to endure ali the incon-
venleDce, sacrifice and decentralization re-
suliing from the use Of paper money.
The condition of our finances and the
operations of cur revenue system are set
forth and fully explained IN the able and
Instructive report Of the Secretary of the
Treasury. On the Both of June, 1866,
the public debt amounted to 81, ,7S3, ,425,-
$40; on the 30ih of June last it vas So
692, 1919, ,2l5, showing reduction during