Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1867-12-11

have not agreed. Nor can 1t be controHeu
by legislation, but must be left to the IRE
vocable laws which everywhere regulate COM |
merce and trade. The circulating medium
will ever irresistably flow TO those points |
where it is in greatest demand. The iaw OF
demand and supply is as unerring as tha9 |
which regulates the tides OF the ocean; ana
indeed currency, ike the tides, has its eops
and flows throughout the commercIai %ortd
At the beginning of the rebellion the BANK
note circulation of the country amounted TO
not much more than two hundred millions
of dollars now the circulation OF National
Bank notes and those Known aS legal ten
ders" Is nearly seven hundred mli!lons.
While is is urged by some that this amount
should be increased, others contend that
decided reduction is absolutely essential to
the best interests of the country. In view
of these diverse opinions, 1T may be we'll to
ascertain the real value OF our paper issues,
when compored with metallic or convertl-
ble currency. For this purpose, let us IN
1uire how much gold and silver could be
purchased by the seven hundred millions OF
paper money now in circulation? Probably
not more than half the amount OF the latter
showing that when our paper currency is
compared with gold and silver, its value is
compressed into three hundred and fifty
millions. This striking fact makes it the
obvious duty of the Government, as early as
may be consistent with the principles OF
sound political economy, to take such meas
urs as will enable the holders of its notes
and those of the National Banks to convert
them, without loss, into specie or Its equiv
alent A reduction of our paper circulating
medium need not necessarily follow. This,
however, would depend upon the law of de-
mand and supply, though it should be berne
in mind that by making legal tender and
bank notes convertible into coin or It's equiv
alent, their present specie value, IN the
hands Of their holders would be enhanced
one hundred per cent,
Legislation for the accomplishment of a
result so desirable is demanded 10y the high
est public considerations The Constitution
contemplates that the circulating medium
of the country shall be uniform in quality
and value At the time of the formation
of that instrument, the country had just e.
merged from the War of the Revolution,
and was suffering from the effects OF a re-
dundant and worthless paper currency. The
sages of that period were anxious to pro-
tect their posterity from the evils which they
themselves had experienced. Hence, IN
providing a circulating medium, they con
ferred upon 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 ten
der in payment OF debts.
The anomalous condition of our currency
is in striking contrast with that which was
Originally designed Oar circulation now
embraces, first notes of the National Banks,
which are made receivable for all dues to
the Government, excluding imposts, and by
all its creditors, excepting in payment OF in
terest upon its bonds and It's securities
themselves second legal tender notes, is
sued by the United States, and which the
law requires shall be received as We'll IN pay
ment of all debts between citizens as of all
Government dues, excepting imposts; and,
third, gold and silver coin. By the opera
ton of our present system Of finance, how
ever, the metallic currency, when collected,
is reserved only for one class of Government
creditors, who, holding its bonds, semi an-
ually receive their interest in coin from the
National Treasury They are thus made to
occupy an invidious position, which may be
used to strengthen the arguments of those
who would bring into diSrepate the obliga-
tions of the nation. In the payment of al
its debts, the plightful faith of the Govern
ment should be invioiably maintained. But
while it acts with fidelity toward the bond
holder who loaned his money that the in
tegrity of the Union might be preserved, il
with the great masses of the people. who
having rescued the Union from the periis OF
rebellion, now bear the burdens OF taxation,
that the Government may be able to fulfil
It's engagements. There is no reason which
viii be accepted as satisfactory by the peo
pie, why those who defend us on the lanC
and protect us on the sea; the penslonei
upon the gratitude OF the nation, bearing
the scars ard wounds received while in it,
service the public servants in the yariou.
Departments of the Government; the far
mer who supplies the soldiers of the army
and the sailors of the navy; the artisan
who tolls in the nations workshops, or th'
mechanics and iaborers who build its edi6
ces and construct its forts and vessels o
war-shonld. IN payment of their just and
hard earned dues, received deprecated pa
per, while another class of their countrymen
no more deserving, are paid in coin of golo
and silver. Equal and exact justice requires
that all the creditors of the Government
should be paid in a currency possessing a
uniform value This can only be accom-
plshed by the restoration of the currency
TO the standard established by the Consti
tuition; and by this means we would re
move a discrimination which may, if it ha
not already done SO, create prejudice thai
may become deep-rooted and widespread
and imperil the national credit.
The feasibility of making our currency cor
respond with the constitutional STANDARD
may be seen by reference to a few facts de
rived from our commercial statistics.
The production of precious metals in the
United States from lS49 to 1857, inclusive
amounted to S579, 900, 900; from 1858 tc
1860, inclusive, to sl37, 500, 000 and from
1861 to 1867, inclusive. to S457. 500. OoO-
making the grand aggregate of products
since lS49. 81, 200, O00 The amount
of specie coined from $40 to 1857, inclu-