The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1867-12-10

should be thrown if be not left where it has bee
i placed By the Constitution But all just men wi
admit that the President ought be entirely relic
ved from such responsibility if he meet ii
reason of restriction placed by law upon has actor
ii The unrestricted power of removal from ONCE Is
very great one to be trusted even TO Maglstrat
chosen by the the general suffrage of the whole pee
pie, and accountable directly to them for his acts
1t is undoubtedly liable to abuse and ut some period
of our history perhaps has been abused. Fit b
thought desirable and constitutional that it shoul
be so limited as to make the President merely com
mon nformer against other public agents, he shou'
at least be permitted in that capacity befor
some open tribunal independent of party politics
ready to investigate the merits Of every case furnish
ed with the means of taking evidence, and bound t
decide according to established rules This woul'
guarantee the safety of the when he acts il
good faith, and at the same time secure the right
of the other party. speak of course with all prop
err respect for the present Senate, but it does no
seem to me that any legislative body can be con
stiued to insure its fitness for these functions
1t is not the theory of this Government that publ,
| Offices the property of those who hold them
They are given merely trust for the public bene
| tit sometimes for a fixed period, sometimes during
good behavior, but generally they liable to be
terminated at the pleasure of the appointing power
which represents the collective majesty and speaks
/ OF single dishonest person may work great injury
to the public interests. The danger to the public
| service comes not from the power to remove, but
| from the power to appoint. Therefore it that
trainers of the Constitution left the power of removal
unrestricted, while they gave the Senate a right to
reject all appointments which, in its opinion not
fit to be made. A little reflection on this subject
will probably satisfy all who have the good of the
country at heart that best is to take the
Constitution for guide, walk in the path marked
out by the founders of the Republic, and obey the
rules made sacred by the observance of our great
predecessors. r.- @
The present condition of our finances and circula-
ting medium is to which your early consideration
is invited.
The proportion which the currency of any country
should bear to the whole value of the annual produce
circulation by its is a question upon which
political economists have not agreed Nor it be
controlled by legislation but must be left to the r-
revocable laws which everywhere regulate commerce
and trade. The circulation medium will ever ire
sstibly flow to those points where it is in greatest
demand The law of demand and supply is as uner-
ring that which regulate the tides of the ocean:
and indeed currency like the tides, has it's Gibbs and
flows throughout the commercial world.
AT the beginning of the rebellion the bank mote
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 tenders is nearly seven hundred millions
While 1t is urged by some that this amount should be
increased others contend that decided reduction is
absolutely essential to the best interests of the coun
try; In view of these diverse opinions, it may be
well to ascertain the real value of paper issues
when compared with metallic convertible curren-
cy. For this purpose let inquire how much gold
and silver could be purchased by the hundred
u
ably not than half the amount OF the later-sow-
ing that when our paper currency is compared with
the gold and silver its commercial 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 measures will enable
the holder OF its notes and those of the National Banks
10 convert them without loss into specie or its fqhiva-
lent: A reduction of our paper circulating medium
need not Mt cessarily follow. This, however would
depend upon the law of demand and supply, though
it should be borne in mind that by making legalten-
der and bank notes convertible into coin its equiva-
lent their present specie Value in the hands of their
holders would be enhanced one hundred per cent
Legislation for the accomplishment of result so de-
sabe is demanded by the highest public considera-
tons The Constitution contemplaes that the circua-
ting medium of the country shall be uniform in quail
ty and value At the time of the formation of that in
strnmen. the country had just emerged from the War
OF the Revolution and suffering from the effects of
redundant and worthl's paper currency. The sages
of that period anxious to protect their posterity
from the evils which they themselves had experienced
Hence, in providing circulating medium, they con-
ferrfd upon Congress the power 10 coin money and !
regulate the value thereof the time prohibiting
the States from making anything but gold and silver a |
tender in payment of debts.
The anomalous condition of currency is in stri- /
ing contrast with that which originally designed
Our circulation now embraces. first, OF the Nation
q Banks, which made receivable for all dues to the
Government, excluding mpos:s, and by all its cred-
ors excepting in payment of interest upon its bonds
md the securities themselves second legal tender note.
ssnrd by the United States and which the law reauir-
es shall be received well in payment of all debts
between citizens of all Government dues pting
mposs and third gold and silver coin. BY the opera
ion OF our present system of finance, however, the
allie currency when collected is reserved only for
me class of Government creditors, who holding its
bonds, semannually recrve their interest in coin from
ne National Treasury They are thus made to occupy
IN invidous position, hch may be used strengthen
he arguments of those who would bring dsrepute
he obligation of the nation In the pay of all its
ebts the pghted ia til of the Government should b.
nviolably maintained. But while it acts with the fdel-
y toward the bOndh"f 'er who loaned his money that
he integrity of Union might b. preserved it should
{ the same time observe good faith with the great
masses OF the people. who, having rescued the Union
rom the perils of rebellion, now bear the burdens of
axaton, that the Government may be- able fulfil its
Engagements. There Is no reason which will be sc-
opted as satisfactory by the people, why those who
cend US on the land and protect the sea; the
customer upon the gratitude of the nation bearing the
ears and wounds crived while in its servic. the pub
servants in the various Departments ofthe Govern
lent The farmer who supplies the soldiers of the army
nd the sailors of the navy the artisan Tho tolls in the
alton workshops, or the mechanics and labor,rs who
ud lis tdIhces and construct its frs and vessels of
ar should, in payment of their just and hardearned
ues receive deprecated paper while another class of
eir countrymfn deserving. are paid in coin
god and silver. Equal and exact justice requires /
lat all the creditors ofthe Government should be s
AID IN currency possessing uniform value. This j
IN only be accomplished by the restoration of the
lrrency to the standard established by the Constu-
On; and by this means would remove a discrimi- p
anon winch may it it has already done So create
tudice that may become deep-rooted and
I'd Imperil the national credit.
1 ne feasibility of making currency correspond
h the constitutional standard may be seen by refer
&c To few facts derived from our commercial STA u
tics. is
The production of precious metals in the United N
ates from 1549 1857 inclusive Amounted Tn s7o oil
tn trnI,, GrO