Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-12-13

vior, but generally they ere liable 20 be tel
minated at the pleasure Of the appointin
power which represents the collective msjes
ty and speaks the will Of the people. tn
forced retention In Office of single dishon
est person may work great injury TO thI
public interests. The danger to the publi
service comes not from the power 70 remove
but from the power to appoint; therefore
il was that the trainers of the constitution lef
the power Of removal unrestricted, Rhilt
they gave the Senate a right to reject al
appointments which, ia its opinion, wert
not fit to be made 4 little reflection on
this subject win probably satisfy all who
have the good of the country al heart, that
our best course Is to take the Constitution
for cur guide, wax IN the path marked out
By the founders Of the Republic, and
obey the rules made sacred By the obser-
vance Of our great predecessors.
Tie Fiaaaoss and he CuraeL
I The present condition of our finances and
] circulating medium i one Of which vour
/ eaFiy consideration is invited The proper
/ ton which the currency Of any country
I should bear to the whole value of the annu-
al produce circulated By its means is aues-
/ ton upon which political economists have
/ not agreed, nor can it Be controlled by leg
lslati0D, but must be left to the irrevocabIe
laws which everywhere regulate commerce
and trade. The circulating medium will
/ eyer lrreslstabiy flow to those points where it
/ Is IN greatest demand. The law Of supply and
---- - = 5ss,asrizar ae tkaA u-hSab rasy,,-
/ iates the tides offhe ocean. andfndeed e1rrenc7
I Ike the tides, has its ebbs and flows through
| out the commercial world. At the begin
I ming Of the rebellion the bank note cirula-
/ ton Of the country amounted 10 not much
! more than two hundred millions of dollars
nov, the circulation Of national bank notes
and those known as legal tenders, is nearly
seven hundred millions While It is urged
by some that this amount should Be in
creased, others contend that a decided re-
duction Is absolutely essential 10 the best
interests Of the country. In view Of these
diverse opinions, 10 may be well TO ascertain
the real value OF our paper issues. When
compared with a metallic or convertible ,-nr-
rency for this purpose. let Us inquire how
much gold and silver could be purchased by
the seven hundred millions Of paper money
now in circulation. Probably not more than
half Of the amount Of the latter. showing
that when 0ur paper currency is compared
with gold aud silver, It's Commercial value Is
compressed into three hundred and ffty
millions. This striking fact makes il the
obvious duty Of the Government, as early as
It may be consistent with the principles of
sound political economy, 70 take such meas
Rres a viii enable the holders Of Its notes.
and those Of the national banks. TO convert
them without loss on specie or its eqniva-
lent A reduction Of our paper circulating
medium need not necessarily follow. This
however, would depend upon the law of
demand and supply, though it should be
borne II mind that by making legal tender
i - $50 -.~esE a.
equivalent, 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 b. the highest public considera-
tions The Constitution ee1templates 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 emerged from the
war ofthc Revolution, and was sufferingfr0m %
the effects Of 2 redundant and worthless pa
Per cuuency. The sages Of that period were
aBLl8us 70 protect their p0sterity from the
evils which they themselves had experienced.
Hence in providing a circulating medium.
they conferred upon Congress the power 70
al the sa5 tisE4a nd n f5 5i9i II liz. slle tt thEG lg,
making anything but gold and silver a tender
IN payment Of debts. The anomalous con-
dition Of our currency is IN striking contrast
With that which vas originally designed.
Our circulation now embraces first, notes Of
the national banks, which are made receiv-
able for all dues TO the Government exelud-
ing imports, and by al It's creditors, except
ing IN payment Of interest upon It's bondi
and the securities themselves second. legas
tender notes issued by the United States,
and which the law requires shall be received
a. vel IL payment OF al debts between citi-
zeus, as Of all Government dues, excepting
imports aRd third gold and silver coin
By the operation Of our present system of
finance, however the metallic currency when
collected is reserved only for one class Of
Government creditors, who, holding its
bonds, semi-annually receive their interest
IN coin for the National Treasury. They
are thus made 70 occupy an inyidious po-
sitiOn, which may be used TO strengthen the
arguments Of those who would bring into
disrepute the obligations Of the nation. In
the payment OF all It's debts the plighted
faith Of the Government should be inviola-
bly maintained but, while it acts with
fidelity towards the bondhOider who
iuanded his money, that the integrity Of the
Union might be preserved 1t would at the
same time, observe good faith with the
great mass Of the people who, having rescu-
ed the Cnion from the perils Of rebellion,
now bear the burdens of taxation that the
Government may be able 10 fulfil lis engage
ments There i no reason which win be
accepted as satisfactory by the people, why
those who defend ne on the land and pro-
tect us on the sea, the pensioners upon
the gratitude Of the nation, braying the
scars and woundsrecsived while 10 itsservice,
the public servants il the various depart
meuts Of the Government, the farmer who
supplies the soldiers Of the army and the
sailors Of the navy, the artisan who tOlis IN
the nation workshops, or the machanlcs
and lzbogers who build its edi6ees and con-
struct its forts and vessels Of war, should IN
payment of their Just and hard earned dues
receive deprecated paper, while another
class Of their e9untrymen. no more deserving
are paid IN coin Of gold and silver. Equal
and exaet jnsfice requires that all the cred
itors Of the Government should be paid in q
currency. possessing a uniform value. This
can only be accomplished by the restoration
Of the currency to the standard established
By the Constitution, and by this means we
would remove q discrimination which may,
If X has not already done so. create preju-
dice that may become deep rooted aud vide
spread, and impeTii the national credit. The
feasibility ofmakIng our curTenc7 correspond
with the Constitutional standard may be
seen by references 70 q few facts derived from
our commercial statistics. The production
Of precious metals in the United States from
Is49 20 IS57, inclusive, amounted 20 S579-
900, 90 from ISIS 10 1S60. inclusive, TO
Sl57, sou, 005, and from 1861 TO 1867, inelu-
siye. to S457. 10000. making the grand