The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1867-12-11

is in striking contrast with that which was
originally designed. Our circulation now
embraces, first, notes Of the National Banks
which nro made receivable for oil dues to
the Government. excluding imposts, and by
MI its creditors, excepting in payment Of
intereeCupon its bonds and the securities
themselves; second, legal tender notes, is
sued by tho United States, and which the
law requires shall bc received rs well in
payment OF oil debts bctwoon citizens as of
nll Government dues, except inposts; and
third, gold and silver coin. By the opera
tion Of our present system Of finance. how.
aver, the mctaljc. currency, when collected,
is reserved only for one class CT Govern.
mcnt creditors, who, holGing its bonds
scmisannually receive their interests in coin
from tho National Treasury. They arc
shus made to occupy an invidious position
which may be used 10 strengthen tho arg,,.
mcnts Of those who would bring into disre-
putc the obligations Of the nulion. In tho
payments Of nil its debts, the rlightod faith
Of tho Government should be inviolably
maintained But while II acts with fidelity
toward ,hc hondholder who loaned his mon.
cy that the integrity Of tho Union might
be preserved. ii should at the same time OBJ.
serve good faith with thc MASSES Of. tile peo
pie, who having rescued the Union from
the perils Of the rebellion, now bear The
burdens Of taxation, that Tho Government
may be ablo to rulil lis engagements.
Thero is no reason which will be accepted
rs satisfactory by the people, why those who
defvnd us on the land and protect us on the
sea-; tho pcnsioncr upon tho gratitude Of
the nation, bearing tho scars and wounds
received while in service; the public SCR
wants in the various Departments Of the
Governments the farmer who supplies the
soldiers Of the army and the sailors Of the
navy tho artisan who tolls in tho nations
workshops, or tho mechanics and laborcrs
who build its cditiccs and construct its forts
and vessels of war-sh0uld, in payment Of
their Just md hard-earncd dues, receive
deprecated paper, while another class Of
their couutrymcn, no more deserving, are
pnid in coin Of gold and silver. Equal and
exact Justice requires that all the creditors
of the Government should be paid in n ours
rcncy possessing auniform 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 removed n Discrimination which may,
| il it has not already done 50, create pre-
| judico that may become dGcp-rOotcd and
wide spread, and imporil the national credit.
Tho feasibility of making our currency
| correspond with tho constitutional standard
mny be seen by reference TO, " iew facts de-
rived from our commercial. statistics.
| The production Of precious metals in the
| United States from 1919 TO 1857, inclusive,
amounted to $570, ,00C, 600; from, 1853 to
1860, inclusive, to Sl37 900, coo; and from
lSUlio 1867 inclusive, 10 Sd57 500, 600
making the grand aggregate of products
since 1919, 81, III, l,0OO,OO0. The amount
of specie coined from 1910 to 1867, inclu-
sivc, was S439, 900, 900; from 1858 to 1860,
inclusive, Sl25, ,0U0; and from 1861 to
1867, inclusive, 10000, ,00O-making the
total c oinagc since 1919. SS7i, 100000
From lSi0 10 1857, inclusive, the net cx-
ports Of specie amounted TO S21l .0o0,o00
from 1853 to 1860, inclusive, TO $liS,0Oo,-
900; md. from l8G to LSGE, inclusive, S322,.
000, ,0UO-making tho aggregate not exports
since 1919, S74l 100000 These figures
show an excess Of product over not exports
Of $433, 900, 900. There arc in the Trcasu
ry, 81 900 900 in coin, something more
than $40, 600, 600 in circulation or the Pn'
cifc Coast, nnd few millions in the Nation
al aud other Banks-in all about 5 100, 900,
900. This. however, taking into account
tho specie in tho country prior to lS4",
leaves moro than threo hundred millions OF
dollars which have not bcon accounted fol
by cxportntiUu, and therefore may yet re-
main in the country.
These arc important facts, and show how
completely the inferior currency will super
scdc tho better, forcing 1t from Circulation
among the masses, and causing il to 10 OK
) port cd as n mere article of trade, to add tc
) money capital Of foreign lands. They show
tho necessity Of retiring our paper money,
, that the return of gold and silver to tho
avenues of trade may DO invited, and do
mand created which will cause the retention
at home of at least so much Of the produc
| = ,..,l l,n,, ,st, III
bearing fields as mnly bo sufficient for pur-
expect n return to q sound currency 80 long
as tho Uovcrnmons, by continuing TO issue
irrcdcom0hlc notes, fills the channels OF cir
eulation with deprecated paper. Notwith-
| standing n coinage by our mints, since
lSi0. Of eight hundrn,l and seventy four
millions of dollars, the people arc now
strangers to currency whioh was designed
for their use and benefit, and specimens OF
tho precious metals bcnrng thc national de-
vice arc seldom Seen, except when produced
to CRAFTY tho interest excited by tho novel
ty. If dopreciatcd' papor is to be continued
as tho permanent currency Of tho country,
and all our coin to become a mere article of
traffic and speculation, to tho enhancement
in price Of alt that is indispensable to the
comfort Of the people, 1t would be wise
economy to abolish our mints, thus saving
tho nation tho caro- and expense incident TO
such establishments, and lot MI our pi ccouS
metals be exported in bullion. Tho time
has como, however when tho Government
and National Banks should be required to
take the most efficient steps and mako all
necessary arrangements for q resumption OF
specie payments Mt the earliest practicable
period. Specie payments having once been
resumcd by the Government and tanks. al
notes or bills Of paper issued hy either Of Il
less denomination than twenty dollars
should 10y law, he excluded from circulation
so that tic people may havo tho benefit and
convenience Of gold and silver currency
which in MI their business transactions will
DO uniform in value at homo and abroad.
"Evcry mnn Of property and industry,
every man who desires to preserve what he
honestly possesses, or tn obtain what H.,
can honestly earn. has "a direct interest in
maintaining u safe circulating medium
such y medium rs shall be real and substan-
tial, not liable to vibratc with opinions, not
suhjcc, to be blown up or blown down by
tho breath Of speculation, BIZ. to DO made
stable aud secure. a disordcrcd currency
is QUO of the greatest political OWLS. 1t un.
dormincs tho virtues necessary for the sup
port Of tho social system, and encourages
propcnsitics destructive Of its happiness; il
,t.SaI .l..