The Ebensburg Alleghanian. [volume] (Ebensburg, Pa.) 1865-1871, 1867-12-12


the pleasure Of the appointing power, which
represents tie collective majesty aud speaks
the will of the people. The forced retention
in office of single dishonest person may
work great injury to the public interests
Danger to the public service comes not frcm
the power 10 appoint; therefore it was that
the trainers of the Constitution left the pow
or Of removal unrestricted. while they gave
the Senate the right to reject alt appoint
ments which, in its opinion, were not TT to
be made.
little reflection on this subject will,
probably, satisfy all who have the good Of
the country OF heart. that our best course is
to take the Constitution for our gnide,
walk in the path marked out by the found
ers of the Republic, and obey the rules,
made sacred by observance, of our great
predecessors.
The present condition of our finances
and circulating medium is enc 10 which
your early consideration is invited. The
proportion which the currency of any
country should bear to the whole value of
the annual produce circulated by its means
is question upon which political econ
omists have not agreed nor can it be
controlled by legislation, but must be left
to irrevocable laws which everywhere reg
ulate commerco and trade. The circulat>
ing medium will ever irresistibly flow to
those points where it is in greatest demand.
The law of demand and supply is as uncr-
ring as that which regulates the tides of
the ocean, and indeed the currency, like
the tide, has its ebbs and flows through
out the commercial world. At the begin
ming of the rebellion, the bank note circus
lation of the country amounted to not
much more than two hundred millions of
dollars. Now the circulation of National
bank notes aud those known as legal ten
ders, is nearly seven hundred millions,
while it is urged by some that this amount
should he increased. Others contend that
a decided reduction is absolutely essential
to the best interests Of the country. In
view of these diverse opinions, it may be
we'll to ascertain the real value of our pa
per issues, when compared with a metallic
inconvertible currency. For this purpose
we inquire how much gold and silver
could be purchased by seven hundred
millions of paper money now IN circula-
ton. Probably not more than half the
amour; of the latter, showing that when our
paper currency is compared with 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
as will enable holders of its notes and those
of National banks to convert them with>
out loss into specie or its equivalent. A
reduction Of our paper circulating medium
need not necessarily follow; this, however,
would depend upon the law Of demand
and supply, though 1t should be borne in
mind that by making legal tender and
bank notes convertible into coin or its
equivalent, their present specie value in
the hands of their holders would be en-
hanced one hundred ser cent. The legis-
latiqn for the accomplishment of result
SO desirable, is demanded by the highest
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
emerged 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
protect their posterity from evils which
they themselves had experienced, hence,
in providing a circulating medium, they
conferred 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
a tender in the payment of debts
The anomalous condition our currency
is now in, is striking contrast with that
which was originally designed. Our Cir
culation now embraces,
First. Notes of National banks which
are made receivable for all dues 10 the
government, excluding imports, and by all
It's creditors, excepting in payment of in
terest upon It's bonds and securities them
selves.
Second. Lrgal tender notes issued by
the United States, which the law re-
nuircs shall be received as we'll in payment
of all debts between citizens as of all gov
ernment dues, excepting imposts and
Third. Gold and silver coin. BY the
operation of our present system of finance,
however, metallic currency, when collect
ed, is reserved only for one class Of govern
mcnt creditors, who, holding its bonds,
semi-annualIy 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 argu-
ments OF. those who would bring into dis
repute the obligations of the nation in the
payment of all lis debts.
The pligh;cd faith of the government
should be inviolably maintained but while