The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1867-12-07

! jury to the public interests. Danger TO the pub
| lie service comes not from the power to remove
but from the power TO appoint. Therefore it
/ that the trainers of the Constitution left the
| power of removal unrestricted, while they gave
the Senate the right to reject all appointments
which, in its opinion, were 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 our best course is to take the Const-
| tuition for our 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 predecessor.
OUR FINANCES.
The present condition OF our finances and cir.
culating medium is one to which your early con-
sideration is invited. The proportion which the
currency of any country should bear TO the whole
value OF annual produce circulated by its means
Is a question upon which political economists
have not agreed, nor can it be controlled by leg
isation but must he left to the irrevocable laws
which everywhere regulate commerce and trade
The circulating medium will ever irresistibly
flow to the points where it is in the greatest de-
mand. The law of demand and supply is as I'M
erring IA that which regulates 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
note circulation of the country amounted to not
much more than 5000, 0OO.ON Now, the cir
culation of the National bank notes and those
known as lcga)-tenders' is nearly seven hundred
millions. While it is urged by some that this
| amount should be increased, others contend that
decided reduction is absolutely essential 10 the
best interests OF the country. In view of these
diverse opinions, it may he well to ascertain the
real value of our paper issues when ompared
with a metallic or convertible currency. 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 thar half the amount of the
latter, showing that when orr paper currency
is compared with gold and silver, its commercial
value Is compressed into three hundred and fifty
millions. This striking fact makes il the obyi-
ous duty OF the Government, early as may be
consistent with the principles of sound political
economy, TO take such measures as will enable
the holder Of its notes, and those of the National
banks, to convert them, without loss, into specie
or its equivalent A reduction Of our paper cir
culating medium need not necessarily follow
this; however, we depend upon the law of de-
mand and supply; though it should be borne in
mind that by making legal.tenders and bank
notes convertible into coin, or its equivalent,
their present specie value in the hands of their
holders would be enhanced one hundred per
cent. Legislation for accomplishing a result SO
desirable is demanded by the highest pubi;r con-
slderations. 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 q redundant
and worthless paper currency. The sagcs of that
period were anxious to protect their posterity
from the evils which they themselves had ex-
psrienced. Hence, in providing that the intev-
rity OF the Union ought to be preserved, it
should at the same time observe good faith with
the great masses of the people who, having res
eued the Union from the perils OF rebellion. now
bear the burdens of taxation, that the Govern
ment may be able to fulfill its engagements.
There is no reason which will BE- accepted
% satisfactory by the people, why those
who defend US on land and protect us on sea
the pensicsicrs upon the gratitude Of the nations
bearing scars and wounds received while in its
service; public servants in various departments
OF the Government; the farmers who provided
supplies; the soldies of the army and s,ilors If
the navy; the artisan who tolls in the Nations
Workshop; the mechanics and labore,s who
build the edifces, and construct its forts and
vessels OF war, should, iE payment of their lust
and hard-earned dues, receive deprecated ruper.
while another class Of their countrymen. No more
deserving. are paid in gold and silver. Eousl
and exact justice requires that all creditors of
the Government should be paid in a currency
possessing "a uniform value. This can ONLY be
accomplished by restoration of the currency 10
the standard established by the Constitution
and by this means we would remove discrim
lnation which may, if it has not already. do 40
great prejudice; that may become deer-rooted
and widespread and imperil the National credit.
Inc feasibility OF making our currency CORES.
pond with the constitutional standard NAV no
seen by reference to a few facts derived from, onr
commercial statistics. The production of ore.
cious metals in the United States from 1S49 TO
1891 inclusive, amounted to $579, 900 900; and
from lopo to 1861, inclusive, to 1857 OCO. 900.
and le0l TO 1867, inclusive. to $457OCO,O 200:
making grand aggregate of products since is49.
%l,l'4,OoO,OOO The amount of spocie coined
from ls4S to 1907, inclusive. was $439 &C G, 900;
from Doc to 1850, inclusive, $25.OOO,OOO; and
IRON Iooi TO 1857. inclusive, 100000 600
making the total coinage since 1s49 1914 COO 900.
From lS49 to 1857, inclusive the net exports Of
specie amounted to $271 100000 from 1858 to
1860, inclusive, to Sl4S.OO000O, and from 1861
to 1867, inclusive $500, 900, G00-makirg total
aggregate OF net exports since 1S49 $1l 900 600
iheSe hgureS show An excess of products of
5o,WoooO. There are in the Treasury SILL
OOO,Ooo III coin Something more than $40 OOO.-
wv are III circulation on the Pacific coast. and
few millions in the National and other banks
IN all about S16O,WO.000. However, taking in.
10 account the specie in the country in 1864, this
leaves more than $3OO,000.000 not accounted for
by expectation, and which, therefore. NAV vet
remain in the country. These are important
fac'S' and show completely how an inferior cur
rency WIN srpercede tho better forcing it from
cifc"iaNoh among the masses, and causing il to
Dc exported Ms mere article Of trade. to add TO
the money capital of foreign lands. They
show the necessity of relieving our Paper money,
that return OF gold and silver to the avenues of