The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-12-06

tremely, difficult to say where that
responsibility should be thrown, if it
be not left where it has been placed
by the Constitution. But ali lust
men will admit that the President
ought to be entirely relieved from
such responsibility, If he cannot meet
it by reason of restrictions placed by
law upon his action.
The unrestricted power of removal
from Office is q very great one to be
trusted even to a magistrate chosen
by the general suffrage of the whole
people, and accountable directly to
them for his acts. It is undoubtedly
liable to abuse, and at some periods
of our history, perhaps, has been
abused. Ii it be thought desirable
and constitutional that it should be
so limited as to make the President
merely common informer against
other public agents, he should at
least be permitted to act in that ca
pacity before some open tribunal, in
dependent of party politics, ready to
investigate the merits of every case.
furnished with the means of taking
evidence, and bound to decide ac-
cording to established rules. This
would guarantee the safety Of the
accuser when he acts in good faith.
and at the same time secure the rights
of the other party. 1 speak, of
course, with all proper respect for
the present Senate, but it does not
seem to me that any legislative body
can be SO constituted as to insure its
fitness for these functions.
1t is not the theory of this Govern.
ment that public offices are the pro-
perty of those who hold them. They
are given merely as q trust for the
public benefit, sometimes for q fixed
period, sometimes during good be-
havior, but generally they are liable
to be Terminated at the pleasure of
the appointing power, which repro
sen ts the collective majesty and
speaks the will of the people. The
forced retention in Office of single
dishonest person may work great IN
jury to the public interests. Tbs
danger to the public service comes
not from the power to remove, bpt
from the power to appoint. There
fore it was that the trainers of tile
Constitution left the power of reI
moval unrestricted, while they gave
the Senate a right to reject all ap-
ppintments which, in its opinion,
were not fit to be made. A little re-
Election on this subject will probably
satisfy all who have the good of the
country at heart, that our best course
is to take the Constitution 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 prede-
cessors. .
The present condition of our
finances and circulating medium is
one to which your early considera-
ton 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.a question
upon which political econ omists have
not agreed. Nor can it be controlled
by legislation, but must be left to
the lrrevocable laws which every
where regulate commerce and trade.
The circulating medium will ever
irresistibly flow to those points where
it is in greatest demand. The law
OF demand and supply is as unerring
as that which regulates the tides Of
the ocean; and, indeed, currency,
Like the tides, has its ebbs 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 1900, 900. 600; now the circula-
tion OF national bank notes and those
known as "legal tenders" is nearly
800, 0O0,0 900. While it is urged by
some that this amout should be in
creased, others contend that a de-
cided reduction is absolutely essential
to the best interests of the country.
In view of these diverse opinions, it
may be well to ascertain the real
value of our paper issues, when
compared with o metallic or convert
1ble currency. For this purpose, let
us inquire how much gold and silver
could be purchased by the 800, ,OOO,-
O0O of paper money now in circula-
tionP Probably not more than half
the amount of the latter-showing
that when our paper currency is COM
pared with gold and silver, its COM
mercial valne 10 oor,oreseaH into