Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1867-12-07

that love oil liberty and law ior winch We
American people are distinguished shove
slI others IL. The world.
DUTY OF THE PRESIDENT.
How far the duty Of the President 10
preserve. protect and defend the Cons''lu'
ton requires him 10 60 opposing an an
constitutional &C, of Congresses very se-
rous and inporisnt question on which
have deliberated much and fell extremely
anxious 10 reach proper conclusion.
Where an sci has been passed according
10 the forms OF the Constitution by the
supreme legislative authority. and is reg
ulsrly enrolled among the public statutes
of the country. Executive resistance 10
il. especially in times Of high party eI-
element. would be likely 10 produce VIC
lent collision between the respective sc-
heren,s of The two branches Of Govern
men,. This would be simply civil war;
and civil war must be resorted TO only %
the las. remedy for the worst OF evils.
Whatever nigh tend 10 provoke il should
| be most carefully avoided. A faithful and con
scientious magistrate will! concede very much 10
| honest error, and something even 10 personal
! malice, before he will endanger the public
peace and he will not adopt forclble meas
ures, or such as might lead TO force, as longn
those which are peacable remain open 10 him
or 10 his constituents. II is true That cases may
occur in which the Executive would be COM
PEELED TO stand on his own rights and MAINTAIN
Them regardless of all consequences, If Congress
should pass an act which is not only IN palPaole
conflict with the Constitution, but will certain
ly. if carried out produce immediate and ire
parable injury TO the organic structure OF INC
Goyernment and if there be neither judicial
remedy for the wrongs it inflcts, nor power IN
the people TO protect themselves without mo
official aid OF their elected defender, H. Tor In
stance, the legislative department should pass
an act. even through all the forms Of law, TO
abolish coordinate department OF the Gov
eminent in such case the President must take
the high responsibilities of his office and save
the life of the nation at all hazards. The so
called Reconstruction acts, though rs plainly
unconstitutional as any can be imagined, were
not believed to be within the class last men,
toned. The people were not wholly dnarmed
Of the power Of self defence. In all the North
ern States they still held in their hands the sa-
cred right Of the ballot, and il was safe 10 be-
lieve that in due time they would come 10 the
rescue Of their own constitutions. II gives mo
pleasure TO add that the appeal TO our common
constituencies was not taken in vain, and that
nv confidence in their wisdom and virtue seems
no I 10 have been misplaced.
THE FINANCES AND THE CURRENCY.
The present condition Of our finances and cir
culating medium IS one TO which your early
consideration is invited. The proportion which
the currency Of any country should bear 10 tho
whole value of the annual produce circulated
by its means is a question upon which political
economists have not agreed, nor can 1t be con-
trolled BY legislation, but must be left 10 the ir-
reyocable laws which everywhere regulate
commerce and trade. The circulating medium
will ever ifresstIbly flow TO those points where
it is in greatest demand. The law Of supply
and demand is as unerrng as that which regu-
lates the tide of the ocean and indeed, curron-
cy like the tides has its GIBBS and flows through
out the commercial world Al the beginning OF
the rebellion the bank note circulation OF Tho
country amounted 10 not much more than two
hundred millions OF dollars now, the circula-
ton Of national bank notes, and those known ns
legal tenders, is nearly seven hundred millions.
While il is urged by some that this amount
should be increased, others contend that . oeci-
ded reduction is absolutely essential 10 tho best
interests Of the country. In view Of these d.
verse opinions il mey be well TO ascertain tho
real value Of our paper issues. When compar-
ed with a metallic or convertible currency Tor
this purpose, let Us inquire how much gold and
silver could be purchased by tho seven hundred
millions Of paper money now IN circulation.
Probably not more than half Of the amount OF
latter, showing that when our paper currency is
compared with gold and silver its commercial
value is compressed into three hundred and City
millions. This striking fact mako II the obvi-
Gus duty OF the Government, as early as may
be consistent with the principles Of sound politi-
cal economy, TO take such measures ss will en-
able the holder Of its notes, and those OF the pa-
tional banks, 10 convert them without loss on
specie or its equivalent a reduction Of our
paper circulating medium need not necessarily
follow. This however would not depend upon
the law Of demand and supply, though il should
be borne IN mind that by making legal tender
and bank notes convertible into coin or ito
equivalent their present specie value in tho
hands Of their holders would be enhsn.ed ono
hundred per cent. Legislation for tho accom-
plshment OF a result SO desirable is demanded
by the highest public considerations. The Con-
stituton contemplales that the circulating me.
dunn Of the country shall be uniform 10 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 suffer.
ing from the effects Of q redundant and worth
less paper currency. The ssges Of that period
were anxious 10 protect their posterity from the
evils which they themselves had experienced.
Hence, 10 providing circulating medium, thoy
conferred upon Congress the power 10 coin
money and regulate the value thereof, st tho
Same time prohibiting the States from making
anything but gold and silver tender in pay
ment Of payment Of debts. The anomalous
condition Of our currency is in striking con-
rast with that which was originally designed.
Our circulation now embraces, first, notes Of
the national banks, which are made Tecoivsbls
for oil dues 10 the Government, excluding i'm.
ports, and by all its creditors, excepting 10 pay
ment Of interest upon its bonds and the securi-
ties themselves; secord, legal tender note, ia
sued by the United States, and which the lswfe-
quirs shall be received os well in payment Of ell
debts between citizens, as Of all government
dues, excepting imports and third, gold and
silver coin. BY the operation Of our present
system OF finance, however, the metallic cur
rency when collected is reserved only for one
class Of Government creditors, who, beIsiDg is
bonds, semi-annually receive their interest in
coin from the National Treasury. They arc
thus made 10 occupy an inridious position, which
may be used to strengthen tho arguments Of
those u hn would hrinu int disxa al. -li: