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

bic into coin or its s,equivalent, their
present specie value in the hands Of
their holders would be enhanced 100
per cent.
Legislation for the accomplishment
of q result 30 desirable is demanded
by the highest public considerations.
! The Constitution coDtemplates that
the circulating medium of the coun-
try 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 redundant and worth
less paper currency. The sages of
that period were anxious to protect
their posterity from the evils which
they themselves had experienced.
Hence, in providing 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 payment
of debts.
The anomalous condition of our
currency is in striking contrast with
that which was originally designed.
Our circulation now embraces, first,
notes of the national banks, which
are made receivable for all dues to
the Government, excluding imposts,
and by all its creditors, excepting in
payment of interest upon its bonds
and the securities themselves; second,
legal-tender notes issued by the
United States, and which the law
requires shall be received as we'll in
payment of all debts between citizens
as OF all Government dues, excepting
lmposts; and third, gold and silver
coin. BY the operation of our pre-
sent system of finance, however, the
metallic currency, when collected, is
reserved only FOR one class of Govern
ment creditors, who, holding its
bonds, semi-annually 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
disrepute the obligations of the ma
ton. In the payment of all its debts.
the plighted faith of the Government
should be inviolably maintained. But
while it acts with fidelity toward the
bond-holder who loaned his money
that the integrity of the Union might
be preserved, it should at the same
time observe good faith with the
great masses of the people, who,
having rescued the Union from the
perils of rebellion, now bear the bur-
dens of taxation, that the Govern
ment may be able to fulfil its engage
ments. There is no reason which
will be accepted as satisfactory by
the people, why those who defend us
on the land and protect US on the
sea; the pensioner upon the gratitude
OF the nation, bearing the scars and
wounds received while in its service;
the public servants in the various
departments of the Government !;
the farmer who supplies the soldiers
of the army and the sailors of the
navy; the artizan who tolls in the
nations workshops, or the mecha-
mics and laborers who build its edi-
fees and construct its forts and yes
sells OF war-shouid, in payment of
their just and hard-earned dues,
receive deprecated paper, while an
other class of their countrymen, no
more deserving, are paid in coin of
gold and silver. Equal and exact
justice requires that all the creditors
OF the Government should be paid
in a currency possessing q uniform
value. This can only be accomplished
by the restoration of the currency to
the standard established by the Con-
stitution; and by this means We would
remove discrimination which may,
if it has not already done 80, create
a prejudice that may become deep
rooted and widespread, and imperil
the national credit.
49, ICoNCLUDED IN OUR NEXT.