The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1867-12-10

countrymen, no more deserving, are PAID III
coin of gold and silver. Equal and exact
Justice requires that all the creditors OF the
Government should be paid in currency
possessing uniform value. This can only
be accomplished by the restoration OF the
currency to the standard established by the
Constitution; and by this means we would re-
move discrimination which may, If it has
not already done go, create q prejudice that
may become deep-rooted and widespread,
and impsril the national credit.
COMMERCIAL STATISTICS.
| The feasibility Of making our currency cor
respond with the constitutional standard may
be seen by reference to few facts derived
from our commercial statistics.
The production of precious metals in the
United States faom 1S49 to 1857, inclusive,
! amounted to S579, 100000 from S58 to 1860,
inclusive, to $l37 5o0000 and from 1857 to
| 1867. inclusive, to S457 500, 0,000-making the
| grand aggregate of products since 1849, ST.
| 174,O00.o00. The amount of specie coined
| from 1S49 to 1851 7,inclusive,was S439, 900,
from 1853 to 1850, inclusive, $125, 600, 600;
and from 1861 to 1867, inclusive, SO 10, ,000, 900
making the total coinage since l849 1914
100000. From 1S49 to1857, inclusive, the
net exports of specie amounted to $271 ,000,-
600; from 1858 to 1850, inclusive, TO $l48, ,000.-
600; and from: 1S61 to 1867, inclusive. to $322-
000-making the aggregate of net exports
since lS49, $741 100000. These figures show
an excess of products over net exports of
S43S G0G 900. There are in the Treasury
Sill, 100000 in coin, something more than
$40, 900 900 in circulation on the Pacific Coast,
and few millions in the National and other
Banks-in all about $160.O00,O0O. This, how
ever, taking into account the specie in the
country prior to 1849, leaves more than $500
100000 which have not been accounted for
By eSportation, and therefore may vet remain
in the country. s. sss
SPECIE BASIS NECESSARY.
These are important facts, and show how
completely the inferier currency will super
csa,e the better, forcing it from circulation
amcuG the masses, and causing it to be ex-
ported as a mere article of trade, to add to
the mo ney capital of foreign lands. They
show tho necessity of retiring our paper
money. that tSs return of gold and silver to
the avenues of trade may be invited, and a
demand created which will csuss the reten-
tion at home of at least SO much of thepro-
ductions Of our rich and inexhaustible gold
bearing fields as may be suhseient for purpo-
ses Of cireul ulation. II is uureas enable toie1.
psct return to sound currency so long as
the Government, by continuing to issue ire
deepable notes, fills the channels of circu.a-
tion with deprecated paper. Notwithstand-
ing coinage..by our mints, since 1s49, of
eight hundred and seventy -four millions of
dollars, the people are now strangers to the
currency which vas designed for their use
and benefit, and specimens of the precious
metals bearing the natioral; device are sell
dom seen, except when proo2eed to crafty
the interest excited by their novelty II de-
preciated paper is, to be continued as he per-
manent currency Of the country, and all car
coin is to become mere article Of traffic and /
speculation, to the enhancement in price of
all that is Indispensable to the comfort of the |
people, it would be wise economy to abolish |
our inints, thus saving the nation the care and |
expense incident to such establishments, and |
let all cnr precious metals be exported in |
bullion. The time has come, however, when |
the Government and National Banks should /
be required to take tbe most efficient steps
and make all necessary arrangements for
of specie payments at the earliest
been once resumed by the Government and |
banks. all notes or bills Of paper issued aY |
either of q less denomination than twenty i
dollars should by law be excluded from Girl
culation, so that the people may have the
benefit and convenience of gold and silver
which in all their business trans
actions will be uniform in value at home and
abroad, s3s
avery man of property or industry, every
man who desires to preserve what he honestly
possesses or to obtain what he can honestly
earn; has direct interest in maintaining a
safe circulating medium-sueh medium as
shall be real and substantisI not liable to vi
brate with opinions, net subject to be blown
up or blown down by the breath of specula-
lion, but to be made stable and secure. A
lisordered currency is one of the greatest po-
litical evils. 1t undermines the virtues ne.
,essary for the support of the social system,
and encourages epropensities destructive Of
its happiness: it wars against industry, fru-
yality and economy; and it fosters the evil
spirits Of extravaganza and speculation" II
has been asserted by one of our profound
and most gifted statesmen, that "of all the
for cheating the lab0ring GLASSES
,f mankind, none has been more efectual
han that which deludes them with paper
money. This is the most effectual of invsn-
lions to fertilizs the rich mans fields by the
sweat of the poor mans brow. Ordinary ty-
ranny, oppression, excessive taxation-these
bear lightly on tAe happiness of the mass of
.he community compared with fraudulent
currency. and the robberies committed by de-
,reciated paper. Our own history has recor-
led for our irstruc.ion enough, and more
han enough of the demorai;sng tendency,
he injustice, and the intolsrable oppression
IN tho yirtu0us and well-disposed OF de-
graded paper currency, authorized by law or
n any way countenanced by Government,"-l
I is one of the most successful devices, in
lines of peace or war, expansions or rsyul
lions. to accomplish the transfer of all the
precious metals from the great mass of the
people into the hands of the few, where they
ire boarded in secret places or deposited in
strong boxes under bolts and bars, while the
people are left to endure all the inconven
ence, sacrifice and decentralization resulting
rom the use of deprecated and worthless
paper money.
THE PUBLIC REVENUE.
The condition of our finances and the ope-
alton of our revenue system are set forth
md fully explained in the able and instruc-
i've report of the Secretary Of :he Treasury
IN the Goth of June, 1856. the public debt
to $2,7s3,425.S7s; on the 30th o:
Tune last it was $2,692, 1921 showing a
,eduotion during the fiscal year of S9l, ,226,-
,64. During the fiscal yearssending June 80,
1857. the receipts were 490,B34, ,0l0, and the
$346, 1929, l2s, leaving an availa-
Die surplus of $l43 904 $50. 1t is estimated
hat the receipts for the fiscal year ending