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

an actual misdemeanor in office! Shall he, in
the meantime, risk the character and interest
of the Nation in the hands OF men to whom
he cannot give his confdence' Must he for
bear his complaint until the mischief is done
and cannot be prevented If his zeal in the
public service should compel him to antici-
pate the overt act, must he move at the peril
Of being tried himself for the offense OF
slandering his subordinate? In the present
circumstances Of the country some one must
be held responsible for o1icial delinquency Of
every kind. 1t is extremely difficult to say
where that responsibility should be thrown,
if it be not left where it has been placed by
the Constitution. But all just men will admit
that the President ought to be entirely re-
iieyed from such responsibility, if he cannot
meet it by reason of restrictions placed by
law upon his action.
The unrestricted power OF removal from
ofiice is very great one to pc trusted even
! to Magistrate chosen by the general suf-
ffage of the whole people, and accountable
directly to them for his acts. 1t is undoubt-
edly liable to abuse, and at some periods OF
our history perhaps has been abused. Ii it
be thought desirable and constitutional that
| ii should be so limited as to make the Presi-
dent merely common informer against other
public agents, he should at least be permitted
| to act in that capacity before sonae open tri--
bc nal, independent of party politics, ready TO
inves tigate the merits of every case, fur-
nisbeo v 'th the means of taking evidenoe,and
bound to decide according to established
rules. This ", y,'uld guarantee the safety OF
the accuser wbsu "a acts in good faith, and at
the same time sscnra he rights of the other
party. speak of course WIN OH iespe0. ~. ~.
the Senate, but it does not s. '.O.;.,,.aa " 90
any legislative body can be SO s;~a.
to insure its fitness for these funel- sis. s.,,,,
II is not the theory of this Cover 80
that public officers are the property OF 'n>
who hold them. They are given merely as .
trust for the public benefit, sometimes lot
fixed period sometimes during god behavior,
but generally they are liable to be ternsinStea
al. the pleasure of Incorporating power rahioo
represents the collective majesty and speaks
the will of the people. The forced retention
in Office of a single dishonest person may
work great injury to the public interests
The danger to the public service comes not
from the power to remove, but from power to
appoint. Therefore it was that the trainers of
the Constitution left the power of removal
unrestricted, while they gave the Senate the
right to reject all appointments, in its opin-
ion, not fit to be made. little reflection |
on this subject will probably satisfy all who |
have the good of the county az 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 sbey the |
rules made sacred by the observance of our |
great predecessors.
FINANCE AND THE CIRCULATING MEDIUM.
The present condition of our finances and |
circulating medium is one to which your early
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 question upon which political economists
have not agresd. Nor can it be controlled I
by legislation, but must be left to the irrevo-
cable laws which everywhere regulate COM
merce and trade. Tie circulating medium
will ever irresistibly fow to those posntsw here
it Is in greatest demand. The law of demand
and supply is as unerring IS that which reg
ulates the tide of the ocean; and indeed cur
?. Il
throughout the commercial world.
At the beginning Of the rebellion the bank
OF the country amounted to
not much more than two hundred millions Of
dollars; nov the circulation of National Bank
notes and those known as illegal tenders" is
nearly seven hundred millions. While it is
urged by some that this amount should be
others contend that a decided re-
y d. ~ n
luction is absolutely essential to the best in
terests of the country. In view of these di- II
verse opinions, it may be well to ascertain the
real value of our paper issues when com
pared with q 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
n circulation Probably not more than half
he amour! of the latter-showing that when
,ur paper currency is compared with gold and
ilverits commercial value is compressed into
hree hundred and fifty millions. This stri.
King fact makes it the obvious duty of the
government, as early as may be consistent
yith the principles of sound political econo-
ny, to take sueh measures as will enable the
lolder of its notes and those of the National
Banks to convert them without loss,in spe-
lie or its equivalent. A reduction Of our pa
Der circulating medium need not necessarily
ollow. This, however, would depend upon
he law of demand and supply, though it
hould be borne in mind that by making le-
,al tender and bank notes convertible into
oin, or its equivalent, their present specie ,
,alue in the hands of their holders would be
nhanced one hundred per cent s
Legislation for the accomplishment ofare-
ult so desirable is demanded by the highest
,ublic considerations. The Contribution con- |
emplates that the circulating medistn ofthe I
ountry shall be uniform in quality and value. :
1t the time of the formation of that instru- ,
nent, the country had just emerged from the
Var of the Revolution, and was suffering !
rom the effects of redundant and worthless !
,aper currency. The sages of that period \
7ere anxious to protect their posterity from
he evils which they themselves had expert !
need. Hence,in providing circulating me- I
liun, they conferred upon Congress the /
,ower to coin money. and regulate the value !
hereof, at the same time prohibiting. the :
tates from making anything but gold and !
liver tender in payment of debts. :
CONDITION OF THE CURRENCY Il
The anomalous condition of our currency is !
n striking contrast with that which was
originally designed. Onr circulation now
first, notes of the National Banks,
Vhich are made receivable for all dues to the
Government, excluding imposts and by all its
reditors, excepting in payment of interest I
Ipon its bonds and the securities themselves; q
econd, legal tender notes, issued by the uni I
ed States and which the law requires shall be {
eceived as well in payment of all debts be-
ween citizens as of all Government dues,ex-
epting imposts; and. third. gold and silver !