The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-12-06

: IL usto uOt ulSduy uOue 81, CTcdIt
prejudice that may become deep
rooted, wide spread, and imperil tn
National credit. The feasibility O
, making our currency correspond wit
} the constitutional standard, may b
seen by reference to few facts de
rived FROM our commercial statistics
Theproduction of the precious metals
in the United States from 1849 tt
/ 1857, inclusive, amounted to S5T9,
100000; from 1853 to 1860, inclu
sive, to S147, 900, 900, and from 1861
to 1867, inclusive, to S457 800, 900
making a grand aggregate of pro
ducts since IS49, S1,174, ,000,0 ,000.-
The amount of specie coined from
1919 to 1857, inclusive, was S439,
000, 900; from 1858 to 1860, inclu
sive, Sl25, 900, GOO; and from 1861 tc
1861, inclusive, $50, 900, 900, making
the total coinage since 1S49, 1914,
100000. From 1S49 to 1857, inclu-
sive, the net exports of specie
amounted to S27l, 1000, 900; from 1858
to 1860, inclusive, to S14S, 100000 ;
and from 1861 to 1867 inclusive,
S322, ,000, 600; making an aggregate
of net exports since 1S49, S741, ,000,-
0OO. These figures show an excess
of product over net exports of S433,
900, 900. There are in the Treasury
Sill, 100000, in coin; something
more than $40, 1000, 900 in circulation
on the Pacific coast, and few mil
lions in the National and other banks,
in all about S160,000,000. This,
however, taking into accout the specie
in the country prior to 1S49, leaves
more than three hundred million dol
lars which have not been accounted
for by expectation, and, therefore,
may yet remain in the country. These
are important facts, and show how
completely an inferior currency will
supersede better, forcing it from
circulation among the masses. and
causing it to be exported as a mere
article of trade, to add to the money
capital of foreign lands. They show
the necessity of retiring our paper
money, that the return of gold and
silver to the avenues of trade may be
invited, and demand created which
will cause the retention at home of at
least so much of the productions of
our rich and ineXhaustible gold bear
ing fields as may be sufficient for pur-
poses of circulation.
1t is unreasonable to expect a return
to sound currency so long as Gov
ernment, by continuing to issue ire
deemable notes, fills the channels of
circulation with deprecated paper.
Notwithstanding the coinage by our
mints, since 1849, of eight hundred
and seventy four millions dollars, the
people are nov strangers to the cur
rency which was designed for their
use and benefit, and specimens of the
precious metals bearing the national
device are seldom seen, except when
produced to crafty the interest ex-
cited by their novelty. If deprecia-
ted currency to be continued as the
permanent currency of the country,
and all our coin is to be a mere arti-
Gle 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 mints, thus saving the
nation the care and expense incident
to such establishments, and let all
our precions metals be exported in
bullion.
The time has come, however, when
the Government and the National
Banks should be required to take
most efficient steps and make all ne
arrangements for a resump
ion of specie payments at the earli-
st practicable period. Specie pay
nents having been once resumed, by
he Government and banks, all notes
,r bills of paper issued by either of
! less denomination than twenty dol
ars should by law be excluded from
circulation, so that the people may
lave the benefit and convenience of
gold and silver currency, which in
IL their business transactions will be
inform in value at home and abroad.
every man of property or industry,
very man who desires to preserve
THAT he honestly possesses, or to OBJ
ain what he can honestly earn, has a
irect interest in maintaining a safe,
medium; such 4 medium
5 shall be real and substantial, not
able to vibrate with opinions not
to be blown up or blown
own by the breath of speculation,
ut to be made stable and secure.
A disordered currency is one of the
reatest political evils. II under
lines the svirtues necessary for the
lpport of the social system and en-
ourages propensities destructive of
S happiness. II wars against in
ustry, frugality, and fosters the evil
pirits Of extravagance and specula-
On.
Our own history has recorded for
ur instruction enough, and more
ian enough, of the demoralizing ten.
ency, the injustice and intolerable
ppression on the virtuous and well
isposed, of degraded paper curren-
Y, authorized by law, or in any way
by Government. 1t is
ne of the most successful devices.
/ times of peace or war, expansions
rrevulsions, to accomplish the trans.
n of all the precious metals from
he great mass of the people into
he hands of the few, where
ley are boarded in secret places, or
eposited in strong boxes, under
otis and bars, while the people are
1T to endure all the inconvenience, i
lcrifice and Generalization resulting
ON the use of a deprecated and
orthless paper money.
The conditon of our finances, and
le operations of our revenue sys- s
m. are set forth and fully explained
the able and instructive report of
le Secretary of the Treasury. h
On the 30th of June, 1866, the t
ublic debt amounted toS 2,7S3, ,425 |
10; on the 30th of June last it was !
8, 1862, 1879, 226; showing a reduction :
uring the fsical year of $91 ,692,
81.
During the fiscal year ending I
une 30,1S67, the receipts were
400, ,634, ,0lO,and the expenditur es
346, ,729, ,129, leaving an available q
lrplus of S143,904,S $50. |;
Ills estimated that the receipts for
10 fiscal wear endi np .Iune 20 1868 l.