The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-12-06
ed as to insure its fitness for these

gu rs W insure ltS uGneSS lOr the,
= functions.
f 1t is the theory of this Cover
: ment that public offices are the pro-
erty OF those who hold them. The
!, Jare given merely as q trust for tt
5 ipublic benefit, sometimes for q fixe
t period, sometimes during good b,
h havior, but generally they are liabl
to be terminated at the pleasure {
the appointing power, which repr,
, sents collective viii and speaks fo
the people. Forced retention in oflic
lef a single dishonest person ma
work great injury tn public interests
| Danger to public service comes no
rom power to remove, but frcm pow
er to appoint. Therefore it was tia
ahe trainers Of the Constitution LEI
| ihe power of removal unrestricted
while they gave the Senate the righ
to reject all appointments which, il
its opinion, were not fit to be made
A little reflection Or the subjec
will probably satisfy all who have tn
good of the country at heart, tha
our best course is to take the Consti
tuition for our guide, walk in the patl
marked out by the founders of tn,
Republic, and obey the rules mad,
sacred by the observance of our grea
predecessors.
THE FINANCES. q. .rs-
The present condition of our finan
ces and circulating medium is one tc
which your early consideration ls in.
vited, The proportion which the
currency of any country should beaI
to the whole value of annual produce
circulated by Its means, is question
upon which political economists have
not agreed nor can it be controlled
by legislation, but it must be left to
the laws which everywhere regulate
commerce and trade. The circulating
medium will ever flow to those points
where it is in greatest demand The
law of demand and supply is as un-
erring as that which regulates the
tides of the ocean and, indeed, cur
rency like the tides has its ebbs and
flows, throughout the commercial
world. At the beginning of tic re.
bellion, the bank note circulation OF
the country amounted to not much
more than two hundred million dol
lars. Now the circulation of Nation
al Bank notes, and those known as
legal tenders, is nearly seven hundred
millions. While it is urged by some
that this amount should be increased,
Others contend that decided reduction
is absolutely essential to the best in
terests of the country.
In view of these diverse opinions,
it may be well to ascertain the real
value of our paper issues, when
compared with metallic or converted
currency for this purpose, let us in
quire how much gold aud silver could
be purchased by the seven hundred
millions of paper money now In cir
culation. Probably not more than
half tue amount of the latter, show
ting that when our paper currency is
compared with gold and silver, its
commercial value is compressed into
three hundred and fifty millions
This striking fact makes it Che obvi-
Gus duty of the Government, as early
as may be consistent with the princi-
Piles of sound political economy, to
take such measures as will enable the
holder of its notes and those of Ma
tional banks to convert them without
loss into specie, or its equivalent
A reduction of our paper and circu
lating medium need not necessarily
follow. This, however, would de-
pend upon the law of demand and
supply though it should be borne in
mind that by making legal tender and
bank notes convertible into coin or
its equivalent, their present specie
value in the hands of their holders
woule be enhanced one hundred per
cent
Legislation for accomplishing are
suits so desirable is demanded by the
highest public considerations. The
contemplates that the |
medium of the country
shall be uniform in quality and value
1T the time of the formation of that,
instrument. The country had just
from a war of revolution,
and was suffering from the effects of
4 redundant and and worthless paper
currency. The sages of that period
we're anxious to protect their poster
ty from the evils which they them
selves had experienced; hence, in
providing a circulating medium, they
conferred upon Congress the power
20 coin money and regulate the value
hereof, at the same time prohibiting
he States from making anything but
yold and silver a legal tender in pay
nent of debts. The anomalous con-
lition of our country is in striking
contrast with that which was origin
lily designed. Our circulation now
first, notes of National
Banks, which are made receivable for
III dues to the Government, exclud-
ng imports, and by all its creditors,
in payment of Interests up
IN its bonds and the securities them
elves second, legal tender notes,
ssued by the United States, and
which the law requires shall be re
;eived as well in payment of all debts
,etween citizens as of Government
lues, excepting imparts; and third,
,old and silver coin. ~ y Il
By the operation Of the present
ystem of finance, however, metallic
urrency, when collected, is reserved
My for one class of Government
reditors, who, holding its bonds,
emf annually receive their interest
a coin from the National Treasury.
hey are thus made to-occupy an in
idious position, which may be used
the arguments of those
rho would bring into dispspute she
of the nation. frreif Ii
In payment of all its debts the
lighted faith of the Government
hould be inyiolably maintained. but
mile it acts with fidelity toward the
who loaned his money
hat the integrity Of the Union might
e preserved, it should at the same
ime observe good faith with the
reat masses Of the people, who, hav-
ng rescued the Union from The per-
Is of rebellion, now bear the burdens
# taxation that the Government may
'e able to fulfill its engagements.
There is no reason which will be &C
epted as satisfactory by the people