Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1867-12-05


Of the ballot, and 1t was safe to believe
that In due time they would come to the
rescue OF their own institutions. Itgives
, me pleasure to add that the appeal to our
: common constituents was not taken in
|. vain, and that my confidence in their
: wisdom aud virtue seems not to have
. been misplaced.
n A column Is devoted to the "Tenure OF
: Office Bill" which he holds to be uncon-
stitutional and largely responsible for
the frauds that have been perpetrated on
, the Treasury. .-..-.--..
: At the beginning of the rebellion the
bank-note circulation of the country
: amounted tonot much more than two
; hundred millions of dollars; now the cir
culation of the National Bank notes and
those known as egaltenders" is nearly
seven hundred millions. While ii is urged
by some that this amount should be in
creased, others contend that decided
reduction Is absolutely essential to the
best interests 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
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 in circu-
lation? Probably not more than half the
amount of the latter-showing that when
our paper currency is compared with gold
and silver its commercial value il com
pressed into three hundred and fifty mil
lions. This striking fact makes 1t the
obvious duty of the Government, as early
as may he consistent with the principles
of sound political economy, to take such
measures as will enable tile holder OF its
notes and those of the National Banks to
h.,,,
or its equivalent. A reduction of our
paper circulating medium need not me-
, cessarily follow. This, however, would
, depend upon the law of demand and sup
ply, though it should be borne in mind
that by making legal tender and bank
, notes convertible into coin or its equiva-
lent. their present specie value in the
} hands of her holders would be enhanced
one hundred per cent.
f Legislation for the accomplishment of
a result so desirable Is demanded by the
: highest considerations.
{ The feasibility of fmakin ing our currency
/. correspond with the constitutional stand
G ard may lie seen by reference to few
: facts derived from our commercial sta
Y tistics.
], The production Of precious metals in
t the United States from 1919 to 1857. in
e 1853 to 1860, inclusive. to S137, 800, 600;
9 and from 1861 to 1867, inclusive, to S4j7,
# Oo,0DO--making the grand aggregate OF
C products since 1919, 81 III, ,00O,0D0. The
t amount of specie coined from 1919 tu
1857, inclusive, was S439 900, 900; from
q 1853 to 1860, inclusive. Sl25, ,O0O, 900; and
. from 1861 to 1867, inclusive, 1910, 100000
> -making the total coinage since 1919,
e 1871, 100000. From 1S40 to 1857, inclu-
al I1a mt - al
to S27l 900; from 1858 to 1860, inclu-
!, sive, to SS14s,000,Ol0 and from 1861 to
u 1857, inclusive, $780,, ,00O, ,0O0-making the
i aggregate OF net exports since 1910, S741,
j. OO,WO. These figures show an excess OF
q product over net exports of S433, ,0O0, 0O0.
= There are in the Treasury Sll ,0OO,OOO in
coin, something more than $40. 900 600 in
: circulation on the Pacific Coast, and a
= few millions in the National and other
Banks-in all about Sl6O,OOO,OOO This,
however, taking into account the,specie
in the country prior to lS49, leaves more
l than three hundred millions of dollars
which have not been accounted for by
expiration, and therefore may yet re-
main in the country.
These are important facts, and show
how completely the inferior currency
; will supersede the better, forcing it from
circulation among the masses. and calls-
, ing 1t to he exported ms mere article of
trade, to add to the money capital of for
eign lands. They show the necessity of
retiring our paper money, that the re-
turn of gold and silver to the avenues of
trade may he invited, and demand
created which will cause the retention
at home OF Mt least so much of the pro-
ductions of our rich and ineXhaustible
: gold-bearing fields as may be sufficient
for purposes of circulation. 1t is unrea-
. sonabe to expect return to a sound
currency so long as the Government, hy
=. continuing tn issue irredcemahle notes,
fills the channels Of circulation with de-
preciated paper. The time has come,
however, when the Government and
National Banks should be required to
:. take the most efficient steps and make
!, all necessary arrangements for re-
sumption of specie payments at the ear
liest practicable period. Specie pay
D ments having been once resumed by the
. Government and Banks, all notes or bills
I Of paper issued by either of less denom-
ination than twenty dollars should by
law he excluded from circulation, 80 that
: the people may have the benefit and
g convenience of gold and silver curren-
? cy which I'm all their business transar-
, tions will he uniform in value ut home
! and abroad.
= The attention of Congress Is earnestly
0 invited to the necessity of a thorough
. revision OF our revenue system. Our in
. ternational revenue laws and impost sys-
! tenn should he so nd iusted as to bear most
heavily on articles fluxury, leaving the
i. necessares of life as free from taxation
as may he consistent with the real wants
of the eGovernment, economically admin
D istered. A modification of the
internal revenue system, by large re
duction In the number of articles now
n subject to tax, would be followed by re-
! suits equally advantageous to the citizen
Z and the Government. Re-
I. trenchment, reform. and economy should
i be carried into every branch of the pub
: lie service, that the expenditures of the
, Government may be reduced and the
= people relieved from oppressive taxation:
e sound currency should he restored, and
V the public faith In regard to the national
debt sacredly observed The
q accomplishment Df these important re
8 suits, together with tn, restoration oi
Q the Union of the States upon the prin-
q ciples of the Constitution, would inspire
I confidence at home and abroad in the
U stability of our Institutions, and bring
: to the nation prosperity, peace and good
= will.
y The message closes with a synopsis Of