The Ebensburg Alleghanian. [volume] (Ebensburg, Pa.) 1865-1871, 1867-12-12

paid in cuin gold and silver Equal and
exact justice requires tha; nil creditors Of
the Government should be paid in u ours
rency possessing .aiform value. This
can only be accomplished by the restora-
tiOn of the currency TO the standard estab-
hshed by the Constitution, and by this
means we would remove discrimination
which may, if it has not already done SO,
create prejudice that may become deep
rooted and widespread, and imperil the
national credit.
The feasibility of making our currency
correspond with the constitutional stand
ard, may be seen by reference to few
facts derived from our commercial statis-
tics. The production of precious metals
in the United States from 1849 to 1857.
inclusive, amounted to S579, 100000;
from 1858 to 1860, inclusive, to $751;
100000, and from 1861 to 1867, inclu-
sive, TO $457, 500, 0O0-making a grand
aggregate of products since 1849 of ST.
ia, 100000. The amount Of specie
coined from 1849 to 1857, inclusive, was
S639, 100000 from 1853 to 1860, in-
elusive, it was $125, 100000, and from
1861 to 1867, inclusive, it was $780,
600, ,000-making the total coinage since
1849, $874,0OO,OO0. From 1849 to
1857, inclusive, the net exports of specie
amounted TO S271, 100000 from 1853
to 1860, inclusive, to $149, 900, 900, and
from 1861 to 1867, inclusive, it was
1922, 200, ,000-making the aggregate net
exports since 1S49, $741 100000. These
figures show an excess of product over the
net exports of $433 100000. There are
in the Treasury $l11, 100000 in coin,
something more than $40, 900, 900 in cir
culation ON the Pacific coast, and a few
millions in national and other banks-in
all about 100000, 900. This, however, i.
taking into account the specie IN the coun-
try prior to lS49, leaves more than $780,
100000 which have not been accounted
for by expectation, and therefore may yet
remain in the country. These are impor-
tant facts, and show how completely in
ferior currency will supercede better, fore
ing it from circulation among the masses,
and causing it to be exported as a mere
article Of trade, to add to the money cap
ital of foreign lands. They show the ne
cessity of retiring our paper money, that
the return of gold and silver 10 the avenues
Of trade may be invited, and demand
created which will cause a retention at
home of at least so much of the produc-
tious of our rich and inexhaustible gold
bearing fields as may be sufficient for pur-
poses of circulation. 1t is unreasonable
TO expect return TO sound currency so
long as the government, by continuing to
issue irredeemable notes, fills the channels
Of circulation with deprecated paper
Notwithstanding the coinage by our mints
since 1849 of S874,O00, 900, the people
are now strangers to currency which was
designed for their use and benefit, and spe>
cimens of precious metals bearing national
devices, are seldom seen except when pro-
duced to crafty the interest excited by
their novelty. If deprecated paper is TO
be continued as the permanent currency of
the country, and all our coin is to become
a 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
mints, thus saving the nation the care and
expense incident to such establishments,
and let all our precious metals be exported
in bullion. The time has come, however,
when the Government and national banks
should be required to take most efficient
steps and make all necessary arrangements
for a resumption of specie payments at the
earliest practicable period. Specie pay
ments having been once resumed by the
Government and banks, all notes or bills
of paper issued by either, of less denom-
ination than twenty dollars, should, by
law, be excluded from circulation, so that
the people may have the benefit and con-
venience of gold and silver currency,
which in all their business transactions
will be uniform In value at home and
abroad, Every man of property or indus
try, every man who desires to preserve
what he honestly possesses. or to obtain
what he has honestly earned, has direct
interest in maintaining safe circulating
medium-such medium as shall be real
and substantial-not liable to vibrate with
opinions, not subject TO be blown up or
blown down by the breath of speculation,
but to be made stable and secure. A dis
ordered currency is one of the greatest po-
litical evils. 1t undermines the virtues
necessary for the support Of the social sys-
tenn, and encourages properties destructive
to It's happiness. 1t wars against industry,
frugality and economy, and it fosters the
evil spirits of extravaganza and specula-
ton. 1t has been asserted by one OF our
profound and gifted statesmen, that OF all
contriyances for cheating the laboring
classes of mankind, none has been more
effectuaI than that which deludes them
with paper meney. This is the most eff
fectual of inventions to fertilize the rich
mans field by the sweat of the poor mans