Bloomsburg democrat. [volume] (Bloomsburg, Pa.) 1867-1869, 1867-12-11

. trust for the public benefit, sometimes fo
fixed period, sometime during good beha
vior, but generally they are liable to be tor
minated at the pleasure Of tho appointing
power, which represents the collective ma
'iesty and speaks the will Of the people,
The forced retention in Office Of single DIS,
honest person may work great injury 70 tne
public interests The danger to the pao''e
service comes not from the po"crt9 remove,
but from the power 10 appoint. Therefore
Il was that The trainers Of the Constitution
left the power OF removal unrestricted, while
they rave the senate right to reject all up.
pointments which, in its opinion, were not
subject will probably satisfy all who have, the
good Of the country at heart that our best
course is to take the Constitution for our
guido, walk in the path marked out By the
Founders Of the Republic, and obey the
rules. made sacred by the observance Of uor
great predecessors.
The present condition Of our finances and
circulation medium is ono TO which your
early consideration 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 econo.
mists have not agreed Nor can it be con.
troled by legislation, hut must be lett to
the irrcyccablc laws which everywhere reg
u.atc commerce and trade The circulating
medium will ever irrcsistibly flow to those
points where it is in creates; demand The
law of demand and supply is as unerring as
that which regulates the tides of the ocean;
and indeed currency, like the tides, has its
ebbs and flows throughout the commercial
world.
At the beginning OF the rebellion the
bank note circulation Of the country amoun-
ted to not much more than two hundred
millions Of dollars; now the circulation Of
National Bank notca and those known as
''lcgal tenders" is nearly seven hundred
millions. While it is urged by some that
this amount should be increased, others
contend that a decided reduction is aiso-
lutely essential TO the best interests of the
country. In view Of these diverse opinions
it may be well to ascertain the real yaluc 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 hun
dred millions of paper money now in circu-
lation =? Probably not h,oie than half the
amount Of the latter-showing that when
our paper currency is compared with gold
and silver, its commercial value is compress.
sed into three hundred and fifty millions.
This striking fact makes it the obvious duty
Of the Government, as early as may be con
si.tent with the princil Is Of sound political
economy, to take such measures as will en-
able the holder Of its notes and those of the
National Banks to convert them, without
loss, into specie or its elu 'yalcnt. A H.
duction Of our paper circulating medium
need not necessarily follow. This, however,
would depend upon the law of demand and
supply, though it should be borne in mind
that by making lega!-tenler and bank notes
convertible into coin or its equivalent, their
present specie value in the hands Of their
holders would be enhanced one hundred per
cent
Legislation FOR the accomplishment of a
result SO desirable is demanded by the high
est public considerations. The Constitution
contemplates that the circulating medium Of
the country shall be uniform in quality, and
value. At the time of he tormationof tL,t
instrument, the country had lust emerged
from the war of the Revolution, and was
suffering from the effects OF redundant
and worthless paper currency. The sapes
OF that period were anxious to protect their
poa.crity from the evils which they them.
selves had experienced. Hence, in proyi1-
ing circulating medium, they conferred
upon Congress the power to coin money aud
regulate the value thereof, at the same time
prohibiting the States from making anything
but gold and silver tender in payment Of
debts.
The anomalous condition Of our currency
Is in striking contrast with that which wa
originally designed. Our circulation now
embraces, first, notes of the National Banks,
which are made receivable for all dues to the
Government, excluding imposts and by all
its creditors, excepting in payment of inter
est upon its bonds and tite securities them
selves: second, legal-tender notes, issued 10y
the United States, and which the law re-
quires shall be received as well in payment
OF all debts between citizens as Of all Gov.
ernment dues, excepting mposts; and third,
gold and silver coin. By tho operation of
our present system Of finance, however, the
metallic currency, when collected, is reserved
only Tor one class OF Government creditors,
who, holding its bonds, semi-annually re-
ceiye their interest in coin from the Nation
al Treasury. They are thus made to occu-
py an invidious position. which may be used
to strengthen the arguments of those who
would bring into disrcpute the obligations
of the nation. la the payment of all its
debts, the plighted faith of the Government
should be inviolably maintained. But while
it acts with fidelity toward the bondholder
who loaned his money that the integrity OF
the Union might be preserved, it should at
the same time observe good faith with the
great masses Of the people, who, having res
cued the Union from the perils Of rebellion.
now bear the burdens Of taxation, that the
Government may be able to fulfill its. en-
gagemcnts. There is no reason which will
be accepted as satisfactory b. tho people
WHY those who dc end us on the land aud
protect us on the sea; the pensioner upon
the gratitude Of the nation bearing the
scars and wounds received while in its serv
ice; the public servants in the various De-
pertments Of the Government; the farmer
who supplies the soldiers of the army and
the sailors CT the navy; the artisan who
tolls in the nations workshops, or the me-
chanics and lahorers who build its ediiiccs
and construct its forts and yessals of war
should, in payment Of their just and hard
earned dues, receive deprecated paper.
while another class Of their countrymen. no
more deserving, are paid in coin of gold and
silver. Equal and exact Justice requires that
all fhn pradItnrS ,t tho 4. 4