Buchanan County bulletin and guardian. (Independence, Iowa) 1866-1869, 1867-12-13

: ''ia. :" hsst course rs 10 take the cons
et'tution for our guido walk in the path
married out by the founders Of the reput,bc.
and obey the rules made sacred by obser-
vance 81 our great predecessors.
THE
he present condiiion Of our finances and
circulating medium u one 70 witch your
cary eoasideration is invited. The proper.
ton which the currency OF any country
should bear to the whole value az the an.
nnai produce circulated BY lis means is a
question upon which political economists
have not agreed. nor can il he controlled by
legislation, but must be left to the irreyoca-
bic laws which everywhere regulate cons
MERGE and trade. The circulating medium
VIII ever irresistihly flow to the points where
II Is In the greatest demand. The law Of
demand and supply is as uncrring rs that
which regulates the tides of the ocean /; and,
indeed, currency, like the tides, has its Gibbs
and fiows throughout the commercial world.
At the beginning of tho rebellion, the
bank-note circulation Of the country amounts
ed to not much more than 5000, coo, 600 +;
now the circulation Of national bank>notes
and those known as legal-,epders, is nearly
$4,000, 900. While it is urged BY come
that this amount shonld he increased. others
contend that a decided reduction is ALSO
luteiy essential 10 the interests Of the COINS
try. In view of these diverse opinions, It
may be well 10 ascertain the real value Of
our paper issues, when compared with the
metallic or convertible currency. For this
purpose, let us enquire how much gold and
silver could be purchased by the 500, 000,>
600 OF paper money now in circulation.
Probably not more than half the amoant Of
the latter, showing that, when our paper
currency is compared with gold and silver,
its commercial value is compressed into
$s5o,0o0, 900. This striking fact makes it
the obvious duty Of the government, as ear.
ly Us may be consistent with the principles
Of sound political economy, to take such
measures as will enable the holders Of its
notes, and those of the national banks, to
convert them without loss into specie or its
equivalent. A reduction Of our paper cir>
c~uiating medium need not necessarily follow
this, however. We depend upaa the law Of
demand, though it should be borne in mind
that. hy making legal tenders and bank
notes convertible into coin or its equivalent.
their present specie value in the hands Of
their holders would be enhanced one hun.
dred per cent. Legislation for accomplish
ing a result so desirable is demanded by the
highest public considerations The consti-
tuition contemplates tia, the circulating mes
dunn Of the country shall be uni.arm in
quality and value. All the time of the for
nation of that instrument, the country had
Just emerged from the war Of the revolution,
and was suffering from the effects Of a re-
6uisdait and worthless paper cgrrency.
The sages Of that period we're anxious to
protect their p~os,eri;y from the evils which
they themselves had experienced. Hence,
in providing tia. the integrity of tie union
might be preserved, it should, at the same
time, observe good faith with the great mass
cs Of the people, who having preserved the
union from the perils of tie rebellion, now
bear the burdens Of taxation that the gov>
eminent may be able to fulfill its engages
ments. There is no reason that will be
accepted as Satisfactory by the people,
why III Sc who Defend on land and protect
Us on sea; pensioners upon the gratitude Of
the nation, bearing the scars Of wounds re-
ceived while in its service public servants
IN the various departments Of the govern
meat; tie farmer who supplies the soldiers
cf the army Ird the sailors Of the navy
the artixan who tolls in the nations
workshop: the mechanics and laborers
who build its edifces and construct its forts
and vessels-ofwar, should in payment OF
sheir Just and hard earned dues, receive
deprecated paper while another. class Of
their countrymen. no more deserving, arr
paid in coin, gold and silver. Equal and
exact justice requires that all creditors o
the government shonld be paid in q cnrren'
cy, possessing a uniform value. This ca,
only be accomplished by the restoration c
the currency 10 the standard established b
the constitution and by this means "
would remove q discrimination which ma,
If it has not already done SO, create o pred
JUDGE that may become deep rooted an
widespread, aud imperil the nation;
credit.
The feasibility of making our eorrenc
correspond with the constitutional standa,
may be seen by reference to q few fac
derived from our commercial statistic
The production Of precious metals an 4
United States from ls49 10 1857, nclusis
amounted to $579, 600, 000; from 1858
1860, inclusive, to $751;, 500, 600; and fro
1861 10 1861, inclusive, to $457, 600. 600,
making the grand aggregate Of produs
since 1919, $i,l14,o0a. The amount
specie coined from ls49 to 1867, i~nclusi'
$g39, 0o0. 900: aud from 1858 10 1850, i
elusive, SIPS, GOO, 900 I; and from leG
inclusive, $3l0, 000, 00U,-a.aking the to
coinage since ls49, Ss7I,o00, 900. Fra
ls49 to 1857, inclusives, the net exports
specie amounted to $27l ,0o0, 000, fri
le5e tois60. inclusive 1922, o0o, 900
making the total aggregate Of net expo
since le49, SAL ,ooo, 600. These 6gu,
show an increase OF products over net e
ports of 4433,0 00, 600. There is in I
treasury $lll goo, 900 in coin,-somethi
more than 5 10, 00o, 900 in circulation on I
Pacific coast, and a few millions in |
national and other banks; in all abb
$50, 00p, 600. This however, taking il
account the specie in the country to lef
leaves more than S300, 000, 900 not accoul
ed for by expectation, and which, therefo
may yet remain in the country. These a
important facts, and show completely hs
an inferior currency will superscde q bets'
forcing it from circulation among the ma
es, and causing it to be exported as o me
article Of trade, 10 add to the money capt
Of foreign lands. They show the necessi
of relieving our paper, that q return Of &C
and silver 10 tie avenues Of trade be inyit
and . demand created which will cause
retention al home of at least 20 much Of
productions our rich and inexhaustible &C
Tearing fields as may be sufficient for t
purpose Of contraction. 1t is unreasonal
TO expect . return TO . sound currency
long IS the government, " eonttuuing
issue irredeemable notes, fills The cham
of circulation with deprecated pap
Notwithstanding the coinage by our min
since Is49, of $e74,o00,0 600, the people
nov strangers to the currency which v
designed for their use and benefit, and spt
in ems Of the precious metals bearing I
national device are seldom seen exec
when produced TO CRAFTY the interest excit
by their novelty. II deprecated paper
to be continued as the permanent curren
of the country, and all our coin is to beech
q mere article Of traffic and speculation,
the enhancement in price Of all that is
dispensable to the comfox4 q the people,
would be Q wise econoay 70 abolish 9
mints, thus saving ths nation the care a
expenses incident to such estabiishmei
and let our precious metals be exported
bullion.
The time has cone whom the goyernme
and The national banks should be reguir
10 take the most efficient steps and ma
Al tho necessary arrangements for q resum
tisn Of specie Payments q the earlis
practicable period. Specie payment hayi
been once resumed, al notes or bills
paper issued by either, Of . less denomin
ton than $40 should by Law be exclud