Des Arc weekly citizen., 1867-12-21


 for a fixed period and during good be- havior--2enerally they are liable to be terminated at the pleasure of the ap- pointing power. which represents the collective sHaiority andspe-eks the will ofthe people.
 The forced retention in office Of a single dishonest person may work great Injury to the public interests, and danger to the public service. Evil comes from the power to appoint; therefore it was that the framers ofthe Constitution left the power of remo
 val unrestricted, while they gave the Senate the right 10 reject, all appoint ments, which, in it's opinion, were not it 10 be made.
 A little reflection on this subject sTill probably satisfy all who have the good of country at heart. that our best course is to take the Constitution for our guide; walk in the path marked out by the founders Of the Republic, and obey the rule made sacred by the observance of our great predecessors. THE PRESENT ceN pIrtoSor OUR FIN ANcEs
 AND CIRCULAT'Ee MEDIUM
 is onoto which our early consideration s invited. The proportion which the currency of any country should bear to NDe WfOle NNlut or llit dukSi HIVOuNt circulated by it's means is question upon which political economists have not agreed, nor can it be controlled by Legislation, bu. bel left to the irrevocable laws which everywh here regulate com merce aud trade. The circulating medium will ever irresistibly flow to shose points where it is in the greatest demand. The law of demand and supply is as nnerring as that which regulates the tides of the ocean; and, indeed. currency. like tides, has it's ebbs and flows throughout the com mercial world. At the beginning of the rebellion the bank-note circulation of the country amopnted to not more thantwo hundred millions of dollars. Now the circulation of the National Dank-notes, and those known as legal tenders is nearly seven hundred mil- iions. While it is urged by some that this amount should bPinereased, others contend that decided reduction ie absolutely essential 10 the interest 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 eonverti- nle 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 ia circulation Probably not more than half the amount Of the latter; showing that when ourpaper currency is com pared with gold and silver it's conner cial value is compressed into three hun -ared and fifty millions. This striking fact makes it the obvious duty Of the Government, as early as may be con- sistept with the principles of sound political economy, to take ssch 4acas- ures as will enable the holder of its notes, and those of national banks, to convert them without loss into specie, or its equivalent. A reduction of our Taper circulating medium need not necessarily follow. This, however, would depend upon the jaw of demand md supply, though it should be borne in mind that by making legal tender and bank notes convertible into coin or it's equivalent their present specie value in tue hands of their holders would be enchanced one hundred per cent Legislation for accomplishing a result so desirable is demanded by the highest public considerations The Constitution eontemplates that the circulating medium of the country snail be uniform in quality and value \ the Liiit OI iit IOIlNAttSi QE itIit instrument the country had just emer- gcd from the war of the revolution and was suffering from the effects of s redundant and worthless paper cur roncy. The sages of that period were anxious to protect their posterity from the evils which they themselves had experienced. Hence, in providing a circulating medium. they confered upon Congress the power to coin mon- ev, snd regulate the value thereof, at the same timo prohibiting the States from making any thing but gold and silver n tender in payment of debts. The anomalous condition of our currency is in striking contrast with that which was orignaly designed. Our circulation now embraces first, notes of national banks, which are made receivable for all dues to the Government, including imports, and by all its creditors. excepting in pay ment of int, rest upon it's bonds aud securities themselves; second, legal tender notes issued by the United States, and which the law requires shall be received as well in payment of nll debts between citizens, as of all Government dues, excepting the inn ports and one-third of the gold and ID present system of finance (however, metallic currency when collected, is reserved only for one class of Govern ment creditors who holding it's bonds, seusi -annealy receive their interest in coin from the national treasury. They are thus made to occupy an invidious position, which may be or Use to strengthen the arguments of those who would bring into disrepute the obligations ofthc nation in payment oi It's debts. The plighted faith of Gov ernmcnt should be inyiolabiy main tained but while it acts with fidelity toward the bondholder who loaned his money that the integrity of the Union might he preserved, it should at the same tune observe good faith with the great masses of the people who, having rescued the Union from the perils of rebellion, HOW bear the bur dens of taxation that that Government may be able tt rplfil it's engagements There is no reasons which will be ac- cepted as satisfactory by the people why those who defend us on the land and protect us on the sea, pensioners upon the gratitude of the nation, bearing scars and wounds received while in it's service, public servants in the various departments of the Cow ernment, the farmers, the soldiers of the army and the sailors Of the navy, the artisans who toll in inc nation s workshops, the mechanics and lahorers who build the edifices and construct it's forts and vessels of war, should, in payment of their just and hard-earned dues, receive appreciated paper, while another class of their eountryaen, no mora decaryinr in eOir rol1 and sii yer