The Montana post., 1868-12-11

three hundred and fifty millions. These facts
make il the duty OF the government as
early as may be consistent with princi-
ple- of sound political economy, To take
) ich measures rs will enable the holder
Of its notes, and those Of the national
banks. to convert them without loss. into
specie or ITS equivalent. The reduction
Of our paper circulating medi um may not
follow. This. however, would depend
on the law of demand and supply. though
il should be borne in mind. that by ma
king legal tender and bank notes convert
able into coin, or equivalent to their pres
ent 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
highest considerations. The cOnstit ution
that the circulating medium
of the country should be uniform in quail
ity and value. At the time of the forma-
tion OF that instr ument. the country had
Just emerged from the revolution, and
was sufieting from the effects Of worth
less paper currency. The sages of that
period were anxious to protect their pos
tcrity fiom the evil which they themselves
had experienced. Hence, in providing
a circ ulating medium, they conferred up
on Congress the power to coin money and
regulate the value thereof, at the same
time prohibiting the states from making
~ Dut eolu atlu sllNtT ttu.
der in payment for debts. The anomalous
condition of our currency is IN striking
contrast with that which originally des-
ignateJ. Our circulation now embraces. Let.
notes of national banks, which are made re-
ceivabIp for all dues To the Government ex-
cspting imports, and by all its creditors ex-
cepting payment of the interest upon its
bonds and the securities themselves and, End.
Legal tenders Issued by the United States, and
which the law reqaires should be received as
well in pay ment of all debts between citizens.
I'D. Gold and silver coin. BY the working
of our present system of finances, however,
the metallic currency when collected is re-
ceived only for one class OF Government cred
Itors, who, boiling the bonds, semi ually
received their interest in coin Of the National
Treasury. There is no reason which will be
accepted rs satisfactory by the people why
those who defend Us on the land md protect
Oh the sea, pensioner upon the gratitude
of the nation. bearing the scars and wounds
received while In its service, the public ser
wants In the various departments OF the Gov
-rnment, the farmer who supplies the soldiers
Of the army and the sailors OF the navy, the
artisan, VINO tolls in the nations workshops
tho ,aecbanics and laboreTs who build the edi-
fcces AMI construct it, forts and vessels of
war. should, in payment of their just and
hard earned dues, recrive deprecated paper
while another class Ut their countrymen, no
more deserving, are paid in coin of gold and
siivsr. Equal aud exact justice requires that
ali the creditors of the Government should be
paid in currency possessing uniform value.
This can only he accomplished by the resto-
ration Of the currency to the standard estab-
lished by the constitution. On this founda-
tion aud by this means we would put an end
TO u discrimination which may, il it has not
already done so, create a prejudice that may
become depp.rooted and widespread and I'M
pair the national credit.
correspond with the constitutional standard
may Le seen by reference to n few facts de-
rived from our commercial stats tics. The
aggregate product of precious metals in the
United States from 1919 to lS6, amounted to
sl,I74, ,OO0, While for the same period the net
exports of specie were x7il .0OV. 200. This
shows an excess of product over the exports
of si33.OO0,oo0. There are in the treasury
siOs, ,IO7 ,9s5 in coin; in circulation on the Pa
cific coast about $40. 900 OOO and 80 900 900 in
i'm the national and other banks, In all less
than SlG0. .OOO, 900. Taking into consider
alton the specje i'm the country prIOr to
lS49, and that produced since iss;. and
we have more than 500 200, 900 not ne
counted for by expectation or by the re-
turns Of the Treasury and therefore most
probably remaining in the country.
These are important facts, and show how
completely the inferior currency will SUI
percede the better, forcing itself into cir
culation among the masses and causing
the other to be exported rs a mere article
of trade TO add 70 the money capital of
foreign Lands. This shows the necessity
of relieving our paper money that the
return of gold and silver to the avenues
of trade NAV he invited. and the demand
created which will cause the retention Of
some, AT least so much of the productions