The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-12-11

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Imports. And third-gold and sill
yer coin. BY the operations of our
present system of finance, however,
the metallic currency when collected
Is reserved only for one class of Co.
vernment creditors, who, holding its
bonds, semi-annually receive their
interest in coin from the National
Treasury. There is no reason which
will be accepted as satisfactory by
the people, why those who defend us
on land and protect us on the sea; the
pensioner upon the gratitude of the
nation-bearing the scars and wounds
received while in its service; the
public servants in various depart
ments of the Government; the farmer,
who supports the soldiers of the
army and the sailors of the navy; the
artizan. who tolls in the nations
Workshop, or the mechanic or la
borer, who builds its edifices and
constructs its forts and vessels of
war, should, in payment of their just
and hard-earned dues, receive depre-
clated paper, while another class of
their countrymen-no more deserv-
ing-are paid in coin of gold and
silver. Equal and exact justice re-
quires that all the creditors Of the
Government should be paid in n cur
rency possessing n uniform value
This can only be accomplished by
the restriction of the currency to the
standard established by the Consti-
tuition, and by this means we would
remove Il discrimination which NAV.
if it has not already done so, create Il
prejudice that may become deep
rooted and widespread, and imperil
the national credit. The feasibility
OF making our currency correspond
with the constitutional standard, mny
be seen by reference to few far,s
derived from our commercial statiS-
tics. The aggregate product Of pre-
cious metals in the United States
from 1S49 to 1867, amounted to
81, ia, 900, 900, while for the same
period the net exports of specie were
Sal, 100000. This shows an excess
of product over net expenses of
$s433, 100000 There are in the Trea-
sury SOB, 407, 9S5 in coin; in circula-
ton in the States on the Pacific
coast. about $40, ZOO, 900, and few
millions in the national and other
banks; in all, less than S16,O00,O 900.
Taking into consideration the specie
in the country prior to l049. and
that produced since 1867, and we
have more than $500, ,ODO, 900 since
1867; and we have more than $780,
600, 900 not accounted for by exporta-
ton, or by the returns of the Treu-
surer; and. therefore, most probably
remaining i'll the country. These are
facts, and show how completely the
inferior currency will supercede the
better-forcing it from circulation
among the masses, and causing it to
be exported as mere article of trade,
to add to the money capital of foreign
lanas. They show the necessity of
relieving our paper money, that the
return of gold and silverI to the ave-
nues of trade may be invited, and a
demand created which will cause the
reten tion at home of at least so much
of the productions of our rich and
inexhaustible gold-bearing fields as
may be sufficient for purposes of cir
culation.
1t is impossible to expect return
to sound currency so long as the
Government and banks, by continu-
ing to issue irredeemable notes, fill
the channels of. circulation with q
depreciated paper. Notwithstanding
n coinage by our mints, since 1849, of
1914, 100000, the people are now
strangers to the currency which was
designed for their use and benefit,
and specimens of the precious metals
bearing the national device are sell
dom seen, except when produced 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 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 economy to abolish our mints.
:hus saving the nation the care and
expense incident to such establish
ments, and let all our precious metals
be exported in bulk.
The time has come. however, when
the Government and national banks
shcnld be required to take the most
efficient steps and make all necessary
arrangements for specie payments.
Let specie payments once be earnest