Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1868-12-17

tain the real Vdluc Ol our paper lSeucb
when compared with metallic or convert
ible currency. For this purpose let US IN
quire how much gold and silver coul' bc
purchased by the seven hundred millions
OF paper money now in circulation -
Probably not more than half tue amount
of the latter; showing that when our paper
currency is compared with gold and silver
its commercial value is compressed into
three hundred and fifty millions This
striking fact makes Il tlie obvious duty ol
the government, as eary'as may be con
sistcnt with the principles rf sound politi>
cal economy, To take such measures as will
enable the holders of it, notes and those of
the National Banks to convert them, with
out loss, into specie or its equivalent. A
reduction of our paper circulating medium
need not necessarily follow. This, how>
ever would depend upon the law of de-
mand and supply, though il should he
borne in mind that by making legal tender
ard bank notes convertible into coin, or
its equivalent. their present specie value in
the hands of the holders would enhance
one hundred per cent. Legislation for the
accomplishment of result SO desirable is
demanded by the highest public consider
atiOns. The constitution cOntemplatts
that the circulating medium of the country
should be uniform in quality and value
AT the time of the formation of that In
sirument the country had just emerged
from the war of the Revolution and was
suffering from the effects OF superaburd>
ant and worthless paper currency. The
sages of that period were anxious 10 pro-
iect their prosperity from the evil which
they themselves had experienced: hence,
in providing circulating medium, they
conferred upon Congress the power tc
coin money and regulate the value thereof,
at the same time prohibiting The States
from making anything but gold and silver
tender in payment of debts. The anon
alous condition Of our currency is in strict
contrast with that which was originally de
signed. Our circulation embraces, L.
Notes of National Banks, which are made
recciva' le for all dues To the goyernmen,
excepting duties on imports, and by all It's
creditors excepting in payment OF interest
on its bombs and the securities themselves
9 Legal-tender notes issued by the United
States, and which the law requires shall De
received as well in payment of all debts
between citizens as OF all government dues
except duties on imports; and, 3. Gold and
silver coin. BY the operation of our pres
On, system of finances. however, the me
ialic currency, when collected, is reserved
only for one class OF government creditors
who, holding the bonds, semi-annually re-
ceiye their interest in coin from the Ma
tional Treasury There is no reason which
will be accepted as satisfactory by the e.
ple. why those who defend us on tic land
.n1 m n IN tho tho A.
upon the gratitude of The naiion. b a ins
the scars and wounds received while in its
service; The public servants in the variou:
Departments or The government; the farmer
who supplies the soldiers of The army and
the sailors of the navy; the artizan, wht
tolls in the nations workshop, or the me
charles and laborcrs " ho build its editice,
and construct its forts and vessels of wa
should, in payment Of their just and haid
earned dues. receive deprecated paper
while smother class Of their countrynfcn M
more deserving are paid in coin of gold o
silver. Equal and exact justice require
all the creditors of the government shoulC
lie paid in currency possessing a uniform
value This can only he accomplished b,
the restoration of the currency TO lie STAN
dard established by the constftsSiioal aht
by this means we would remove caus,
which NAV if it has not already done So
create prejudice that may become deep
rooted ana wide; spread, and imncril tn
national credit. The feasibility of maxim,
our currency correspond with The constr
inlonal standard may seem effective. \ few
facts nav lie derived from our commmer
cial statistics. The aggregate product o
i>recious metals in the United States from
/ lS49 20 1861 amornled to $l,174.0 .0OO
while for the same peril the national ex
ports were S74I 100000. This shows al
excess OF product over net exports of S433,
Coz. 900 There are in the Treasury SlU3.
iOI ,9s5 in coin in circulation; in States ol
The Pacific coast about 40.000.O00 and
! few millions in the National and oihe
banks; in all. less than Sl60,O0c,O 900. TAX
| ing into consideration the specie in tht
country prior To 1S43, and that produc
since 1867. and we have more than $500,
600. 900 not accounted for by exportalio
or by the returns OF the Treasury, ant
therefore must probably remain in 'tlt
country. These are impogtsat facts. aTr'
show how completely the inferior cnrre,,
cy will su1-erscde the better, forcing
| from circulation among the masses. ant
| CauSluS ~ tO tC l'titNu as q MIN .
| of trade, To add 10 tho money capital q
foreign lands. They show the necessity q
retiring our paper inosiey, that the retui'
of gold and SILVER ID the avenues of tfad
NAV be invited and demand create
which will cause the retrenchment of d
least so much of the productions of Ou
rich and incxhaustible gold bearing field
as may be sufficient for purposes uf circu
lation. 1t is unreasonable 10 expect re
turn TO sound currency SO long as III
government and banks, by continuing I
issue irredee.naDle notes, fill the chaune'
Of circulation with deprecated paper. MOI
withstandiug a coinage by our mints sine
lS49 Of eight hundred and seventy >fOr
millions OF dollars, The people are no
strangers To the currency which was d,
signed for their uses, ard srecimens of I'll
precious metals bearing the national dcvit
are only produced to crafty ,the intefp
expressed by their novelty. Edepreciate
paper is to be continued IS The pefmanel
currency of IL G country, all our coin is |
become a mere article Of traffic and spec,
lati0n 10 the enhancement of the price
all that pertains To the comfort of the PET
pie, il will be wise economy TO abolish oI
Inints, thus saving the nation the care an
expense incident to such establishment
anti .et al our precious metals be cxporte
IN bullion. The time has come, L0wsve
when tile government and National Bank
should be required to take the most eff
cient steps and make all necessary arrang
ments for. the resumption Of specie pa,
mefifs Let specie payments once
earnestly inauguIated b9 the gorerhmel
and banks, and the. value of The pap,
circulation would directly approximate
paper standard. Specie payments havir
been resumed by the government an
bafsks, an notes or bills of paper issued b
either of a less denomination than twcnt
dollars, should by law be excluded frol
circulation, 81. that the people may ha,
fhe benefit ard convenience Of gold an
silver currency, which in all their bushes
transactions Wilt be uniform III value
home and abroad. Every man of propert
and industry, every man who desires
preserve what he honestly possesses, or
obtain what he can honestly earn, has
direct interest in maintaining cifculatir
medium. such q medium as shall be re-
and substantial, not liable to evaporai
with opinions, not subject to be blown u
Lf..-~ Inu-,, hxr h. Lrx,toc nf e-oo,l.