The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-12-10

would affordtothe public creditors b
fair ard liberal compensation for the
use oftheir capital; and with this they
should be satisfied. The lessons Of
the past admouish the lender thatit
is not well to DO over anxious In ex
acting from tho borrower rigid com
pliance with the letter of the bond.
ltprovision be made for the pay
ment Of the Indebtedness of the gov
crnment in the manner suggested,
our nation will rapidly recover its
wonted prosperity. Its interests rs-
quire that some measure should be
taken to release the large amount Of
capital invested in tho securities Of
the government, it is not now merely
unproductive, but 10 taxation annu-
ally consumes $l6O,000,000, which
would otherwise be used by our en-
terprising people in adding to the
wealth OF the nation,
Our commerce, which, at one time,
successfully rivalled that Of the great
maritime powers, has rapidly uimin
iished and our Industrial interests are
10 q depressed and languishing condi.
ton. The development OF our inex-
haustable resources is checked, and,
the fertile fields Of the south are be
coming waste, For want of means to
till them. With the release of capt.
tai, new life would be infused into
the paralyzed energies OF our people,
and activity and vigor impaired to
every branch of industry. Our peo>
pie need encouragement in their eff.
forts to recover from the effects OF
the rebellion and ofinjudicious legls-
lation, and it should be the aim OF
the government to stimulate them,
by the prosp, ct Of an early release
from the burdens which impede their
prosperity. If We cannot take thu
burdens from their shoulders, W.
should at least manifest a willingness
to help to bear them.
THE CURRENCY. Ia
In referring to the condition of tho
fcirculating medium, shall merely
relterate substantially that portion OF
my last annual message which relates
to that subject. The anomalous con.
dition of our currency is in strikin.
contrast with that which was origi-
nally designed. Our circulation now
embraces-Arst, notes of the rationa
banks, which are made receivable fol
all dues to the government, excluding
lmposts, and by oil its creditors, eA
cepting In payment of interest upon
its bonds and the securities them
selves; second, legal.tender notes lis
sued by the United States, and which
The law requires shall be received y,
well in ayment of all debts betwee.
cl,lzens as of all government dues
excepting imposts; and, third, goa
and silver coin. By the operation o
our present system of finance, how
ever, the meta llc currency. when col
lected, is reserved only for one elias
of government creditors, who, hold
ing its bonds, semi-annually receiv,
their interest in coin from the nation
al treasury. THERE'S no reason, which
will be accepted as satisfactory by
the people, why those VINO defend u
on the land and protect us on tn
seas; the pensioner upon the graft
tude ofthe nation, bearing the scar
and wounds received while in iIs SCI
vice; the public servants in the vari
Gus departments OF the government,
che farmer who supplies the soldier
OF the army and the sailors of tb'
navy, the artisan who tolls in the na
TONS workshops; or the mechanic
and laborers who build its edifce
and construct i s forts and vessels o
war, should, in payment Of their jus
and hard earned dues receive depre
ciated paper; while another class Q
their countrymen, no more deserving
are paid in coin Of gold and silver
Equal and exact justice requires tina
all the creditors OF the goverDmen
should be'paid in a currency possess
ing uniform value. This can onl,
be accomplished by the restoration o
the currency to the standard estab
lished. On this foundation, and b,
this means, we would own a discrim
NATION which may, iii has not al
ready done SO, create prejudice tina
may become deep rooted and wide
spread, and imperil the national cred
1t.
| The feasibility of making our cur.
rency correspond with the constitu-
tional standard may be seen by ref
erence to few facts derived from oul
commercial statistics. The aggregat,
product OF precious metals In thu
United States, from l849 to 1857
amounted to 81, 174, OOO,O 600; while fol
the same period, tho net exports o
specie were SAL 100000. This show.
an excess of product over the net ex
ports of S433, 100000, There are il
the treasury SlO3, 3O7 1886 in coin; tn,
circulation in the states, on the Pacif
ic coast, about $40 0O0, 1000, and few
millions in the national and Other
banks; in all, less than $3.50, O0O, 900
Taking into consideration the speci,
10 the country prior 10 1849, and tha
produced since 1867, and we hav,
moro than 5000, 0OO,0 900 not account
ed for by expectation, or by the re-
turns Of the treasury, and, therefore
most oft remaining in the country
These are important facts, and show
how co npletely the inferior curren
cy 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 tn,
money capital OF foreign lands. They
show the necessity OF redeeming oul
paper money, tina. the return Of golt
and silver to the avenues Of trade
may be invited, and the demand crea
ted which will cause the retention al
ZONE OF at least SO much of the pro
d lotions of our rich ard inexhausti
bic gold-bearing fields, as may be
suth lent tor purpose OF circulation
1t is unreasonable to expect to re.
turn to sound currency so long az
the government and banks, by con.
tinuing to issue irredeemable notes.
bill the channels OF circulation with