Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1868-12-19

With all the Otber ndNahlhses ae
rived IRON their ingesllnenl, Noali
afford 10 tho publie creditors a laiI
and liberal com ponsaii0n for The ns'
OF their capital, and With THE ihel
sl0uld be satisfied. The lessons Z"
the past adm0nish the leader hal
il j. not well u be over anxious "
eNaVling ffOm iho borrower Fisii
confidence with the letter 81 uh'
bond, Ii provision be made flr The
payment OF tie indebtedness of lb'
Goyernmcn,, ia tho manHer sps
gcslod, our nation viii rapid! re
cover its wonlcd prosperity lN
Interests require tha, some mea sni'
should be- taken TO release he larg,
amount OF capital invested on The
amount of capital Invested on th'
securities Of the Government II
Is not now merely productive, bnI
in taxation annually consumes one
hundred aud fily millions oi dol,
lars, which would be otherwise used
by our enlerprising people, IN nd
ding b the wealth OF our nation
Our commerce, which at one lime
successfully rivalled that Of lhc
great maritime powers, has rapidly
diminished and our industrial IN
tcrcsts are in n depressed and Ian
gushing condition. The develop
ment OF our inoxhaustiblo resources
is checked, and the fertile fields OF
the South are becoming waste, for
the means to till them. With the
release Of capital, new life would he
infused into the paralyZyd energies
of our people, and activity aud wig
or impaired tc every branch Of in
dusiry. Our people need cpcour'
agemcnt in their efforts TO recover
from the effects of the rebellion aud
iniudicious legislation, and It should
be the aim OF tho Government to
stimulate them by the prospect, OF
an carly release Of the burdens
which impede their prosperity. ii
we cannot take the burdens from
their shoulders, we should at least
manifest u willingness to help bear
them. In referring TO the condi.
ton of the circulating medium, ]
shall merely rcitierate, substantial
ly, that portion of my last annual
message which relates to that sub
ject. ..naI .--.I .'l f.I.A
The proportion which the cprren.
cy of any country should bear to
the whole value Of the annual pro
duce circulated by its, means, is u
question upon which political ccono'
mists have not agreed nor can 1t be
controlled by legislation, but must
be left to the irrevocable laws which
every where regulate commerce and
trade the circulating medium will
ever irresistibIy flow to those points
where it is in greatest demand,
The law Of demand and supply is as
unerring as that which regulates
the tides of the ocean, and indeed
currency like tides has its GIBBS and
flowers throughout the commercial
world. At the beginning ofthe re
bellion, the bank note circulation of
'iie ooun. ., ",,',l ,,a,.a5 " ,,,;il;ons M of
','1,o ."'', '',.,' ."V ", ';,,In,;nn u nf :.
uo,,"i' .:,,, iJ" 'I.'.atSs H .ad 49, l,no,,,
s.o'ia' ,I o''n ,an",.s nu,.' "' ;s nnS,J,.
H. 10 aIs Is.ad w ] milIionsa "Whiln + ia NJ.
no,, ~. nna'that tb;s ,monnt shonld
Sou S ~ ,,o,,',a>i oo 'I n'i,on, onntondithst a
~ ~, 9"so,.' ..oJ 1o.;n o ohsolnt oi,. os
uos,ueu lou' tha" hnst ;nto"nst I'to 3tho
'e'''S' 80 " ~ ,I,;,s,, ,.yo
country III NicM III VI III ITtS0 ,o oano,tai,, na
opinions ~ may ~ ~ wy ~ "'S.' ~ y -
the real Taiue OF al our paper Is. ISSUES u'l :
when compared WIN inet"iic ~ Or VI
converiaoie currency rof IN, tl',s
purpose lcI US lnqu,rc nov iiuc', lll5, !,
gold ana silver coulu pe purcu'u'sSs9'cu :
by the teven hundreo miii'ohs OF
paper currency now IN clfc circulation'
Probably not more tliann nan inc
amount'oi .the iatler, showing tiat nav
when the amount OF our paper cur,
rcncy is compared wIth that OF goid
and silver, its commerclai Va,ue Is
compressed INTO three hundred and. ana
fifty mlllions. Inc striking erect
makes 'it"tho obvious duty OF the
government as early as may consls,
tent with the principles OF sound
political economy, to takes such; I,
measures as will enable the holders
of its notes, and these OF the Ma
tional Banks, to convert them with
out loss into specie or its equivalent
Areduction ofour, paper circulating
need not necessarily follow.
This, however, would depend upon
the law Nof demand and supply,
thought it shouid be borne in mind
that by making legal tenders and
bank notes convertible into coin or
its equivalent, their specie value in
the hands Of ftldir holders would be
enhanced Zone hundred per, cent.
Lcgisl slation for the accomplishment
of a result so desirable is demanded