Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-12-11

can it be controlled by legislation, but
must be left 10 the irrevocable laws which
everywhere regulate commerce. and
trade. The circulating medium will
irresistibly flow 10 those parts where 1t IS
in greatest demand. The law Of demand
and supply is as answering as that
which regulates the tidss Of the ocean
and currency, like the tides, has its ebb
and flow throughout the commercial
world. At the beginning Of the rebellion
the bank note circulation Of the country
amounted TO not much more than S2OO,-
900 900. Now the circulation OF the
national bank notes and those known as
legal tenders, is $500 900, 900. While il
is urged by some that this amount should
be increased, others contend that de-
cided reduction is absolutely essential to
the best interest of the country. In
view OF these diverse opinions it may be
we'll to ascertain the real value OF our
paper issues when compared with q me-
, tallic or convertible currency. For this
purpose, let us inquire how much gold
aud silver could be purchased by the
seven hundred millions Of paper money
now in circulation.
Probably not more than half the
amount of the latter; showing that when
our paper currency is compared with
| gold and silver, its commercial value is
compressed into $3.50, 900, 900, this strik-
ing fact making it the obvious duty of
the Government, as early as may be
consistent with the principles of sound
political economy, to take such measures
as will enable the holder of its notes and
those of the National Banks to convert
them, without loss, into specie or its
equivalent. A reduction of our paper
circulating medium may not necessarily
follow. This, however, would depend
upon the demand and supply, though
it should be borne in mind that by
making legal tender and bank notes
convertible into coin or its equivalent
their present specie 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 public coz
siderations. The Constitution contem-
plates that the circulating medium of
the country should be uniform in quality
and value At the time of the formation
| of that instrument the country had just
emerged from the war of the revolt
ton, and was suffering from the effects
of a redundant and worthless paper cur
rency, and the sages of that period we're
anxious to protect their posterity from
the evil which they themselves had ex
perienced, and hence, in providing Cir
culatiug medium, they conferred upon
81 20, aoin md
| regulate the value thereof, at the same
time prohibiting the States from making
anything but gold and silver tender in
payment of debts. The anomalous con-
dition of our currency is in striking con-
trast with that which was originally de-
signed Our circulation now embraces,
| first the notes of the national banks,
which are made receivable for all dues to
the Government, excluding imports, and
by all its creditors excepting in the pay
ment OF interest upon its bonds and the
securities themselves; second, the legal
tender notes issued by the United States,
which the law requires shall be received
as well in payment of all debts, deliver
ing the citizens Of all port dues, except
imports, and gold and silver coin, by the
operations of our present system OF
finances. However, the metallic currency,
when collected, is reserved only for one
class of Government 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 defended as on the land
and protected Us on the seattle pension
ers u pon the gratitude of the nation, bear
ing scars and wounds received while in its
service, the public servants in the va
rious departments of the Government,
the farmer who supplies the soldiers of
the army and the sailors of the navy, the
artisan who tolls in the nations work.
shops, or the mechanic and laborer who
builds its edifces or constructs its forts
and vessels Of war, in payment of their
Just and hard earned dues, should re-
ceive deprecated paper, while another
class of their citizens, no more deserv-
ing, are paid in coin of gold and silver.
Equal and exact justice requires that all
the creditors of the Government should
be paid in currency possessing uni
form value, and this can only be accom-
plished by the restoration of the currency
to the standard established by the Con-
stitution, and by this means we would
remove a discrimination which may, if
it has not already done so, create a
prejudice that may become deep rooted
and will spread and imperil the National
credit The feasibility of making our
currency correspond with the constitu-
tioual standard, may be seen by refer
once to a few facts derived from our
commercial statistics. The aggregate
product ofprecious metals in the United
States from ls49 to 1867, amounted to
LIZA. .0O0, 600, which for the same pc
riod the net exports Of specie were S74l,-
O0O, 900. This shows an excess of pro-
duct over the net exports Of 1888, ,00O, 900.
There are in the Treasury sos. .507. .9S5
in coin, snd'in circulation in the States
on the Pacific coast about 81 000, 900,
and few millions 10 the National and
other banks-in all, less than $l66, ,000,-
900. Taking into consideration the spe-
Gle in the country prior TO lS49, and that
since 1861, we have more than $780,
600 900 not accounted for BY the
returns Of the Treasury, and there
fore most probably remaining in the
country. Tkese are important facts and
show how completely the inferior cur
rency viii supersede the better, forcing
il from circulation among the masses.
aud causing il 10 be exported as merely
an article Of trade to the money capital
Of foreign lands They show the neces-
siiy Of retiring our paper money that the
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