The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-12-17
annual message which relates to that
Inject.

This can only be accomplished by the
restoration of the currency to the STAN
dard established on this foundation,and
by this means we would make q dis
elimination which may, if not already,
so create prejudice that may become
deep-rooted and widespread, and i'm
peril the national credit. The feasibil-
ity of making our currency correspond
with the constitutional standard may
be seen by reference to few facts de-
rived from our rsscommercial Statistics
The aggregate product of precious me-
tails in the United States from lS49 to
1867 amount to $1,174,O00,000, while for
the same period the net exports of spe-
Gle were 100000. This shows an
excess of product over net exports of
$433,000,000. There are in the Treasury
$103, ,407, ,985 in coin; in circulation in
the States Oh the Pacific Coast, about
$40.000,000, and a few millions in the
national and other banks,in all less than
$lG,0O0,O00. Taking into consideration
the specie in the country PRIOR to 1S49
and that poduced since 1867, and we
have more than $20O,000,000 not account
ed for by expectation or by the returns
of the Treasury, and, therefore, most
probably remaining in the country
These are important facts,and show how
completely the inferior currency will
supercede the better, forcing it from
circulation among the masses and caus-
ing it to. be exported as mere article
Of trade, to add to the money capital of
foreign lands. They show the necessi-
ty of retiring our paper money that the
return of gold and silver to the avenues
of trade may be invited, and demand
created which will cause the retention
at home of at least so much of the pro-
ductions of our rich and ineXhaustible
gold-bearing fields as may be sufficient
tor the purposes of circulation. 1t is
unreasonable to expect a return to a
sound currency so long as the Govern
ment and banks, by continuing to issue
irredecmable notes, fill the channels OF
circulation with deprecated paper
Notwithstanding q coinage by our
mints, since 1919, of $S74, 100000, the peo
pie 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
rarely seen, except when produced to
crafty the interest excited by theil
novelty. If Ifdepreciated paper is to be
continued as the permanent currency
of the country, and all our coin is to be
come mere article of traffic and specu-
lation, to the enhancement in price oi
all that is Indispensable to the comfort
of the people, it would be wise economy
to abolish our mints, thus saving the
nation the care and expense incident tC
such establishments, and let all our pre-
cious metals be exported in bullion
The time has come, however, when the
Government National banks should be
required to take the most efficient steps
and make all necessary arrangements
for the resumption of specie payments
Let specie payment once be earnestly
inaugurated by the Government and
banks, and the value of the paper circu-
lation would directly proNimate spe-
Gle standard. Specie payments having
been resumed by the Government and
banks,all notes and bills Of paper issued
by either, of less denomination than
twenty dollars, should, by law, be eX-
cluded from clrculation,so that the peo-
pie may have the benefit and convent
ence ola gold and silver currency which
in all their business transactions will
be uniform in value at home and abroad.
Our own history has recorded for our
instruction. enough, and more than.
enough, of the demoralizing tendency,
the injustice and the intolerable op-
preston, on the virtuous and well-dis-
posed, of degraded paper currency au-
thorized by law, OF in any way counte-
nanced by the Government. 1t is one
of the most successful devices, in times
of peace or war, of expansions or re-
vulsions, to accomplish the transfer of
all the precious metals from the great
mass of the people into the hands of a
few, where they are boarded in secret
places, or deposited under bolts and
bars, while the people are left to endure
all the Inconvenience, sacrifice and de-
moralization resulting from the use of
deprecated and worthless paper.
[The President here alludes to the re-
ports Cf the Interior Departments, and
says that treaties have been made with
the Indians, which will be sent to the
Senate.
He sanctions the policy which places
the Indians on reservations. He then
procceds:l The companies construct
ing the railway from Omaha to Sacra-
mento have been most energetically en-
gagged in prosecuting the work, and it
is believed that the line will be COM
pleted before the expiration Of the next
fiscal year. The six per cent. bonds is
sued to these companies amounted on
the 5th inst, to $i4, ,337 900, and addition
al work had been performed to the ex-
tent of $3,2OO,OOO. The Secretary of the
Interior, in August last, invited my at
tention to the report of Il Government
Director of the Union Pacific Railroad
Company, who had been especially in
structed to examine the location, con-
struction and equipment of their road.
| submitted for the opinion of the At
torney General, certain questions in re-
gard to the authority of the Executive,
which arose upon this report, and those
which had from time to time been pre-
sented by the Commissioners appointed
to inspect each successive section of the
work. After carefully considering the
law of the case he affirmed the right OF
tile Executive to order, if necessary, a
thorough revision Of the entire road
Commissioners were thereupon ap-
pointed to examine this and other lines.