Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1868-12-19
fGantinued from first rrae:l

this capital weetiA fffase neville into
the paraly seti ef7ergies of our people, and
activiey and vigor would be impaired to
sve4'v branch of industry. Oar people
need encouragement in their efforts to
recover from the effects of the rebellion
and of injudicious Legislation, and it
should be the aim of the government to
stimulate them by the prospects OF an
early release from the burdens which, np-
pede their prosperity If we cannot take
the burdens from their shoulders, we
should at least manifest a willingness to
help bear them. .,:-.
In referring to the condition of the
circulating medium, shall merely reiter-
ate Substantially that portion of my last
annual message which relates to the sub
jecs. The prCro ion which the currency
Ct any country shoald bear to the whole
value of the annual produce circulated by
its means, is question upon which
political economists have not agreed, nor.
can it be controlled by legislation, but
must be left TO the irrevocable laws W hich
everywhere regulate commerce and trade.
The circulating medium will ever irresist-
IDLY 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, in
deed, currency, like the tides, has its
ebbs and flows throughout the CONNER
cial. world. On the beginning of the re-
belIion the bank note circulation of the
country amounted to not much more
than S2Oo,000,O0o. Now the circulation
of national bank notes and those known
as legal tenders is nearly 100000, 900.
While it is urged by some that this
tend that a decided reduction is abb
solutely essential to the best interests of
the country. In view of these diverse
opinions, it may be well to ascertain the
real value of our paper issues, when CON-
paasd with a metallic, or convertible cur
rency. For this purpose let us inquire
how much gold and silver could be pur-
chased bv the seven hundred millions of
paper money Fo1~ in circulation. Proba
bly not more, thnn half the amount of tho
latter, showing that when our paper cur
reney is compared with gold and silver,
its commercial value is compressed into
three hundred and fifty millions. This
striking. fact makes 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 hofGfer of its notes and
those of the national banks to convert
them without loss into specie OF its
equivalent. A reduction of our paper
circulating medium need not necessarily
follow. This, however, would depend
upon the law of 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 an hun
dred per cent Legislation for the ac-
complishmcnt of a result so desirable is
demanded by the highest public con-
siderations. The Constitution contem-
plates that the circulating medium of the
country shall be uniform in quality and
value. At the time of the formatian of that
instrument the country had just emerged from
the war Of the revolution, and was suffering
from the effects of a redundant and worthless
currency. The sages of that period were anx-
tous to protect their property from the evils
which they themselves had experienced; and,
in providing a circulating medium, they con-
ferred upon Congress the power to coin money
and regulate the value thereof, at the same
time prohibiting the States from making any
thing but gold and silver tender in payment
OF debts. The anomalous condition of our
currency is in striking contrast with that which
was originally designed. Our circulation now
embraceS-frst, notes of the national banks,
which are made receivable for all dues to the
Government, excluding imports, and by all its
creditors, excepting in payment of the interest
upon its bonds and the securities themselves;
second, legal-tender notes, issued by the United
States; and which the law requires shall be re-
ceived as well in payment of all debts between
citizens as of all Government dues, excepting
imports; and, third, gold and silver coin. By
the operation OF our present system of finance,
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 defend US on the land and protect
US on the seattle pensioner upon the grati-
tude of the nation, bearing the scars and
wounds received in its servcc-the public
servants in the various departments of the
Goyernment-the farmer who supplies the
soldiers OF the army and the sailors OF the
navy -T-tuc dTuLdu VINO IOltS L0s the natlOnS
workshops, or the mechanics and labarers WHO Il
build its editices and construct lis forts and
vessels of war-shoula in payment of their
just and hard-earned dues receive dcpreciated
paper, while another class on their country
men, no more deserving, are paid in coin. of
gold and silver. Equal and exact justice re-
quires that all the creditorS:of the Government
should be paid in currency possessing uni--
form value. This can only be. accomplished
by the restoration of the currency to the stand
ard established Dy the Constitution, and by
this means we wouId remove discrimination
which may, il it has net already done SO. cre-
ate a, prejudice that may become deep-rootediI
and widespread, and impcril the national
credit. Ihe feasibility of making our currency
correspond with the constitutional standard 4
may be seen by reference to a few facts derived
from our commercial statistics. Tho aggre-
gate product OF precious metals in the ,Umted
States from 1S49 to 1861 amounted to S1,174,-
,OO0, while for the same period the net ex-
ports OF specie were $74l ,0o0 900. This shows i
an excess of product over net expoytsof $4SS,-
O00O90. There arc in the Treasury S103.407.-
9S5 in coin in circulation in! the States on the
Pacific coast about $40,000;9O0 and few
millions in the national and other banks. in,
all less than $I60,D00 000.v Taking into con.
sideration. the specie in the country prior to
1849 ard: that produced since 1867, we have
more than three hundred millions not ac.
counted for Inv nSndrfafiOns or hy the etlllus