Des Arc weekly citizen., 1868-12-22


 culating medium of the country shal be uniform in quality and value. A
 the time Of inc formation of that iu
 strument the country had just emerge. rom the war O. the Revolution, ans was suffering from the effects of a re
 d1pdant and worthless paper currency
 and the sages of that period were anx
 ious to protect their posterity trou
 the evil which they themselves hat
 experienced, and hence In providing
 circulating medium, they conferred
 upon Congress the power to cOfr
 money and regulate the value thereof
 at the same time prohibiting tllt
 States troln making anything bu
 gold and silver a tender in paymcn
 of debts. The anomalous condition o
 our currency is in striking contrast witl
 that which was originally designed Oul
 circulation now embraces, first, the notes of the National Banks, which are made receivable for sll dues to the Government excluding imports, and by all its creditor, excepting in tho payment of interest or it's 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 debis, delivering the citizens of all port dues except imports, and gold and sivlveI coin. By the operations of our present system of finances, however, the metallic currency, when collected, is reserved on- iy for one class of Government creJittors who, holding it's bonds, semi annually re- ceiv their interest in coin from the Nation al Treasury There is no reason which will be accepted as satisfactory by the peo- pie, why those who defended us on the land ana protected us on the sea the pension CTS upon the gratitude of the nation, bear ing the scars and the wounds. received while in the service; the public servants in the various departments of the Govern ment, or the farmer who supplies the sol ders of the army and the sailors of the navy the artisan who tolls in the nation's $ or the mechanic and lsborer who builds it's edi6ces or constructs it's forts and vessels of war in payment ot their just and hard earned dues, should re- ceise depreciated paper, while anothercl lass oi their citizens, no more deserving are paid in coin of gold and silver. Equal and exsct justice requires that al the of the Government should be paid in n currency possessing uniform value, and this can only be accomplished by the restoration of the currency to the standard established by the Constitution ]; and, by this means, VIC would remove q discrimination which may, if it has not al. ready done so, create prejudice that may become deep rooted and widespread. and imperil the national credit The teasibili- y of making our currency correspond with the constitutional standard may be seen by reference to few facts derived from our commercial statistics. The az sreaate product of precious metals in the ULited States, from lS49 to lS67 amount sd to sl,l74,000,000 while for the same period the net exports of specie were I74l .000,0 ,000. This shows an excess of product ever the net exports of S433 OO0.- poo. There arc Tn the Treasury Sl03,- 407 ,985, in coin. and in circulation in the States on the Pacific coast about S4.GO0,. D00 and few million in the national and other banks; in alf less than $l60, ,GU0 O00. Taking into consideration the specie in the country prior to lS4s, and that since 1867 we have more than 300, ,000, 900 not accounted for by exports or by the returns of the Treasury, and therefore most prob ably remaining in the country. These are important facts and show how completely the inferior currency will supercede the better, foicing it from circulation among Lhe masses aui cruising 1t -tu be exported, IS merely an article of trade, to add to the money capital of foreign hands The ne .essity ot reitsrAting our pspcr money hat the return ofNgold and silver to the lvenues of trade may be invited and de mand created that will cause the retention It home of at least 50 much of the produc ions ot our rich and incxhaustible gold bearing heids as may bs sufficient for the purposes of circulation. 1t IS uDreasona ,le to expect return to sound currency 10 long as to Government aud banks, by the issue of irredeemable lotes, fill the channels of circulation with paper Notwithstanding the coinage by our large hints, since lS49, oi SS74, 4,up0, ,000, tho people are now ssran sers to the currency which was designed or their use and benefit, aud specimens oi he precious metals, bearing national de- 'ices, are seldom seen, except when pro iuced to gratify the interest excited hy her novelty. If depreciated paper is to ,e continued as n permanent currency of he country, and all our coin to become nere article of traffic. and speculation the prices of all that is dispensible to the com ort of people, it will be wise economy o abolish our hints, thus saving the care lnd expense incident to such establish nent. and let our precious metals Dc ex- ported in bullion The time has como shen the Government and national banks ,e required to take more efficient steps lun make arrangements for the resump ion of specie payments Let specie pay nents be once earnestly inanguratcd by be Government and banks, snd the salne of our paper circulation would di. 'ecuy approximate ' standard and spei'e payments having been resumed by 'ae Government and banks. all notes or bills paper issued by either of less denomina- ion than twenty dollars. should be by law from circulation so that the peo plc can have the benefit and convenience ,f gold and silver currency, which in alf1 other business transactions will Dc uni Iornl in value at home and abroard. Every man of property or industry, every man desires to preserve what he honestly possesses, or to obtain what he can honest y. has direct interest in maintaining ,ste circulating medium; such medium IS shall be real and substantial, not liable ,o vibrate with opinions. not subject to be blown up or blown down by the breeze of but 1t is to be made secure