The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1868-12-17

Was originally designed. Our cir
culalion now embraces: ua
First. Notes OF the National
Banks whi0h are made receivable
for all dues 10 the 6over0ment,exs
cluding imports, and by all its
creditors, excepting in payment OF
interest uponits bonds and socurl.
lies themselves. a3'
Second. Legal tender notes, is-
isued BY tho United States. and
which the law requires shall bo re.
cciSed, as well III payment Of all
/ debts between cilzens as Of all
Government dues excepting i'm
ports; and, a't1Iob ~ .
i Thrd. Gold and silver coin.--
BY the operation OF our present
system ct finances, however, the
metallic currency. whom collected,
is reserved only Tor one class of
! Government creditors, who, hold
ing i,s 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
thOso who defend US on the land
and protect US on the sea; the pen.
sioner, upon the gratitude OF tho
nation, bearing tho sears and
wounds received while in it's SER
vice; the public servants. in tho
various Departments Of tho Gov
iernment, the farmer, who supplies
tue soldiers Of the army and the
sailors oltho navy9 the artisan, who
tolls in the nations workshops; or
the mechanics and labHrers, who
! build liz editccs aud construct it's
forts and vessels OF war should,
in payment Of their just and hard
earned dues, receive deprecated
paper, while another class OF their
counlrymeD, no more deserving,
are paid IN coin OF gold or silver.
Equal and exact Justice requires
that all creditors OF the Government
should be paid in currency pos
sessiug Il uniform value.
This can only be accomplished
by the restoration Of the currency
to the standard established by the
Constitution, and by this means
,r. ,r,nIJ r.,,r,.n q d;-r, in ;noI;on
which may, if 1t has not already
done SO. create prejudice that may
become deep rooted, and wide
spread and imperiI the national
credit. The feasibility Of making
our currency correspond with the
constitutional standard may be
seen by reference 10 few facts
derived from our commercial stat
lstics. The aggregate p!oduct OF
precious metals in the United
States from IS49 to 1867 amounted
to s1,l74,0GO, 900, while for tho
same period the net exports of
specie were S74l 100000. This
shows an excess of product over
net exports OF S433, 100000. There
are in the Treasury SOB, ,407,9
in coin; in circulation in the States
on the Pacific coast about SIC, ,00O,.
600; few millions in the National
and other Banks-in all less than
SlGO,COO,000. Taking into con-
sideration the specie in the country
prior to lS49, and that produced
since 1867, we have more than
$500 100000 not accounted for by
expectation or by tho retrrns Of
the Treasury, and therefore most
probably remaining in the country.
These are important facts, and
show how completely the inferior
currency will supeIcede the bet
ter, forcing it from circulation
among the masses and causing it
be exported US o mere article Of
trade TO add to the money capital
OF foreign lands. They show the
necessity of retiring our paper
money that the retErn of gold and
silver 10 the avenues of trade may
be invited, and demand created
which will cause the retention at
home of at least so much of the
productions OF our rich and mex
haustible gold bearing fields,as may
be sufficient Tor purposes OF clrcula-
ton. 1t is unreasonable TO expect
a return to O Sound currency 30
long as the Government and banks,
by continuinc to issue irredeemable
notes, ill tho channels of circula-
ton with deprecated paper. Not
withstanding a coinage by our
mints since 1919 of sS74, 900, 900,
the people are now strangers to
currency which was designed for
their uso and benefit, and speci-
mems of tho precious metals, bear
ing the national device, are seldom
seen except when produced to graf
ify the interest excited by their
novelty.
If deprecated paper is to bo
continued as the pay ment currency
of the country, and all our coin is
TO become mere article OF traffic
and speculation TO the enhance
ment in price OF all that is indis-
pensable TO comfort OF the people.
il will be wise economy to abolish
our nints, thus saving the nation
the care and expense incident to
such establishments and let oil our
precious metals be exported in
bullion.
SPECIE PAYMENT.
The time has come. however,
when the Government and Nation
al Banks should be required to take
efficient steps, and make all neces-
sary arrangements for the resump-
ton of specie payments. Let specie
payments once be earnestly in
augurated by the Government and
- IL ,rl ,bo voluo nc the naDer