The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1868-12-18

duire how much gold and silver could
be purchased by tile S700, 1000 900 Of pa
per money now in circulation. n
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 three hundred
and fifty millions. This striking fact
makes It the obvious duty Of the Gov
ernment, as early rs may be consistent
with the principles Of sound political
economy, to take such measures rs will
enable the holder Of its notes, and those
of the National Banks to convert them
without loss into specie or its cquiva-
lent. A reduction of our paper circu.
lating medium may not necessarily fol.
low. This, however, would depend
upon the law of demand and supply
though it should be born in mind thai
by making legal tender and bank note,
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 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 forma-
ton Of that instrument the country had
just emerged from the war of the Revo.
luton, and was suffering from the effect
of redundant and worthless paper
currency. The people of that period
were anxious to protect their posterity
| from the evil in which they themselves
had experience. Hence, III providing a
circulating medium they conferred up
OH Congress the power to coin money
same time prohibiting the States from
making anything but gold and silver a
tender in payment of debt.
The anomalous condition of our cur
rency is In striking contrast with that
which was originally designed. Our
circulation now embraces
First, The notes of the National
Banks, which are made receivable for
all dues to the Government, excepting
imports, and by all its creditors, except
| ing in payment of interest upon its
bonds and the securities themselves.
Second, The legal tender notes issued
by the United States, and which the law
requires shall be received as we'll in
payment OF all debts between citizens,
as of all port dues excepting imports
and gold and silver coin. BY the Ope-
ration of our present system Of finan-
ces, however, the metallic currency,
when collected, is reserved only for one
class of Government creditors, who,
holding Its bonds, semi-annually re-
ceivc their interest In coin from the Ma
ti0nal Treasury. There is no reason
which will be accepted as satisfactory
by the people, why those who defend
US on the land and protects us on the
sea, the pensioner upon the gratitude
of the nation, bearing the scars and
wounds received while in its service,
the public servants in the various de-
partments of the Government the far
mer who supplies the soldiers of the
army and the sailors of the navy, the
artisan who tolls in the nations work
shops or the mechanics and laborers
who build its edifices and construct its
forts and vessels of war, should, in pay
ment of their just and hard earned dues,
receive deprecated paper, while anoth-
er class Of their countrymen, no more
deserving, are paid in coin.
Equal and exact justice requires that
all the creditors of the Government
should be paid in currency possessing
a uniform value. This can only be ac-
complished by the restoration of the
currency to the standard established by
the Constitution, and by this means we
would remove discrimination which
may, if it has not already done so. ere
ate prejudice that may become deep
rooted and widespread, and imperil
the National credit. rft..
| The feasibility of making our currcn.
CIV correspond with the Constitutional
standard may be seen by reference to
few facts derived from our CONNER
cial statistics. The aggregate product
from lS49 to 1867 amounted to $1l74,-
100000, while for the same period the
net exports of specie were S74l 900, ,OO0
This shows an excess of product over
net exports of 33,OOO,000 There is in
the Treasury in coin, in circulation in
the States on the Pacific coast, and in
the National and other banks, less than
$l6O,OOOOOO.
Taking into consideration the specie
in the country prior to 1S49 and since
1867, we have more than S300,000.000
not accounted for by expectation or by
the returns of the Treasury, and, there
fore, most probably remaining in the
country. These are important facts and
show how completely the inferior cur
rency will supercede the better, forcing
it from circulation among the masses
and causing it to be exported as merely
All article CT trade, to add to the money
capital of foreign lands. They show
the necessity of retiring our paper mon-
ey, that the return Of gold and silver to
avenues of trade may be invited anG a
demand created which will cause the
retention at home of at least so much
of the productions of our rich and in
exhaustible gold bearing fields as may
be sufficient for the purposes of circu-
latiOn.
1t is unreas enable to expect return
to sound currency so long as the Gov
eminent and banks, by continuing to
issue irredcemable notes, fill the chan
ncls of circulation with deprecated pa
per. Notwithstanding coinage by our
mipts since lS49, Of $S74,00O,OQO, the
people are now strangers to the curren-
cy which was designed for their use
lop m hana aud ,crnOf,aa,,o % tha n,,a