The Ottawa free trader., 1868-12-12

various departments of the government; the
farmer who supplies the soldiers of tho army and
the ssilers of the navy; the artisan who tolls in
the nations workshops; or the mechanics or Ia
berors Who build its edifces and construct its
forts and vessels of war, should, in payment of
their just and hard-earned dues receive depre-
ciated paper; while another class of their coun.
trynen, no more deserving, are paid in coin Of
gold and silver. Equa! and exact justice re-
quires that all the creditors Of the government
should be paid in currency possessing a uni
form value. This can only be accomplished by
the restoration of the currency to the standard
established. On this foundation, and by this
means, We would avoid discrimination which
may, it it has not already done SO, create pro-
judice that may become deep-rooted and wide-
spread, and inpsril the national credit.
The feasibility of making our currency CORES
spond with the constitutional stan lard may be
seen by reference to few facts derived from our
commercial statistics. The aggregate product Of
precious metals in the United States, from 1849
to 1867, amounted to 81, ,174,0 600 600; while, for
the same period, the net exports of specie were
Sal ,0OO,00 This shows an excess of product
over the net exports of $433 100000 There are
in the treasury $103 407 1856 in coin the crcula.
tien in the states, on the Pacific coast about
$40, ,O00, 600, and few millions in the national
and other banks; in ALL less than $3.50, 900.
Taking into consideration the specie in the coun.
tiy prior to 1e49, and that produced since 1867,
and We have more than 5000, ,O00, 900 not account
ed for BY expectation, or by the returns
of the treasury, and, therefore, most of il
remaining in the country. These are important
facts, and show how completely the inferior cur
rency will supsrseds the better, forcing it from
circulation among the masses, and causing it to
bs exported ~ mere article of trade, TO add to
the money capital of foreign lands They show
the necessity Of rsdssming our paper money,
that the return of gold and silver to the avenues
Of trade may be invited, and the demand created
which will cause the retention at home Of at
least 30 much of the productions Of our rich and
ine1haustible geld.bsaring fields, ss may 10
suficisAt for purposes of circulation.
It 10 unreasonable to expect to return to q
sound currency ~ long a. the government and
banks, BY continuing to issue irredsemable notes,
fill the channels of circulation with deprecated
paper. Notwithstanding coinage Of or by our
mints, since lS49, of $4,000, 900, the people are
now strangers to the currency which was de-
sigued fer their use and benefit, and specimens
Of the precious metal bearing the national device
are seldom seen except when produced to crafty
the interest excited by their novelty. II depre.
ciated paper ia to be continued As the pernsnsnt
currency Of the country, and all our coin 10 to BE-
Gene . mere article Of traffic xad speculation, to
tho enhancement in price of all that is indispen.
sibls to the comfort of the people, it would bs
wise economy to abolish eur mints, thus saving
the nation the care and expense incident to such
establishments and TO let all our precious metals
bs exported in bullion. The time has come, how
ever, whea the government and national banks
should be required TO take the most efficient
steps and make all necessary arrangements for
rssunptioa OF specie payments. Let specie pay
nsnts once b earnestly iusugsrstsd by the gov.
srnnent and banks, aAd the vslus OF :he paper
circulation would directly approximate = specie
standard. Specie payments having been resum.
Cd BY the government and banks, oil notes or
bills Of paper Issued by either, Of less delomi.
nation than $50 should by Law be excluded from
circulation, % that the people may have the ben.
eft and convenience Of . geld and silver currsn-
oy, which, in oil their business transactions will
bs uniform in value At homo and abroad.
Our swa history has recorded for eur instruo.
tion eaosgh, and more than enough, Of the de-
morslixing tendency, the injustice and the intel.
srable oppression On the virtuous and we'll dis
possd OF degraded paper currency, authorized
BY law or in any wav ssuntsnanced by the gov.
srnment 1t 10 one Of the most successful dsvi.
ces, in times Of peace or war, Of expansions or
revulsions, to accomplish the transfer OF all the
precious metals from the great mass Of the pso-
pie into the hands Of few, when they are hoar.
dea in secret places or deposited under bolts and
bars, while the people are left to endure all the
ineonvskisues, sacrifice and decentralization re-
sulting from the use of depreciatrd and worth.
less paper.
THE INDIANS.
The president alludes to the reports Of the in.
terror department., aad says that treaties have
been made with the Indians which will be sent
to tho senate. He sanctions the policy which
places the Indians on reservations.
THE PACIFIC RAILROAD.
He then proceeds: The companie. construct
ing the railway from Omaha to Sacramento have
been most energetically engaged in prosecuting
the work, and it is believed the line will be COM
pletsd before the expiration of the next fiscal
year. The per cent bonds issued to these com.
panies amounted, on the 5th inst, to $44337, 600,
AID additional work had been performed to the
extent of $3,200000. The secretary Of the inte-
rior, in August last, invited my attention to the
report Of government director of the Union Pa.
cife Railroad company, who had been specially
to examine the location, construction,
and equipment Of that road. I submitted, for
the opinion of the attorney general, certain ques-
tions in regard to the authority of the executive
which arose upon this report and those which
had, from time to time, been presented by the
appointed to inspect each success.
i've section of the work. After carefully consid-
ering the law of the case, he affirmed the right of
the executive to order, if necessary, a thorough
revision Of the entire road. Commissioners were
thereupon appointed to examine this and other
lines, and have recently submitted statement
Of their Investigations, Of which the report of the
secretary of the interior furnishes specific infor.
nation.
THE WAR, NAVY AND PosToFFIcE REPORTS.
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