The national Republican., 1868-12-10

condition. The developpsst ef
our inexhsusiibie resources 10 Checked, ard
"s.s fsr' Tor wsns p u messs n s y IN III tse%
iassd into the psfslyis1 easIsies of our pco-
.. .s''Ss ssS vss seess ns, every cry
coursgement iu their efforts to recover ffom
the effects OF the rebellion and injudicious
soa 10 ..nnss them b. the 81 pro.
which impede their prosperity. II We cannot
.o q, s.. Ss.sts: s% Hs sss.. sSs,sf r. AS
In rcfsrfins to the condition Of the eirouis.
ting medium. shall merely ns rsi,s,.,e sub sub.
sage which relates TO that subject. 7..- 10 ,
The proportion which the currency OF any
country should besr to the whole value OF the
annual produce circulated by Its means 10 q
question upon which political economists have
not agreed. Nor can y be controlled by legis-
iation, but must be left to the irrevocable law.
trade. The circulating medium will ever ire
sistibly now TO those points where II IL ip
greatest demand, The law Of demand and
the tides Of the ocean; and indeed currency
like the tides, has Its ebbs and hows oughout.
the commercial work. -r..-l,. -,
note circulation Of the country amounted to
not much more than t2oo, 900 900; now the cir
culation Of national bank notes and those
While II is urged BY some that this amount
should be Increased, others contend that q de-
cided reduction 10 absolutely essential to the
Sirer.s @ opiaions, 1T Il V may ss well to ssoertsin
pared with metallic or convertible ourreney.
fSa rSs ss sa ayss aqe1 ssa iSSTs sos %sss Ss
Probably not more than half the amount Of
s s shas .Ssp .o% sSa sSa sps Il.
commercial value 10 compressed Into $3.50 600,
oo0 This striking fact makes It the obvious
q The ,ss M ss "a %
cal economy, to take such measures as will
enable the holder OF Its notes aud those Of the
national banks to convert them, without loss,
our paper circulating medium need not neces.
sarily follow. This, however, would depeud
upon the law OF demand and supply, though II
tender and bank notes convertible into coln or
the hands Of their holders would be enhanced
Legislation for the accomplishment Of a re-
suit SO desirable is demanded by the highest
public considerations. The Constitution con-
country shall be uniform In quality and value.
At the time OF the formation Of that instru-
ment, the country had Just emerged from the
the effects OF a redundant and worthless paper
currency. The sAges OF that period were
| anxious to protect their posterity from the
Hence, in providing circulating medium, they
money and regulate the value thereof, at the
anything but gold and silver tender in pay:
ment Of debts.
The anomalous condition OF our currency Is
osnS sessed Our e elrens,Sa n nisa now .n. sn.
| braces, hrst, notes of the national banks,
which are made receivable for all dues to the
ln i%pS. sad s j.;
upon It's bonds and the securities themselves;
second, legaLtender notes, issued by the
united stste:, and which % the law require, ~ .,,
debts between citizens as OF all Government
dues, excepting impostsj and third, gold and
,,sn sSn o by shs ss Of SS
rency, when collected. 10 reserved only for one
| class Of Government creditors, who, holding
its bonds, sent sSnaaliy receive their In iS,ere:,
no reason which will be accepted as satisfac'
tory BY the people, why those who defend us
on the land and protect Us on the sea; the pen
Ing the scars and wounds received while In ~
servicei the public servants 10 the various De
| supplies the soldiers OF the army and tho
sailors OF the navy; the artisan who tolls in
\ the nations workshops, or the mechanics and
laborers who build its edinces and construct
ment Of their just and hatd-earned dues, re
ceive deprecated paper, while another elias,
OF their eountrymen, no more deserving, are
| act Justice requires that all tho creditors o.
the Government should be paid Ia q currency
possessing uniform value. This can only bs
rency 10 the standard established by the Con
| stitution; and by this means we would remov,
a disqualification which may, u II has not al
come deep-rooted and widespread, and imperi
the national credit.
The feasibility OF making our currency cor
be seen by reference to q few facts derived
from our commercial statistics.
The aggregate product Of precious metals II
the United States from lsts to 1851 Amounte,
to sl,lTI, ,oOo, 900, while for the same period tn
net exports OF specie were t7+l 100000. Thi
shows an excess OF product over net export
Of tt33 100000 There are in the Tressur!
tlo3 401 ,9s5 In coin In circulation In the State
on the Pacific coast about ~, 900 900, and fey
millions In the national and other banks-ir
eration the specie In the oountiy prior to lsiO
and that produced since 1867, and we hav
more than t3o0, ,O0o, 900 not accounted for by ex
aud therefore most probably remaining in III
county.
These are important facts, and show hoy
completely the Inferior currency will super
among the masses, aud causing 1t to be es
ported as mere article OF trade, to add to tn
money capital OF foreign lands. They sho,
fsa;a of Sod aaa sSer HS so he
which WIN cause the retention at home Of !
RsSs Is the % ii oS. ns
be suffieient for purposes Of circulation" 1t 1
unreasonable to expect q return to loun
currency SO long az the Government an
} notes, all the channels Of circulation with d,
precisted paper. Notwithstanding a coinag
by our mints, since lsio, Of eight hundred an
| N
are now strangers to the currency which wa
designed for their use and benefit, and spec
mems OF the precious metals bearing the nj
produced to crafty the interest excited b
their novelty. II deprecated paper Is to
J continued as the permanent currency OF I'd
article Of trafio and speculation, to the 81
hancement In price OF all that 10 indispensabl
j to the comfort Of the people, 1t would be vii
he ana nsasas 70
| establish ments, and let all our precious meta
be exported In bullion. The time has com
{ hoyever when the Government and nstionl
0 | efficient steps and make all necessary arrang
: ments for a resumption Of specie payment
, Let specie payments once be earne.tly lnaug
E rated BY the Government and banks, and Il
= value Of the paper circulation would direct
, approx ximate specie standard.
!, Specie payments having been resumed
0 Of paper issued by either or a less denomin
!. tlon than twenty dollars should by law be o
Q cluded from circulation, so that the peop
d gold and silver currency which in ali the
= business transactions will be uniform 10 valt
8 at home and abroad.
wss s.., %sn o. ,0Ps.sy or Industry eye
4 possesses, or to obtain what he eau honest
!, earn, has a direct interest in maintaining
i safe circulating medium-sueh a medium
d shall be real and substantial, not liable
Q yibrAte with opinions, not subject TO be blow