The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-12-19

made receivable for all dues TO the Govern
ment excepting imports, and by all its cred.
itors excepting for payment Of interest upon
its bonds and the securities themselves. ID
Legal tender notes issued by the United
States, and which the Law requires should be
received as well in payment Of all debts due
| between citizens. 3d--GOld and silver coin.
| BY The operation Of our present system Of
| finances, however, the metallic currency,
when collected, Is received for only one class
Of Government creditors-those holding
bonds, who semi annually receive their
interest in coin from the National Treasury.
There il no reason which will be received
as satisfactory By the people, by those who
| defended the United States on the land aud
| protected the United States on the sea, the
pensioners upon the gratitude Of the nation,
| bearing the scars and wounds received while
| in It's service, 4he public servants in the va.
ri0us departments Of the Government, the
farmer who supplies the soldiers Of the ar
my and the sailors of the navy, the artizan
who tolls in the nations workshops, the me-
chanics and laborers who build its edifces
and construct its forts and vessels Of war,
should, in payment Of their just and hard
earned dues, receive deprecated paper;
while another class Of their countrymen, no
more deserving, are paid in coin Of gold and
silver. Equal and exact justice requires
tha. oil the creditors Of the Government
should be paid in currency possessing
uniform value This can only be accom-
| pished by the restoration Of the currency to
the standard established by the Constitution.
On this foundation and by this means VIC
would put amend to discrimination which
may. il il has no. already done so, create n
prenjdice that may become deep-rooted and
| wide spread and impair the national credit.
The feasibility of making our currency
correspond with the constitutional stand
ard may be seen by reference to few
| facts derived from our commercial statis-
tics. The aggregate produce Of the pre-
cinos metals in the United States from
1910 TO 1867, amount to 81 ia 900 900,
while for the same period the nett ex-
ports Of specie were S741 $4,000 This
shows an excess Of products over the cx-
ports Of S433, ,0O0,0 There are in the
| Treasury sl03, ,407 ,9S5 in coin The
circulation in the States on the Pacific
coast is about $40, 100000 and $1,000
900 are in the national and other banks,
in all less than 100000, 600. Taking
into consideration tho specie in the coun-
try prior 10 lS49 and that produced since
1867, we hare more than 1000, 900
not accounted for by expectation or by
tue returns Of the Treasury, and therefore
most probably remaining in the country.
These are important facts and show how
completely the inferior currency viii su-
percede the better forcing at will its cir
culation among the masses and causing
it TO be exported as mere article of trade
to the money capitals of foreign lands.
They show the necessity of retiring our
paper money that the return of gold and
silver to the avenues of trade may be in
yited, and the demand created which viii
cause retention at home of SO much Of the
products of our rich and inexhaustible
gold bearing fields as may be sufficient
for tho purpose of circulation. 1t is un-
reasonable 10 expect to return TO sound
currency as long as government Banks
continue 10 issue irTedeemable notes with
chances of circulation with deprecated
paper. Notwithstanding the coinage Of
our mints since 1919, of 1874 ,060, 900,
the people are now strangers to the cur
reuey which was designed for their use
and benefit, and specimens of the precious
metals bearing the national device are
seldom seen, except when produced to
CRAFTY the interest excited by their nov
city. If deprecated paper is to be
continued as the permanent currency of
the country. and AL our coin is to become
mere article of traffic and speculation,
to the enhancement in price of all that
appertains to the comfort of the people,
it would be wise economy to abolish our
mints, thus saving the nation the care
and expense incident to such establish
ments and to let all our precious metals
be exported in bullion. The time has
come, however, when the Government
and national banks should be required to
take the most efficient steps and make all
necessary arrangements for resumption
ofspecie payments. Let specie payments
once more be earnestly inaugurated by
the Government, and banks and the value
of the paper circulation would directly
approximate n specie standard. Specie
payments having been resumed by the
Government aud banks, all notes or bills
of papers issued by either Of q less de-
nomination than $40, should, by Law, be
excluded from circulation so that the peo-
pie may have the benefit of gold and
silver circulation which in all their trans
actions will be uniform in value at homo
and abroad Every man of property and
industry, every man who desires to pre-
serve what he honestly possesses or to
obtain what he can honestly earn, has
direct interest in maintaining such cir.
culating medium as shall be real aud sut-'
stantial, and not liable to evaporate with
opinion, and not subject to be blown up
or down by the breath of speculation, but
to be made stable and secure. A dis
ordered currency is one of the greatest
political evils. It undermines the virtues
necessary for the support of the social
system and encourage propensities de-
structive of its own happiness. It wars
against industry, frugality and economy,
and fosters an evil spirit of extravaganza
and speculation. 1t has been asserted
by one of our profound statesmen, that
of all contriyances for cheating the labor
ingclassos Of mankind, none have beenmore'
effectual than that which deluges them
with paper currency. This is the most
effectuai of inventions to fertilize the rich.
mans fields by the sweat of the poor mans
brow. Ordinary tyranny, oppression BY
excessive taxation, bear lightly on the
happiness ofrthe community, compared
with a fraudulent currency and the rob
berries committed by a deprecated paper.
Our own history has recorded for our