Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1868-12-18

condition, the deVelOpnlent vi Jul iueAHdust-
ible resources is checked, and the fertile
fields of the South are becoming waste for
want of means to till them With the release
of capital new life would be infused into the
paralyzed energies of our people, and activ-
ity and vigor impaired to every branch of
industry. Our people need encouragement
in their efforts to recover from the effects of
the rebellion and of injudicious legislation.
And it should be the aim ofthe Government
to stimulate them by the prospect of an car
" release from the burdens which impede
their prosperity. five cannot take the bur-
dens from their shoulders, we should at least
manifest willingness to help to bear them.
In referring to the condition Of the circula
ting medium, shall merely reiterate, sub
stantially, that portion of my last annual
message which relates to that subject. The
proportion which the currency of any coun-
try should bear to the whole value of the
annual produce circulated by its means is
question upon which political economists
have not agreed nor can it be controlled by
legislation, but must be left to the irrevoca-
BILE laws which everywhere regulate COM
merce and trade.
The circulating mdium will ever irresisti
bly, flow to those points where it is in great
est demand, The law Of demand and sup
ply is as unerring as that which regulates
the tides of the ocean; and, indeed, curren-
cy, like the tides, has its GIBBS and flows
throughout the commercial world At the
beginning of the rebellion the bank-note cir
culation Of the country amounted to not
much more than two hundred millions of
dollars Now the circulation of national
bank notes and those known as legal tenders
is nearly seven hundred millions While it
is urged by some that this amount should be
increased, others contend that decided re-
ducton is absolutely essential to the best in
terests of the country In view of these di-
verse opinions, it may be well to ascertain
the real value of our paper issues when COM
pared with metallic or convertible curren-
cy For this purpose let US inquire how
much gold and oliver could be purchased BY
1 the seven hundred millions of paper money
now in circulation, 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 COM
pressed into three hundred and fifty millions.
| This striking fact makes it the obvious duty
Of the Government, as early as may be con-
sistent with the principles of sound political
economy, to take such measures as will ena-
bic the holders of its notes and those of the
national banks TO convert them without loss
4 into specie or its equivalent. A reduction
of our paper circulating medium need not
necessarily follow. This, however, would
depend upon the law Of demand and supply.
Though 1t should be borne in mind that by
making legal tender and bank notes eonver-
tible 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 a re-
suit so desirable is demanded by the highest
public considerations The Constitution con.
templates that the circulating medium Of the
country shall be uniform i'll quality and val
ne. At the time Of the formation OF that in
strument the country had just emerged from
the war Of the Revolution, and was suffering
from the effects of q redundant and worth
less paper currency. The sagas Of that pc.
Rod were anxious to protect their postority
from the evils which they themselves had ex
perenced; hence in providing a circulating
medium they conferred upon Congress thu
power to coin money and regulate the value
thereof at the same time prohibiting tn
, States from making anything bat gold ant
silver tender in payment Of debts. TIL
anomalous condition of our currency is il
striking contrast with that which was origi
nally designed. Our circulation now Ell
braees-arst, notes of the national banks
which are made receivable for all dues t
the Government, excluding imposts, and b.
all its creditors, taking in payment Of inter
est upon its bonds and the securities them
selves: second, legal tender notes, issued b.
5 the United States. and which the law require
shall be received as well il payment of al
debts between citizens as of all Government
dues excepting imposts: and, third. gol'
!, and silver coin. BY the operation OF on
present system of finance, however, the me
tallic currency, when collected is reserves
. only for one class of Government creditors
; who, holding its bonds, semi annually re
ceiye their interest in coin from the Dationa
I Treasury There is no reason which will b
+ accepted as satisfactory by the people VIII
S those who defend us on the land and protec
us on the sea the pensioner upon the graf
Y itude of the nation, bearing the scars an
/ wounds received while in its service; tn
' public servants in the various department
3 Of the Government the farmer who supple
the soldiers Of the army and the sailors c
f the navy the artisan who tolls in the ia
tons workshops, or the mechanics and Ia
t borers who build its edifces aud construct It
/ forts and vessels Of war, should III paymen
e Of their just a4d hard earned dues rccelv
e deprecated paper while another class o
: their countrymen, no more deserving, ar
l paid in coin Of gold and silver Equal ant
t exact Justice requires that all the creditor
= of the Government should be paid IN a cur
rency possessing uniform value. This Cal
S only be accomplished by the restoration 0
currency to the standard established by tn
, Constitution and by this means we woul'
t remove IL discrimination which NAV, II It 40
not already done so, create a ppedJudice thu
| may bccoma deep rooted and wide spread
! and iuperil the national credit. The feast
l blity of making our currency correspond
with the constitutional standard may be see'
/ by reference to few facts derived from ou
commercial statistics,
The aggregate product of precious metal
| in the United States from 1S49 to 1856
! amounted to $1,174, 900 900, while for tn
same period the net exports of specie wer
} S74l 900, 900; this shows an excess of pro
ducts over net exports of $4aa, 00o, o00,--
! There are in the Treasury Sla,4o7 1856 ii
coin in rcrlation in the States On tn
t Pacific coast about forty million dollars; AM
: few million in the national and other banks
in all, less than $3.50, 900, 900. Taking in
r to consideration the specie in the countr
: prior to 1910, and that produced since 1856
4 and we have more than three hundred mil
: lion dollars not accounted for by exportatio