Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1868-12-31
NEW SERIES--V0L. 8, NO. 90

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 compressed into
three hundred and fifty millions. This
striking fact makes il the obvious duty
of the government, as early as may
be consistent with the principles OF
sound political economy, 20 take such
measures as will enable the holder of
its notes and those of the national
banks 10 convert them without loss
into specie or its equivalent. A re
duction OF our paper circulating me
dium need not necessarily follow.
This, however, would depend upon
the law Of demand and supply, though
Il should be borne in mind that, BY
making legal tender and bank notes
convertible into coin or its equivalent,
their present specie value in the
hands Of their holders would be en-
haneed an hundred per cent. Legis-
lation for the accomplishment of a
result so desirable is demanded by
the highest public considerations.
The Constitution contemplates that
the circulating medium Of the country
had Just emerged from the war Of the
Revolution, and was suffering from
the effects of a redundant and worth
less currency. The sages Of that
period were anxious TO protect their
property from the evils which they
themselves had experienced and, 10
providing a circulating medium they
conferred upon Congress the power
TO coin money and regulate the value
thereof at the same time prohibiting
the States from making anything but
gold and silver tender in payment
Of debts.
The anomalous condition Of our cur
rency is in striking contrast with
that which was originally designed.
Our circulation now embraces, first,
notes Of the national banks, which
are made receivable for all dues TO the
government, excluding imports, and
by all It's creditors, excepting in pay
ment Of the interest upon its bonds
and the securities themselves; second,
legal tender notes issued BY the United
States, aud which the law requires
shall be received ns well IN payment
Of all debts between citizens as of all
government dues, excepting imports I;
and, third, gold and silver coin. By
the operation Of our present system Of
finances however, the metallic curren-
cy when collected is reserved only for
ono class Of government creditors,
who, holding its bonds, semi-snnu-
ally receive their interest in coin
from the national Treasury. There is
no reason which viii be accepted as
satisfactory by the people why those
who defend MS on the land and protect
US on the sca-the peusionor upon the
gratitude Of the nation. bearing the
scaEs and wounds received while in
It's service-the public servants in the
various departments Of the govern
ment-the farmer who supplies the
soldiers Of the army and the sailors
Of the navy-the artiEan who tolls
in the nations workshop, or the me
chanics and laborcrs who build its
edifces and construct its forts and
vessels Of war-should in payment OF
their Just and hard-oarned dues re-
ceive deprecated paper, while another
class OF their countrymen, no more
deserving, are paid in coin Of gold
and silver, Equal and exact justice
requires that al the creditors Of the
government should be paid IN 2 cur.
rcncy possessing a uniform value.
] This can only be accomplished by the
restoration of the currency to the stan.
dard established by the Constitution,
and BIZ this msans We would remove a
discrimination which msy, il il has
not already done 50, create prejudice
that may become deep rooted and
wide spread, and imperil the national
credit. The feasibility Of making our
currency correspond with the consti.
tuu0ual standard may be seen by ref.
oronoe TO a few facts derived from Our
commercial statistics The aggregate
product Of precious metals in the
! United States from lS49 90 1867
amounted to sl,174, ,OOO, 600, while for
the same period the net exports Of
specie were S74l 600, 600. This show:
an excess Of product over net export:
of s4S3, GOO, 900. There are in the
Treasury sIOS, ,407 .9S5 in coin. in cir
! culation in the States on the Pacif,
coast about forty million, and few
millions in the national and othel
/ banks; in all less than one hundred
{ and sixty millions. Taking into con
sideration the specie in The country
b prior to 1883 and that produced sine,
, 1867, VIC have more than three hun
2 drel million not accounted for by ox
3 portation or by the returns OF th'
: ir,-sasnr,v-- und. fhss.efas.e- saozt aroha
{ bly, remaining in the country. Thesl
arc important facts and show how
completely the inferior currency vii
supercede the better, forcing il from
} circulation among the masses anG
= causing il TO be exported as a mer
E article OF trade, 10 ada TO the monol
$ capital Of foreign lands. They show
b TIC necessity Of retiring our papo
! money, tha, the return Of gold an,
I silver to the avenues Of trade be iuvi
d ted and a demand created which vii
= cause the retention at home of at leas
c so much OF The productions ofour ric'
e and ndinoxhaustiblc goldboaring fields a
may be sufficient for the purposes o
a circulation. Ii is unreasonable 20 ox
l pcct a return TO a sound currency $
s long as the government and banks, b
c continuing to issue irredoomablc notes
/. fll tho channels Of circulation wit
IS deprecated paper Notwithsiandiri
+. a coinage by our mints since lS49 9
S eight hundred and sovouty-iour mi
!. lions OF dollars, the people aro uo'
@ strangers to the currency dcsigno
y forthciruse and benefit, and specimen
n Of the precious metals bearing the %
,f tional device are seldom seen cxcep
n when produced 10 gratiiy the inteies
I.,rf.sf,H if,- fhpir nnvgifV lffpYrnrlf