The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1868-12-16

ana Jn0 I0fGlle nelQ6 OF the SOQIn are
becoming waste for want of means to
till them. With the release of capitol
new life would be infused into the
paralyzed energies of our people, ana
activity and YigOr impaired to every
branch of industry. Our people need
encouragement in their efforts to re-
cover from the effects OF the rebellion
and of injudicious legislation and it
should be the aim of the Government |
to stimulate them by the prospect of |
an early release from the burdens |
which impede their prosperity. If |
we cannot take the burdens from their |
shoulders we should at least manifest |
will ngneSs to help to bear them.
CONDITION OF SHE NATIONAL CURRENCY.
In referring to the condition of the |
circulating medium, [ shall merely !
reiterate substantially that portion of
my last annual message which relates
to that subject. The proportion which
the currency of any country should
bear to the whole value of the annual
produce circulated by its means is a
question upon which political ecOno-
miSts have not agreed, nor can it be
controlled by legislation, but must be
left to the irreVOcable laws which ev
! erywhere regulate commerce and
trade The circulating medium will
ever irresisubly flow TO those points
where it. is in greatest demand. The
| law Of supply and demand iSSas uner
ring as that which regulates the tides
of the ocean; and indeed, currency,
| like the tides, has its Gibbs and flows
! throughout the world. At the begin
ming of the rebellion the bank note
circulation of the country amounted
to not much more than two hundred
million OF dollars. Now the circula-
ton of national bank notes and those
known as legal tenders, is nearly sew
en- hundred millions, while it is urged
| by some that this amount should be
| increased, others cOntending that a
decided reduction is absolutely essen
tial to the best interests of the cOun-
try. In view of these diverse opin-
ions it may be we'll to ascertain the
real value of our paper issues when
compared with metallic or conver-
tible currency. For this purpose let
US inquire how much gold and silver
could be purchased by the seven hun
dred millions of paper currency 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
utility is compressed into three hun
dred 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 meas
ureSz as will enable the holder of the
notes and those of the national banks
: to convert them without loss into spe-
Gle or its equivalent. A reduction ot
our paper circulating medium may
} not necessarily follow. This, hoWeV.
l / ats xxrnn1I dnnnnH I1npn 70 la11r T,Fd 10
: mand aud supply; though it should bt
: borne in mind that by making lega
5 tender and bank notes convertible in
5 to coin or its equivalent, their present
: tspecie value, in The hands of theil
5 holders, would be. enhanced one hun
D dred per cent. Legislation for the &c
:, complishment of result so desirable
o is demanded by the highest public
e considerations. The Constitution
: cOntemplates that the circulating me
dium shall be uniform in quality anC
+ value. At the time of the formation
of that instrument, the country h6C
! just emerged from the war of the rev
> OlutiOn, and was suffering from tn
y effects of a redundant and WORTHLESS
n paper currency. The sageS of tha
= period were anxious to protect thei
- pOSterity from the evil which they
: themselves had experienced. In pro
r. Viding circulating medium the,
:, conferred upon Congress the power t
. coin money and regulate the valu
q thereof; at the same time prohibiting
- them from making anything but gol
- and silver tender in payment c
l99 debts, The anomalous condition c
- Our currency is in striking contras
= with that which was originally de
> signed. Our circulation now embrs
: ces, first, notes of the national bank ks
- which are made receivable for all due
q to the Government excepting import
- and by all lis creditors excepting
- payment of interest upon lis bond
\ and the securities themselves; second
~ legal tender notes, issued by the Un
- ted States, and which the law require
- shall be received as we'll in paymeI
- - of all debts between citizens rs of q
- Government dues, excepting import
~ and, third, gold and silver coin. B
- :; the operation of our present systel
:, of finance, however, the metallic Gu
- rency when collected is reserved onI
:, for one class of government creditor
- who, holding its bonds, semi-annuall
~ receive their interest in coin from til
= National Treasury. There Is no re
y son which will be accepted as satisfa
y tory by the people why those WI
~ ~ defend US on the land and protect
Oll IllC SGd bllS PCIlSlOllSI upon III
"a gratitude of the nation, bearing Il
u scars and wounds received while in i
- service; the public servants in Il
no various departments of the goVer
,GGL Inent; the farmer who supplies Il
S soldiers of the army and the sailors
Gu the navy the artisan who tolls in Il
on workshops; or the mechanics and !
u borers who build its edifices and co
~ struct its forts and vessels Of war, al
81 in payment of their just and hal
ol earned dues receive deprecated D
lsI per, while another class of their cou
AZ trymeD, no more deserving are pa
ey in coin of gold and silver. Equal 81
, pe exact Justice requires that all creditO
" of the Government should be paid
1tu a currency possessing uniform vaIu
ne This can only be accomplished by t
% % restoration of currency to the sta
dard established by the constitute
ny and by this means we would reno
Ilo 3 discrimination which may, if it h
SeS not already done so,create prejudi
eo that may become deep-roOted al
we widespread, and imperil the nation
5 a credit. @
m IN THE CURRENCY-sPECIE payment
!, it The. feasibility of making our CT
lat rency correspond with constitution
by standard, may be seen by a referen
10 to few facts derived from our col
nj mercial statistics. The aggrega
cen products of precious metals in [
ui- United States from 1919 to 1St
per amounted to Sl,274, 100000. while
ties the same period the net exports
cy, specie were s841, 700, ,OoO This sho
of an excess of product over net expol
&C of $433, O00,0 There are in {
Treasury SOB, 4O7, 985 in coin. In c
culatiOn, in the States on the Paci
-, coast. SAC, 900, 900, and few millio
the in the national and other banks, in
elr less than one hundred and sixty LII
uo- ions. Taking into consideration t
en- specie in the country prior to I649 a
nd that produced since 1867, and we ha
ed. more than three hundred niIIione r
the accounted for nv exnortefjoy1 or
,er- the returns of the Treasury ar