The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-12-10

to take such measures as will enable
the holder of its notes and those of the
National Banks to convert them with
out loss into specie or its equivalent.
} A reduction OF our paper circulating
medium may not necessarily follow.
This, however, would depend upon the
law of demand and supply, though 1t
should be borne IN mind that by max
ing legal tender aud bank notes con-
Yertible 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 result so desirable
is demanded by the highest public con-
siderations The Constitution contem-
4 plates that the circulating medium OF
the country shall be uniform in quality
and value. At the time of the 1orma-
ton of that instrument the country bad
just emerged from the war of the Revo.
lntion and was suffering from the
effects of a redundant and worthless
paper currency. The usnges of that
period We're anxious to protect their
pOsterity from the evil which they
themselves had experienced, hence in
providing 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 nnomous condition of our
currency Is in striking contrast with
that which was originally designed.
Onr circulation now embraces first,
notes of the National Banks which are
made receivable for all debts to the
government excluding imports and by
all its creditors, excepting In payment
of the interest upon its bonds and the
securities themselves second. legal
tender notes issued by the United States
and which the law requires shall be
| atH-aI n nI
debts between citizens as all govern
ment dues, excepting imposts; third,
gold and silver coin. By the operation
OF our present system of finance, how
ever, the metallic currency when COL
lected il reserved only for one class of
government creditors, who, holding its
bonds, semi-annuHlly receive their
interest in coin from the National
treasury. There Is no reason which
will be accepted as satisfactory by the
people why those who defend US on tho
Hand and protect us on the Sea, The
pensiOner upon the gratitude OF the
nation bearing the scars and wounds
received while in its service, the public
servants In various departments OF tue
government, the Farmer who supplies
the soldiers OF tho army and the sailors
Il of the navy, tho citizen who tolls in the
nations work shops, or the mechanics
and laborers who build its edilices anu
construct its forts and vessels Of war,
should in payment OF their just
aud haTdPaTncd dues, receive dupTe-
Giated paper, while another class
OF their couutrymen, no more
I deserving, are paid in coin OF
gold and silver. Exact justice requires
that all the creditors of the Government
should be paid In II currency possess
ing IA uniform value. This can only be
accomplished by tho restoration III the
currency 30 the standard established
/. hp Ian Wyh mi III II
has not already done SO, create a
prejudice that may become deep rooted
ami widespread, and imperll the ma
tional credit. The feasibility OF ma
king our currency correspond with
the constitutional standard, may be
seen by reference to ii lew factS de-
4 rived from our commercial statistics.
The aggregate product OF the precious
metals in the United States, from 1919
to 1867, amounted to 81, IL, 900. 900. while
for the same period, the net exportso i
specie were ST4l zoo, 900. This shows an
excess of product over net exports of
| Sj33, COO, 900. There are In the treasury,
Il Sl03, I07 ,9Sa in Coini in circulation in the
States on the Pacific coast, about $4O.-
900 900, and few millions in The ma
tionHl and other la ks-in all, less
than $l00, OO0, goo. Taking into cousid-
Grafton the specie in the couatry prior
to lS49. and that produced since 1907,
and we have more than $500, 000. 600 not
acooun'e ed for by expectation or by the
reIurnS OF the treasury, and, therefore,
most probably remaining IN the coun
try. These are important facts, and
show how completely the inferior cur
rency will supersede tho better, forcing
| IL from CIRCULATION among tue InRssgsr
and causing it to be exported as II mere
article OF trade, TO add TO the money
capital of foreign lands. They show
the necessity Of retiring our paper
money, that the return OF gold and sill !
yer 10 the avenues of trade may be In
vited. and Il demand created which Will
cause the retention ut home OF at least
so much OF the productions OF our rich
and inexhaustihle gold bearing fields
~ may BIO sufficient for the purposes OF
circulation. II is unreasonable 10 eS.
| psct Ii return TO Il sound currency, so
long AS the Government and banks by
continuing to issue irredeemnble notes,
ill the channels of circulation with de-
coinage by our Inints since 1919, OF
eight hundred and seventy. four mill |
| lions of dollars, tho people arc now
strangers 20 the currency which was
designed for their use and benefit, and
specimens of the precious metals bear |
ing the national device are seldom seen,
except when produced to crafty the
interest excited by their novelty. II de-
precinted paper is to be Continued Us
the permanent currency of the country,
and all our o0ln Is 10 become mere sTi
iiele OF traffic and speculation TO the en-
hancement of prices oil all that is indiS |
pPnsable to the comfort OF the people, it
will be wise economy 10 abolish our
mints, thus saving the nation the care
and expense incident to such establish
| nents. and let all our precious metals |
he exported in bullion. The time has
| come, however, whom the Government |
and national banks ghould be required |
! 10 take the most eIAcIent steps and |
make all necessary arrangements for |
resumption OF specie payment. Let |
| sPeci6 payments once bp pRrnestly in |
auguraled by the Government and |
banks, and the value of the paper clrcu- |
lation would directly approximate q |
| specie standard. Specie payments hRv-
| Ing been resumed by the Government |
and banks all notes or Hills OF paper is |
sued by either of less denomination |
than twenty dollars should by law be |
excluded from circulation, so that the |
people may have the benefit and oon-
Yenience OF II gold and silver currency,
which in all their business tTansac-
lions will be uniform In value at home
and abroad. Every man OF property
or industry, every man who desires 10
preserve what lie honestly possesses, or
TO obtain what he can honestly earn,
has . GIFpat Interest In maintaining "a
sale circulating mCdium-SuOh me-
dunn rs shall be real and substantial
not liable 10 vibrate with opinions, not
subject to be blown up or blown down
by the hreGth of speculation, but he
made stable and secure. \ dISOTdOred
currency is one of the greatest political
evils. II undermines the virtues neces-
saTy for the support of the sOcinl sys
tenn, aud encourages propensities de-