Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1868-12-09


| economy, to take such measures as Will enable
the holder of its notes and those OF the Ma
tlonal Banks to convert them, without loss,
into specie or its equivalent. A reduction OF
our paper circulating medium need not neces'
sariiy follow. This, however, would depend
upon the law OF demand and supply, though
it should be borne in miGd that by making
| legal tender and bank notes convertible into
coin or Its equivalent, their presentSpecle value
in the hands OF their holders would be en-
HANGED 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
| At the time of the formation of that instru-
ment, the country had just emerged from the
| War of the Revolution, and was suffering from
the effects OF redundant and worthless paper
currency. The sages Of that period were anx
| ous to protect their posterlty from the evils
which they themselves had experienced. -
| Hence, in providing circulating medium, they
| conferred upon Congress the power to com
money and regulate the value thereof, at the
| same time prohibiting the States from making
anythingIbut gold and. silver tender in payment
of debts.
The anomalous condition OF our currency is
in striking contrast with that which was origi-
paIy designed. Our circulation now embraces,
first, notes of the National Banks, which are
made receivable for all dues to the Government
excluding imposts, and by all Its creditors eX-
ceptng in payment OF interest upon It's bonds
and the securities themselves; second, legal
tcnder notes, issued by the United States, and
which the law requires shall be received as well
in payment of all debts between citizens as o.
| 4 rpCfC alI
third, gold and silver coin. BY the operation
of our present system OF finance, however, the
metallic currency when collected, IS reserved
only for one class of Government creditors
who, holding its bonds, emi.annually receive
their interest in coin from the National Urea
sury. There is no reason which will be accept
ed as satisfactory by the people, why those
| who defend US on the land and protect Us on the
| sea; the pcnsiOnCr upon the gratitude OF the
nation, bearing the scars and wounds received
while in its service; the public servants In the
various Departments Of the Government; the
farmer who supplies the soldiers of the army
and the sailors OF the navy; the artisan who
tolls la the nations workshops, or the mcchan'
| les and labOrers who build its edltices and con
struct its forrs and vessels Of war-shouId, 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 ex
act Justice requires that all the creditors Of the
Government should be paid in a currency pos
sessing uniform value. This can only be &C
complshed by the restoration OF the currency
to the standard established by the Constitution
and by this means we would remove dlscriml-
nation which may, if it has not already done
so, create a prejudice that may become deep
| , ' l.. i o,.I thn
tiOnal credit.
The feasibility Of making our currency cor
respond with the constitutional standard may
be seen by reference to a few facts derived from
our commercial statistics.
| The aggregate product OF precious metals IN
the United States from lS49 to 1861 amounted
| to $Il74 600 600, while, for the same period,
the net exports Of specie were Sal 900, 000.-
This shows an excess of product over net eX-
ports of $433, 100000. There are in the
Treasury SOB 407, 9S5 in coin; in circulation
in the States on the Pacific coast about $40
900, 000 and few millions in the National
and other Banks-in allless than $50, 600, 900.
Taking into consideration the specie in the
country prior to lS49 and that produced since
1861 and we have more than $500, 100000
not accounted for by expectation or by the re-
turns of the Treasury, and therefore most pro-
baby remaining in the country
These are important facts, and show how
completely the inferior currency Will supercede
the better, forcing it from circulation among
the masses, and causing it to be exported as
mere article Of trade to add to the money cap
ital 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
invited. and demand created which will cause
the retention at home OF at least so much of
the productions Of our rich and ineXhaustlble
gold-bearing fields as may be sufficient for pur
poses of circulation. 1t is unreasonable TO ex-
pect return to a sound currency SO long as the
Government and banks by continuing to issue
irredeemabe notes, fill the channels of circula-
ton with DEPRECATED paper. Notwithstanding
a coinage by our mlnts, since lS49, OF eight
hundred and seventy-fOur millions OF dollars,
the people are now strangers to the currency
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 novelty. If deprecated paper is to
be continued as the permanent currency OF the
country, and all our coin is TO become n mere
article Of traffic and speculation, to the en-
hancement in price Of all that Is indispensable
to the comfort of the people, it would be wise
economy to abolish our minis, thus saving the
nation the care and expense incident to such
establishments, and 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 ef-
ficient steps aud make all necessary arrange
mcnts for a resumption of specie payments
Let specie payments once be earnestly inaugu
rated by the Government and banks, and the
value OF the paper circulation would directly |
approximate specie standard.
Specie payments having been resumed by |
the Government and banks, all notes or bills OF
paper issued by either Of less denomination |
than twenty dollars should by law be excluded |
from circulation, 50 that the people may have
the benefit and convenience OF a gold and silver
currency which in all their business transactions
will be uniform in value at home and abroad. |
Every man of property or industry, every |
man who desires to preserve what he honest |
ly possesses, or to obtain what he can honest |
l,y oorn hos dirnpt inf in |