Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1868-12-11

De accomplished by the restoration OF tue
currency TO the standard established. On
this foundation, and by this means We
would own q discrimination which may,
If IL has not already done so, create q
prejudice that may become deepsrooted
and widespread, and imperil the national
credit. - t.e-~ ----F.- ~ 80
The feasibility Of making our currency
correspond with the constitutional stand
ard may be seen by reference to 3 few facts
derived Rum our commercial statistics
The aggregate product of precious metals
in the United States from iS49 ~ / S6s,
amounted 10 $1,174, ,000, 900 while for the
same period, the not exports OF specie
were $741 100000 This shows an excess
Of product over the net exports of
$433 100000. There are in the Treasury
$103, 407, ,9S5 In coin the circulation in
the States, on the Pacific coast, about
$40,000,000, and few millions in the Ma.
tional and other banks; in all less than
$160,000000 Taking into consideration
the specie in the country prior to 1S49,
and that produced since 1857, and we
have more than $200,000 900 not account
ed for by expectation, or blythe returns OF
the Treasury, and, therefore, most of il re-
naming in the country. These are i'm
portant facts, and show how completely
the inferior currency will supersede the
better, forcing it from circulation among
the masses, aud causing tito be exported
as mere article of trade, to add TO the
money capital of foreign lands. They
show the necessity OF redeeming our
paper money, that the return of gold and
silver 10 the avenues of trade may be in
vited, and the demand created which will
cause the retention at home Of at least so
much of the productions of our rich and
inexhaustible gold'bearing fields, as may
he sufficient for purposes of circulation.
1t is unreasonable to expect to return
to sound currency 50 long as the Govern
ment and banks, by continuing to issue
irredeemable notes, ill the channels of
circulation with deprecated paper. Not
withstanding a coinage, of or by our
mints, since lS40, of 1914 900 600, the peo.
pile ore now. strangers to the currency
which was designed for their use and ben
eft, and specimens of the precious metal,
bearing the national device, are seldom
seen, except when produced To crafty the
interest excited by their novelty. If de-
preciated paper is to be continued as the
permanent currency of the country, and
all our coin is to become a mere article of
traffic and speculation, to the enhance
ment in price Of all that is indispensable
to the comfort Of the people, it would be
wise economy to abolish our mints, thus
saving the nation the care and expense
incident to such establishments, and to let
all our precious metals be exported in bull
lion. The time has come, however, when
the Government and National Banks
should be required to take the most eff
cient steps and make all necessary arrange
ments for resumption of specie-pay-
ments. Let specie payments once be ear
nestly inaugurated by the Government and
Banks, and the value of the paper circuls
ton would directly approximate a specie
standard. Specie.payments having been
resumed by the Government and Banks
all notes or bills of paper, issued by
either, of a less denomination than $40
should by law be excluded Hum circula.
tion, so that the people may have the ben
eft and convenience of gold and silver
currency, which, in all their business
transactions, will be uniform in value at
home and abroad.
Our own history has recorded for our
instruction enough, and more than enough,
of the demoralizing tendency, the injus-
tice, and the intolerable oppression on the
virtuous and we'll disposed Of a degraded
paper currency authorized by law, or in
any way countenanced by the Govern.
ment 1t isone of the most successful de-
vices, in times of peace or war, of expan-
sions or revulsions, to accomplish the
transfer of all the precious metals from
the great mass of the people into the
hands of a few, when they are boarded in
secret places or deposited under bolts or
bars, while the people are left to endure
all the inconvenience, sacrifice, and de-
moralization resulting from the use of de-
preciated and worthless paper
IThe President alludes to the reports of
the Interior Department, and says that
treaties have been made with the Indians
which will be sent to the Senate. He
sanctions the policy which places the In.
dians on reservations. E+.t"
The companies constructing the railway
from Omaha TO Sacramento have been
most energetically engaged in prosecuting
the work, and it is believed the line will
be completed before the expiration of the
next fiscal year. The per cent. bonds is
sued to these companies amounted on the
9th inst, to $44, 600, and additional
work had been performed to the extent of
$3200,000. The Secretary of the Interior,
in August last, invited my attention to
the report of a Government Director of
the Union Pacific Railroad Company, who
has been specially instructed to examine
the location, construction, and equipment
of that road l submitted, for the opinion
of the Attorney General certain questions
in regard to the authority of the Execu-
tive which arose upon this report, and
those which had, from time to time been
presented by the Commissioners appoint
ed to inspect each successive section in
the work. After carefully considering
the law of the case, he affirmed the right
of the Executive to order, if necessary, a
thorough revision of the entire road.
Commissioners were thereupon appointed
to examine this and other lines, and have
recently submitted statement of their
Investigations, of which the report of the
Secretary of the Interior furnishes specific
information.
A resume Of the war, navy, and post
office reports Is here giVen.l
The President then proceeds TO speak of
our foreign affairs.
No important question has occurred
during the last year, in our accustomed
cordial and friendly intercourse with
Costa Rica, Guatemala, Honduras. San
Salvador, France, Austria, Belgium, Swift.
zerland, Portugal, the Netherlands, Den
mark, Sweden and Norway, Rome, Greece,
Turkey, Persia, Egypt, liberia, Morocco,
Tripoli, Tunis, Muscat, Siam, Borneo, and
Madagascar. ~'+t11 IHtl
Cordial relations have also been main.
tanned with the Argentine and the Orien-
tai Republics The, expressed wish of
Congress, that our National good offices
might be rendered u those republics, and
also 70 Brazil and Paraguay, for bringing
TO an end the calamitCus war which has so
long been raging in the valley of the La
Platte, has heen assiduOusly /, complied
with, and kindly acknowledged by al the
belligereRts. That important negotiation
has, thus far, been without result,
Charles A. Washburn, late United States
Minister TO Paraguay, having resigned,
and being desirous to return 70 the United
States, the Rear Admiral commanding the
South Atlantic squadron was early direct.
ed TO send ship Of war to the capital Of
Paraguay, 10 receive Mr.. WAshburn and
his family, and remove them from a pitua.
ton which was represented to be endan-
Oered hV faction and forafon xgox IT. :.