The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-09

y
could be purchased by the seven hundred mll-
lions Of paper money now Ia circulation2 Pro-
baby not more Than half the amount OF the
| Iatt.r-sbowipg that when our paper currency
ts compared with gold and sil yer Its commercial
value is compressed into three hundred and
This striking fsct makes II the obvious duty
Of he Government, az early as may be consist
emit with The principles OF sound political
/ economy, to take such measures as will enable
the holder Of it's no es aud those of the nation Al
banks to- vert them, without loss. iatO specie
| or lis equivalent reduction OF our paper CIR.
cnla'ing medium need not necessarily follow.
This, however, would depend upon the law OF
de mai nd and supply. though IL snOuld be borne
In mind that by making legal. tender aud bauk
notes convertible 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 accom- plishmeut OF result
| so desirable is demanded by the highest pa olic
considerations. The Constitution CON 70 IN plates
| thai the circulating medium OF the country
sBall be uniform In quality and value. AT the
| conn,py had lust emerged from the War OF Inc
Revolution, and was suffering from Tue effects
| of a REDUNDANT and wort hless paper cy.
| The sages OF that period were anxious to pro
| tect their posterity from the evils which they
| themselves had experienced. Hence, iu pro-
| upon CONGRESS the power TO coin money and
regulate the value thereof at the same time
| prohibiting the ~ ates from making anything
| but gold and silver Ter In payment OF
| debts
The apomslous condition Of our currency ls
In striking contrast with that which was oI.ss.
naiiy designed. Our circulation now embraces,
frat, botes OF the national banks, which
maze receivable for all dues to the Govern
me mt. excluding Is. and by ali It's oredi
tors. excepting In pay ment OF interest upon Its
bonds and the securities themselves; secoud,
legsliender notes, issued by the United States,
and W bich The law requires shall be received as
well in payment of ali debts between citizens
as Of all Government dues, excepting imposts;
and, third, gold and silver coin. By the opera
iion of our present system OF finance. however,
the metallic currency, when collected, Is re-
served only for one class of Govern ment oredi.
tors, who, holding It's bonds semi-aunually
receive their interest In coin from the national
TbeIe is no reason which win be accepted as
satisfactory by the people why those who de-
fepd us on the land and protect us on the sea-
the pei sioners upon the gratitude of the nation,
bearing IL g scars and wounds received while
IN It's service; the pub servants In the various
departments of the Government. tue farmer,
who supplies the soldiers OF the army and the
sailors of the navy; the artisan VINO tolls In the
nations workshops or the mechanics and
laborers who build its edifces and construct
lis forIs and vessels of war-should, In payment
of their Just ana hard earned dues, receive
depreciaied paper. while another class OF
in coin of gold and silver.
Equal and exact Justice requires that all the
creditors of The Government should be paid IN
can only be accomplished by the restoration of
the uIrency to the standard established by the
COnsiItulio and by this means we would re-
move a discri imination which may If IL mas not
already done so, create prejudice that may
become d S aeep 10oieu anu "ioe' Spread ana I'M
The feasibility Of making our currency cor
resI ond will 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 1919 to 1857 amounted
to 81, ,l74 eco Geo while tor the same period The
net ports Of specie were S7il ,O00 Th,s
shows an excess OF product over net exports of
S433 100000. There are ia the Treasury SlO3 i07.
9S5 In coin' In circulation In the States on the
lions in The naIiooai and oIhsr banks-in all
LEES Than sl60 900 ODO. Taking into consideration
the spe Gle In the country prior to 1919. asd that
10 moo U mara no IN
$40 900 COO not accounted for by expoIlstio or
by the returns Of the Treasury, aud therefore
These are Important facts, and show how
com pleteIy the inferior currency will super
among the masses, and causing 1t 10 be ex-
porI eu as mere article OF trade, TO add to the
nenestn pr sair,og s, ey nov, me Inc
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
much of ihe product ions nf our rich and insx-
bausIible gold bearing fields as may be sutfi-
sopaole TO ex pect a return to a sound currency
SO long as the Goverpment and banks, ny c,n-
tipuiDg 10 issue irredeemsble notes, tli the
channels of circulation with depreciated paper.
NOtwil hstanoing coinage by our mints since
OF dollars, the people are now strangers to the
currency which was designed for their use and
6enefit. and specimens s Of the precious precious. metals
except when produced to crafty the interest
Acited by their novelty.
III appreciated paper IL 10 De continued as the
permanent currency of the country. and all our
coin is 10 become mere article OF traffic aud
speculation, to the enhancement In price OF all
that 10 Indispensable to the comfort OF lhe peo-
pie, II would be wise economy to abolish our
minis, thus saving the nation the care and ex.
peDse IL cident to such establishments and let
all our precious metals be exported IN hnlltou.
The time has come, however. when the Govern
ment and national banks should be required
to take the most efficient steps anu MAKE all
necessary arrangements for q esumption OF
specie paymeDts Let specie payments once
be earnestly inaugurated by the Government
and banks, and tue value OF the paper circu.
laton would directly approximate specie
standard.
Specie pay ments having been resumed by the
Government and bsnks, all notes bills OF
paper issued by either OF q less denomination
Than twenty dollars should by law be ex-
Guided from circulation. SO that the people
may have the bene H. aud con vel ience of gold
ana silver currency which in all their business
transs sctions will be uniform in value at home
and abroad.
Every man OF property or industry, every
man who desires 10 preserve what he honestly
earn, has q direct Interest In maintaining a safe
circulating medium-such a medium as shall
be real and substantial, not liaole To vlbraLe
with opinions, not subject 10 be blown up
blow down by the breath OF speculation, but
10 be made stable and secure. A disOrdored cur.
rency Is one OF the greatest political evils IL
uDdeTmines the virtues necessary Tor the Aup
port of the social system. and encourages pro
pensities destructive OF its happiness; IL wars
sgansL Industry. frugality, and economy, and
IL fosters The evil spirits OF extravaganza AMI
speculation" IL has been asserted by one OF
our profound and most gifted statesmen, that
"Of all the cOntTivances for cheattug the labor
Ing classes OF mankind, none has been more
effecIual than that which deludes them with
paper money. Tnis IL the mot elfeciual OF in-
ventions TO fertiize the rich mans helds by the
sweat Of the poor mans brow.
Ordinary tyranny, oppression, excessive taxa
tion-lhese bear lightly On the happiness OF the
mess Of the community compared with frau: