Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1868-12-11

mat pOTtlOl OIL last annual message when
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 question upon which political
economists have not agreed. Nor can it he con-
trolled by legislation. but must he left to the
lrrevocable laws which everywhere regulate COM
merce and trade. The circulating medium viii
ever irresistably flow to those points where it Is
in great demand. The law of demand and sup
ply is as unerring as that which regulates the
tides of the ocean, and, indeed. currency, like
the tides, has its Gibbs and flows throughout the
commercial world. At the beginning of the re-
bellion, the bank-note circulation of the country
amounted to not much more than two hundred
millions OF dollars; now the circulation of ma
tional bank notes and those known as legal tend
ers, is nearly seven hundred millions While it
is urged by some that this amount should be in
! creased, others contend that decided reduction
is absolutely essential to the best interests Of the
country.
sPECIE PAYMENTS.
In view Of these diverse opinions it may be
well 10 ascertain the real value of our paper Is
sues when compared with a metallic or conyerti-
bic currency. For this purpose let us inquire
how much gold and silver could be purchased by
S7GO,OOO,OOO Of paper money now in circull-
ton, probably not more than half the amount Of
tue ld'ltIr suoNlnE tudl Nueu our paper cur
rency is compared with gold and silver. its COM
mercal value is compressed into three hundred
and fifty millions. This striking fact makes it
/ the obvious duty of the Government, as early as
may be consistent with the principles Of sound
J political economy, to take such measures rs Will
enable the holders Of its notes and those Of the
National Banks to convert them without loss into
specie or its equivalent
\ reduction Of our paper circulating medium
need not necessarily follow. This, however,
would depend upon the law Of demand and sup
ply, though it should be borne in mind that by
making legal tender and bank notes convertible
INTO coin its equivalent, their present value in
the hands Of their holders would be enhanced
one hundred per cent. Legislation for the ac-
complishment Of a result so desirable is demand
ell by the highest public consideration The
Constitution contempates that the circulating
medium Of the country shall be Uniform IN quail
i;y and value.
At the time Of the formation Of that in-tru-
ment the country had just emerged from the war
Of the revolution and was suffering from the
effects of ID redundant and worthless paper cur
rency The sages ofthat period were anxious topro-
tect their posierity from the evils which they
themselves had experienced Hence in providing
n circulating Medium they conferred upon Con-
gress the power To- coin money and regulate the
value thereof. ~ the same time prohibiting
States from making anything but gold and SILVER
a tender in payment Of debts. The auam0lou-
condition Of our currency is in striking contrast
with that which was originally designed. Our
nj fs,Is lii nv, made ra-..,,lia r- an lines
70 tho Clrsrrn,ent ev.lpj;n, iDrort. and On.
IN ..};-,- .,...,.-i,,-- Is, ,,..,,,a,,t If irte-...
mo-, - l7,ls AMI tbc ssI,r;tis. -l,e-,.,lre-
sd.,-5 Ill ..,,l,,. ,,otes is.,al Ia, -ls Uri-.5
So, - ,-l;.i .l, 1.,, ,,,,,;ros gl,1 ro ro
.oiroI ,s VOL "a, rs,rne,t If ali dei,ts between
3 -.;,o,,. ,s ~ IN i;,,orr,,ert 5ras ev,e-.i,.-
-. . ,,l ,i;rl Ia All .;I,.- ,,,.,,
-. a.. -. -, ,s &.
-, - Tho ,,o, ,li;,. ,.,--s,,.,. NJ hen .ll
- ;-...-,l -, b.. ... 80 r ,...,,.
ne, J. - III .-,,.,,
IN. -. H.. 80 -, fr,,. tt,..
-: .- m ., E.; g.. -, ,.t.-.t ,-;ll
i ,...,,,..i ~. ..t--e,.tor. ,si, tbo.. vrll h.
H.. III ,,,5 - W. IN -b...,,
-, 49,, H., ..,.,.I.,f -l. 49,.
-..l ,~f:-. g.
-. .I..,.,,Ili. .-,.,,t. H., tIo,,-;.,..l.
-. - d.. ..'......-,-.,,+ tl, f,r,,,r -t.
-. sli-,1s 80 -s-.r,-.I .s.r,,. ~
III .t.. - Ill.,. 81 10. ill.,. -.
- l- +i.. ,..t,,.,.s and r.r..,s,- VII.
- -, Sc s.. AMI w.
m. ~ 49, .b,rlI IT., ,,,,..,e,,t ~ thor ir--
- ~ L.. -. I..,,.;.,.l ,,
-. ..'. H.. 20 .I.-, .Ii...'.,-.,. -,
49, - ,..5i -. .;,, ~ ,-lfl -,l.-r
- al 49, i,,..;... re-,,5rs, +I.,+ III
49,. H.. - f..-...-..,..-+ zf.,,ri D.. Mi
-. - NTH. YIN,
ON, .-l,. d.. ,...5r,,,-;.bgl lv flo rs-..--
80, - +l ,.,,r-,., r.. f., ,1.rl established
In, ,ba C,rst-t,,.i.r mi nv tbis moan. No
,,,,,lI ,,.,,o d, ,Ii.r;.,;-,ti. which r,,, r. i-
~, ,i-o,.l, 5--s s ,-s,.s p, r,,;,.Ii-e ,'.,.
80. - -, al nj MI, - mi
.,,. -rr,,.., ...,rl.,.-l ygi.l, ,i,s Con
-,it,ti5rs1 ,.,,. L. Econ -f.r.,.. fan
.. f,e.- l.,-.l f... INV. .,--rs,-.,,l .....,-.-
Tur PRECIOUS METALS.
The arxrerate product VI precious metals
ia the United States from $40 TO 1867 amount
81 70 Il. ia 900 900. while for the same per
iol the net exports of specie were 50 ,01oo 900.
This shows an excess Of product oser uct cz-
ports Of S43". 900 600. There are n the Treas
ury lO5. 4O- gs5. iu coin iu circulation 10
the State, an the Plcii. Coast about $1,000
900 and 20 ie- millions IN the National and 9th
er Bauk>-in an less than $50. 100000 TAX
ing into cousi lerati0n the specie IN the country
prior % l,Ia and that produced since iot-. and
We have more than = 300 .gnn. 600 not accounted
for by expectation or bv the return. of the
Treasury, and therefore most probably rcm1iu-
ing in the country These ar. import ut flct-
and show how r0Wpc'ely the inferior currency
viii -unerseic the better. forcing It from circu-
latiou among the masses. and c-,us ny it 60 D.
exported as mere article Of trade ami 90 aid
to the money capital of foreign lands They
show tbc necessity of retiring our paper money,
that the return Of gold and silver 10 the avenues
Of trade may De iuvitel and % demand created
which VIII cguse the retention % home % "a,
least q. much of the productions of our rion
and iucxhlustihe go'd-helru, fields as may be
sufficient far purposes Of circulation. Il un-
reasonable 90 expect "a return 10 sound cur
reury So Ion. rs the Government anil banks. tv
continuing 90 issue relcemah'e notes, I'll tho
channels Of circulation with deprecated paper.
Notwithstanding the coinage iv our mlts