Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1868-12-18

THE following are portions of the Presi-
dents late message to Congress, which
were not contained in the telegraphic re-
port of the same:
THE CURRENCY.
The proportion which the currency of
any country should bear to the whole value
of the annual produce circulated by its
means is a question upon which political
economists have not agreed, nor can it be
controlled by legislation, but must be left
to the irreyocable laws which everywhere
regulate commerce ard trade The circu-
lating medium will ever irresistibly flow
to those points where it is in greatest de-
mand.
The law of demand and supply is as un.
erring rs that which regulates the tide of
the ocean and, indeed, currency, like the
tides, has its ebbs and flows throughout
the commercial world At the beginning
of the rebellion the bank note circulation
of the country amounted to not much
more than two hundred millions of dollars.
Now the circulation of National Bank
notes, and those known as legal tenders,
is nearly seven hundred millions. While
it IS urged by some that this amount should
be increased, others contend that a decided
reduction is absolutely essential to the best
interests of the country. In view of these
diverse opinions, il may be well to ascer-
tain the real value of our paper issues,
when compared with metallic or conver.
tible currency. For this purpose let us
inquire how much gold and silver could
bo purchased by the seven hundred mil.
lions of paper money now in circulation.
Probably net more than half the amount of
the latter; showing that when our paper
currency is compared with gold and silver
its commercial 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 con.
sistent with the principles of sound politi-
cal economy, TO take such measures as
will enable tho holders of its notes and
those of the National Banks to convert
them, without loss, into specie or its equiv.
alent. A reduction of our paper circulat.
ing medium need not necessarily follow
| This, however, would depend upon the
law of demand and supply, though il
should be borne in mind that by max.
ing legal tender and bank notes con,
vertible into coin, or its equivalent
their present specie value in the
hands of their holders would be en-.
HANGED one hundred per cent. Legisla
| ton for the accomplishment of result SC
desirable is demanded by the highest pub
lie considerations. The Constitution con,
templates that the circulating medium OF
the country should be uniform in quality
and value At the time of the formation
/ OF that instrument the country had just
emerged from the war of the Revolution
and was suffering from the effects of q
superabundant and worthless paper cur.
renoy. The sages OF that period were
anxious TO protect their posterity from
the evil which they themselves had ex,
perieneed; hence, in providing q circu,
lating medium, they conferred upon Con
gress the power TO coin money and regu.
late the value thereof at the same time
prohibiting the States from making any.
thing but gold aud silver tender in pay.
ment Of debts.
Every man OF property or industry,
every man who desires to preserve what
he honestly possesses, or TO obtain what
he can honestly earn, has direct interest
in maintaining circulating medium, such
a medium as shall be real and substantial,
not liable TO eyaporate with opinions, not
subject 20 DO blown up or blown down by
the blasts of speculation, but TO be made
stable and secure. A disordered currency
is one OF the greatest political evils. Il
undermines The virtues necessary for the