The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1868-12-26

rebellion and of iniudicious legisla-
tion, and itshould be the aim of the
Government to stimulate them, by
the prospect ofan early release FROM
the burdens which impede their
prosperity. five cannot take the
burdens from their shoulders. we
should at least manifest a willing
ness to help to bear them.
THE CURRENCY.
In referring TO the condition Of the
circulating medium, / shall merely
reiterate substantially that portion
Of my last annual message which re-
lates to that subject. The anomalous
condition of our currency is in strik-
ing contrast with that which, was
originally designed. Our circulation
now embraces-frst, notes of the Ma
tional banks, which are made reeeiv-
able for all dues to the Government,
excluding imposts, and by all its
creditors, excepting in payment. OF
interest upon its bonds and the Sc
curities themselves; second, legal
tender notes issued by the United
States, and which the law requires
shall De received as well in payment
of all debts between citizens as Of all
Government dues, excepting inn
posts, and, third, gold and silver
coin. By the operation of our pres
ent system Of finance, however, the
metallic currency, when collected, is
reseryed-only for one class of Gov
ernment creditors, who, holding its
bonds, semi-annually receive their
interest in coin from the National
Treasury. There is no reason, which
will be accepted as satisfactory by
the people, why those who defend
us on the land and protect us on the
seas; the pensi0ner upon the graft
tude of the nation, bearing the scars
and wounds received while in its
service; the public servants in the
various departments Of the Govern
ment; the farmer who sCpplies the
soldiers of the army and the sailors
Of the navy; the artisan who tolls in
the natiOn's workshops; or the me-
chanics and labOrers who build its
edifces and construct its forts and
vessels Of war, should, in payment of
their Just and hard-earned dues re-
ceiye deprecated paper; while an
other class of their countrymen, no
more deserving, are paid in coin Of
gold and silver, Equal and exact
Justice requires that all the creditors
of the Government should be paid in
a currency possessing uniform val
ne. This can only be accomplished
by the restoration of the currency to
the standard established On this
foundation, and by this means, we
should put an end to a discrimina-
ton which may, if it has not already
done so, create a prejudice that may
become deep-roOted and widespread
and imperil the national credit.
The feasibility of making our cur
rency correspond with the eonstitu-
tional standard may be seen by ref
erence to a few facts derived from our
commercial statistics. The aggre-
gate product ofprecious metals in the
United States, from 1849 to 1867;
amounted to 81, 74,000,000; while,
for the same period, the net exports
of specie were Sal 100000. This
shows an excess of product over the
net exports of S433, 100000. There
are in the Treasury $103, ,407 ,0S5 in
coil: the circulation in the States on
the Pacific coast, about $4,000, 900,
and a few millions in National and
other banks; in all, less than $780,
600, 900. Taking into consideration
the specie in the country prior to
1910, and that produced since 1867,
and we have more than $500, 900, 900
not accounted for by expectation, or
by the returns of the Treasury, and,
therefore, most Of itremaining in the
country.
1t is unreasonable to expect to re-
turn to a sound currency so long as
the Government and banks, by con-
tinuing to issue irredeemable notes,
fill the channels of circulation with
deprecated paper. Notwithstanding
coinage, ofAor by our mints, since
1919, of SS74000, 900, the people are
now strangers to the currency which
was designed for their use and bene-
| fit, and specimens Of tie precious
metal, bearing the national device,
are seldom seen, except when pro-
duced to crafty the interest excited
by their novelty. If deprecated pa
per Is to be continued as the perma-
nent currency of the country, and all
our coin is to become q mere article
of traffic and speculation, to the en-
haneement in price of all that is in
dispensable to the comfort of the peo-
pie, 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
bullion. The time has come, how
ever, when the Government and Ma
tionai banks should be required to
take the most efficient steps and
make all necessary arrangements for
a resumption of specie payments.
Let specie payments once be earnest
~ inaugurated by the Government
and banks, and the value of the pa
per circulation would directly ap-
proximate a specie standard. Spe-
Gle 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 from
circulation, so 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.
THE INDIANS.
The President alludes to the re-
ports 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 indians
on reservations.
TIE INTERIOR DEPARTAfENT--PUB
Lie LANDS!
The secretary of the Interior in hi.
report gives valuable information il
reference to the supervision Of his de
partment, and reviews the opera
tions of the land office, patent officC
/ and the Indian bureau. During TIN
fiscal year ending June 80, 1868, sil
million six hundred and fifty-fivl
thousand seven hundred acres 0
| public land were disposed Of. Thl
entire cash receipts OF the genera
Hand Office for the same period wer
| 81 ,632, 145, being greater by S254 ,SS
j So al L,