The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1868-12-17
NUMBER 9.

D
faction and foreign war. Tho Bra
2iliau commander of the allied block.
aiding forces refused permission to the
Wasp to pass through the bloc kad.
ing forces, aud that vessel returned
to its anchorage, Rcmonstrancc hav,
ing been made against this refusal, /,
was promptly oYorruled, aud IN,
Wasp. therefore, resumed her orrand
received Mr., Washburu and family,
aud conveyed them to convenient
seaport. In the meantime, an cxeit>
ell cou,royorscy had arjsou botwcoa
the President of Paraguay and the
late United States Ministor, which is
understood grew out Of his proceed
ing in giving asylum in the Unitod
States Legation to alleged enemies
of that Republic. The question Of
tho right to give asylum is difficult
aud often productive Of great embur-
rassmcnt, luStatcs woll organized aud
established foreign powers refuse ci-
ther to coneedo or exercise such
right, cqcept as to persons actually
belonging to the diplomatic service.
On tho other hand, All such powers
insist upon exercising tho right of
asylum in Shtos whore tho law of ma =
tious is uot fully acknowledged, re,
spocicd, aud obeyod. The President
OF Paraguay is understood 20 have
opposed ioMr Wasbburu's proceed,
iugs tho injurious and very improb-
able charge Of personal completely in
insurrection aud toison. Tho cor,
respoudeuoo, however, has not reach.
cd the United States. Mr.. WASH
burn, in connection with this con,
trovorsoy represents that TOO United
States citizens attached to the Lo>
CATION wore arbitrarily seized at
his sido when leaving tho capitol
Of Paraguay, committed to prison,
and there subjected to torture for
tho purpose ofprocuring confess
ions of their own criminality and
testimony to support tho Prosi-
dcnt's allegations against tho Unit
ed States Minister.
Mr.. McMahon, tho newly ap-
pointed Minister to Paraguay, has
reached tho La Plata. IIo has
boen instructed to proceed without
delay to Asuncion, there to inves-
tigatc the whole snbject. The
Rear Admiral commanding the
United States South Atlantic
Squadron has boon directed to at
tend the new Minister with q prop
or naval forco to sustain such Just
demands as tho occasion may ro-
quirc, and to Yindicato tho righta
Of tho United States citizens re-
forrcd to and of any others who
may be exposed to danger in the
theater Of war. With these ex,
ccptions, friendly relations lay,
been maintained between the Uny
ted States and Brazil and Para
quay.
TuB CURRENCY QUESTION.
In referring to the condition O
the circulating medium, l shal
merely roiterate, substantially, tha
portion of my last Annual Mcssag,
which relates to that subject. The
proportion which tho currency o.
any country should bear to tn,
whole value Of the annual produc
circulated by its means is a ques
ton upon which political econo
mists have not agreed, nor can i
be controlled by legislation, bu
must be left to tho irrevocabl,
laws which everywhere rcgulat,
commerce and trade. The circu
lating medium will ever irresistibly
flow to those points where it is il
greater demand. The law Of de-
mand and supply Is as unerring al
that which regulates tho tides O.
the ocean, and indeed currency
like the tides, has its ebbs and flow
throughout the commercial world
At the beginning Of the rebellion
tho bank note circulation Of tn,
country amounted to not mucl
moro than two hundred millions o
dollars. Now the circulation o
National bank notes and those
known as legal tenders is nearly
seven hundred millions, and while
it is urged by some that thi
amount should be increased, other
contend that a decided reduction
is absolutely essential to the bes
interests Of tho country. In view
of these divers opinions, it may b,
well to ascertain tho real value o
our paper issues; when compare,
with metallic or convertible curren
Ley. For this purpose let us inquir
how much gold and silver could b,
purchased by the seven hundret
millions of paper money now il
circulation.
Probably not more than half tht
amount of the latter. Showing
that our paper currency if com
pared with gold and silver, it
commercial value is compressed in
to three hundred and fifty millions
This striking fact make it the OBJ
vious duty of the Government, a
early as may be consistent with tn,
principles Of sound political econo
my, to take such measures as vii
enable the holder of its notes, an,
those of the national banks, to con
vert them without loss into speci
or its equivalent. A reduction Q
: our paper circulating medium ma.
, not necessarily follow; this, howey