Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1868-12-16

be assumed that the holders of our securi-
ties have already received upon their bonds
larger amount than their original invest
ment, measured by gold standard Cpon
this statement of facts it would seem but
just and equitable that the six per cent. in
terest now being paid by the Government
should be applied to the reduction of th,
principal in semi-annual inStallmcuts which
In sixteen years and eight months. wouId
hq1idate the entire national debt Six per
cent IN gold would at present rates be equal
to nine per cent. in currency, and equiyaiant
to the fasing of the debt one aud a-haIf
tim"s iii fraction less than seventeen wears
This, in connection with all the other advan
tages derived from their Investment wouId
afford to the public creditors a fair and Iih-
eral compensation for the use of their cani
tai and with this they should be satisfied
The lessons of the past admonish the lender
that 1t IS not well to be over anxious in c1-
acting from the borrower rigId complianc,
with the letter of the bond
Ii provision be male for the payment of
She indebtedness OF the Government in tho
manner suggested, our nation will rapidIv
recover its wonted prosperity Its interests
require that some measure should he taken
to release the large amount of capital in
vested in the securities of the Government
lt Is not now merely unproduetive. but in
taxation annually consumes $3.50 OOO 600
which would otherwise be used nv our en-
/ terprising people in aiding to the wealth of
the nation.
Our commerce, which, at one time, sue
cesSfully riyaled that 81 the great maratimc
Powers, has rapidly diminished. and our in
dnstrial Interests are in depressed and
languishing condition. The DEVELOPMENT of
our lneXhaustihlc resources is checked and
the fertile fields Of the South are BECOMING
waste, for want of means To till them With
the release of capital, new life would be in
/ fused into the paraly wed energies of our
people, ana activity and vigor impaired to
every branch of industry. Our people need
encouragement III their efforts to recover
from the effects Of the rebellion and of in
judicious legislation, and it should be the
aim of the Government to stsnulate them
by the prospect of an early release from the
burdens which impede their prosperity. If
we cannot take the burdens from their shouI-
ders, we should ut least manifest a willing
ness to help to bear them.
THE CURRENCY.
In referring to the condition of the circu
lating medium, | shall merely reiterate sub-
stautlaliy that portion of my last annual
Message which relates to that subject
The anomalous condition of our currency il
in striking contrast with that which was
originally designed Oar circulation now
embraces-tirst notes of the National Banks
which are made receivable for all dues to
/ the Government, excluding imposts, and by
/ all Its creditors, excepting in payment of in
/ tercst upon its bonds and the securities them
/ selves; second, legal tender notes issued by
| the United States, and which the law re-
/ qures shall be received as well in PAYMENT
/ of all debts between citizens a of all Gov
ernment dues, exc apting imposts and third,
gold and silver coin. BY the operation Of
onr present system Of finance, however. the
metallic currency when collected is received
only for one class of Government creditors.
who, holding its bonds scmi-anaually re-
ceivc their interest in coin from the Nation
al Treasury. There is no reason, which will
be accepted hy the people, why those who
defend on the land and protect us on the
seas the pensiOner upon the gratitude of
the nation, bearing the sears and wounds re-
ceivcd while i'm its service the public ser
wants in the various departments OF the Gov
ernmcnt; the farmer who supplies the SOL
diers of the army and sailors Of the navy; the
artisan who tolls IN the nations work siIops
or the mechanics and abOrers who build its
e3iices and construct its forts aud yesse.s Of
war, should, in payment of their just and
hard earned dues receive Deprecated paper;
another class of their cOuutryHIeH, no more
deserving, are paid in coin of gold and sill
yer. Equal and exact Justice requires that
all the creditors of the Government ehsild
be paid in currency possessing uniform
value. This can only be accomplished by
the restoration of the currency to the stand
ard established. On this foundation, and by
this meags we would put and end TO a dis
elimination which may, if it has not already
done so, create prejudice that may become
deep-rooted and widespread, and impecil
The national credit
The feasibility Of making our currency cor
respond with the constitutional standard
NAV be seen by reference 10 few facts de-
rived from our commercial statistics Tho
aggregate product of precious metals in the
United States from 1SfJ TO Sc I, Amounted to
81, l73, 900 O1J; while for the same period,
the net exports Of specie were S74l ,0O0, 900.
This shows an excess of product over the net
exports OF si33 900 DDp There are in the
treasury &ID3.4y1, $50 Ia coin the circula-
tion in the States on the Pacific coast about
SO, 900, 900, and a few millions in the Ma
tiOnal aud other banks; in all less than
$4,000 900 Taking into consideration the
specie in the country prior to 1919 and that
produced since 1867 and we have more than
$500, 600. 900 not accounted for Dy exporta-
tion, or by the returns Of the Treasury and
therefore, most of It remaining III the coun-
Try. These are important facts, and show how
completely the inferior currency will super
cede the better, forcing il from circulation
among the masses, and causing il To be ex-
ported aS a mere dr6F-te oil frdIe. to add to
the money capital of foreign lands They
show the necessity Of redeemiug our paper
money, that the return of gold and silver to
the avenues Of trade may be invited, and the
demand created which will cause the reteu-
tion at home of ~ least 50 mach Of the pro-
ductious Of our rich ani inc HhaGstible gold
bearing fields ~ may be sufficient for purpo-
ses Of circulation.
1t Is unreasonable TO expect to return to
a sound currency 50 long a the Government
and banks, ~ continuing to Issue unrGdeem.
able notes, fiji the channels Of circulation
with appreciated paper. Notwithstanding
coinage Of or BY our nints, since lS49. of
1861 90, 600, the people are now strangers
to the currency which vas designed for the r
use and benefit and specimens Of the pre- ecious
metal bearing the national device, are sell
dom seen, except cited bv their novelty II
deprecated paper Is to Jc continued as the
permenent currency % the country, and all
our coin Is to Become mere article of traf-
fic and speculation, ~ the enhancement in
price of ali that j. Indispensable 70 the COM
fort Of the people it,would be wise economy
t. abolish our miuts. thus saving the nation
+ the care and expense incident TO such estab-
/ lishnents, aad TO let all orr precious metals
be exported in bullioa. The time has come,
{ however, when the Government and Nation
/ al banks should be required to take the most
( efficient steps an6 make all necessary