The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-12-10

do Ahal 10 OOhoAobShs
with the principles of sound political
economy, to take such measures as will
enable the holder of the notes aHd those
of the national banks to convert them
without loss into specie, or its equiva.
lent. A reduction of our paper eircu-
lating medium may not necessarily fol
low. This, however, would depend up
on the law of demand and supply,
though it should be born in mind that
by making legal-tenders and bank notes
convertible into coin, or its equivalent,
their present specie value in the hands
of their holders would be enhanced
one hundred per cent. Legislation for
the accomplishment of result so de-
sirable is demanded by the highest pub-
lie considerations.
ONE CURRENCY FOR EVERYBODY.
The Constitution contemplates that
the circulating medium of the coun-
try shall be uniform in quality
and value. At the time of the for
nation of that instrument the eoun-
try had Just emerged from the war of
the revolution, and was suffering from
the effects of redundant and worth
less paper currency. The sages of that
period were anxious to protect their
posterity from the evil which they
themselves had experienced; hence in
providing a circulating medium they
conferred upon Congress the power to
coin money and regulate the value
thereof, at the same time prohibiting
the States from making any thing bat
Il i 81
ment of debts. The anomalous cOndi-
tion OF onr currency is in striking con-
trast with that which was originally
designed. Our circulation now embra-
ccS, first, notes of the National Banks
which are made receivable for all dues
to the Government, excluding impssts
and by all its creditors, excepting in
payment of interest upon its bonds and
the securities themselves; second, le-
gal-tender notes issued by the United
States, and which the law requires
shall be received as we'll in payment of
all debts between citizens, as OF all Gov
ernment dues excepting imposts; and
third, gold and silver coin. By the Op-
Grafton of our present system of finance,
however, the metallic currency, when
collected, is reserved only for one class
of Government creditors who, holding
its bonds, semi-annually receive their
interest in coin from the National Treas
ury. 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 sea, the pensiouer
upon the gratitude of the nation bear
ing the scars and wounds received
while in its service, the public servants
in the various departments of the Gov
ernment, the farmer who supplies the
soldiers of the army and the sailors of
the navy, the artisan who tolls in the
nations workshops, or the mechanics
and la0orers who build the edi-
fees and cOnstrSct its forts and YES
seis of war, should, in the pay
ment of their just and hard earned
dues, receive deprecated paper, while
another class of their countrymen, no
more deserving, were paid in coin of
gold and silver. Equal and exact jus
tice requires that all the creditors of
the Government should be paid in a
currency possessing a uniform value.
This can only be accomplished by the
restoration Of the currency to the stand
ard established by the Constitution,
and BY this means we would remove a
discrimination which may, if il has not
already done so, create prejudice that
may become deep-roOted and wide
spread and imperil the national credit.
WHAT HAS BECOME OF THE COIN!
The feasibility of making our currency
cores pond with the Constitutional stan
dard may be seen by reference to a few
facts derived from our commercial sta
tistcS. The aggregate product of pre-.
cious metals in the United States, from
1sl9 to 1861, amounted to 81 l,l7i,OOO, 600;
while for the same period the net eX-
ports of specie were Sal ,OOO, ,OOO This
shows an excess of product over the net
exports Of 1888 100000. There are in the
Treasury Sl03, ,407 ,9SJ in coin; in circu-
latiOn in the States on the Pacific coast
about $4,000, 900. and few millions in
the National and other banks, in all
less than S160, 600, 900. Taking into con
sideratiOn the specie in the country
prior to 1-i9, and that produced since
1867, and we have more than $500, ,00O,-
900 not accounted for by expectation or
by the returns of the Treasury, and,
therefore, most probably remaining in
the country.
INACCURATE SPECIE PAYMENT
These are important facts, and show
how completely the inferior currency
will supersede the better, fore
ing it from circulation among the
masses, aud causing it to be exported as
q mere article of trade, to adj to the
money capital of foreign lands. They
show the necessity of retiring our paper
money, that the return of gold and sill
yer to the avenues II trade may be in
vited and demand created which will
cause the retention at home of at least
so much of the productions OF our rich
and inexhaustible gOld-bcariug fields as
may be sufficient for the purposes Of
circulation. II is unreasonable to cE-
pect n return 10 q sound currency SO
long As tle Government aud banks, by
continuing 10 issue ITreGeemable notes,
fill the channels Of circulation with de-
preciated paper. Notwithstanding q
coinage by our miuts, since lSiJ, OF
SS7i.U0J,OO the people are now stTan-
gers 10 the currency which was designed
for their use and benefit, and specimens
of the precious metals bearing the ma
tiaual device are seldom seen, excep.
when produced to crafty the interest
excited by their novelty. If deDreclat-
Cd paper is 10 be continued as the per-
manent currency of the country, and all
our coin is to become mere article OF
traffic and speculation, 10 the enhance
ment of the price of all tina. is indis-
pensable to the comfort of the people,
it will be wise economy TO abolish mlRts,
thus saving the nation the care and
expense incident to such establishment
and let all our precious metals be ex-
ported in bullion. The time has come,
however, when the Government aad
National Banks should be required TO
take the most efficient steps, AID make
all necessary arrangements, for the re-
sumption of specie payment. Let sPe'
Gle payment once be earnestly lnaugu-
rated BIZ the Government AID banks,
and the valne OF the paper 10 circula'
tion would directly approximate a spe-
Gle STANDARD. Specie payment having
been resumed by the Government and
banks, all notes or bills of paper, issued
by either, of less denomination than
twenty dollars, should by law be eI.
cluded from circulation, 50 that the