The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-10


to ascertain the real value oil our paper issues when
compared with metallic or convertible currency
Eor ns purpose Jet US inquire how much gold and
Probably not pi more o than half the amount Of
rency Is compared with gold and silver its
commercial value is compressed into $3.50, 900, O00
rms striking fact makes Il the obvious duty OF me
government, as early as may be consistent with the
principles OF sound political economy to take such
measures as will enable the holder OF Its notes and
those OF the national banks to convert them without
loss into specie or its equivalent. reduction OF our
paper circulating medium need not necessarily fol-
demand ana supply though should be s' borne in
mind that by making legal tender and bank notes
convertible INTO coin or Its equivalent their present
enhanced one hundred per cent.
Legislation for the accomp ishment OF q result so
eratons The constitution contemplates that the
culating medium or the country shall 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 redundant and worthless paper cur
rency The sages OF that period were anxious TO pro-
tect their posterIty rom the evils which they them
selves had experienced. Hence In providing q cir
power to coin money and regulate The value thereof
at tho time prohibiting the States from making
anything but gold and silver tender In payment OF
debts.
The anomalous condition OF our currency is in
striking contrast with that which was originally de-
signed. Our cirCulaa0n now embracesfirst notes OF
the national banks, which made receivable for all
dues to the government. excluding imposts, ana by
all its creditors, excepting In payment OF interest
upon its bonds and the securities themselves; second
legal tender notes, Issued by the United States,
and which the law requires shall be received as
well IN payment Of all debts between citizens az OF
all government dues excepting imposts; and third
gold and silver CON- by The operation OF our pres
rency when collected ia reserved only for one class
or government creditors, who, holding its bonds
the national Treasury. Tnere Is no reason
which viii be accepted as satisfactory by the people
why those who defend US on the land and protect us
on the the pcnsioner upon the gratitude OF the
nation, bearing the scars and wounds received while
in its servce the public servants In the various de-
partments OF the government; the farmer who sup
plies the soldiers OF the army and the sailors OF the
navy; the artisan who tolls In the nations work
edices and construct Its forts and vessels OF war;
should, IN payment Of their just and hard earned
dues, receive deprecated paper, while another
are paid in coin OF gold and silver. Equal and
exact justice requires that oil the creditors Of
ing uniform value. This can only be accomplished
by the restoration OF the currency to the standard
established by the constitution and BY shs means
we would remove discrimination which may, III It
has not already done so, create prejudice that may
become deep-rooted and widespread. and imperll
The feasibility OF making our currency correspond
with the constitutional standard may be seen by
reference to few facts derived from our commercial
statistics.
The aggregate product Of precious metals in the
United States from 1S49 to 1867 amounted to
ports OF specie were $74l0 200, 900. This shows an
excess OF product over net exports OF $433 O0o
There In the Treasury $103 $50 in CON- In cir
culation in the States on the Pacific coast about
$40, 600 900 and few millions IN the national and
other banks-in all less than $3.50, 0od 00o Taking
into consideration the specie in the country prior TO
1849 and that produced since 1887, and we have
more than $780, 900 900 not accounted for by export
alton by the returns Of the Treasury and there
fore most probably remaining In the country.
These are imPortanl facts, and show how com.
n
and causing it to be exported as mere article OF
trade to add TO the money capital Of foreign lands
that the return of gold and silver to the avenues OF
trade may be invited, and demand created which
Of the productions OF our rich and inexhaustible
g0ldbearing fields as may be sufficient for purposes
OF circulation II Is unreasonable to expect Q
return to sound currency 50 long as the gov
ernmcnt and banks, by continuing to issue irredeem
able notes. I'LL the channels Of circulation with de-
mnts, since ls49, OF ss74,O00 ,0O0 the people are
now strangers TO she currency which was designed
cious metals bearing the national device are seldom
seen, except when produced to crafty the interest
excited by their novelty II deprecated paper is to
country and all our coin Is to become mere article
OF tranic and specalation, 70 the enhancement In
people, it would DO wise economy to abolish
our minis, thus saving the nation tho
care and expense incident to such estab-
lshments and let all our precious metals DO
exported IN bullion. The time has come, however,
when the government and national banks should be
required to lake the most efficient steps and make
all necessary arrangements Tor resumption OF
specie payments Let specie payments once be ear
nestly inaugurated by the government and banks,
and the value OF the paper circulation would directly
approximate specie standard.
Specie payments having been resumed by the gov
eminent and banks, oil notes or bills OF paper is
sued by either OF less denomination than twenty
dollars should BY law be excluded from circulation,
go that the people may have the benefit aud conve-
nience OF gold and silver currency which IN all
their business transactions viii be uniform in value
ct home and abroad.
Livery man OF property or industry, every man
who desires to preserve what he honestly possesses
or TO obtain what lie can honestly earn has direct
interest In maintaining sale circulating medium
such o medium as shall be real and substantial not
liable 10 vibrate with opinions, not subject to be
blown up or blown down by the breath OF specula-
ton, but to be made stable and secure. uisordered
currency Is one OF the greatest political evils 10 UNI
dernines the virtues necessary for the support or the
social system and encourages propenstes destruc-
tive OF Its happiness 1t wars against industry, fru
gaity ana economy, anu 1t fosters the evil spirits OF
extravaganza ana speculation" 1t has been
asserted by one Of our profound and most
gifted statesmen that "of all the contrivances for
cheating the aboring classes OF mankind none has
been more enectuai than that which deludes them
with paper money. This Is the most e1ecual OF In
ventions to ferilze the rich mans ieds by the sweat
OF tao poor mans brow. Ordinary tyranny oppres-
sioD excessive taxation-theso bear lightly on the
happiness Of the mass OF the community compared
with fraudulent currency and the robberies CON-
mtted by deprecated paper. Our own history has
recorded for our Instruction enough, and more than
enough, OF the demoralizing tendency the injustice
well-d,sposed OF degraded paper currency author
lied by law or in any way c0untenanced by govern
ment.n IL Is one OF the most successful
devices, in times Of peace or war, OF expan.
sions or reyulsons TO accomplish the transfer
OF all the precious metals from the great mass OF
the people into the hands OF the few, where they are
boarded in secret places deposited under bolts
and bars while the people left TO endure all the
inconvenience, sacrifice and decentralization result
ing from the use VI deprecated and worthless
paper.
THg PUBLIC LANDs--rENsI0Ss AND INDIANA.
I'm M afarv nf I'm Int
valuable information In reference to the interests
conlded TO the supervision OF his department, and
reviews the operations OF the Land Ohice, Pension
ONCE Patent once and the Indian Bureau.
During the fiscal year ending June 20, 1853,
$685. 700 OF public land were disposed OF. The
entire cash receipts OF the General Land once for the
same period were s1,632, 7s5 being greater by
s2sJ $50 than the amount realized from the same
sources during the previous year. The entries under
the Homestead law cover 2329 acres, nearly one
fourth OF which taken under the act OF June II,
1886. which applies only to the States OF Alabama.