The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1868-12-23

anxious to protect thoir posterity from
tho evils which they themselves had
experienced hehco in providing u
circulating medium thoy conferred
upon Congress the power to coin mon
ey and regul, t, the value thereof, at
the SAME time prohibiting the States
from making anything but gold and
silver tender in payments of debts
The anomalous condition Of our cur
rsncy Is in striking contrast with that
which was originally Designed. Our
circulation now embraces-A1rst, notes
Of the national banks, which are made
receivable for all dues to the Govern
mcnt, excluding imposts, and by all
its creditors, taking in payment of
interest upon its bonds and the securi-
ties hcmselves; second, legal tender
notes, issued by tho United States,
and which the law requires shall be
received us we'll In payment Of all
debts between the citizens as of all
Government dues excepting imposts |;
and, third, gold aud silver coin. BY
the operation of our present system of
finance, however, the metallic ourren-
oy, when collected, is reserved only
for one class of Government creditors,
who, holding its bonds, semi-annually
receive their interest In coin from tho
national Treasury. There is no rca-
son which will be accepted as entis-
factory by the people why those who
defend US on the land and protect us
on the sea the pensionor upon the
gratitude 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 supplies the
soldiers of the army and the sailors of
the navy the artisan who tolls in. the
nations workshops, or the mechanics
and laborers who build it's ediGces and
construct its furts and vessels Of war,
should in payment Of their just and
hard-earned dues receive deprecated
paper while another class of their
oountrymen, 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 q currency possessing uni
form value. This can only he accom-.
plished by the restoration of currency
! to the standard established hy tho
Constitution and by this means we
would remove q discrimination which
may, If it has not already dono so,
create q prejudice that may become
deep-rooted and widespread, and
! imperil the national credit. The
feasibility Of making our currency
correspond with tho constitutional
standard may be seen by reference to
few facts derived from our CONNER
oial statistics. ~,
! The aggregate product of precious
metals in the United States from l849
to 1867 amounted to $l,l74,O 100000,
while for the same period the net ex-
ports of specie were $74l 100000; ;
this shows an access of products over
notexports Of $433, 100000. There
are In the Treasury $l3,4O7, ,985 in
coin; in circulation in the States on
the. Pacific coast about forty million
( dollars !; and a few million in tho
national and other banks in all, less
that $l60,O00,000. Taking into
consideration the specie in the country
prior to. l849, and that produced since
1867, and we have more than three
hundred million dollars not accounted
for by expectation or by the returns
of the Treasury and therefore most
probably remaining in the country.
These are important facts, and show
how completely the inferior currency
/; will suporsede tho bsttor, forcing 1t
! from circulation among the masses,
'and causing it to beexported as mere
afticle of trade to add to.the money
capital of foreign lands. They show
the tncesssity Of retiring our paper
/! money, that the return Of gold and
silver to the avenues Of trade may be
!, invited, and demand created which
I will cause the retentioneat. home Of at
! ieaet 80 much of the productions Of our
rich and inexhaustible gold-bearing
f.lds as may be sufficient for purposes
j Of circulation. II is unreasonable to
expect atreturn to a sonnd currency
SO long as the Government and banks,
by continuing to issue irrsdcemable
notes, Gil the channels Of circulation
with depreei,ted paper. .Notwith-
stanaing q coinage by our mints since
lgl849 Of eight hundred and seventy
four millions Of dollars, the people arc
now straDgers to the currency which
was designed: for, their use and bene-
1T sqpd specimens of the precious
metals Bearing the national device arc
seldom ,se en- except when, produced to