Democratic enquirer. [volume] (M'arthur, Vinton County, Ohio) 1867-1873, 1868-12-24

lhey uhffo en- l0yed, W0tio1 ilainnaltA.. llln
avefSe to settlement Of our indebtedness
upon plan which would yield them iair
rcmuneratioR and At the came time be JUST
10 ths Taxpayers oi thu nation. Our nation
al credit sshoulh 'bo iil1et sacredly obseIss'
edkbnt IN nal ing ofiSion for our creditors'
Nd shoo|tn noe lor4el @lht ia due to the,
maases of the pdople 1tlhay be assumed
that tIi6 hold9rS oil Our securities have
already leceived upon their bonds larger
amount than their original investment, meaa7
nred IN q goh standard Upon this states
ment OF facts n would seem but Just and
equitable that the 6 per cent. interest now
paid by the government should be applied to
The reduction of the principal, in semi-annual
installments, which, In sixteen years ana
eight months, would liquidate the entire no;
tional dabt. Six per cent. y gold would, at
present rates, be'equal to 8 per cent. IN cur
rency, aud equivalent to the payment OF the
debt one and q half times IN a fraction less
than seventeen years. This, in connection
with all the other advantages derived nom
their investment, would afford to the pub
lie creditor a fair and liberal compensation
for the use OF their capital; and with thus
they should be satisfied. The LESSONS Of the
past admouish the lender that i y not we'll
tObeiOver anxious in exactlng from the bor-
rover rigid compliance with the letter OF the
bond niEfi arN iff - y
Ifproyision be made for the payment Of the
indebtedness Of the government in the man-
ner suggested, ournalion willrapidly recover
its wonted prosperity. Its interests require
that some measure should bo taken to release
the large amount Of capital invested in the
securities of the government 1t is not now
merely unproductive. but in taxation annual
" consumes $3.50, 100000, which would other
wise be used by our enterprising people IN
adding 70 the wealth Of the nation. n ;
Our commerce, which at ono time success
fnlly riyalled that Of the great maritime pow
ers, has rapidly diminished, and our
Industrial interests are in o depressed
and languishinR condition. Tho develop
ment fofi onr Sinexhaustable resources Is
checked, and tho fertile fields Of the South
arc becoming waste, for want OF means to
till them. With the release Of capital new
life would be infused into the paralyzed ne
ergies OF our people, and Rctivity and Tlgor
impaired to every branch OF industry. Our
people need encouragement in their efforts
TO repover from the eifec 3 OF the rebclliJn,
and Of inIudisious legislation, and it soould
be the aim Of the government to stimulate
them, by the prospect OF an early release
from the burdens which impede their pros
perity. If we cannot take the burders from
their shoulders, We should at least manifest
Willingness TO help to bear them.
In referring TO the condition Of The oircu-
lating medium, shall merely reiterate sub
stanfially that portion OF my last annual mes
"a as'e sareswbich relates u that subject. The pro
norton which the currency Of any country
should bear 10 the whole value of the iannna
produce circulated by its means, is apqilesi
lion upon which political economists have
not agreed, nor can II be eontrOled by logis-
latioIf, but must DO left to the lrreyocable
laws which everywhere regulate commerce
and trade. The circulating medium
will ever irTesistibly flow to the
to those points where it is in greatest de-
mand. Tie law OF demand and supply Ia al
uneIrlng as that wliich-regulates the tides oi
the ocean. and indeed currency, like the
tides, has its GIBBS and flows throughout the
commercial world. At the beginning Of the
rebellion the bank note circHlation OF the
country amounted to not much more
than two hundred million dollars
now the circulation Of National Bank notes
and those known ae legal tenders, IN nearly
seven hundred millions. While 1t is urged by
some that this amount should be increased,
others contend that decided reduction IL
absolutely essential 10 the best interests Of
the country. In view Of these divers opin'
ions it may be well to aseeptail tho Tpal value
of our paper Issues when c0mpRsea with Q
metallic or convertible cur. enoY; for this pur.
nose. let us inquire how much gold and sill
yrc6uld be purchased by the seven hundred
millions Of paper money now in circulation,
Probably not more than half the amount oi the lat
ter, showing that whom gar ilalnr puEten V con
Compressed into three hundred and htty millions
This striking fact makes 1t the obvious duty Of tho
government as early as may be consistent with the
principles Of sound political economy to take such
measures as will enabe'thc holder Of its notes and
those Of the national banks 70 convert them
without loss into specie Or itR eaHlYalent.
A reduction oil our paper circulating medium
may not necessarily follow this however II wonld
depend upon the law Of demand and supply
though 1t should be borne IN mind That by making
legal tenders and bank notes conyerdblp into coin
Oh it's equivalent, their present specie valuein the
hands oi their holdcrswould be eRhaneed ono hun
dred perce Lepdsationfor theanc0mpllshnleiit
of result 30 desirable Is demanded by the highest
public considerations. The Constitution contein-
plates that the circulating Medium OF the country
the formation Of that Instrument, the
country had just emerged from the
war Of the Revolution. and was suffering from the
effects OF O redundant and worthless ulFer Cur.
rency. The ssges Of that period were aItxious to
protect their posterity from the evil which they
theiaselyee had experienced Repee ipsprQyldipg .
circulating medium, they conferred upon pAngTpss
the power TO coin money and regulate the value
thereof; at the, same time prohibiting the states
from making anything bHt gold and silver tender
IN payment Of debts, The anpmalons eonation Of
our currency IL In striking contrast with that which
was originally designed Our circulation now em-
braces First Notes Of the national banks which are
made receivable for all dues to tire government,
excluding imposis and by all its creditors except
ing interest llpOn iks hOpdg, apd the eelHrites
themselves Second. Legal tender notes, Issued by
tho United States, and which the law requires shall
be received as well in payment Of OIL debts between
citiz0ns, ~ OF all government dues excepting i'm
posts. Third. Gold and ailver coin By the opera
ton Of oar present system Of finance, howeEer, the
metallic currency whop collected, "a reserved only
for one class Of government creditors, who, holding
its bonds, iesmEanpualy receive their Interest in
coin from the National Treasury There Is no rea-
son which will be accepted as satisfactory by the
people, why those who protect US on the land aud
on the sea- the pensioners upon the gratitude Of the
nation bearing the scars and wounds received
while in its service, the public servants in the va
riSus departments ef flic GoYernpenti the farmer
WHO snbphcathe godicPs Of the army aid the saii
ors Of the navy, the artfsan who t5ils, in the
tionsrvurkshops, or the mechanics and laborers
who build its edi1ces and construct its forts and
vessels of war should, In payment Of their just and
hag9 earned dgep yefeiye depreciated papa, while
another class Qf thelE cpnntEymen, ,n9 mAse de.
and exact jBstice requires that al tic creditors of
hegoYernment should be paid in currency pos
sessing Uniform FaHe, This cahl only be accom-.
plished by the restoration nf The 1ugtehcy to the
star dard established BY the Constitution,
and by this means We would remove aidisclinhnh
ton which may, II II has not already done sos
create prejudice that may become deep rooted;
ana vide spread, and imperil the national credit.
The feasibility of tgYnkilg pHr cprranpy correspond
with the constitutional 'atandard may be lEeen'by a