The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-12-10

demand is as unerring as that Whieo regulates
the.tides of the ocean,, and lnoeed, currency
like the tides has It's eo9s anu ho"s t,irouSn-
heo;unine of the rebellion the bauk
note circulation OF the country
amounted to not much more than 5000, 00O0OV.
Now the circulation Of national bank noIes
aud those known as legal tenders Is nearly
seven hundr.d millions. While it is urged py
some that this amount should be lnctf "a ~
others contend that decided rednctio 80 3, a.
solutely sential to the best interests y, Il
country In view OF these o, vel yalne of our
paper issues when it is compared WIN d
metallic or convertible currency. for
this purpose let us inquire no" 1uch
gold and silver could be purcnaseu ~ .ne
S70O 100000 OF paper money now IN ci.cuia-
f;on Probably not more than nall the
amount of the latter showing that when our
paper currency is compared with gold ana Sill
yer its commercial valne Is compressed mo
three hundred and fifty million dollars.
This striking fact makes it the obvious duty
of the 60 yernment as eiriy as may be consist
ent with the principle of sound political econ
omy, to take such measures as will enable the
holders of its notes aud those OF the National
Banks TO convert them without loss into spe-
Gle or its equivalent. A reduction of our pi'
per currency medium n ed not necessarily 10 ~
low. This, however, would depend upnI 'he
law OF demand and supply. though ~ siJ,,in ~
borne in mind that by making le Sa its
liant thei, ,rosant Sa,,,a 10 the hands OF these
holders would be enhanced one he!uIeu peI
cent Legislation for the accompilsnmeht OF
a resut so desirable is demanded by the hlSh-
est nublic considerations. The constitution
contemn,a,es that tho circulating medium
shall be uniform in equality and value.
At the time OF the formation of thet instru-
ment the country had just emerged from the
war of the revolution, and was suffering from
the effects Of redundant and worthless paper
currency; the sages of that period were anx-
ious to protect their posterty rom the evils
which they themselves had experienced.
Hence, in providing circulating medi-
UNI they conferred upon Congress the power
to coin money and regulate the value thereof
at the same time prohibiting States from max
ing anything but gold and silver legal tender
in payment of debts. The anomalous condi-
ton of our currency ia in striking contrast
with that which was originally designed for
circulation. Our currency embraces first, notes
OF national banks, which are made receivable
for all dues TO the government, excluding lGa-
ports, and by ali creditors, excepting
In payment of the interest upon its
bonds and the securities themselves; sec
ond legal tender notes, issued by the United
States, ami which the law requires shall be
received as well in payment of all d 'bts be-
tween citizens as of all government daes, eN-
cepting imports, AMI thiri gold and silver
coin. By the operation of tho present system
OF faance, 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 treasury.
There is no reason which will be accepted as
satisfactory why those who defend us on the
land and protect us on the sea, the pensoner
on the gratitude of the nation, bearing the
scars and wounds received in its service, the
public servants in the various parts of the
government, the farmer who supplies the SOL
ders of the army and the sailors of the navy,
the artisans who toll in the nations workshops,
0tna,, y halt Sec
edifices and construct its forts and vessels of
war should in payment OF their just and
hard earned dues receive deprecated paper
while another class of their counfrvmen, no
more deserving, are paid in coin of gold and
silver. Equal and exact justice requires that
all creditors OF the government should be paid
in currency possessing a uniform value.
This can only be accomplished by the res
toration of the currency to the standard
established by the consultation, and by this
means we would remove a discrimination
which may, if it has not already done So
create a prejudice that may become deep
rooted and wide spread, and iuiure the
national credit. The feasibility of making
our currency correspond with the constitutional
stand ird miy be seen by reference to few
facts from our commercial statistics. The ag-
gregate product of precious metals in the
United States from 1919 to 1857 amounted to
$1,17i,000 900, while for the same period the
net exports of specie were S741 100000. This
shows an excess of product oy.r net exports
Of S433O000O0. There are in the Treasury
SlO3 ,4O7, 985 IN coin; in circulation in the
Sta'es on the Pac fic coast about $40, 000
aud a few millions in the national and other
banks in all less than $160,O0O000. Taking
fato consideration the specie in the country
prior to l849 and that prndnced since 1867. and
we have more than 100000 900 not accounted
for by expectation or by the returns of the
Treasury, and therefore is most probably re-
m Nnins in the country.
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 it to he expert
ed as mere article OF trade and to add to the
money capital Of foreign lands. They show
the necessity of retiring our paper money,
that the return of gold and silver 10 the ave-
nues of trade NAV be invited and demand
created which will cause the retention at home
of at least as much of the productions of our
rich and inexhaustible gold bearing fields as
may be sufficient for purposes Of circulation.
1t is unreasonable to expect a return to a
sound currency so long rs the government and
banks, by continuing TO issue irredeemable
notes, fill the channels of circulation with de-
preciated paper. Notwithstanding the coinage
by our mints since 1849 Of 1914 100000, the peo-
pie are now strangers to the currency which
was designed for their use and benefit, and
specimens of the precious metals, wearing the
national device, are seldom seen except when
produced 10 crafty the interest excited by
their novelty. If deprecated curreecy is to
be continued as the permanent currency OF
the country, and all our coin is to become a
mere article of traffic and snecuation to the
enhancement in price of all that is ndispensa-
BILE to the comfort of the people, it would be
wise economy to abolish our minis, thus saving
the nation the care and expense incident to
such establishments and let all our precious
metals be exported in bullion. TIE time has
come. however, when the government and ma
uonal banks should be required to take the
most efficient steps ard make all necessary ar
rangements for a resumption of specie pay
ments. Let specie payments dice be earnest.
iy inaugurated by the government banks and
the yalne of the paper circulation would di-
rec'ly approximate specie standard. Specie
payments having been resumed by the govern
ment and banks all notes or bills of paper is4u-
eddy either of less denomination than $50
should, by law, be excluded from circulation,
30 that the people may have toe benefit and
convenience of gold and silver currency,
which in all their business transactions will be
uniform il vaue at n me and abroad. Every
man of property or industry, every man who
de'lres TO preserve what he honestly possesses,
or to Obtain what be can honestly earn, has a
direct interest in establishin safe circulating
medium-such medium as shall be real and
substantial, not liable TO vlbrate with opinions,
not subject to be blown up or blown down b.
the breath of speculation, but TO be made sta
BILE and secure
A disordered currency is one of the great
est political evils. II underm;nes the virtues
necessary for the support of the social s,stem
happiness; it wars against industry, frugality
and economy. aud it fosters the evil spirit of
extrayagance and speculation. 1t has en-
asserted by one of our profound and most
gifted statesmen that of all the contrivances
for cheating the laboring classes of mankind,
none has been more effectual than giving
t,em paper money. This is the most effectti-
al OF Inventions to fertilize the rich mans
nelds by the sweat OF the poor mans brow
Ordinary tyranny, oppression, excessive taxa
t,on-these bear lightly on the happiness of
the mass of the community compared with
fraudulent currency and the robberies commit
ted by deprecated paper. Our own history
has recorded for our instruction enough and
more than enough of the demo1alizing ten
dency, the injustice and the intolerable on
preston OF the virtuous and the well disposed
Dy paper currency, authorized or in anv
or IN any way countenanced by government
1t is one of the most successful devices
in times of peace or war, of expansions or re-
WILSON'S, to accomplish the transfr of all the
precious metals from the great mass of the
people into the hands of few where they are
boarded in secret places or deposited under
bolts and bars, while the people are left to en-
dure all the Inconvenience, sacrifices and de-
moralizltion resulting from the use OF de-
preciated and worthless paper.
INTERNAL AFFAIRS.
The Secretary of the Interior in his renort
gives valuable Information in reference to the
interest cOnfi1ed to the supervision of his de-
partment, and reviews the operations of the
Land Ollie, Pension Office and The Indian
Buren,. During the fiscal year ending June
80 1858, 66J5 700 acres OF public lands were
disposed OF. Inc enuire cash recepts of the
y .ner u Land Office for the same period were
$l63!745, beng greater by 1884 1868 than
tne amount realized from The same