The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-12-16


sidentions
The Constitution coniemplates thLt the |
circulating medium of 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 |
currency. The sages OF that period were |
anxious to protect their prosterity from |
the evil which they themselves experienced. |
Hence, in providing a circulating medium
they conferred upon Congress the power to
coin money ana regulate The value thereof,
at the same time prohibiting the States
from making anything but gold and silver a
tender IN payment oi debts.
The amor alous condition Of our currency
is IN striking contrast with that which was
originally designed. Our circulation now
embraces: first, notes of the National
Banks, which are made receivable for all
dues to the Government, excepting imports
and by all its creditors excepting in pay
ment of interest upon its bonds and securi-
ties themselves; second, legal tender notes,
issued by the Unitod States, and which the
| law requires shall be received as.well in.pay-
ment of all debts between citizens, as OF oil
Government dues, excepting imports; and
third. gold and silver coin.
BY the operation OF our present system
of finances, however, the metallic curren>
cy, when collected, is reserved only for one
class of Government creditors, who, hold
| ing lis bonds, semi annually receive their
| interest in coin from the National treasury.
There is no reason which will be accepted
as satisfactory by the people, why those
who defeud us on the land and protect us
on the sea, the pensioner upon the graft.
tude of the nation, bearing The scars and
| wounds received while in its service, the
public servants in the various Departments
! of the Government, the farmer who sup
\ plies the soldiers of The army and the sail
ors of the navy, the artisan who tolls in the
nations workshops, or the mechanics and
laborers who build its edifces and con-
struct its forts and vessels Of war, should,
in payment OF their just aud hard earn
!, ed dues, receive deprecated paper, while
another class of their countrymen. no more
deserving, are paid in coin OF gold and sill
; YER .
Equal and exact justice requires that all
! creditors of the Governments should be pafd
iu currency possessing n uniform value.
This can only be omplished by the res
toratiou of the currency to the standard es-
tabhshed by the Constitution, and by this
means we would remove q discrimination
which may, il it has not already done SO,
! create prejudice that may become deep
rooted and widespread, and imperil the
, National credit The feasibility OF making
, our currency correspond with the Constitu-
tional standard may be seen by reference
to few taets derived from our commercial
, statistics. The aggregate product OF prec-
ious metals in the United Sistes from lS49
, to 1867 amounted to si,l74, 600, 900, while
! fer the same period the net exports of spec
ie wee $74l, 900 COO This shows an ex-
f cess of-product over net exports Of $433,-
E 600 600 There are is the treasury $l03,-
D 4oT sS3 in coin, in circulation in the States
q on the Pacific coast about $40, COG, 600,
9 and lew millions 10 the National and 9th
e er banks; IN all lass than $3.50, 200, 600. :,
: Taking into consideration the specie II
: the country prior to lS49 and that prodac'
cd since 1867, we have more than three hnn'
q dred millions not accounted for by ezporta,
. ton or by the returns t The treasury, anc
g therefore most probably remaining in ths
country. These are important facts snc
r show how completely the inferior currency
/ will supereede the better, folcing \
!. from circulation among the masses, ane
s Of trade, to add to the money capital o
i foreign lands. They .how the necessity o
f retiring our paper noaey; that the return
Il may be invited and q demand orsatet
h which will cause the retention at home 6
d at least so much OF tbs productions OF ou
= rich and inexhaustibls gold bearing fields 3
!! may be sufficient for purposes of circulation
| Il Ia t3.'u ar O tn
4 sound currency so long as the Goyernmen
aud banks, by continuing to issue iTedeeM
# able notes, Gi the channels OF circulation
n with deprecated paper
:. Notwithstanding a coinage by our mint
i. since lS49 of eight hundred and seventy
a four millions Of dollars, the people are noy
a. strangers to tie currency which was design
i ed for their uses and boueht, and speGjaen
Al of the precious metals bearing the Natious
Z. device are seldom seen except ~hca pro
i dueed to crafty the interest excited b,
t their novelty. Ii deprecated paper is Il
Al be continued as the permanent currency @
4. the country, and all our coin is to becoGa
mere article OF traffic and speculation, t.
m me enhancement OF the price OF all that /
% Indispensable to the comfort OF the people
+ it viii be wise economy to abolish our mlRts
~ thus saving the nation the care and expens
70 incident to such establishments and let a
ID our precious metals be exported in bullion
The time has come. however, when th
,e Government and National Banks should b
Nc required to take the most efhcieEt step
l. and make ali necessary arrangements tor
o. resaM etion OF specie payments. Let speei
n payments once be earnestly inaugurated b
n the Government and banks, and the valu
v. Of the paper circulation would directly Sp
. proximate a specie standard Specie pay
n ments having been resumed ty the Govern
n. ment and banks, all notes OF bills OF pape
4 issnsd by either, Of less dsnemina;io
in thaB twenty dollars, should by law be ex
"a cluaed from circulation, so that the peopl
ID NAY have the benefit ard convenience, OF
D. gold aud ailveT currency, which In oil thei
business transactions will be uniform j
\ value at home and abroad Every man G
n prof. t;ty or Industry, every mar who pre-
b. serve what he honestly possesses or expect
al to obtain what he can honorably earn has
- direct interest IN wanting safe cireuatlo
~ medium; such medium as shall be real an
NJ substantial, not liable to vibrate with opT
N ions, not subject to be blown up or blow
i down by the breath OF speculation.
nj A disoide ed currency is one Of the grea
n est political evils 1t underMines the vii
q. tues necessary for the support Of the socit
A, system, and encourages propeneitiCs dc
Il. structiye of its happiness. 1t wars agains
n industry, trusality and economy, and
es fosters the evil spirits Of extravaganee an
v, speculation.
+. 1t had been asserted by one of our pre-
found and most gifted statesmen, that {
he all contrivances for cheating the laborin
rv classes of mankind, none has been NOR
~ effectual than that which deludes thel
a. with paper money. This is the most 9
Sc lectual Of inventions to fertilize the ric
n. man fields BY the sweat of the poor man
ne brow. Ordinary tyranny, oppression, e.