Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-12-10

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 pOsterity from the !
evil which they themselves experienced.
Hence, in providing circulating medium
they conferred upon Congress the power to
coin money and regulate the value thereof.
at the same 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 designed. Our circulation now
embraces: first, notes of the National
Banks, which are made receivable for all
dues to the Government, excepting i'm
ports. and by all its creditors. excepting in
payment of interest upon its bonds and
securities themselves; second, legal tender
notes, issued by the United States and
which the law requires shall be received as
well in payne of all debts between citi-
Zens, as of all Government dues, except
ing imports; and third, gold and silver
coin. 80. =, ~ ssE n -.
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.
interest in -oin from the National treasury.
There is no reason which will be accepted
as satisfactory by the people why those
who defend us on the land and protect US
on the sea, the pensioner upon the grati-
tude of the nation, bearing the scars and
wounds received while in its seyice, 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 edifices and con
struct its forts and vessels of war, should,
in payment OF their just and hard earn
ed dues, receive deprecated paper,
while another class of their eountrymen,
no more deserving, are paid in coin of gold
and silver. ~ ~ -F.5
Equal and exact justice requires that all
creditors OF the Government should be paid
in currency possessing uniform value.
This can only be accomplished by the res
toratl0n OF the currency to the standard
established by the Constitution, and by
this means we would remove discrimina-
tion which may, if it has not already done
50, create a prejudice that may become
deep-rooted and widespread, and imperii
the National credit. The feasibility of
making our currency correspond with tie
Constitutional standard may be seen by a
reference to few facts derived from our
commercial statistics. The aggregate pro-
duct Of precious metals in the United States
from 1S49 to 1867, ,amounted to $l,l74 OOO-
900, while for the same period the net eX-
ports of specie were $74l, l,OOO,O This
shows an excess of product over net eX-
ports of S433 600 600. There are in the
treasury SOB 407, ,9S5 in coin; in circulation
q in the States on the Pacific coast, about
$4,000, 1000, and few millions in the Nation
al and other banks; in all less than $780,
100000.
Taking into consideration the specie in
the country prior to lS49, and that produced
since 1867, We have more than three hum
dred millions not accounted tor by eXporta-
tlon 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 curren-
cy will supercede the better, forcing it
from circulation among the masses, and
causing it to he exported as mere article
of trade, to add to the money capital of
foreign lands. They show the necessity of
retiring our paper honey; thai the return
of gold and silver to the avenues of trade
may be invited and a demand created
which will cause the retention at home of
at least so much of the productions of our
rich and inexhaustible gold bearing fields
as may be sufficient Tor purposes of circu-
latiou. 1t is unreasonable to expect a re-
turn to sound currency so long as the
Government and banks, by continuing to
issue irredeemable notes, ill the channels
of circulation with deprecated paper.
Notwithstanding coinage by our mints
since 1919 of eight hundred and seventy
four millions of dollars, the people are now
strangers to the currency which was de-
signed for their uses and benefit, and spec
linens of the precious metals bearing the
National device are seldom seen except
when produced to crafty the interest ex-
rod hN,f hair fn1
per is to be continued as the permanent
currency of the country, and all our coin is
to become mere article of traffic and spec
ulatlOn, to the enhancement of the price of
all that is Indispensable to the comfort OF
the people, it will be wise economy to
abolish our mints, thus saving the nation
the care and expense incident to such es-
tablishments, and let all our precious metals
be exported in bullion. | =
The time has come, however, when the
Government and National Banks should be
required to take the most efficient steps and
make all necessary arrangements for a re-
sumption OF specie payments. Let specie
payments once be earnestly inaugurate,l
by the Government and banks, and the
value OF the paper circulation would Gi-
rectiy approximate specie Standard
Specie payments having been resumed by
the Government and banks. all notes or bills
of paper issued by either, of less denomi
nation than twenty dollars, should by law
be excluded from circulation, so that the
people may have the benefit and conVe-
nience of q gold and silver currency, which
in all their business transactions will be
uniformin value at home and abroad. Ev-
cry man OIL property or industry, every
man who desires to preserve what he hon.
estly possesses or expects to obtain what
hecan honorably earn, has direct interest
in wanting safe circulating medium
such medium as shall be real and substan-
tial, not liable to vibrate with opinions, not
subject to be blown upor blown down by
the breath of speculation. rs--.r,z
A disordered currency is one of the great
est political evils. 1t undermines the vlr-
tues necessary for the support OF the social
system, and encourages propensities de-
structive OF its happiness. 1t wars against
industry, frugality and economy, and 1t
fosters the evil spirits OF extravaganza and
speculation.
1t has been asserted by one of our pro-
found and most gifted statesmen, that of
all contriyances tjf cheating the laboring
classes OF mankind, none has been more
effectual than that which deludes them
with paper money.-This is the most ef-
fectual of inventions to fertilize the rich
mans fields by the sweat OF the poor man s
brow. Ordinary tyranny, oppression, eX
cessive taxation-these bear lightly on the
the happiness of the mass of the commu-
nifty, compared with a fraudulent currency
and the robberies committed by deprecated
paper. u l.ElLLB EI 5 ~ u Al i
Our own history has recorded for our in
struction enough and more than enough of
the dem moralizing tendency, the Injustice
and the intolerable oppression. ON the Vir-
tuous and well disposed, of degraded pa
per currency authorized by rlaw or in any
way yeountenanced by Government. 1t is one
of the most successful devices in times OF
peace or war, OF expansions or revulsions
to accomplish the transfer OF all the pre-
cious metals from the great mass OF the |
people into the hands of the few, where |
they are boarded in secret places or depos-
tied under bolts and bars, while the people,
are lett to endure all the Inconvenience, |