The democrat. [volume] (Weston, W. Va.) 1868-1874, 1868-12-21

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substantially that portion Of r y last an.
uual message which relates to that sub
jeSt. The proportion which the curren-
cy of any country should bear to the
whole value Of the annual Product, circu-
iniins by its means. is question upon
which political economists have not
agreed. Nor can it be controlled by leg
islation, but must be left to the irrevoca-
tle laws which everywhere regulate COM
mcrcc and trade. The circulating medi-
um will ever irrcsis,ijly flow to those
points where it IS in greatest demand.
The law Of demand and supply is as un-
erring as that which regulates the tides
of the ocean, and. indeed, currency, like
the tides, has its ebhs aud flows through
ought the commercial world. At the be-
ginning IF the rebellion the bank note
circulatson Of tic country amounted to
not much more than two hundred millions
Of dollars. Now the circulation Ct ma
t!onal bank notes aud those known as le-
gal tenders IS nearly seven hundred mil
lions. While it is urged by some that
this amoans should lie increased, others
contend that decided reduction is absc-
lutcly essential to the best interests of
The country. In view of these diverse
opinions, it may be well TO ascslrin tho
real value of cur raporissuc when COM
pared with metallic or convertible cur
rency. For this purpose let us inquire
how much gold anl silver could be pur-
chased by The seven hundred millions Of
paper money now in circulation.
Probsbly not more more than half tho
amount Of the latter, showing :in' when
our paper currency is compared with gold
or silver, its commercial value is ccm-
pressed into three hundred and fifty mil
lions. This striking fact makes it tho
obvious duty Of the government. as early
as may be consistent with the principles
of sound political economy. TO take such
measures as will enable the holder O: TIE
notes ard t!.cse Of the national banks. to
convert them, without loss, into specie or
its equivalent. A reduction Of our paper
circulating medium may not necessarily
follow. This, hcwevcr, would copcnd
upon the law Of demand and surr.y.
though it should be borne in mind that
by making legal tenders ard bank NOES
coin, or its equivalent, their present .pe-
Gle value in the hands Of their owners
would DC cEhanced Que hundred rer cent.
Legislation for the accomplishment ola
rcsG'. 50 desirable is demanded by Tie
highest public considerations. Ga .e1
ONE CURRENCY IoR EyLSYIcrY.
The Constitution ccnttmplat,s that tho
circulating nedu,n Of the country .hall
be uniform in quality and value. A: tic
lime OF the foTinativn OF that instrument
the country bad jus. emerged from tho
war OF the revolution, and was suffering
from the Effects tf redundant AMI
worthless paper currency. The sages Of
that period were anxious to protect their
l"sterity from the ell which they them.
selves had experienced; hence ,u provi.
ding circulating medium they confer
red upon Congress the power TO coin
money and regulate the value thereof, at
the sane time prohibiting the States from =.
making anything but gold and silvera
legal tender in payment of debts. Tho
anamo!"us condition Of cur rur yucS is in
striking contrast with ;,a: Which Was
originally designed. Cur circula.ion
new embraces, frS; notes CT the national
banks, which are inade receivable fora'l
dues 10 the government, excluding i.n-
posts, and BY all its creditors, excepting
III payment Of interest upon its ronds aud
the securities thems, Ives second the le-
gal tender notes issued by the United
States. and which the law requires shall
be received as well in payment Of all
debts between citizens, us of ali govern
mentdu excepting impoAs and third,
gold and silver coin by the operation
"t our present system uf finance, how.
ever, the metallic currency, when collect.
ed, is reserved only for enc class Of gov
eminent creditors, who, holding its bonds,
semi-annualiy receive their interest in
gold from The na'ioHa! treasury. There
is no reason whieh will be accepted. as
satisfactory by the people why those who
"c'e"d us on tie Ind an! prb'cct us on
t',e sea- the pens'oncr rpm ihl gratitude
of tho natlun, bearing the sears aud
wounds received while in its service, the
public servants in the various depart
mcnts of tile government, the farmer who
supplies tie soldiers Of the army aud the
sailors Of tie nary, The artisan wLo tolls
IN the nations workshops, or the mcchan-
les and labnrers whu build the cdifccs and
construct its forts and vessels Of war.
should, in the payment OF their just and
hnrd-earncd dues, receive deprecated pa
per, while another class Of ihuir scnpify-
mcn. 10 more deserving. were po;d in
coin OF gold aud silver. Equal ana exact
justice requires that oil ihG c,cdj,ors of
the government should ba paid in cur
rency pn. sessing uniform value. This
can only be accomplished by the rcs,ora-
'ion OF the currency to the standard cs-
fabIiShcd by the CONSTITUTION, and hy
this means we would remove a discrini-
nation which may, it it has not already
done so, create u prejudice that may be-
come deep-rooicd and wdc-sp,cad, and
inperll the national credit ...#t