Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1868-12-16

| the wealth of the nation, Orr Commerce which
at time successfully rivalied that of the grea
Maritime Powers. has rapidly diminished and
our industrial interests are in depressed and
| langushing condition The DEVELOPMENT OF ou1
inexhaustible resources is checked. and the fer
/ tile fields of the South are becoming waste for
( want of meF ms to eil them. With the release ot
capital new life would be infused into the paral.
yzed energies of our people, and activity and
vigor impaired to every branch of industry Our
people need encouragement in tn cir efforts to re-
from the effects of the rebellion and of in
! judicious legislation. A nd it should be tie aim
! of the Government to stimulate them by the pros
/ pect of early release from the burdens which
! Impede their prosperity If we cannot take the
| burdens from their shoulders we should AT least
manifest u willingness TO help bear them In re-
ferrins to the condition of the circulating me
dium. | shall merely reiterate substantially, that
| portion of my last annual message which relates
to that subject The proportion which the cure n
cy of any country sh Juld bear 10 the whole value
of the annual produ circulated by its means is
question upon which political economists have
not agreed nor can II be controlled by egslation
/ but must be left to he irrevocabe laws which
every where regulate commerce and trade. The
/ circulating medium will ever irresistably flow 10
! those points where it is in greatest demand The
! law of dem nd a d supply is as unerring that
| which regulates the tides of the ocean and. in
deed. currency like the tides, has its ebbs and
! flows throughou the world. At the beginning of
/ the rebellion the bank note circulation of the
! country amounted TO not more tn an two hundred
| millions of dollars. Now the circulation of ma
/ tiunal bank notes and those known as legal ten
/ ders is nearly seven hundred millions while it
| Is urged by some that this amount should be in
| creased. others contending that decided reduc-
ton is absolutely essential to the best
| the country la view of these diverse opinions
II may be well 10 ascertain the real value of our
paper Issues when compared with a metallic or
convertible currency For this pFupOse let us in
quirt how much g'll ami silver could be pur-
! chased for the seven hundred millions of paper
| currency now in irru latiOn Probably not more
han n of he at hny inc I hat
| when our Iaper currency is compared with gold
and silver, its cOEmeTciia utility is compressed
into three hundred and fifty millions. This stri
| king tac makes II the obvious duty of the Gov
| crument, early may he consistent with the
principles of sound political economy. to take
! such measures as will enable the holder of its
notes and those of the national banks TO convert
them without loss into specie or its equivalent.
reduction of our paper circulating medium y
| not necessarily follow. This, however, would
| depend upon the law of demand and supply,
though 1t should be borne in mind that by max ing
iega lender and bank notes convertible into coin
or its equivalent their present specie value, in
I The hands of their holders would be enhanced
one hundred per cent Legislation for the
cOmplishinent of result SO desirable is demand
ed ny the highest public considerations, The
/ Constitution cnntempaes that the circulat-
ing meiium Of the country shal be uni form in
| quality and value. At the time of the formation
! of tn instrument the country had just emerg-
ell from the war of the revolution, sad suffer
ing from the effects OF n redundant and worth
| less paper currency. The sageE of that period
were anxious to protest their posterity from the
evil which they themselves had experienced In
providing circulating IN medium they conferred
upon COns sress the power to coin money and reg
| late the value thereof; at the same time probib
/ ling hem from making anything but gold and
silver i tender in payment of debts. The anon
gO us sconiiron of our currency is in strik ing con
trast with that whch was originally designed
Cur circulation now embraces first. notes of the
National banks which are made receivable Tor all
m
all its creditors excepting in payment of interest
upon its bonds and the securities themselves
second, Legal tender notes. issued by the United
States, and which the law requires shall be re
! ceived we'll in payment of all debts between
citizens of all Government dues, excepting i'm
ports; aud, third. gold and silver coin. By the
operation of our Present system of finance, how
| ever, the metallic currency when collected is re
served only for one class of governmen Mt cred itors
who holding its bonds semi-annualiy receive
their interest in coin from the National asury
There is no reason which will be accepted sat
! factory by the people why those who defend us
! on the land and protect the sea; tn c pen
sioner upon the gratitude of the nation, bearing
| the scars and wounds received while In its ser
| vice the public servants in the various depart.
nents of the Government; the farmer who sup
les the soldiers of the army, and the sailors OF
/ the navy The artisan who tolls in the work
shol or tn mech MICS and laborers who build
its edfces and construct its forts and essels ot
war. and in payment Of their just and hard earn
ed dues receive deprecated paper while another
I class OF thel cOuntr no more deserving
| paid in coin of gold and silver Equal and exact
justice requires that all creditors of the Govern
/ ment should be paid in a currency possessing
uniform value. This can only be accomplished
by the restoration of currency to the standard es-
tablished by the Constitution. and by this means
! we would remove discrimination which may il
it has not already done socreate prejudice tn al
may become deep rooted and wide spread, and
| imperil the national credit. The feasibility OF
M skiEg our currency correspond with the consti-
tutionai standard may be seen by reference to q
few iacts derived from our CONNIE reIal statistics
The aggregate produces OF precious m etais in the
/ United States fir. IN lS49 to 1857 amounted to
81 ia 000, 900, while for the period the net
! exports of specie were Sal 100000. This shows
an excess of product net exports of ) I3S GEO.
/ 0JD. There are in the Treasury Sl03.407 985 in
/ com. In circulation, in the States the Pacific
coast Sln. .00n 900, and few millions in the ma
tionai aud other blnks. in all less than hun
dred and sixty mi. lions. Taking isto considers
tion the specie in the country prior to Is4s and
tn at produced since 1861. and We have more than
/ three hundred millions moi accounted for by ex
7 po-taton or by the returns OF the Treasury and
! therefore, most probably remaining in the coun
/ Try These are important facts, and show how
/ comp etely the inferior cArrency will supereeie
the beTier. forcing it from circulation among the
masses causing l. to be exported as mere article
J of trade. to add TO tho mony capital of forei gu
/ lands They show the necessity of retiring our
paper money that the return OF gold and silver to
( the avenues of trade may be invited and de
/ mand created which Will cause the retention al
/ home of at isast so mucn of the productions OF
! our rich and inexhaustbe gold bearing fields
tn at may be sufficient for purposes of cil cuation
I 1t is unreasonable to expect = return to a sound
currency ong as the Hovernment and bank:
continue to issue irredeemable notes and fill the
/ channels of circulation with Deprecated paper
Notw outstanding a coinage by mints since
/ lS49 of eight hundred and seventy four millions
| of dollars The people are how strangers to thC
/ currency which was designed for their uses and
| benefit and specimens Of precious metals bearing
! the nationa, device seldom seen except wheI
produced to crafty the interest excited by theil
novelty If deprecated paper is 10 be continued
! as permanent currency of the country and all oul
/ com is TO become a mere article of traffic and
| speculation to the enhancement of the Price o.
| all that $ Indispensable to the comfort of tht
people. il viii be wise economy TO abolish oul
/ mints thus s1vins the Nation the care and eI
| pense insident 10 uch establishments aud let al
/ our precious metals be exported in bullion TIL,
/ time has come however when the Government
/ and NatiaunI Banks should be required to tax,
1 the most efficient steps and make all necessar,
! arrangements for the resumption of specie pay
msnts. Let specie payments once be earnestl,
inaugurated by the Government and banks anc
the value of the paper circulation would directl,
approximate a specie standard. Specie payment
| having been resumed by the Government AM
banks all notes or bills of paper issued by either
| of less denomination than twenty dollars sh houid
by law. be excluded from circulation so tn at tn
/ peopie NAV have the benef, and convenience of
| gold and silver currency. hich. in all their bu
/ siness transactions viii be uniform in yaJue a
I home and abroad Every man OF property anC