Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1868-12-18

circulating medium need not necessarily fol-
low. This however, would depend upon
the law of demand aud supply though il
should be borne in mind that By making
legal tender and bank notes convertible into
coin or its equivalent, their present specie
value in the hands Of their holders would be
enhanced one hundred per cent.
Legislation for the accomplishment Of a
result so desirable is demanded by the high
/ est public considerations. The Constitution
contemplates that the circulating medium Of
the country shall be uuiform ia 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 a redundant
and worthless paper currency. The sages
of that period were anxious to protect their
posterity from the evils which they them
selves had experienced. Hence, In proyi
ding circulating medium, they conferred
| upon Congress the power to coin money aud
regulate the value thereof, at the same time
prohibiting the States from making any
thing but gold and silver a tender in pay
ment of debts,
The anomalous condition Of our currency
is in striking contrast with that which was
.ginally designed. Our circulation now
embraces, first notes of the National Banks,
which are made receivable for all dues to
the Government excluding imposts, and by
/ all its creditors, excepting in payment of in
terest upon its bonds and the securities
themselves; second legal tender notes. issued
| by the United States, and which the law re-
/ quires shall be received as well in payment
of all debts between citizens as of all Gov
ernment dues, excepting impOsts; and, third
| gold and silver coin. By the operation Of
our present system of finance, however, the
metallic currency, when collected, is reserv-
/ ed only for one class of Government credi-
tors, who, holding its bonds, semi-annually
receive their interest in coin from the Ma
| tional Treasury. There is no reason which
viii 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 gratitude of the nation bearing the
scars and wounds received while in its ser
vice; the public servants In the various De-
partments Of the Government; the farmer
who supplies the soldiers Of the army and
the sailors of the navy; the artisan who tolls
1 in the nation 5 workshops, or the mechanics
and laborers who build its edilices and con
| struct its forts and vessels of war-should,
! in payment of their Just aud hard earned
dues, receive deprecated paper, while an
other class Of their countrymen, no more
deserving are paid in coin Ofgoid and liver
Equal and exact justice requires that al the
creditors Of the Government should be paid
in a currency possessing a uniform value
This can only be accomplished by the res
toration of the currency to the standard es-
tablished by the Constitution; 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
/ ,,,l Il. pr,-onl o,1 Var1I tho
tional credit.
The feasibility of making our currency
correspond with the constitutional standard
may be seen by reference to few facts de-
rived from our commercial statistics.
The aggregate product of precious metals
in the United States from lS49 to 1867
amounted to ST, ,173, 900 600, while, for the
same period, the next exports Of specie were
S74I ,000,0 COO This shows an excess OF
product over net exports Of $433, 100000.
There are in the Treasury SOB 705, 9S5 in
aoin; in circulation IN the States on the
Paclac Coast about $40, 600, 600, and few
millions in the National and other Banks
in all less than SI60, 600, 600. Taking into
consideration the specie in the country prior
to IS49 and that produced since 1867, and
we have more than $500 600. 900 not ac-
counted for by expectation or ~ the returns
>
remaining in the country.
These are important facts and show how
completely the inferior currency will super
eede the better, forcing it from circulation
among the masses and causing 1t to be ex-
ported as mere article Of trade, 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 to
the avenues of trade may be invited and a
demand created which will cause the reten-
tion at home Of at least so much of the pro-
ductions Of our rich aud inexhaustible gold
bearing fields as may be sufficient for pur-
noses of circulation. 1t is unreasonable to
| expect a return to d sound currency so long
as the Government and banks, by continuing
TO issue irredeemable notes, I'll the channels
of circulation with deprecated paper. Not
withstanding a coinage by our mints, since
lS49. of eight hundred and seVenty-four
millions of dollars, the peopls are now stran-
gers to the currency which was designed for
their use and benefit, and specimens OF the
4 precious metals bearing the national devices
are seldom seen, except when produced to
crafty the interest excited by their novelty.
If deprecated paper is to be continued as
the permanent currency OF the country, and
all our coin is to become mere article OF
in price of all that is indispensable to the
comfort of the people, 1t would be wise
economy to abolish our mlnts, thus saving
the nation the care and expense incident to
such establishments, 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 q resumption OF
specie payments Let specie payments once
be earnestly inaugurated by the government
and banks. and the value of the paper circu-
Iation would directly approximate a specie
standard.
Suecie payments having been resumed BY
the (7oyeTnment and banks, all notes OF bills
of paDer issued by either of less deUoml
nation than twenty dollars should by law be
excluded from circulation, so that the peo-
/ nle nav have the benefit and convenience OF
A gold and silver currency which in all then
business transactions will be uniform II
value at home and abroad.
every man Of property or industry,
every man who desires to preserve what ne
honestly possesses or to MAINTAIN what ht
can honestly earn, has direct interest IN
maintaining safe circulating meolam-
such medium as shall be real and substan
tial not liable to vibrate with opinions, no
subject to be blown up or blown down by
. the breath Of speculation, but to be stable
! and secure. A disordered currency Is one
of the greatest political evils. 1t under
mines the virtues necessary for the suppor
, of the social system, and encourages propen
stiles destructive Of its happiness. It war;
, against industry, frugality and economy
, and it fosters the evil spirits OF extrava-
gance and speculation. Il has been asser IS
ted by one Of cur profound and most giltoet
statesmen, that "of all the contrlvances i9I
cbeating tbe laboriug classes of mankind
none has been more efTeetual than tina
which deludes them with paper money. Thi.
! il the most effectual of inventions to fertll
z iEe the rich man fields by the sweat OF tn
poor man 5 brow. Ordinary tyranny, oppres
sion. excessive taxation-these bear lightly
-. n :. g Az,