, 1868-12-18

y value thereof, at the came tim. ...A,A,.,- =
q o'Ases rom making anything but eold a l.-.I
I. snoer 70 payment Of debts. The auomalou, con.
:, oiuon OF our currency is 10 striking eos,r,s,
, WIN .ns1 "nish was originally designed for our
i circulation. IL now embraces 6rs, no,.'' - ~
: tonal banks which are made receivahi. ~. -,
!. cues 70 the GoTernmsnt excepting imports and
BY all its creditors excepting for psvmen, ~ ~
terest upon its bonds aud the secaritiss H.,
selves second, legal tender notes issued bv IN
r United States and which the law REQUIRES sbonld
be received as well 10 payment Of all debts due
I between citizens tAird, gold and silver coin
BY the operation of our present system of 6nan,
ees, however, the metallic ccrrency lis reeeipted
for only by one class Of government creditors
those holding bonds, who semi. annually receive
tneir interest in coin from the national treasury
Ihere Is no reason which will be received as
satsiactory by the people, by those who defend
the United States on land and protect the Un!ted
states on the sea, the pensioners upon the gratis
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 farmers who supply the soldiers Of the armv
ana the sailors of the navy. the artisan who
tolls in the nations workshops, the mechanics
aud laborers who build its edifces and construct
It's forts and vessels Of war, why thev should, in
payment Of their just and hard earned dues, re-
celVe deprecated paper currency, while an>
| wing, are paid 10 gold and silver coin. Equal
aud exact justice requires that all the creditors
OF the GoveTnment should be paid in a currency
possessing uniform value. This can only be
accomplished by the restoration Of the currency
70 the standard established by the Constitution
ou tnis foundation and by this means we would
Pu' an END TO determination which may, ifit
mas not already done so, create prejudice that
may become deep-rooted and wide spread and
impair the national credit
Inc ieaslolllty OF making our currency cors
respond with the constitutional standard may
De seen by reference to a few facts derived from
our commercial statistics. The aggregate pro.
duce OF the precious metals in the United States
from ls49 to 1867, amount TO 81 ia Oo0 600
while for the same period the nett exports of
! specie were Sal $50, 900. This shows an excess
OF products over the exports of 433 900 900
There are In the Treasury SlO3 4O7, ,9sj in coin.
The circulation in the States on the Pacific
| coast is about $40 000, 900, and 81, 900 600 are
In the national and other banks, in all less than
| Sl6O 900. Taking into consideration the
| specie in the country prior to ls49 and that
produced since 1867, we have more than $780,
OOO,O not accounted for by expectation or by
1 the returns of the Treasury, and therefore most ,
| probably remaining in the country These arc
important facts and show how completely the
inferior currency will supercede the better, fore,
! ing at will its circulation among the masses and
| cAuslug IL 10 De exported as mere article of
trade to the money capitals of foreign lands.
| They show the necessity of retiring our paper
p@uey that the return Of gold and silver to the
avenues oil trads-may be invited, and the demand
ereAteu Wnlea> WI cause retention at home Of
| ~ U-sH Of the ptouucts - our rich anA ;n.x
haustible gold bearing fields as me- ""u ua..
for the purposes Of circulation. 1t is unre~.snS
able to expect to return to a sound currency as
long as Government Banks continue to issue ir
redeemable notes with chances of circulation
with deprecated paper. Notwithstanding the
coinage of our mints since l849 Of Ss74 ,OOO,-
OOo, the people are now strangers to the current
| cy which was designed for their use and benefit,
and specimens of the precious metals bearing
the national device 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 a mere
article OF traffic and speculation, to the enchance
ment in price of all that apprertains to the
comfort of the people, it would be wise economy
| to abolish our mints, thus saving the nation the
care and expense incident to such establishments
and to 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 resump-
| tion OF specie payments. Let specie payments
once more be earnestly inaugurated by the Gov,
ernment, and banks and the value of the paper
circulation would directly approximate a specie
standard.
Specie payments having been resumed by the
| Government and banks, all notes or bills of pa
pers issued by either of less denomination than
$40, should by law, be excu1ed from circula-
tion SO that the people may have the benefit of a
gold and silver circulation which in all their
business transactions will be uniform n value at
home and abroad. Every man of property and
industry, every man who desires to preserve
| what be honestly possesses or to obtain what be
can honestly earn, has direct interest in main
tanning as the circulating medium such medi>
um as shall be real and substantial, and not liza
BILE to evaporate with opinion, and not subject to
be blown up or down BY the breath OF specula>
ton. but to be made stable and secure. dis'
ordered currency is one of the greatest political
evils Il undermnes the virtues necessary for
the support of the social system and encourages
propensities destructive of its own happiness. II
wars against industry, frugality and economy,
and fosters an evil spirit of extravagance and
speculation. 1t has been asserted by one oil our
profound statesmen, that Of all contrivances for
cheating the laboring classes of mankind, none
have been more effectual than that which del-
uges them with paper currency. rms Is tne
most effectual of inventions to fertilize the rica
mans fields by the sweat of the poor mans
brow. Ordinary tyranny, oppression oy exces.
siVe taxation, bear lightly on the happiness ot
the com cOmpdIeu Win
rency and the robberes committed by depre-
ciated paper. Our own history has recorded for
our instruction enough, and more than enough
of the demoralizng tendency of the injustice and
the intolerable oppression on the vrtuous and
well disposed by degraded paper currency. Au-
thorized by the law, or in any way countenanced
by the Government, it is one of the most sue>
cessful devices in times Of peace or war, to ac-
complsh the transfer of all the precious metals
from the great mass Of the people into the hands
/ of a few when they are boarded in secret places,
or deposited under bolis aud bars, while the
people are left TO endure all the inconveniences,
sacrifices and Generalization resulting from the
use Of deprecated and worthless paper.
FOREIGN RELATIONS.
No important question has occurred during
the last year to mar our accustomed cordial and
friendly intercourse with Costa Rica, Guatemala.
Honolulu, Sab Salvador, France; Austria, Beigi.
um, Switzerland, Portugal. The Netherlands,
Denmark, Sweden and Norway, Greece, Turkey.
! Persia, Egypt, Liberia, Morocco, Trpoli, Tunis
Muscet, siam, BOrneo and Madagascar. Cordiai
| relations haYe been ruaintaued with the Argen-
tine and the Oriental Republics. The exPressea
wish Of Congress that our national good omsss