New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-10

II provision be made for the payment OF the ndepeo
ness OF the Government in the manner suggested our
nation will rapidly recover its wonted prosperity us
teress REQUIRE that some should be taken " "
lease the large amount OF capital Invested IN the sou
ties of the Government 1t is not now merely
tive, but IN taxation annually consumes s i0O'OO,'
which would otherwise be used by our enterp'inh
ple in adding to the wealth OF the nation our con
which at ono time successfully rivaed that ol '
maratime powers has rapidly diminished "n i,, ondi
trial interests are in o depressed ana I"ns is |
ton The development OF our nexhausOio oaooirc
checked. and the fertile fields OF inc oo 1oose
waste for want OF means 10 till thcm WIN ' |
% o,ito now life would be infused into the paiayIeu
orer,as q, onr people and activity and viGor impaired
TO every branch Of industry Our Pcoplo h .no
aconent In their efforts to recover from the eho'
phior ard OF ipiudicous egsation ana IL shouio 10
Tho oim Of the Government to stimulate 'henl ~ o
nrosnoct of an earlyIrelease from the puuei' ". ~
80 ,heir prosperity If we cannot take the buruens
I'm their shoulders should at least manifest VIII
lipgness to help to bear them' . Ill.,,
In referring TO the condition OF the circulating ineuun'
shall merely reterate substantially that por''on Vi ny
last annual message which relates to that su9ec''
The proportion which the currency OF any country
boud hear 70 tho whole value Of the annual produce CIT
culated by its means is o question upon "n'on P
economists have not agreed Nor can IL Do cohro0u!
legislation but be left to the ireVocaDle laws WIN"
everywhere regulate commerce and trade lhe eHou"V
no
where II is in greatest demand The law OF demand ana
sunpv is s unerrng as that which regulates the des Oh
the ocean and indeed, currency like the tdes mas s
Gibbs and flows throughout the commercial world
Al the beginning Of the Rebellion, the banknote circ-
laton Of the country amounted to not much more IMAM
two hundred millions of dollars now the circulation Oh
National Bank Notes and those known as Illegal tehderS
10 nearly seven hundred millions. While 1t urged by
some that this amount should increased, others CON
tend that decided reduction Is absolutely essehu" W
the best interests OF the country In view OF lhese III
verse opinions may be well to ascertain the real Vuo
OF our paper issues, when compared with metaIc VI
convertible currency For this purpose, let us inquire
how much gold and silver could DO purchased by the
seven hundred millions of paper money now In ccuia
tonQ Probably not than half the amount OF inc
atter-showing that when our paper currency Is con
pared with gold and silver its commercial value com
pressed into three hundred and fifty millions TINS slrik
ing fact makes II the obvious duty OF the Government as
early may be consistent with the principles oil souuu
political economy, take such measures as VIII enable
the holder OF its notes and those OF the National Banks TO
convert Them without loss, into specie or It's equivalent
A reduction OF paper circulating medium need hot
necessarily follow This however, would depend upon
the law Of demand and supply though should be borne
I'm mind that by making egaltender and DanR-nOcs con-
vertbe into coin or its equivalent therpresent specie
value III the hands OF their holders would DO enhanced
100 per cent.
Legislation for the accomplishment OF result so de-
srabe is demanded by the highest public considerations
The Constitution cOnemplates that the circulating me-
dunn Of the country shall be uniform in quality and
value At the time OF the formation Of that instrument,
country had just emerged from the War OF the Revo
luton and was suffering from the effect Of redundant
and worthless paper The sages OF that period
were anxious protect their pOsterity from the evils
which they themselves had experienced Hence, in pro-
| vidng q circulating medium, they conferred upon Con
gress the power TO coin money and regulate the value
thereof at the time prohibiting the States from
making anything but gold and silver tender in pay ment
! Of debts.
The anomalous condition Of currency Is In striking
contrast with that which originally designed Our
circulation now embraces first, notes OF the National
Banks, which made receivable for all dues to the
Government excluding mposs and by all It's creditors,
excepting payment OF interest upon its bonds and the Sc
cures themselves second egaltendcr notes issuedby
the United States and which the law requires snail be
oeiyed as well payment OF all debts between citizens
as OF all Government dues, excepting imposts and,
third gold and silver coin By the operation OF our
present system of finance. however the metallic cur
rency, when collected is reserved only for one class oil
Government creditors, who holding its bonds, semian
nuay receive their interest coin from the National
Treasury There Is which will be accepted as
satisfactory by the people why those who defend Us on
the land and protect us the sea; the pensoner upon
the gratitude Of the nation bearing the and wounds
received while in Its service the public servants In the
various Departments OF the Government the farmer who
supplies the soldiers OF army and sailors OF the navy
the artisan who tolls In the nations workshops or the
mechanics and labOrers who build its edinces and con-
struct its forts and vessels Of war-shOud, In pay
OF their Just and hardearne dues receive depre
cated paper while another class Of their countymen
10 more deserving paid In coin OF gold and silver
Equal and exact justice requires that all tho creditors Of
the Government should be paid in currency possessing
uniform value This only be accomplished by the
OF the currency 10 the standard established
by the Constitution; aud by this means we would re-
move discrimination which may IL 1t has not already
done So create prejudice that may become deeproOted
ana widespread and mperl the National Credit.
The feasibility Of making currency correspond with
the constitutional standard may be by reference TO
few facts derived from commercial statistics
The aggregate product OF precious metals in the United
States from 1919 to 1867 amounted to NlCo0OO while,
for the period the net exports OF specie were |
s7HoOOOOO This shows an excess OF product over
exports Of s433,OO0OOO. There are In the Treasury
t03lOeSj IN coin In circulation In the States the Pa
cc coast about siOOOOOOO and few millions In the Ma
uonal aud other banks-n all less than sGOOOOOOO TAX
ing into consideration the specie in the country prior TO
lsi9, and that produced since l567 and have
than $OOOOOO not accounted for by expectation by
the returns OF the Treasury and therefore most probably
remaining in the country.
These are important facts, and show how completely
the inferior currency will supersede better forcing
from circulation among the masses, and causing 1t to DO
exported as mere article OF trade add the money
capital Of foreign lands They show the necessity Of re-
firing our paper money that the return Of gold and silver
TO the avenues Of trade be invited and demand
created which will the retention at home OF at least
much OF the productions Of rich and inexhaustibe
gold bearing feds as may be sufficient purposes OF
circulation 1t Is unreasonable to expect return TO
sound currency long the Government and banks by
continuing to issue irredeemable notes. i'll the channels
OF circulation with deprecated paper Notwithstsnd-
ing coinage by mInts, since 159 OF OOO the
people strangers to the currency which
~, for md md u liz