Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-10

IA wow Va tAOOC may
IN we'll to ascertain the real value of G
ID paper issues when compared with a n
S. tallic or convertible currency. For, Il
" purpose let us inquire how much &c
J. and silver could be purchased by t
IS seven hundred millions of paper mon
Of now in circulation. Probably n
rs more than half the amount of t
IT latter, showing that when our pap
It currency is compared with gold al
Il silver its commercial value is cor
n pressed in three hundred and fifty mi
Q lions. This striking fact makes it Il
Q obvious duty of the government, as ear
e as may be CONSTANT with the prime
pies of sonnd political economy, to tax
e such measures as will enable the holde
: of its notes and those of the Nations
Banks and convert them without los
J into specie or its equivalent A reduc
f ton Of our paper circulating medinr
| may not necessarily follow. Thi
however, would depend upon the law {
demand and supply, though it should b
borne in mind that by making lega
tender and bank notes convertible int
coin or its equivalent, their present speei
value in the hands Of their holders would
be enhanced one hundred per cent. LIE
gislation for the accomplishment of q re
suit SO desirable is demanded by thu
highest public considerations. The con
stitution contemplates that the circulating
medium Of the country shall be uniform
in quality and value. At the time o.
the formation of that instrument
the country had just emerged from
the war of the revolution and was suffer-
ing from the effect of redundant and
worthless paper currency. The people
OF that period were anxious to protect
their posterity from the evil which they
themselves had experienced. Hence, in
providing circulating medium, they con-
fsrred upon Congress the power to coin
money and regulate the value thereof, at
the same time prohibiting the States
from making anything but gold and silver
tender in payment Of debts. The
anomalous condition Of Our currency is in
striking contrast with that which was
originally designed. Our circulation now
embraces first, notes of the National
Bank which are made receivable fer all
dues to the government, excluding i'm
ports, and by 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 received as well in payment of all
debts between citizens, as Of all import
dues excepting imports payable in gold
and silver coin. By the operation of our
present system Of finances, however, the
metallic currency when collected is re-
served only for one class of government
creditors who holding its bonds, seminar
nually receive their interest in
coin from the National Treasury.
There is no reason which will be ac-
cepted as satisfactory by the people why
those who defended US on the land and |
protected US on the sea the pensioner |
upon the gratitude Of the nation, bearing |
the scars and wounds received while in |
its service the public servants in the |
various departments of ths government; |
the farmer, who supplies the soldiers Of |
the army and the sailors OF the navy; /
the artisan, who tolls in the nations |
or the mechanics and labor
ers who build its ediaces and construct |
its forts and vessels of war, should, in
payment Of their just and hard earned
dues, receive deprecated paper, while
another class of their countrymen, no
more deserving, are paid in coin of gold
Or silver. Equal and exact justice re-
Iuires that all the creditors of the gov
eminent should be paid in currency
uniform value.
This can only be accomplished by the
restoration Of the currency to the stand
ard established by the constitution, and
by this means we would remove dis
which may, if ithas not al-
ready done SO, create a prejudice that
may become deepeseated and wide
spread, imperiliDg the national credit
The feasibility Of making our curren-
" correspond with the constitutional
standard may be seen by reference to
! few facts derived from cur commercial
statistics The aggregate product Of
precious metals in the United States from
I849to 1867 amounted to Sl,l74,000000,
while for the same period the net exports
IF specie were $74l, 100000 This shows
IN excess Of product over net exports
IF 433,000,000. There are in the Treasu-
y Sl0,347, 1885; in coin, in circulation in
he States on the Pacific coast, about
3, 900, 900 and few millions in the Ma
ional and other banks-in all less than
BIC, 100000. Taking into consideration
he specie in the country prior to l849
md that since 1867, we have more than
S300000,000 not accounted for by
or by the returns Of
he Treasury, and therefore most
remaining In the country.
These are important facts and show how
the inferior currency will su'
)ersede the better, forcing it from circu-
alton among the masses and causing it
o be exported as merely an article of |
rade to add to the money capital of for
ign lands. They show the necessity of
etiring our paper money that the return
nay be invited and u demand created
which Will cause the retention at home
# at least so much of the productions Of
,ur rich and inexhaustible gold bearing
ields as may be sufficient for purposes of
circulation.
1t is unreasonable to expect a return
o 8 sound currency so long as the gov
,rnment and banks continue to issue
notes and fill the channels
# circulation with deprecated paper.
Notwithstanding coinage by our minis
ince 1S49 of $874,000,000, the people
re now strangers to the currency which
vas designed for their uses and benefit,
nd specimens Of the precious metals
Fearing the national device arc seldom |
cen except when produced to crafty
he interest elected by their novelty. If
appreciated paper is to be continued as
he permanent currency of the country,
nd all our coin is to become a mere ar
icle of traffic and speculation, to the en-
!ancement Of the price of all that is
to the comfort Of the
,eOple, it will be wise economy TO abolish
ur mints, thus saving the nation the care
nd expense incident to such establish
nents and let our precious metals be ex>
,orted in bullion. The time has come
Vhen the government and national banks
hould be required to take the most
fficient steps and make all necessary ar
angements for resumption of specie pay
nents. Let specie payments be once
arnestly inaugurated by the govern
nent and banks, and the value of the pa
er circulation would directly approx
nate a standard. Specie payments
aving been resumed by the government {
nd banks, all notes or bills Of paper
,sued by either Of less denomination :
han twenty dollars should By law be /
xcluded from circulation, so that the 5