The Albany register. [volume] (Albany, Or.) 1868-18??, 1868-12-19
NO. 15.

where 1t Is In greatest demand the law
of demand and supply is as unerring as
that which regulates the tides of the
ocean; and indeed currency, like the tides.
has its ebbs and flows throughout the
commercial world. At the beginning of
the country amounted to not much more
than $500, 100000; now the circulation
of the National Bank Notes and those
known as legal tenders, is nearly $780,
100000. It is argued by some that this
amount should be increased and thus con-
tend that decrease is absolutely essential
to the interests of the country In virtue
of these adverse opinions it may be well
to ascertain the proportional value of our
paper issues when compared with me-
tallic OF convertible currency. For this
purpose let US inquire how much gold
and silver could be purchased by the
500, O,0O0, 600 of paper money now in cir
culation. Probably not more than half
the amount of the latter, showing that
when our paper currency is compared
is Impressed into $35O,O00,OOO This
striking fact makes it the duty of the
Government, as early as may be consistent
with the principles Of sound political
economy, to take such measures as will
enable the holders of its notes and those
of the National Banks, to convert them
without loss into specie. The equivalents
reduction of our paper circulating medi--
ums may not follow This. however,
would depend on the law of demand and
| supply, though it should be borne IN mind
| that by making legal tenders and bank notes
convertible into coin, or its equivalent, the
/ present specie value in the hands of their
/ holders would be enhanced 10 per cent
Legislation for the accomplishment of a re-
suit SO desirable is demanded by the highest
! consideration. The Constitution contemplates
that the circulating medium of the country
| shall be uniform in quality and value. At
the time of the formation Of that instrument,
| the country had just emerged from the Rev
olutionary War, and was suffering from the
| effects OF worthless paper currency. The
sages of that period were anxious to protect
their posterity from the evils which they
themselves had experienced; hence, in pro-
I viding for circulating medium, they CON-
ferred upon Congress the power to coin mon.
ey, and regulate the value thereof, at the
same time prohibiting the States from max
ing anything but gold and silver a legal ten
der in payment of debts. The anomalous
condition of our currency is in striking con-
trast with that which was originally design.
ed for cur circulation. It now embraces
lst-Notes of National Banks, which arr
made receivable for all dues to the Govern.
ment excepting imports, and by all its cred,
itors excepting for payment of interest upoa
its bonds and the securities themselves. I'd
Legal tender notes issued by the United
States, and which the law requires should be
Il received as well IN payment of all debts due
between citizens. 3d--Gold and silver coin
By the operation of our present system of
finances, however, the metallic currency,
! when collected, is received for only one class
, of Government creditors-those holding
, bonds, who semi annually receixe their
, interest in coin from the National Treasury.
There is no reason which will be received
, as satisfactory by the people, by those who
!, defended the United States on the land and
protected the United States on the sea, the
pensioners upon the gratitude of tho nation,
2 bearing the scars and wounds received while
: in its service, the public servants in the va
III rious departments of the Government, the
farmer who supplies the soldiers Of the ar ar
my and the sailors of the navy, the artizan
who tolls in the nation s workshops, the me-
. chanics and laborers who build its ediHces
$ and construct its forts and vessels of war,
t should, in payment OF their just and hard
. earned dues, receive deprecated paper,
e while another class of their countrymen, no
/ more deserving, are paid in coin of gold and
: silver. Equal and exact Justice requires
that all the creditors of the Government
! should be paid in currency possessing q
+ uniform value. This can only be accom-
}, plished by the restoration of the CURRENCY to
: the standard established by the Constitution.
d On this foundation and by this means we
! would put an end to discrimination which
, may, if it has not already done SO, create q
prejudice that may become deep-rooted and
= wide spread and impair the national crodit
e The feasibility Of making our currency
= correspond with the constitutional stand
) ~ ard may be seen by reference to few
= facts derived from our commercial statis-
= tics The aggregate produce Of the pre-
:. - ciuos metals in the United States from
- 1s49 to 1867, amount to 81, LA, 900, 900,
~ while for the same period the nett ex-
u ports of specie were Sal, $50, ,O0O This
y shows excess of products over the .cx-
= ports Of $433 900 900. There are in the
80 Treasury S1O3, ,407 1886 in coin. The
- :. circulation in the States on the Pacific
=. coast is about SAC, 100000 and 1000,
- 600 are in the national and other banks
= :: in all less than $16O, ,0OO, 600. Taking
II into consideration tho specie IN the coun
~ try prior to 1849 and that produced sine.
- = 1867, we have more than $2OO, 900 ,OO(
IA not accounted for by exportation or b,
~ the returns of the Treasury, and therefor
80 80 most probably remaining in the country
80 These are important facts and show ho,
- completely the inferior currency will 30
-, .a percede the better forcing at will its 81,
aa culation among the masses and causin
&c it to be exported as mere article of
81 70 the money capitals Of foreign land
M. They show the necessity Of retiring 81
~ paper money that the return of gold IN
- - silver to the avenues Of trade may besii,
,,,S vited, and the demand created which, u