Indiana American., 1868-12-18

Uohs ifvphbiJ Uot mofo tntu uhli tht
amount Of the latter, showing that when
our paper currency IL com pared with gold
and silver, its commercial value Is com
pressed into $3.50 000, 900. This striking
fact makes II tho obvious duty Of the
government, as carly as may be eousis-
tent with tho principles Of sound political
economy, 10 take such measures ~ Nill
enable the holders Of its notes and those
OF tho National Banks 10 convert them
without loss into specie or its equivalent,
A reduction Of our paper circulating
medium may not necessarily follow. This.
however, would depend upon tho law Of
demand and supply, though IL should DO
borne In mind that by making legal ten
der aud bank notes convertible Into coin
or its equivalent, their present specie value
inNthe hands OF their holders, would be
enhanced 100 per cent. Legislation foT
tho accomplishment of a result 80 desira--
BILE Is demanded by the highest public
considerations. The Constitution con-
templates that the circulating medium Of
the country shall be uniform in quality
aud value.
At the time Of the formation Of that n i.
strument the country had just emerged
from tho war Of the Revelation aud was
suffering from the effects OF redundant
aud worthless paper currency. The sages
Of that period were anxious TO protect
their poslerily FROM the evil which they
themselves had experienced. Hence. in
providing a circulating medium, they
conferred upon Congress the power TO coin
money and regulate the value thereof OF
the same time prohibiting the States from
making anything but gold and silver n
tender in payment OF debts.
The anomalous condition OF our cur.
rency is ia striking contrast with that
which was originally designed. Our cir
culation now embraces, first, the notes of
the National Banks, which are made re.
ceivable for oil dues to the government,
excluding imports, 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, snN which the law requires
shall be received us well in payment OF
all debts between citizens as Of all gov
ernment dues, excepting imports; aud
third, gold and silver cola. By the opera.
ton Of our present system of finances,
however, the metallic currency, when col.
leetod Is reserved only for one class OF
government creditors, who, holding It's
bonds semi.annually receive their interest
in the coin from tho National Treasury
There is no reason which will be accepted
us satisfactory by the people, why those
who defend us on the land aud protect US
on the sea; the pensioner upon the grati-
tude of the nation, bearing the sears and
wounds received while ia the service; the
public servants in the various departments
Of the government; the farmer who sup.
plies the soldiers Of the army aud the sail.
ors Of the navy; the artisan who tolls IN
the nations workshops or the mechanics
aud laborers, who build its edhces and
construct its forts and vessels Of war,
should in payment Of their just and hard
earned dues receive depreciaied poper,
while another class Of their countrymen,
no more deserving, are paid in coin OF
gold aud silver Equal and exuct justice
requires that all the creditors Of the gov
ernment should be ppid in currency
possessing a uniform value. This can
only be accomplished by the restoration Of
the currency to the standard established
by the Constitution, aud by this means We
would remove discrimination which may
il il has not already done so, do much to
create prejudice that may become deeJ
rooted aud widespread, aud imperil the
national credit.
The feasibility Of making our currency
correspond with the constitutional stan
dard may be seen by reference to few
facts derived from our commercial statis-
tics. The aggregate product Of precious
metals in the United States from lsi9 ia
1867 amounted to sl,l7i, 100000, while
for the same period the net exports ol
specie were s74l 100000. This shows an
excess Of product over net exports OF
sl33, 600 900. They are in the Treasury
sos, i07 ,9S5 in cola; in circulation in the
States on the Pacific coast, about $40 ,000,.
600, and few millions in the National
aud other banks; in all less than $780,
O00, ,000 Taking into consideration the
specie in the country prior to lS49, and
that since 1867, and we have more than
three hundred millions not now accounted
for by expectation or 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 the better, forcing il from cir
culation among the masses aud causing il
to be exported us mere article of trade,
to add 10 the money capital of foreign
lands. They show the necessity Of re-.
tiring our paper money, that the return Of
gold and silver to the avenues of trade
may be invited, aud demand created
which will cause the retention at home OF
at least so much Of the productions Of our
rich and inexhaustible gold bearing fields
us may be sufficient for the purposes OF
circulation. Ii is unreasonable to expect
a return TO sound currency so long as
the government and banks, by continuing
to issue irredeemable notes, fill tho chan
uels OF circulation with deprecated paper
Notwithstanding coinage by our mints,
since 1S49, Of 1914, 900, 900, the people
are now strangers to the currency which
was designed for their uses and benefit
and specimens Of the precious metals bear.
ing the national device are seldom seen
except when produced 10 crafty the in.
terest excited by their novelty.
If depreciated paper is to bs continued
as the permanent currency Of the country
and all our coin is to become a mere arti
Gle OF traihc aud speculation, to the en-