The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1868-12-17

( Il NC Of t.to formation OF that in
st Ument, the country had just
EN- ,rgod from the war Of the Reso-
llutio II, and wa suffering from the
elroci Of redA ndant and worth
lless D sper currc.cy. The ssges
Oh that ueriod wcro anxious to pro-
tcct their prosperity from the evila
which shy themselves had expert
enced. Hence, in prov. ding a cir
eulating medium they conferred
upon Congi 9ss tho powc. to coin
money andrdgulate the yaluS' there
Of, at tho sans time prohl biting
the State from making anything
but gold and silver a tender in lay
mont Of debts. Tue anomalous ct'n-
diIion of our currency is in strikiny
contrast with that which was origi-
nally designed. Our circulation
now embraces, First: notes Of tho
national banks, which are made
receivable for all dues 70 tho
Government, excluding imposts,
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 tho
law requires shall be received as
well in payment Of all debts between
citizens as of all government dues,
excepting imposts, and Third:
gold and silver coin. BY the oper-
ration Of our present system of
finance, however, the metallic cur
rcncy when collected is reserved
only for one class Of governments
creditors. who holding It's bonds,
semi-annually receive their inter-
ost in coin from the National Trease
ury. There is no reason which will
be accepted al satisfactory by the
people, Why those who defend us
on the land and protect us on the
sea, the pensioners upon the gratis
tudo of the nation, bearing the scars
and wounds received whilo in tho
service, the public servants in tho
various departments of the Govern.
ment, the farmer who supplies the
soldiers of the army and the sails
ors Of tho navy, the artizan who
tolls in the nations workshops, or
tho mechanics and laborers who
build its edi6ccs 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,
arc paid in coin of gold and silver.
Equal and exact justice require
that all the creditors oftho Govern,
ment should be paid in currency
possessing a uniform valuo. This
can only bo accomplished by tho
restoration of the currency to the
standard established by the Cons
stitution, and by this means we
would remove discrimination
which may, if it has not already
done 80, create a prejudice that
may become deep rooted end wide
spread, and imporil tho national
credit. The feasibility Of making
the currency correspond with tho
constitutional standard, may DO
seen by u reference to few facts
derived from our commercial sta
tisticS.
The aggregate product Of precious melals
in the United States from ls40 TO 1867,
amounted to Sl,l74 0O0, 900; while for The
same period the net exports Of specie were
| S1<l, 900, 600. This shows an excess Vt
product over net exports Of Sl33 coo, 600. -
There are in the Treasury Sl03, 4OI ,9S5; Ia
coin in circulation in the States on the Pa
ciiic coast about forty millions, and few
millions in the National and other banks, ia
All less than ono hundred and sixty millions
Taking into consideration the specie in the
country prior to ls40, and that produced
since 1861, and We have more than three
hundred millions not accounted for by ex-
porlation or by the returns OF the Treasury,
aud therefore, most probably, remaining
ia the country These arc important facts,
aud show how completely the inferior cur
rency will superceie the better, forcing IL
from circulation among the masses aud
causing il TO be exported, as n mere article
OF trade, to add TO the money capital OF Tor
eign lands. They show the necessity OF re.
firing our paper money, that the return OF
gold aud silver TO the ayenHes OF trade may
be invited and demand created which win
cause the retention at home Of at least so
much OF the productions Of our ricS and in-
eThaustible gold bearing fields, us may bO
sufficient for the purposes Of circulation. IL
is unreasonable 10 expect rolurn to a sound
currency so long ~ tho government and
banks by continuing tho issues OF irredeema-
bic notes, hll tho channels OF circulation
with deprecated paper. Notwithstanding
n coinage by our mints since ls49 OF eight
hundred and sevengy-four million OF dollars,
the people are now strangers TO the curren-
cy which was designed for their use aud
benefit, and specimens Of the precious met
ais bearing the national device, are seldOm
seen, except when produced 70 crafty the
interest excited by their novelty.
II deprecated currency is 20 be continued
as the permanent currency of the country,
aud all our coin is TO become . mere article
OF speculation, 10 the enhancement Of tho
price OF all that is Indispensable TO the COM
tort Of the people, it viii DO wise economy
to abolish our mInts, thus saving tho nation
the care and expense incident TO such estab-
lshments, and let all our precious metals 10
exported In bullion. The time has come,
however, when the government and nation-
al banks should DO required to take the most
efficient steps and make all necessary ar
arrangements for resumption OF specie pay
menls. Let specie payments once earnestly
be inaugurated By the government and
banks, and the value OF paper currency
would directly approximate to specie
standard. Specie payments having been re-
sumed by the government and the banks, all
Dotes or bills, OF paper issued BY either OF
less denomination twenty dollars, should DO
larclndad from cfrcuiation a. thar the r..r,.l.