The south-western. [volume] (Shreveport, La.) 1852-1870, 1868-12-16

would be infused INTO tle pafaised energies of GU
people, and activity and vror impaired TO ever,
branch o industry. Our people need eicoura geintn
in their efforts to from the effects Of the re-
heltlon aud Of indndicioHs legislation and it shonlt
be the aim OF the Government stimulate them Nv Tx
prospect Of IN carly release from the burdens whcl
impede tlief prosperity If c4nnot take the bur
deits fron their shoulders should at least manifes
a Willingness to help u bear them.
In referring TO tie the condition Of the circulating
medium, shall merely reiterate substantially that por
Ton OF my last annual mess ge which relates to tha
sutJtct The proportion which the currency of an,
country should bear the whole value Of the alina
prodftce circulated by its teans is question upo!
whe! political economists have not agreed nor can il
be controlled by legislation but must be left 10 the r
revoeabe laws which every where regulate commerce
ana trade. Tic circulating medium will ever aid r
ressti ~ flow to those points where it is in greaes
demand The law OF demand and supply is as uner
ring as chat which regulates the tides of tire ocean
and indeed cnrreuy Ike tides has its Gibbs aud flow,
throughout the commercial world At the beginning
OF the rebeiog the bank note circulation Of the conn
try amounted TO not much more than S20o,50O 600
Now the circulation OF Tie National Bank notes ard
those Known as legal tenders IS nearly 500 600 coo
y reduction is demanded by the highest public consid
emtlols The Constitution contempates that the cir
ruating mediGm of tile country shall be uniform ii
quality and value. At the time Of the fo,naation oil
That Instrument the tntry had jut emerged from the
war OF tie rebellion, and were sufIrrin. from the eff
iects CT a rednnd@nt~and worthless paper currency
and the sag"s Of that period anxious to nresecr
their poserity from tile evils which they themselves
had experienced Hence, in proYlding circulating
medium they conferred upon Congress the power to
coin money and regulate the value thereof and at tile
same time prohibiting the States FROM making ANYTHING
but gold and SILVER tender iii tile payment of debts
The Il omaIous condition of currency is in strk-
ing contrast with that which was originally designed
tnr tlrcHiar;ion now embraces fir>t-NOteS Of the
national banks, ei made receivable for all dues
to the Government, excluding imports and by all its
creditors excepting in payment Of interest upon its
bonds "nd tie securities themselves. Second-I Legal
te der n4tes issued by tie Uhicd States and which
the law requires SHALL be received as well in pay
mcHt Of all debts between citizeis as of all Gov
erhnaeit dues, excepting Imports. Thrd-Gcid and
silver coin BY the operation Of present system
finance however, the metallic currency when collected
is received only iGr one ctss OF Government credit
or>, who, holding its bonds seR1i annually receive their
interest i'll coin from the National Treasury.
There IS 10 reason which will be accepted as salts
factory by The people Why those who defend Us Oh the
land and p'ot CT Us on the sea the pcsoner upon the
gratitude ot the nation bearing the and wounds
received IN is service, the public servants in the va
lIcuS departments oi The Governments the farmer who
supplies the soldiers of tie army and tie sailors of the
navy tue artisan WHO tolls in the nations work shop
Or the mechanics and latorers who build its ediccs
and construct its forts and vessels of war slon!d not
receive in payment, we'll as their c0untrv,ncn no
more deserving, coin OF gold and silver. Equal and
exact justice requires that all the creditors of he Gov
rlnnp mt should be paid ia rurei cy possessing uni
form value. Ibis can only be accomplished bv tie
restoration OF the currency to the standard established
ty fhc t"nstluton-not by paving one class their
hat d earned dies in appreciated paper while we pay
another class in coin. BY this means, we would re-
move a discrimination WHICH may, il il la not already
done 50, create prejudice that may become deep
rooted ald Widespread, aud nPeril tie national credit.
Tie Feasibility OF mHk currency correspond with
the constitutional standard may be by reference
to lew facts derived from commercial statistics
The aggregate production OF the precious metals in
the ntted States from St3 to 1867 amounted to 81
l&4, 100000, while tor the prliod the net ex-
ports ot specie were $74l, 100000. The receipts OF
tie general land Office lor the slne period ". re 81
$50, ,T45, being greater by SIS SS3 than tie amount
realised from the same during the previous
year. Tie entries under the Homestead law cover
228, 925 acres nearly oneI0nrlH Of which was taken
under the act OF June 2l>t 1866 which applies only
to the States OF Alabama, Mississippi Louisiana, Al
kansas and Florida. On the 3Ui! OF JuHe 1865 It9-
Gas names were borne on the pension rus and during
the year ending that day. the total amount paid for
pensions, including the expense Of disbursement WAS
being IS 39l O2J greater than that ex-
pended for like purposes during the previous year
The year ending the 30th Of September last, tie ex
prrse OF the Patent Office exceeded the receipts by
Si7E and including ri,sues and designs, H. 50 pat
euts we're is ued
,V"'''9 win N"'t~uS i"ul'h 1floe> nave oeeh con-
cIu'e" 'u wa! 't tmn't'H 10 le senate Ter ITS CON
>'''"sioii "It'"' 1'e s''Ft@tl"hS PfoEiue lof re-
'''"- '"'N 'p' 'I io'2 'lptS' oH Niich thVy may
. ~ "'a'"'u ''.ei "o''Ioe '''s aia en-
80 II. 9'''"''","' "''N l"1"S'l@i pursuits. ihiS
"a years s'ic'' hHs he' "'th sig
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