Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1868-12-18

a1nDalnm6nuE|
that sil the creditors Of the Cover
meft should he paid In currency
possessing nm uniform value. This
can only be accomplished by the res
toratic1 OF the currency TO the stand
ard established by the Corstution,
and by this means we would remove
q discrimination which niny, fit has
not already done so. create n preju-
ldice that may become Lccp-roOteL
and widespread, ,antiiinperIlthe Ma
tional credit.
The feasibility Of making our rur-
rency correspond with the Corstit,-
tional standard may be Ncu nv re.
ference 10 few f,tcts derived froni
our commercial statistics. The ar,
gregate product of precious metals In
the United States from 1873 10 1867
amounted 70 S1,174, 600, 600, while for
the same ,scripd tho net exports Of
specie were S7I1, ,000, 200. This shows
an excess of product over net cxports
of S433 600, 600. There In In the Tiras-
ury 10 coin, In circulation In tho
States on thc Pacific coast, .npd In tho
National and ether banksr less thar
Sl6O, ,000,OO0..
Talsing into confederation tiicspe-
Gle In the cpuatry prior TO fS4tFaiid
since 1867, we have Moro than $780,
00o,0eo not accounted for by eSporto-
tion or by the returns probably rc-
naming In the country. These are
important facts and show how COM
pletcly the inferior currency will SUI
percede the BETTER forcing it from
circulation among the masses and
causing 1t to be exported az merely
an article OF trade, 10 add to the moiI-
ey capital of foreign lands. They
show the necessity retiring our paper,
money, that the return OF gold an,f
silver to avenues Of trade may I've In
vited and demand created whichl
will cause the retention at home Of
at least so much OF the productions
Of our rich and inexhaustible gold
bearing fields as may he sufficient for
the purposes of circulatlon. ais
1t Is impossible TO effect n return
to sound currency so long as tho.
Government and banks, by continu-
ing to Issue irrcdeemablc notes, MI
the channels of circulation with de-
preciated paper. Notwithstanding .
coinage by our mints since 1870, Of
$S74, ,000, 900, the people are now stran.
gers to the currency which was de-
signed for their use and benefit, and
specimens of the precious nsetals
bearing the National device arc sei.
dom seen except when produced to
crafty the interest excited by their
novelty. II deprecated paper In to
be continued IA the permanent cur
rcncy of the country, and all our coin
Is to become mere article Of traffic
and speculation, TO the enhancement
of the prige of all that ~ jpdispcnsA-
BILE to the comfort Of the Ijcoplc, Il
Will be wise economy to abolish our
mints, thus saving the Nation the
care and expense incident to such cs-
and to let our precious
metals be exported In bullion.
The time has come when tho Gov
ernment and National Banks should
he required TO take the most, efficient
steps and make all necessary arrange
ments for the resumption OF specie
payments. Let specie payments ms
once earnestly inaugurated by the
Government and Banks, and tho
value Of the paper circulation would
directly approximate to the proper
standard. Specie payments having
been resumed by the Government
and Banks, all notes or bills of paper
issued by either, of less denomina-.
tion than $40, should, by law, he ex-
cluded from circulation. SO that the
people may have the benefit and con-
venience of a gold and silver cur ii
rency, which In all their busineSsf
will be uniform In aHl-
ue at home and abroad. EveSy man
who desires TO preserve wbht lie hon.,
estly possessss or to ob.Sin what he
can honestly earn, has direct inter-
est in maintaing safe circulatinv,,
medium-such medium as, Fhiih bc
real and substantial, not'iihble To VI
brate with opinipllS; not subject To bo
blown up,, aei" blown down by tho
breeze OF speculation but to be made
secure. A disordcred currency Is one
Of the greatest political evils. II un-
dermines the virtues necessary for
the support of the social system aud
propensities destructive Of
its happiness. II wars against indus
try, frugality and economy, and fos-
tiers the evil spirit of extravagancc
and speculation.
II has been asserted by one of our
profound and gifted statesmen that Of
oil contrivances for cheating man
kind, none has been 80 cflectual az
that which dcludes them with paper
money. This is the most cffectual
of inventions to fertilizc the rich
mans fields by the sweat Of the poor
mans brow. Ordinary tyranny, Op-
preston, excessive taxation---thcsc
bear lightly on the happiness Of the
compared with n fraud
ulent currency and the robbery COM
mittcd by deprecated paper. Our
own history has recorded for our in
struction enough, and more than
enough Of Its demoralizlng tendency.
This injustice and intolerable oppres-
sion on the virtuous and well disposed
Of degraded paper currency, author
lied by law or In any way countc-
nanced by the Government IL one OF
the most successful devices Ia times
of peace or war, of expansion or rev.
10 accomplish the transfer
of all the precious metals from the
great mass Of tho people into the
hands Of the few, where they nrc
boarded in secret places or deposited
under bolts and bars, while the pcoplo
are left to endure all the inconycnj-
enccs, sacrifices and decentralization
resulting from the use Of a dcpre-
ciatcd and worthless paper.
ANDREW JOHNSON.
WAsHINGToN, Dee. 0, 1858.