The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-12-16

points where it 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
GIBBS and flows throughout the commercial
world ss''''@
In the beginning of the Rcbellson the
bank note circulation of the country amount
ed to not much more than two hundred
millions of dollars. Now the circulation of
National Bank notes and those known as
legal tenders" is nearly seven hundred
millions. While it is urged by some that
this amount should be increased, others
contend that decided reduction is ALSO
lutely essential to the best interests of the
country. In view of these divers opinions.
it may he well to ascertain the real value of
our paper issues, when compared with
metallic or convertible currency. For this
purpose, let us inquire how much gold and
silver could be purchased by the seven
hundred millions of paper money now in
| circulation. Probably not more than half
the amount of the latter, showing that when
| our paper currency is compared with gold
and silver, its commercial value is COM
pressed into three hundred and fifty millions.
The striking fact makes it the Obvious duty
sistcnt with the principles Of sound political
economy, to take such measures MS will cna
| BILE the holder of its notes and those of the
National Bank to convert them without loss
into specie or its equivalent A reduction
of our paper circulating medium need not
necessarily follow. This, however, would
depend upon the law of demand and supply,
though it should be borne in mind that BY
| han
vertable into coin or its equivalent, their
present specie value in the hands OF their
holders would be enhanced one hundred per
cent Legislation foi the accomplishment
of IL result so desirable is demanded by the
highest public considerations. The consti-
tuition contemplates that the circulating
medium of the country shall he uniform in
quality and value. At the time of the
formation of that instrument the country
had just emerged from the war of the rcvo-
luton, and was suffering from the effects of
a redundant and worthless paper currency.
The sages of that period were anxious to
protect their posterity from the evils which,
they themselves had experienced. Hence,
in providing circulating medium, they
conferred upon Congress the power to coin
money and regulate the value thereof, at the
same time prohibiting the States from
making anything but gold and silver a
tender in payment of debts. The anomalous
condition of our currency is in striking con-
trnst with that which was originally de-
signed. Our circulation now embraces.
first. notes of the National Banks, which are
made receivable for all dues TO the govern
ment, 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 the 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 operation of our
present system of finance, however, the me-
talic currency, when collected is reserved
only for one class of government creditors,
who holding its bonds, semi-annually re-
ceive their interest in coin from the Nation
al Treasury. There is no reason which will
be accepted as satisfactory to the people.
why those who defend us on the land and
protect us on the seattle pensioner upon
the gratitude of the Nation-bearing the
scars and wounds received while in Its
servce-thc public servants N the various
departments of the government: the farmer
who supplies the soldiers of the amy and
the sailors of the navy; the artisan who
tolls in the Nations workshops or the me-
chanics and labOrers who build its edificcs
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, are paid in coin of gold and
silver. Equal and exact justice requires
that all the creditors of the government
should be paid in a currency possessing a
uniform value. This can only be accom-
plished by the restoration of the currency
to the standard established by the constitu.
ton. And 10y this means we would remove
a discrimination which may, if it has moi
already done so, create prejudice that may
become tleep-rooted and wide spread, and
impcril the national credit.
The feasibility of making our currency
correspond with the constitutional standard
may he seen by reference 10 few facts dc
rived from our commercial statistics. The
aggregate product of precious metals in the
United States from 1S49 to 1857 amounted
: to 81 174.000,000, while, for the same periot
, the net exports of specie were $74l 800, 900
This shows an excess of product over me-
J exports OF $4S3,00O,O00. There are in til,
! treasury $13,407,9 1856 in coin. In clrcula
ton in the States on the Pacific coast ahou
forty millions of dollars, and few million!
in the national and other banks In all les
than 100000. Taking into considera
ti0n the specie in the country prior to 1874!
and that produced since 1867, and we hav,
| more than $500, 100000 not accounted fo
, by expectation or by the returns of tn,
treasury, and therefore, most probably, re
, naming in the country. These are impor
} tant facts and show how completely the in.
fcrior currency will supercede the better
J forcing it from circu alton among the
masses, and causing it to be exported rs 1
mere article of trade, to add to the money
capital of foreign lands They show the
necessity of retiring our paper money. that
, the return of gold and silver to the avenues
OF trade may be invited, and a demand
, created which will cause the retention al
J home of at least so much of the produc
tions of our rich and inexhaustible GOLD
bearing fields as may be sufficient for pur
} poses of circulation.
1t IS unreasonable to expect a return to &
sound currency rs long as the government,
and banks, by continuing to issue irredeem
able notes, fill the channels of circulation
with deprecated paper. Notwithst andins
a coinage by our mints since 1S49 OF eight
hundred and seventy -four millions of dollars
the people are now strangers to the currency
which was designed for their use and bene
fit, and specimens of the precions metal
bearing the national device are seldom seen,
unless produced to crafty the interest ex-
cited by tleil novelty. If deprecated pa