The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1868-12-16

~ In
war of the Revolution, and was suf.
fering from the effects of a redundant
and worthless paper currency. The
sages of that period were anxious to
protect their PROSPERITY from the evils
which they themselves had experienc:
ed. Hence in providing a 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 currency is in striking
contrast with that which was original
ly designed. Our circulation now
embraces, First notes of the national
banks, which are made receivable for
all dues to the government, excluding
imposts, and by all its creditors, ex-
cepting 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 metallic
currency when collected is reserved
only for one CLASSIC government cred
,itors, who, holding its bonds semi-an-
,.nually receive their interest in coin
from the national treasury. There is
reason which wnE be accepted as
satisfactory blythe peoHle,= why those
who defend lis on the land and pro-
tect us on the sea, the pensioners up.
on the gratitude of the nation bearing
the scars and wounds received while
in its service, the public servants in
the various departments of the gov
eminent, the farmer who supplies the
soldiers of the army and the sailors of
the navy, the aEfizan who tolls in the
nations workshops, or the mechanics
and laborers who build its edifices and
construct its forts and vessels of war,
should, On payment of their just and
hard earned dues, receive dereciated
paper, while another class of their
COUNT men, 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 q currency possessing a uni
form value. This can only be accom-
plished blythe restoration of the cur
reney to the standard established by
the Constitution, and by this means
NC. would remove a discrimination
which may, if it has not already done
so, create a prejudice that may become
deep rooted and wide spread, and i'm
peril the national credit. The feast
bility of making our currency cores
oo1.d with the constitutional standard,
q he seen by a reference to q few
facts derived from our commercial
statistics.
The aggregate product of precious
in the. United State from 1919!
to 1867, amounted to 81, 165, GOe,oOO;
while for the same period the me- *
ports of specie were s741, 900, DOC.
] his shows an excess of product over
net exports of s433, 000, 00n. There
are in Treasury SOB, 407, 9S5; in coin
in circulation in the States on the Pa
cifc coast about forty millions, and a
few millions in the National and other
in all less than one hundred and
millions. Taking into consider
alton the specie in the country prior
to ,1s49, and that produced since 1867,
atd We have more. than three hundred
millions not accounted for by exporta-
ton or by the returns of the Treasury,
and therefore, most probably, remain
in the country. These are i'm
bbortant facts. and show how complete
y the Inferior currency will supercede
The BE- .er, forcing it from circulation
among. the masses and causing it to be
exported, as q mere article of trade,
to- add to the money capital of foreign
They show the necessity of
our paper money, that the re-
of gold and silver to the avenues
IF trade may be invited and a demand
whichwifl cause the retention
1t home of at least so much of the
of our rich and ~inexhaus-
sible gold bearing fields, as may be suf-
for the purposes of REGULATION.
It is unreasonable to expect a return
o a sound currency so long as the
government and banks by, continuing
he issue of irredeemable notes, fill the
,hannels of circulation with depreciat-
ID paper. Notwithstandinga ceinaga
oy our minis since 1849 of eight hum
red and seventy-four million of dol
ars, the people are now strangers to
he currency which was designed for
heir uses and benefit, and specimens
# the precious metals, bearing the
device, arc seldom seen, ex-
,ept when produced 10 crafty the in
crest excited by their novelty. If
paper is to be continued
S the permanent currency of the
:ountry, and all our coin is to become
: mere article of traffic and specula-
ion;5 to the enhancement of the price
f all that is indispensable to the COM :
ert Of the people, it will be wise
economy to abolish our minis, thus :
the nation the care and expense
to-such establishments, and
ct all ourprecious metals be export
d in bullion. The time has come,
powever, when the. Government andiFf
ationa4 banks should be required to |
IKE the most efficient steps and, make +
IL necessary arrangements. for re s
lmption of specie payments. Let q
pecie payments once be earnestly in t
ugurated by the government and b
anks, and the value of the paper cir
would directly approximate t
a specie standard. Spesie payments t
nd the banks, all notes or bills of pa n