Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1872-04-25

was unequivoeal reputation 70 that extent.
| speak not now Of the motive which in
dueed the cnac,nsc, Of the Law. / am
aware Of the finsnoial difficulties which
surrounded the Treasury a, the time the
law was passed. and am willing 10 make
every allowance for theerrors Of jud gmcnt
into which men fell at season when all
was confusion, uncertainty, and severe
trial. Nevertheless. the fact remains that
the greatest financial errsr vas committed
and by none has it been mere frankly and
fully acknowledged than by the then Sc
cr"tary Of the Treasury, now the Chief
Justice Of the United States, under whose
direction and ut whose instance the scheme
of the Government currency ssximitiated
But the genius shs ecnsasuetsd flie .ys-
ten Of currsr<s -aadss wi;ei.we-iisg.-vho
vas reluctantly dragged into the legal
tender error under circumstances he hi m
self has explained. never for a moment
contemplated the continuance Of depre-
cated paper circulation one hour beyond
the emergency Of the occasion. His own
language. in lis report Of December. 1862
best describes how far ap irredeemable pa
per currency in time Of peace aud un-
bounded prosperity was from his thoughts.
He says:
The Secretary rccommends, therefore. no
mere paper-nouey scheme, hut, ON ihe enptrary
" series OF measures looking 90 a safe and grad
ual return 10 gold and silver IS the ouly perala-
ncnt basis, standard and meas Of value re-
cogniZcd uy the Constitution
His was no huckstering policy. He sat
not at the gate to trafc in gold and hoard
it in the Treasury at the expense of the
people. lie did not propose one circula-
ton for the Govcrnment and another for
the citizen. but he relied for the credit of
his circulation upon its receivabilitv for
ali national taxes, all dues to the q ,vcrn
ment, and all loans" But how stands
tue case at this time? Although the
most comprehensive system Of taxation
has been devised, and the country for sew
eral ye1ts has been in the regular receipt
of the largest revenue Of anv nation in the
world. although it has shown its capacity
to discharge the entire national debt with :.
in single generation. and by firm anl
just re;,cration Of its pledge of faith to
the holders Of its bonds. has planted
them firmly in pubic confidence. it still
deliberately continues TO dcrrr-i=re its
own circulation, nay. i; actus.ly makes a
source of daily trafe and boastlul gain TO
itself out OF that very dcpreciatinr
ln former times, indeed. it was the rrac-
tice Of kings 20 debase their coinage in or
der to replenish their exhausted trcasu-
rics But the spectacle has been reserved
for the United States. the most prosper-
Gus and wealthy Of the nations of the earth.
n nation governed hy written Constitu-
ton. whose rulers profess to ie actuated ONLY
by justice ard the desire to promote the
prosperity Of the people; it has been re-
served for THIS country in the present age
to maintain a deliberate policy whereby
the circulating medium which it furnishes
to the people shall be persis,cn.ly depreci-
atcd. and for its Secretary OF the Treasury
to be daily in the marke, buying at dis
count, the circulating medium to be used
in the current disbursements Of the Gov
ernmcnt. and parading in his monthly
aud annual reports. as part Of the resour-
ces of the country. the mi'l!ons Of money
gained in this nefariOus trafc with the
national faith and the national honor.
According to the last annual report the
profit Of the Teasury BY the sale of gold
for currency for the wear ending June 80.
1871, vas Ss.s92 ,S39,95. And By the
monthly statement Of Arril I. 1872. the
amount Of hoarded gold in the Treasury
was S1o0 800. .6lo.2a. Whence the ne
cessity for this anomalous legislation and
these discreditable rracticesl 1, is saiG.
tha, the national faith being pledged to
the payment Of the annual interest upon
the national debt in gold. it is inaispcn-
sable to raise the requisite amount of gold
by the duties on foreign importstions as
the surest and least burdensome mode OF
providing for the wants Of the country
| agree that the bondholdcrs should be
paid in gold. and be paid TO the last farth-
ing. could never entertain the idea OF
paying them in anything else than in gold
or iI its equivalent. recognized BY them
selves, and frecly v accepted as its roal equiv
aleut. But while concedc this insis,
that the bond creditors stand on no higher
ground than other creditors. q than the
people at large. insist that il faith can
only be kept with the bond creditor, by
! r., ,ug uiui iu gUia, then faith and iinsticc
are violated Whenever the Government
requires of any other creditor to receive
less than gold for his demands. No dissinc-
tion Of faith between the two classes can
be made.
The great majority of the holders oil
the United States bonds are, and until
within two years past nearly all of them
we're. citizens Of the United States. Now.
it cannot be mainssined tha, one citizen
debt is any more sacred than anothers, or
that the Government has any more righ.
to take one mans private property 70,
pablic use without Just com mpensation than
anoshers. Absolute necessity--which ab.
sslutely necessity means absolute inability,
not mere additional expense. not an in.
considerable abatement of an oyerdowiuc
/ annual revenue'-can alone justify any
halting or halfway measures, any short.
coming in the fulfillmen, cf national OBJ
sisatioa. Now, how stan6s the case a,
this time? The reports os the Treasury
show a reduction Of the public debt wi;h.
10 the past three years Of about three hun.
dred millions. aud the current interest
upon the deb; still uapaid does tot exceed
one hundred and ten millions per annum.
The revenue from eustcms. payable In
gold, was over two huudred millions las
year, and viii be still more during the