Year: 1867

former against other public agents, he
should at least be permitted to act in that
| capacity before some open tribunal, in
dependent of party politics, ready TO
| investigate the merits of every case,
| furnished with means of taking evidence,
! and bound to decide according to an es-
| tablished rule. This would guarantee the
safety Of the accuser when he acts in good
faith, and at the same time secure the
| rights Of the other party. speak, of
course with all proper respect for the pre-
sent Senate, but it does not seem to me that
any legislative body can be 80 constructed
as to insure IFS fitness for these functions.
1t is not the theory of the government that
public offices are the property of those who
hold them. They are given merely as
trnst for the public benefit-sometimes for
fixed period and during good behavior
but generally they are liable to be termi-
mated at the pleasure of the appointing
power, which represents the collective
majority and speaks the will of the people.


The forced retention in Office of a single
dishonest person may work great injury to
the public interests, and danger to the pub
lie service. Evil comes not from the
power to appoint; therefore it was that the
trainers of the constitution left the power
of removal unrestricted, while they gave
the Senate the right to reject all appoint
ments which in its opinion were not fit to
be made.


A little reflection on this subject will
probably sarisfy all who have the good OF
country at heart, that our best course is to
take the constitution for our guide, walk
in the path marked out by the founders of
the republic, and obey the rules made sa-
cred by the observance of our great prede-
cessors.


THE PRESENT CONDITION OF OUR FINAN=


CEs AND CIRCULATING MEDIUM
is one to which your early consideration is
invited. The proportion which the cur
reucy of any country should bear TO the
whole value of the annual produce cireu-
lated by its means, is question upon
which political economists have not agreed,
nor can it he controlled by legislation, but
be left to the irrevocable laws which every
where regulate commerce and trade. The
circulating medium will ever irresistaby
flow to those points where it is in the great
est demand. The law of demand and sup
ply is as unerring as that which regulates
the tides of the ocean and, indeed, cur
rency, like tides, has its ebbs and flows
throughout the commercial world.


At the beginning of the rebellion, the
bank-note circulation of the country
amounted TO not much more than two hnn-
dred millions of dollars. Now the circulas
ton of the 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
absolutely essential to the best interests of
the country. In view of these diverse
opinions il may be well to ascertain the
real value of our paper issues when com
pared with a metallic or convertible cur
reney. 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 com-
mercial value is compressed into three
hundred and fifty millions. This striking
fact makes it the obvious duty of the gov
ernment, as early as may be consistent
with the principles of sound political econ
omy, to take such measures as viii enable
the holders of its notes, and those of ma
tional banks, to convert them without loss
into specie, or its equivalent. A reduction
of our paper circulating medium need not
necessarily follow. This, however, wonld
depend upon the Law of demand and sup
ply, though it should be borne in mind that
by making legal tender aud bank notes
convertible into coin or its equivalent their
present specie value IN the hands of their
holders would be enhanced one hundred
per cent Legislation for accomplishing a
result 80 desirable. is demanded by the
highest public considerations.


The constitution contemplates that the
circulating medium of the country shall
be uniform in quality and value, At the
time of the formation of that instrument
| the country had Just emerged from the war
of the revolution and was suffering from
the effects of redundant and worthless
paper currency. The sages Of that period
| were anxious TO protect their pOsteriiy
| from the evils which they, themselves, had
| experienced. Hence, in providing a cir
| culating medium, they conferred upon Con-
| gress power to coin money, and regulate
| the value thereof at the same time prohibit
ing the States from making anything but
| gold and silver a legal tender in payment
of debts The anomalous condition of our
currency is in striking contrast with that
which was originally designed. Our cir,
culation now embraces first, notes Of ma
tional banks, which are made receivable
for all dues to the government, including
imports, and by all its creditors, excepting
in payment of interest upon its bonds and
securities themselves; second, legal ten.
der notes issued by the United States, and
which the law requires shall be received
as we'll in payment of all debts between
citizens as of all government dues, ex


cepting the imports and oneSthird of the
gold and silver coin. BY the operation o
| our present system of finance, however
| metallic currency when collected, IL re


served only for one class of government


creditnrs.) who, holding its bonds semi


annually receive their interest in coin from
| the national treasury. They are thu


made to occupy an inyidious position


which NAV be of use to strengthen the ar


euments of those who would bring into


disrepute the obligations Of the nation il


payment of all its debts.


The plighted faith of the government
should be inviolably maintained bu


while il acts with fidelity toward the bond


holder who loaned his money that the in


tegrity of the Union might be preserved


il should at the same time observe COOS


faith with the great masses Of the people


who, having rescued the Union from tn,


perils of rebellion, now bear the burdens


of taxation that that government may b'


able to fulfill its engagements. There i


no reason which will be accepted as salts


factory by the people Why those who de


fend us on the land and protect us on thu


sea, pensioners upon the gratitude of thu


nation, hearing scars and wounds receives


while in its service, public servants in th'


various departments Of the government


the farmers, the soldiers of the army anc


the sailors Of the navy, the artisans wh'


toll in the nations workshops, the me


chanics and laborers who build its edifee


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, gol'


and silver. Equal and exact justice re
| ouires that all creditors of the govern
| ment should be paid in currency posses
| ing uniform value. This can only b
| accomplished by the restoration Of tn
currency TO the standard established b


the Constitution, and By this means "


would remove a discrimination whicI


NAV, If it has not already done SO, create


prejudice that may become deep-roote'
4