Year: 1867

thous.nd different ways aud by violent party
men, in violent party tines unfaitbiulness to
the Constitution msy even come 10 be consd-
cred meritorious. If the officer be accused Of
dishonesty, how shall il be made out7 Will 1t
he inferred from acts unconneeted with public
dutt, from private history, or from general reps
utatiou2 Or must'the President await the com
mission of an actual demeanar in Officer Shall
he ia the mea utime risk the character and inter-
est of the nation in the hands Of men to whom
be cannot give bis confdence7 Must he forbear
his complaint until the mischief is done, and
cannot be prevented If his zeal in the public
service should imPel him to anticipate the overt
act, must be move at the peril of being tried
himself for the offence of sanderiug bis sutor-
dinate2


In the present circumstances Of the country,
some one must be held responsible for official
delinquency Of every kind 1t is extremely dif
frult to say where that responsibility should be
thrown, if 1t be not left where it has been placed
By the Constitution but all just men will admit
that the President ought to be entirely relieved
from such responsibility, if be cannot meet II
by reason of restrictions placed by law upon
his action. The unrestricted power OF removal
from Office is very great one to be trusted even
to a magistrate, chosen by the general suffrage
of the whole people, and accountable directly
10 Them for bis acts. 1t is undoubtedly liable
to abuse, and at some periods of our history
perhaps has been abused. If it be thought desls
rable and constitutional that it should be so lin
tied rs to make the President merely a common
informer against other public agents, be should.
at east be permitted 10 act in that capacity be.
fore some open tribunal independent of party
politics. ready 10 Investigate the merits Of every
case furnished with means of taking evidence,
and bound TO decide according to established
rules This would guarantee the safety of the
accuser when be acts in good faith, and at the
same time secure the rights of the other party.


!.
present Senate, but it does not seem to me that
any legislative body can be so constituted as to
insure its fitness for these functions. 1t is not
the theory of this government that public offices
are the property OF those who hold them. They
are given merely as n trust for the public bene>
6t, sometimes for fixed period, sometimes du.
ring good behavior, but generally they are liza
BILE 10 be terminated al the pleasure OF the sp-
pointing power, which represents the collective
majesty aud speaks the will OF tine people The
forced retention in Office Of single dishonest
person may work great injury to the public in>
Ierests. The danger to the public service comes
not from the power TO remove, but from the
power 10 appoint. Therefore it was that the
trainers of the Constitution left the power of re.
moval unrestricted, while they gave the Senate
right to reject all appointments which in its
opinion wer not fit to be made. \ little refec-
tIon on this subject will probably satisfy all who
have the good OF the country at heart, that our
best course is 10 take the Constitution for our
guide, walk in the path marked out by the
founders OF the republic, and obey the rules made
sacred by the observance of our great predeces
sors


The present condition of our finances and cir.
cuiaIIpg medium is one to which your early cons
siderauon is invited. The proportion which the
currency of any country should bear to the
whole value OF the annual product circulated by
It's means Is question upon which political
economists have not agreed, nor can it be con
troled by legislation, but must be left 10 the ir
Tevoci1le laws wb ch every where regulate COM
m-Ice aud trad-. The circulating medium will
ever resstGly flow to those points where it Is in
greatest demand. The law of demand and SUPP
ply is as unerriug as that which regulates the
tides ot the ocean, and indeed currency, like
TIE tide, b ,s its ebbs and flows throughout tie
pmmt rcIal world.


the beginning of the rebellion, the bank
noie circulation of the country amounted to not
much more than two hundred dollars Now the
circulation vi National Bank notes and those
known as legal tenders is nearly seven hundred
millions White IL is urged by some that this
amount should be increased, others contend
that decided reduction Is absolutely essential
10 the rest interests Of tue country. Ia view of
these diverse opinions, 1t may be well to ascer
tain The Tea! value of our paper issues when com,
pared with metallic or convertible currency.





and silver could be purchased by the seven huns
dred millions OF paper money now in circula.
ton. Prubab not more than half the amount
of the latter, showing that when our paper cur,
rency is compared with gold and silver its COM
mercial value is compressed into three hundred
and fifty millions. This striking fact makes it
the duty Of the government, as early as may be
consistent with the principles of sound political
economy, TO take such measures as will enable
the holders of its notes and those of the Nation.
al Banks, to convert them without loss into spe.
Gle Ur iis equivalent. A reduction of our paper
circulating edium need not necessarily follow
This, however, would depend upon the Law of
demand aud supply. though it should be borne
IN mind that by making legal teader aad 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 the accomplishment of
result so desirable is demanded by the highest
public consideration.


The constitution contemplates that the circu.
latlng medium Of the country shall be uniform
| in quality and value. At the time of the forma.
ton OF that instrument the country bad Just
emerged from the war of the revolution 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 expe.
! rlenced. Hence, in providing n circulating me
| u'uh 'uel 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 tender in pay


ment Of debts.


| The anomalous condition of our currency is in
striking contrast with that which was originally
designed Our circulation now embraces first,


notes OF national banks, which made receiv-
! able for all dues to the Government exclud NO
imports, and by all its creditors, except in pay.
| men' OF interest upon iIs bonds aud the securi,
ties themselves; second legal tender notes issued
/ by the United States, and which the law re-
| quires shall be received. AS well in payment OF
nil debts between citizens, as of all Government
dues, excepting IMPORTS third, gold and silver
coin. By the operation of our present system of
nnance, however, the metallic currency, when
COLLECTED, is reserved for only class of Gov
ernment creditors, who, holding its bonds semi
annually receceive their interest in coin from
the national treasury. They are thus made to
occupy an iuvidious position, which may be
used to strengthen The arguments of those who
would hiring into disrepute the obligations of
| the Government, which should be iuviolaby
/ m