OCR Text |
Show trusted .even toa: magis tratejaibbti:;By land Worthless! paper currency. The4ver to the avenues of trade may lie in-- . tllO. general SUlTraCO of 'tho. lhn1n nw. Rftirpa nf fhfit" nrrrnH .rttfr onvffttia x?lfol nhr. t flomnfitl nrnntml' accountable : directly; to them protect their 'posterity' from the evils eause the retention at home of at least, pie,, ana loriiis acts. j.t is undoubtedly, liable to which themselves had experiehc- - so much, of the productions of our rich they J some abuse, andj atf periods of our his- ed. ; Hence, in providing a circulating- and inexhaustiblegold bearing fields as , t"a?. been abusedr If Jit medium,5 they conferred upon Congress may be sufficientfor piirposesof cifcula- ?i fViu?nt tu,e?irabIo and constitutional the power to coin money, and regulate tion.'fltls unreasonable to expect are-tur- n tliat it SUOUld bo SO limltWI na fn innlrft fhft'vnlnn fliAwnf? nf. onmn :vL to a sound currency i so long as the the President merely a common infor- - hibiting the States (from overh men t , by continuing to issue irre- mer against other riulilfo' 'nrnntct'1in nnvfhlnrr Vmf. r.lA nr.,. 'enmaking G deemablo notes, fills the channels ;of at bo Bhouid,' ;to act in 'tender 'in payment fof debts.!'" The circulation with depreciated paper:; least, .that capacity before permitted some open tribunal, ariomolous condition ; jof our curren- - Notwithstanding iv i coinaga by .our uuupuuuum oi party politics, ready to ey is. in striking contrast :with that mints; since 1849, of $874,000,000, the luo- merits.. ox- - cv cry case, wmcn was oricinallv desicrnedi Our - vf curt toi are now the people strangers iurnishod- - with, monnci nfl tnlinrr oirrnlJitinn tinw nmhmnoo Href nnfaa was for their use which rency designed Ulld nnto bound loWto Tlnnlra TCTjiHnn?il evidence, .Ttr?i t. v,o,l and benefit, and the specimens of pre, established .riilea. cording tq This ceivable for ail dues to tho Government cious metals bearing tho national device: wouiiiv, guarantee, the safety. ,bf the excluding imports, and by all its credit are seldom jseen, except when produced accuser, when hoacts in crood faithrdnd to gratify the interest excited by their exnenses at the samp time, secure , the. rights of upon its bonds and the securities them-th- o novelty. -paper is to be th other, party. ; I Bneak.'of coursft. I fipIvs?Rfir.nnd. lrm! fnrtr nofo. loonori continued!jlfasdepreciated the permanent: currency " ITri u all with an collect proper respect of the present by itho United States, and which the of the country; ana all our coin is to i were seven years no. Toreauire3 care- - Seuate,v but it does not seem to me that- law requires shall be received as well in become a mere article of traffic and j can so as be cohstitutof all debts between citizens, speculation, to the enhancement f in body systematic any legislative rvoDTas cll payment per fected, edas to insuro its fitness for these func- - as of all government ; dues, excepting price of all that is indispensable to tho system, neverthe v&ffi Tenure tions. It is not the theory of this gov- - imports; andj third, gold . and) silver comfort of the people, it would bo wise much disorganized by lmoat deseminent that public offices are the coin. Bv the bneration of onr present economy j to abolish-- ; our : mints,, thus of OUico KBill, which, has .Tho property of; those who hold them. They system of finance, however, tho metalic saving tho nation the care and expense troyed bfllcial accountability, uiu uivcu uiurciy aa a trust ior ine puo- - currency, is reserved incident i to such Establishments, and : President may bo thoroughly convinced lie benefit, sometimes for a fixed period only for one class of Government credi- - let all our precious metals bo exported incapable, dishonest, ana that an officer tois tke.Constitution, but sometimes during good behavior; tors who. holding Its bonds, semi-annin bullion, Tho time has come, ho Tr or unfaithful uuw are the iiaoie to do tcr- ally receive their interest in coin from ever, when the Government and Nageueraiiy uiey under the law which 1 have named to minated the of the appoint-- , tho National Treasury, n They are thus tional BankB should bo required to take pleasure utniostiho can do is to complain atjtho cAnfAUnfi nlr tliGnrivilecre of suddIv- - ing power, iwuicn represents the collec- - made .to occupy an invhlious ppsition, tho most efficient steps, and make all his place with a better man. If the nve majesty ana speaKs the win or the which may bo used to strengthen the necessary arrangements; for a i resump ing Cnnntn no rpfiinieu us uenuuiui.v va people. The forced retention in' office I arguments of those who would! hrinsr tion of specie'pay men ts at the earliest! the President, of asinirlol dishonest 'rierson mnv work into flfKTflnnfo rthn nhllfrfitinn inf practicable period; Specie, payments politically hostile to not to bo inviolaTho interests. which should and been once resumed by the Govgreat injury natural public altogether Government, it is (having aauger xo tne puuiic service comes not biy maintained. Hut, while it acts with ernment and Banks, all .notes or unreasonable, for the i officer toas ex- from the power to, remove', but from the-- fidelity- toward ithe bond holder, : who Jbllls $ of - paper issued by , either, far part and pect that it will take tohis his place, power to appoint; therefore it was that: loaned his money that the f Integ- - of a less- denomination than .twenty as possible, restore him should- by law bo i excluded iExecutive tno iramers 01 tne constitution icit tho rity or . tho : union might bo dollars, give him triumph over his of removal unrestricted, while served, it should i at tho ; same time from circulation, so that the people may other chances superior. The officer has accidental dethey gave Itho Senate a right to reject observe good faith with tho great masses have the benefit and convenience of a of impunity .arising from fect of evidence, the mode of investi- ail appointments which, rn its opinion, of tho people, who, having rescued the gol4 and silver currency, which iri all of the hearing. were not fit to be made. A little reflec- - Union from the perils of rebellion, now their business transactions will be unigating it,and the secresy official malfea- uon on mis suoject, win probably satis- - bear tho burdens of taxation that the form in value at home and abroad. It is not wonderful that wiiu navo megoouqi inc country uovernmenL may ne aoio to mini its Every man of Iproperty or j industry, sance should become bold, in proportion as the delinquents learn to think at heart, that our best course is to take encacements. There lis no reason every man' who desires' v to prethemselves safe. I am entirely persuad- the Constitution for our guide, walk' in I which will be accepted: as satisfactory serve what ho honestly possesses, ed that under such a rule the President the path marked out by the founders of by thoi people, why thosewho defend or to obtain what he cani honestly : cannot perform the great duty assigned tho Republic, and obey the rules made II us on land andl protect us on sea. the earn has a direct interest in maintaining in him. o f seeincr the laws faithfully sacred by, the observance of our great pensioner upon tho gratitude of tho na- - a safe circulating medium such a me- scars ana wounas re- - dlum as shall be real and substantial, , executed; and that it disables him most preucucaaura. uod, oearing Tho present condition of our flnancesH ceived while in its service, the public not liable to vibrato with opinions, not especially from enforcing mat.rigia ac and circulating medium is one to which I servants ini r. the;i various depart- - subject to be' blown up or blown .down countability which is necessary to mo due execution of the revenue laws. ,The yourieariy consmerauon lsinvitea.. rue menta or tne. government,! .the by the breath of speculation, but to' bo Constitution invests the President with proportion which the currency, or. any farmer who supplies the soldiers.;of the made stable- and isecure. A disordered to decide whether a removal couuti-- should bear to the 'whole, value army and the sailors of the navy,Y the currency is ono of tho greatest- - political authority should be made in any given case. The of the annual product cl ecu luted by, its artisan who toils in the nation's work- - evils It Undermines the virtues nec- - i Act of Congress declares, in substance, means, is a question upon which poiiti- - shops, arid tho mechanics and laborers essary for the Bupport of the socials sys-- 1 that ho shall only accuse such as he cal economists have not agreed, nor can who" build; its edifices arid construct its tern, : and encourages rpropensities des- supposes to be unworthy of their: trust. it be controlled by legislation, but must forts and vessels of war, should ini pay-b-e tructlve of its happiness, it warsagalnsti The Constitution makes him sole judge left to the .irrevocable laws which I xnent of their just and hard earned dues.1 industry; frugality and economy. and it in the premises; but statute takes away, every where regulator commerce and receive, depreciated paper, while another fosters tho eviT spirit ' his jurisdiction, transfers it to the Ben-at- traqe. ; JL'iie) circulating mcuium win class joi .tneirj country men, ; noirmoro and speculation; - It has been" asserted and leaves him nothing but the ever irresistibly flow to those points, deserving, are paid in coinjof gold and by one of our profound and most gifted odious and sometimes impracticable where it isifin greatest demand.! ;Tho silveri Kqual and exact justice requires statsmen that of all contrivances fori classes of man duty of becoming I a prosecutor. law of jdemand and supply is as unerr that:all; the .creditors of the Government cheatlnc: the laboring The prosecution ris to be conducted rine as that which rregulates the tides should bo paid in a currency. possessing kind none has been more effectual than before aNtribunal whose members; are of tho ocean! and indeed, curreHoy.'like uniform ' value. This can only pa ac- - that which deludes' them with paper not like him, responsible to ithe whole thoides,has its ebbs and nows through-- , complished by tho restoration or: tne money. -- This is the most' effectual of : , bllAiJV mMv lllHIl U I CUklVUO W currency to tho Btandard established we by 1U people, but to separate constituent out the commercial world. fields by the sweat of th e poor man's At tho beginning of the rebellion the tho Constitution; and by this means, bodies; and who may hear his accusation with great disfavor. The Senate bank note circulation of itho country would remove a: discrimination which brow. Ordinary tyranny oppressionj is absolutely without any known stand- amounted to not much more than $200.r may. if it has not already dpnoso, create and excessive taxation, these bear light- -' on1 the happiness of the 'mass of a ard of decision applicable to such a 000,000. . Now,; the circulation, of Na- - a prejudice that may become deep-root- ly case. Its judgment cannot be antici- Liouaiauii. uoies, unu tuoao unown as i ea nna wiae Bpreaa, anu imperii mo u il community .compared with a fraudulent pated, for it is not governed by any rule.; legal tenders, is nearly i 700,000,000, II tlonaL credit. The feasibility ormamng- currency and robberies committed by The Jaw does not define what shall- be while it islurcred bv some that this ourcurrendv correspond with the Con- depreciated paper. Ourown i historydeemed good cause for removal. It is amount: should bo increased. Others Btitutional standard, may bo seen by re- - has recorded for ourinstruction, enough our and more than enough Ofthe demoral impossible even to conjecture what may contend that a decided reduction is ab- - I ference to a few facts iderlved irom , . i or may not be so considered by the Bolutelv essential to the best interest of commercial statistics , , and intolerable f injustice tendency, izing I and well on virtuous , Senate. The nature of the subjects for- the country.' In view of these diverse r The tiroduction of: precious m'etals in oppression the bids clear proof. "If the charge be in- opinions, it may bo well to ascertain tho United States from 1849 to 1857, in- - disposed, of a degraded paper currency authorized by law, or in any way councapacity; what evidence will support it. Fidelity to the Constitution may compared with a metallic or convertible 1858;to 1860,inclusive, to SlST.oW.OOO.and tenanced by Government. It is one of be understood, or misunderstood, in. a currency. For this purpose let us in- - from 1861 to 1867,r inclusive, to $457,600,- - the most successful1 devices' in times of thousand different ways: and by vio- aulre how much cold and silver could 000:makinir the errand aggregate oi pro peace or war, expansions or revulsions, lent party men, in violent party times, be nurchasedbv the S700.000.000 of naner ducta Binco 1849.' SI. 17000,000. The to accomplish the transfer of all precious unfaithfulness to the Constitution may money nowjdn circulation. Probably I amcant of BpeciOrColned from 1849 to; metals from the great mas3 of the people even come to be considered meritorious. not more than nail; tne amount or the j 1557: inclusive, was 4y,ovA,uuw: lrum? into the hands of a few, where they are the officer be accused of If 1860. Inclusive. 000,000; and hoarded in secret places,.or deposited in latter, showing that, when our nauer II 1858 tol801 and bars. how shall it be made out? dishonesty, to 1867, inclusive, 10,000.000; strong boxes under bolts Will it bo currency is compared with gold and from while the people are left to endure all inferred from acts unconnected with silver, ito. commercial! valuo is com moiancrrtno total coinaso. Dince demorpublic duty, from private history, or pressed into three hundred and fifty $874,003,000. ; From 1849 , to 1857, in- - tho inconyenience cacrlficeatid alization resulting from the use of S? general reputation? Or must the millions. , This striking fact makes it elusive, the net exports ox 1858 specie to and worthless paper money; president await the commission or an tho obvious duty of tho government, as amounted to $271,000,000; from of our finances and the , condition actual misdemeanor in office? Shall he The ana iho ,to bo i4,uou,uuu; with as consistent, may early . m ne mpAntimft rfok Viv of our; revenue system, are of .sound political economy, from 1861 to 1867. inclusive. $322,000,000: operations principles interest of the nation in the hands of to take loucn measures as will eriablo making the aggregato?6f net exporta netv fbirthi and fully explained in the Secrebe cannot give his confi- - the holder of its notes and those of jn a- - since 1849. 5747,000,000. uneso ngurca- able and instructive report of theSOth atSllf Must ho of I over net ex- tary of the Treasury. On the forbear bis tnmniainf. tionai Banks, to convert them , without show an excess of product ' ' are in tho Jane, 1866, the public debt amounted to until the mischief la done ' and There loss. specie,' or its equivalents A porta of S433.000.000. ' .m 7m into on the SOth June last it zeal reduction or- our paper circulating me Trensnrv Slll.000.000 in coin: t some- $2,783,428,879; followi . This, thinrrmore than OO.imuou in circula was $2,692, 199,215, showing a reduction dlum neednotjneeebsarily nim to anticipate the overt act, must ho however, would deoend unon the law of tion on the JPacinc coast, ana a iew mil- during tho fiscal year of $91,226,664. move at the perU of 30,. the fiscal year, ending Janeend should lions in the National and other Banks; Daring and it tried hlm- - demand though being supply, were hOW$490,634,010, 1867, the receipts lrml I in all. about S1GO.000.000. -This; . . u ftVI offense of Blandering his Klii SSf 7 uuu hxr mnklno! iiu lxu. subordinate? In the present find h?mk notenVconvortlbTQ into overrtaklnrr into account the speclp in tho expenditures $316,729,129. leavin an fnnrfi ir to 1849. leaves moro avaHabie surplus of; $143,904,880. ; It 'is tho country, some one must r.rf-r- At If.ct Ann!vnlfint- - their .rirAHfltif: nrior tho Muntrv I thftfinot estimated that tho receipts for the fiscal held responsible for official delin- - uamAniA v hnlff. fhnn ' fOO O0O.000 , .yhich baV " UUVI vn1tiJtn fVin hunrlfl nf June 30, 1868, will bo ever klnd- - Ifc ls extremely era wouia-Dennancea one nunarea per i oeen accounwu ior ujr cmwavwx, year ending that 3?mnc7f the expenditures will and mfflcult to say where that m remain cent. Legislation for the accomplish- - and therefore may:yet responsibility sbould be thrown, if it be not left men t of a result so desirable- is demand pmihtrv ' Theso! are ' important facts, reach the sum of $393,269,226; leaving in . , a surplus 6t $23,892,702. Whereit has been placed by the ed by tho highest public considerations. Land show how completely inferior cur the Treasury SO, But all just men will admit, The Constitution contemplates that tho rency will supercede the oetter, xorcing For tho f fiscal year ending !Jiino; the President ought to bo entirely circulating medium of tap country shall it from circuhition among tho macaes, 1869j it is estimated that tho reto amount amero $331,000,000; and will relieved from such to be ceipts arid hrid valuo. it , At caucinc ho exportcdas quality ; responsibility, if, will bo $372,000,- - ; cannot meet it by reason formatiorrof that instm article of trado toadd to tho money that tho expenditures tho of of time rcatrictiona tho Placed by lawupon his acUon.Tr show 000showin.an' excess of $9,000,000 in lands.; had 'of thb: They foreign, justment, emerged country capital i c ?restricted ; favor ofGovernment. A; frnm tho war ofthe revolution, and was tho necessity of redeeming outpaper of removal power r ; is siiof earnestly attention and The Congress fom office is a very.. great one td be suffering from the effects of a redundant j money, that the return of gold alike interested ,iun of the unair-ahonest administration, cases will Jong endure laSe handed robberies of the recent 5?f this discreditable state of Ihinirs there are several causes. Bomo present anare so laid as to evade payfrresisS temptation .to which, officers The create cSvance at fraudthevlr-?,which is more thanand there? of many can withstand;, regard can be o doubt that the openavowed by of consUtutional obligation ,nfluen some of the highest.and jau tlal men m .iuu 77T,";0 wir0 weakened the moral se nse serve in , ihcU D - 1 i?-rX- 1 - Ji l "iif V Sure -- : 1 ; ' ir v : ? 1 ! -- w --4oil-vT f - I 7uba A ; wnen-coiiecie- a, i u- -- I - . - j - i - pre-pow- er . iau i ! , , : ; - : 3 -- j j 1 of-extravacra- ! nce e, - : -- - . ! : -- mm m m.mmm, m. " - t 3 i . - , t -- " f " ' , j -- ide-preclat- ed . , 1860,-inclus- ive, , i r " can-?t,u..PF.even- s ted? - . -- mmVA.m.mVR. i w 9 w mam mt mm .mm I mm wr circum-"vTPve?- . W m9 A m V m.JmJm mtmmm' v O w mm 1 .' m--m mw m mm mrmm m . . J - -- .. $417.-161,92- 8; ? - Con-w!un- vi - - ! ; bo-uniform- iin' ; 2 :'" |