The Albany register. (Albany, Or.) 1868-18??, December 19, 1868, Image 1

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    VOL. 1.
NO. 15.
One Tr.
Six Months....
ingle Copies.
Three Dollars
Two Dullard
.. Tea Cents
One Column, per Year, $100 ;- Half Column,
$60 ; Quarter Coluttin, $35.
Transient advertisements per Square of ten
lines or lean, first insertion, $3; each subsequent
insertion, $1. I
fullr inform tho citizens of Albany anil vi-
iuity that be has take charge of this establish
ment, and, by keeping jeleau rooms and paying
strict attention to basincss, expects to suit all
those who may faror hitn with their patronage.
Having heretofore carried on nothing but
First-Class IX air j "Dressing Saloons,
he expecs to give entire satisfaction to all.
J39 Children andLadies' hair neatly cut and
shampooed. I JOSEPH "WEBBER.
, , scpl9y2
Jf tal College, would invite all persons desiring
artificial teeth, and first-class dental operations,
to trivo him a call. !
Specimens of Vulcanite Base with gold-plate
linings, and other new styles of work, may be
seen at his oEcc, in Purrish Co.'s brick, (up
stairs) Albany, Oregon.
Residence Corner Second and Baker sts. 2
I. B. BICE, M. B.j
street. . !
Albany, September 19, 63-2tf
E. I. Russell,
Solicitor i Chancery aud Itenl Ettnte Agent
. Will practice in the Courts of the Second, Third,
and Fourth Judicial Districts, and in tho Supreme
Court of Oregon. 1 -
Office in Parrish's Block, second story, third
door weat of Ferry, north side of First st. II
tt-?pecial attention given to the collection of
Claims at all points id the above named Districts.
S. c. row si. I.. i l fujs.
PoiveH & Flinn,'
and Solicitors in Chancery,
(I.. Klinn, Notary lullie,)
Albany, Oregon. Collections and conveyances
promply attended to. I
Fellow Citizens of the Scnvte and House
of Reprcscn tut tees :
Upou the resembUug of Congress it
agaiu becomes my duty to call your atten
tion to the iute of th3 Union and to its
coutinued disorganized condition. Uu-
der the various views which havt been
passed upon the subject of reconstruction,
it may bo safely assumed as au axiom f.r
the government of States that the great
est wrongs inflicted on a people arc caused
by au unjust aud arbitrary legislation, or
by the uurulenting decrees of despotic
rulers, aud that the timely reparation of
injuries oppressive measures is the great
est good that cau oe couierred upou a
nation. The legislator er ruler who has
the wisdom aud magnauimity to retrace
his steps when convinced of error will
sootur or later be regarded with the re
spect and gratitude of aa intelligeut and
patriotic people. Our own history, al
though embracing a period ot less than a
century, affords abundant proof that most,
if not all, the state troubles arc directly
traceable to violations of the organic law
and oppresshe legislation. The most
striking illustrations of this fact are fur
nished by the enactments of the past three
years upon the subject of reconstruction.
After a fair trial, they have substantially
failed and proved pernicious iu their re
sults, and there seems to be no good rea
son why! they should longer remain on
the statute book. States to which the
Constitution guarantees a republican form
of government have been reduced to de
pendencies, in each of which the people
have been made subject to the arbitrary
will of a commanding General, although
the Constitution requires that each State
shall be represented in Couirress- ;Vir-
ginia, Mississippi aud Texas are yet ex
cluded from both Houses, and, contrary
to the express provisions of that instru
ment, have beeo-denied participation in
the recent election for President j and
Vice President of the United States.
The attempt to place the white popula
tion of the South under the domination
of persons of color in the South has im
paired if not destroyed the kindly relations
that had previously existed between
them, and mutual distrust has engendered
a feeling of animosity which, leading iu
some instances to collision and bloodshsed,
has prevented that cooperation between
the two racas so essential to tho success of
iudstrial enterprise iu the Southern States;
nor have the inhabitants of those States
provisions which interfered with the
President's fuuetions as Commander-in-Chief
of the army, and with his duty to
the States of the Uuion and their righiC
to protect the States by means of their
own militia. The provisions should be
at once annulled; for while the worst
might, in times of great emergency, seri
ously embarrass the Executive in his-cf-forts
to employ and dircct the . common
strength of, tho nation for its protection
aud preservation, the other is contrary to
the express declaration of the Constitu
tion that a well regulated militsa being
necessary to tho security of a free State,
the right of the people to keep and bear
arms shall not be infringed. It is be
lieved that the repeal of such laws would
be acceptable by the American people as
at least a partial return to the fundamen
prineiples of the Government, and an in
dictiorr that thereafter the Constitution
is to be made the nation's safe and true
guide. This can be productive of perma
nent benefit to the countiy: the other
should not be permitted to stand, as so
ruanv monunieuts of the deficient-jvisdoui
which has characterized our rccent"tegis-
larion. -
w. j.
viions, Wood and Willow Ware, Confec
tionery, Tobacco, Cigars, Pipes, Notions, etc.
Main street, adjoining the Express office, Albany,
Oregon. j . 1
W. W. Parrish & Co,
' . in General j Merchandise, Albany
best Goods at the lowest market prices,
chantable Produce taken in exchange.
E. A. Freeland,
School, Miscellaneous and Blank Books,
Stationery, Gold and -Steel Pens, Ink, etc., Post
office Building, Albany, Oregon. Books ordered
from New York andj San Francisco. 1
S. XX- Clanghton,
AGENT. Office in the Post Office building,
Lebanon, Oregon.
Will attend to making Deeds and other convey
ances, also to the prompt collection of debts en
t rusted to my care, j 1
t. B ARROWS. '. BI.AIW. 8. B. TOUNO.
J. Barrows &. Co.,
chants. Dealers in Staple, Dry and Fancy
Goods, Groceries, Hardware, Cutlery, Crockery,
Boots and Shoes ; Albany, Oregon.
Consignments solicited. 1
C. XMealey & Co.,
in all kinds of Furniture and Cabinet
Ware, First street, albany. j
Albany Weekly Register
alone suffered from the disturbed condi
tion of affairs growing out of Congress
ional enactments. The entire Union has
been agitated by grave apprehensions
of troubles which might again involve
the peace of the nation ; its interests have
been injuriously affected by the drought
of business and labor and consequent
want of prosperity throughout that por
tion of the country. The Federal Con
stitution the magna chartor . American
rights, under whose salutary provisions
we have successfully couducted all burilo
aiestic and foreign affairs, sustained our
selves in peace aud in war, and become a
great nation anions the powers bf the
earth, must assuredly be now adequate
to the settlement of questions growing
out of the civil war, waged alone jfor its
vindication. This great fact is I made
more manifest by the condition-!of the
country. When Congress assembled in
the month of December, 18G5, civil strife
had ceased; the spirit of rebellion had
spent its entire force in all the Southern
States; the people had warmed into na
tional life, and throughout the j whole
country a healthy reaction in public sen
timent had taken place by theupplication
of the simple yet effective provisions of
the Constitution. The Executive Depart
ment, with the voluntary aid of the States,
Tint street, (oppoite ParrUh & Co.'s store,)
jUbany! : : s Oregon.
AVIKG a very fair assortment of material
we are prepared to execute, witu uui
nd dispatch, all kinds of
Band-bill, f ' :
Ball Tickets,
z Pamphlets,
of" jail liincis,
at as low figures as a doe regard to taste and good
work will allow. , When you want anything in
fes printing line, call at the Requteb office,
had brought the work ot recstoration as
near completion as was within the scope
of its authority and the nation was en
couraged by the prospect of au early and
satisfactory adjustment of all its.difficul
ties. Congress, however, interfered, and
refusing to perfect the work so neatly
consummated, and - to admit members
from the unrepresented States, and ad
opted a series of measures which arrested
the progress of restoration and frustrated
all that had been so successfully accom
plished, and after three years of agitation
and trife has left the country j further
from that attainment of Union and fra
ternal feeling than at the commencement
of the Congressional ; plan of reconstruc
tion. It is now argued to show that j the
legislation which has produced so bane
ful consequences should be abolished or
eise made to conhrm with the jgenmne
principles of a republican government.
Under the influences of party spirit and
sectional prejudice, other acts have t)een
passed not warranted by the Constitu
tion. ..- ' .--j; .".,"
, Congress has ' already been , made fa
miliar with my views respecting the Tenure
of Office Kill. Experience has proved
that its repeal is-demanded by the best
interests of the eountry, and that while it
remains in force of the President 1 cannot
enjoin" that rigid accountability for public
omcers, so essential to - an honest and.
efficient execution of the laws. . Its re
peal would enable the Executive Depart
ment to exercise the 'power of appoint
ment and recall, in accordance t with the
original design of the Constitution.
1 The acts or March 2, 1S68 making ap
propriations for tho year- ending June
'60, 186S i and for other purposes,' contain
The condition of our finances demands
the early and earnest consideration of
Congress. Compared with the growth of
out population, the public expenditures
haa reached an amount unprecedented in
our history. The population of the Uni
ted States in 1790, was nearly 4,000,000
of people. Increasing each decade at
the rate of about 30 per cent., it reached,
in I860, 31,000,000, an increase of over
700 per cent, on the population of 1790.
In .1880 it is estimated that it will reach
38,000,000, or an increase of 8G8 per
cent, in seventy-nine years. The annual
expenditures of the Federal Government
in 1791 were 4,200,000, in 1820 18,200,
000, and iu 1850 47,000,000, in 1860
63,000,000, iu 1SG5 nearly 1,300,000,000,
and in 1B69 it is estimated by the Secre
tary of the Treasury in his last annual
report that they wiil be 372,000,000.
By compariug the public disbursements
of 18G9 (as estimated) with those of
1791, it will be seen that the increase of
expenditures since the beginning of the
Government has been 8,618 per cent.,
while the iucrease of population for the
same period was only 868 per cent.
Again, the expenses of the Government
in 1860 the year of peace immediately
preceding the war were only 63,000,000,
while in lbu9 the year of peace three
years after the war it is estimated thev
will be 372,000,000 an increase of 489
per cent., while the increase! of popula
tion was only 21 per centum for the same
period. These statistics further show
that in 1791 the annual national expen
ses as compared with the population were
a little more than SI per cajtita, and in
1860 but 52 per capita, while in 1869
they will reach the extravagant sum of
978 per capita. It will be' observed
that all these statements refer to and ex
hibit tho disbursements of peace periods ;
it may" therefore be interesting to compare
the expenditure of the three war periods
the war with Great Britain, the Mexi
can war, and the war of the rebellion in
1861. The annual expenses incident to
the war of 1812 reached, at their highest
amount, about $31,000,000, while .our
population slightly exceeded $8,000,000,
showing an expenditure of only 380 per
capita. In 1847 the expenditures grow
ing out of the war with Mexico reached
50,000,000, and the population was
about 21,000,000, giving only 260 per
capita for the war expenses of that year..
In 1865 the expenditures called for by
tne repeiuon reached the vast amount or
1,200,000,000, which, compared with a
population of 45,000,000, gives 3,820
per capita. From the 4th day of March,
1789, to the 30th day of June, 1861, the
entire expenditures of the Government
were 1,700,000,000. During that peri
od we were engaged in war with Great
Britain and Mexico, and were involved
in hostilities with powerful Indian tribes ;
.Louisiana was purchased from France at
a cost of 15,000,000 ; Florida was ce
ded to the United States by Spain for
5,000,000 ; California, was ; acquired
from Mexico for 15,000,000, and the
territory of New Mexico was obtained
from Texas for the sum of 10,000,000.
Early in the year 1861 the war of the
rebellion commenced, and from the 1st oi
July of that year to the 30th day of June,
1865, fhe public expenditures reached
the enormous aggregate of 3,300,000,000.
Three years of. peace intervenedj and
during the time the disbursements of tho
Government have successively been 520,
000,000, 346.000,000, and 393,000,000.
Adding to these amounts the 332,000,
000 estimated as necessary for the fiscal
year ending on the 30th of J une, 1868, we
obtain a total expenditure of 1,600,000,-
000 during the four years immediately
succeeding the war, or nearly as much as
was expended during the seventy years
that preceded the rebellion, and, too, em
bracing the extraordinary expenditures
already named. Theqe startling facts il
lustrate the necessity of retrenchment in
all branches of the public service. Abus
ses which were tolerated during: the war
tor trie preservation oi tne: nation, win
not be endured by the people now that
profound peace -prevails. Tho receipts
from 'internal revenue have, during the
past three 'years, - grad ually diminished,
and the continuance of useless and ex
travagant expenses will involve us in na
tional bankruptcy , or else make a remark
able increase in the taxes nlrpnrlv
large, and in maDy cases obnoxious.
account of their aucstiouabkv rthnmntor.
One hundred millions yearly areJXDcnd-
cd for the military force, a large portion
ot which is employed in the execution of
laws both unnecessary and unconstitution
al. S150,000,000 are required yearly to
pay the interests on the public debt. An
army of tax-masters impoverishes the na
tion, and public agents : rc placed by Con
gress beyond the control of the Execu
tive, and divert from the legitimate pur
poses vast sums of money which' they
collect from the people in the name of
the' Government. Judicious; legislation
and prudent economy will only remedy
these doings and avert an evil which if
suffered to exist cannot fail to diminish
confidence in the public council and weak
en the attachment and respect of the peo
ple toward their political institutions.
Without proper care the small balance
which it is estimated will remain - in the
Treasury at tho close of the present fis
cal year will not be realized, and addition
al millions will be added to a debt which
is now estimated by billions. It is shown
by the able and comprehensive report of
the Secretary of the Treasury, that the
receipts tor the fiscal year, ending June
30th, were 405,638,083 32, and that
the expenditures for the same period
were 377,240,284 leaving in the Treas
ury a surplus of 28,397,799. It is esti
mated that the receipts during the pres
ent fiscal year, ending June i30th, 18G9,
will bb 341,392,868, and the expendi
tures 326.152,470, showing! a small bal
ance of 15,240,398 in favor of the Gov
ernment. For the fiscal year ending June,
1870, it is estimated that the receipts will
amount to 327,000,000, and the expend
itures to 304,000,000, leaving an esti
mated surplus of 23,000,000.
It is proper in this connection to make
brief reference to our public indebted
ness, which has accumulated with such
alarming rapidity and assumed such col
lossal proportions. In 1789, when the
Government commenced operations under
the Federal Constitution, it was burdened
with an indebtedness of 75,000,000,
created during the war of the Revolution.
This amount had been reduced to 45,
000,000 when, in 1812, wai was declared
against Great Britain. The three years
struggle that followed largely increased
the national obligations, and in 1816 they
had attained the sum of 127,000,000.
Wise and economical legislation, however,
enabled the Government to pay the entire
amount within a period of itwenty years,
and the entinguishment of the national
debt filled the land with (rejoicing and
was one of the greatest events of President
Jackson's administration, j After its re
demption a large fund remained in the
Treasury, which was deposited for safe
keeping with the several States, on con
dition that it should be returned when
required by the public wants. In 1849,
tae vear after the termination of an ex
pensive war with Mexico, we found our
selves involved in debt 64,000,000, and
this was the amount of the debt of the
Government in 1860, just! prior to the
outbreak of the rebellion, j In the spring
of 1861 our civil war commenced ; each
year of its continuance made an enormous
additon to the debt. Whep, in the spring
of 18G5, the nation successfully emerged
from the conflict, the obligations of the
government had reached tlie immense sum
of 2,873,992,909. Th Secretary of
the Treasury tshows that oft the 1st day of
November, 1867, this amount had been
reduced to 2,191,504,450; but at the
same time his report exhibits an increase
during the past year of 35,625,102, for
the debt on the 1st day oft November last
is stated to be 2,527,129,55. It is es
timated by the Secretary that the returns
for the past month will add to bur liabili
ties the further sum of 14,000,000, mak
ing a total increase duingj 13 months of
46,500,000. In my message to Congress
of December 4, lb&, it was suggested
that a policy should be devised which,
without being oppressive! to the people,
would at once besin to effect a reduction
of the debt, and, if persisted in, discharge
it fully within a definite number of years.
The Secretary of the Treasury forcibly
recommends legislation of this character,
"and justly urges that the longer it is de
layed the more difficult must become its
accomplishment, we should follow the wise
precedents established in 1791 and 1816,
and without further delay make provision
for the payment of our obligations at as
early a period as may be practicable. The
fruits oi their labors should be enjoyea
by our citizens rather than used to build
up and sustain moneyed monopolies in our
own and other, countries. Our foreign
debt is already computed by the Secreta
ry of the Treasury at 850,000,000. Cit
zens of foreign countries receive inter
est upon a large portion of our secu
rities and American tax-payers are made
to contribute large sums for their support.
The idea that such a debt is to become
permanent should at all; times be discard
ed, as involving taxation too heavy to be
borne. The payment i once in sixteen
years at the present ratf of interest, makes
an amount equal to the 'original sum. If
this vast debt is permitted to become per
manent and increasing, it; must eventually
be gathered into the hands of a few and
enable them to exert a dangerous and eon-
trolling power in the affairs of the Gov
ernment, the borrowers would Decome me
lenders and be the rulers of the peo
ple. - r:n.S;:'.- f .
' .We now pride, ourselves upon haying
given freedom to 4,000,000 of the colored
race. It will then be our shame that ten
millions of people by their own toleration
of abuses and profligacy have suffered
themselves to ' become enslaved, and
changed the slave owner for new task
masters in the shape of bondholders and
tax gatherers. Besides, permanent debts
pertain to monarchical governments and
tend to -monopolies, perpetuities and close
legislation, and are totally unreconcilablc
with the free institutions introduced into
our Republican system ; they would grad
ually, but surely, sap its foundations, and
eventually subvert our governmental fab
ric and erect upon its ruins a moneyed,
aristocracy. It is our duty to transmit,
unimpoverished, to our: posterity the
blessings of liberty which were bequeath
ed to us by tho founders of the Republic,
and, by our example, teacrr those who are
to follow us carefully to avoid thedangers
which threaten a free and independent
Various plans have been proposed for the
payment of the public : debt. However
they may have varied as to the time and
mode in which they should be redeemed,
there seems to be a general concurrence
as to the propriety and justice of a reduc
tion on the present rate of interest The
Secretary of the Treasury, in his report,
recommends five per cent; Congress, in
a bill passed prior to its adjournment, on
the 27th of J uly last, agrees on four and
four and a half per cent, while by many
others three per cent has been held to be
an amply sufficient return for the invest
ment. The general impression as to the
expediency, of the existing rate of inter
esi has led to inquiry in the public mind
respecting the consideration which the
Government has actually received for its
bonds, and the conclusion is becoming
prevalent that the amount which it ob
tained was in reality three hundred or
four hundred per cent less than the obli
gations which it issued in return. It can
not be denied that we are paying an extra
ordinary per centage for the use of the mon
ey borrowed, which was paper currency
greatly depreciated below tho value of
coin. This fact is made apparent when
we consider the bondholders receive from
the Treasury upon each dollar they own
in Government securities six per cent in
gold, which is quite equal to nine percent
in currency; that bonds are then convert
ed into capital for national banks, upon
which those institutions issue their circu
lation, realizing six per cent interest, and
that they are: exempt irom taxation by
the Government, and thereby enhanced
two per cent in the hands of the holder.
We thus have an aggregate ot ' seventeen
per cent which may be realized upon each
dollar by the owners ot Government se
curities. - .
A system that prodaces such results is
justly regarded as favoring a few at the
expense of the many, and has led to the
further inquiry, whether bondholders, in
view of the large profits which they have
enjoyek, would themselves bo averse to
the settlement of our debts upon a plan
which would yield them a fair remunera
tion and at the same time be just to the
tax payers of the nation. Our national
credit should be sacredly observed, but in
making a proposition for our creditors we
should not forget what is due to the mass
es of the people. It may bb assumed
that the holders of our securities have al
ready received upou their bonds a larger
amount than -their original investment,
measured by gold standard, i Upon this
statement of facts it would seem but just
and equitable that the six per cent inter
est now paid by Government ! should be
applied to the reduction ot the principal
in semi-annual installments, which, in six
teen years and eight months, would liqui
date the entire national debt. Six per
cent in gold would be, at present rates,
equal to nine per cent in currency equiv
alent to the payment of the debt one and
a halt times in a traction less than seven
teen years. This, in addition to other ad
vantages derived from their investment,
would afford to the public creditors a fair
and liberal compensation for: the use of
their capital, and with this they should
be satisfied. The lessons of the past ad
monish the lender that it is not well to be
over-anxious in exacting from the borrow
er a rigid compliance. Provision, must
be made for the payment of the indebted
ness of the Government in the manner
suggested, or the nation will not rapidly
recover its prosperity, its interests re
quire that some measures should be taken
, .V l X '
to release tne large amount oi capital in
vested in the Government, i It is now not
merely unproductive, but in taxation it
annually consumes 150,000,000, which
would otherwise be used by our enterpris-.
ing people in aiding those of our people
needing encouragement in their efforts to
recover from the enects or the rebellion
and injudicious legislation ; and it should
be the will of the Government to stimulate
them by the assurance of an early release
from the burdens which impede their
prosperity; if we cannot take the burdens
from their shoulders we should! at least
manifest a willingness to help to bear
them. In referring -to the condition of
their circulating mediums I shall merely
reiterate tne relations, as substantially
stated in my last annual message. In re
lation to the ?' subject of the 1 relations
which the currency of any country should
beat to the annual produce circulated by
its means, it is a question .upon which po
litical economists have; not agreed, nor
can it be controlled by legislation, but it
must be left to the laws which everywhere
regulate commerce and trade. '1 ho cir
culating medium wiil flow to those points
where it is in greatest demand; the law
of demand and supply is as unerring as
that which regulates the tides of the
ocean; and indeed currency, like the 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 200,000,000 ; now the circulation
of the National Bank Notes and tbee
known as legal tenders, is nearly 700,
000,000. It is argued by some thai this
amount should be increased and thus con
tend that a decrease is absolutely essential
to the interests of the countryr In virtue
of these adverse opinions it may be well
to ascertain the proportional value of our
paper issues when compared with, a me
tallic or convertible currency. ; For this
purpose let us .. inquire how muoh gold
and silver could be purchased by tho
700,000,000 of paper moaey now in cir-f
culation.' Probably not: more ; than half
tEe amount of the latter, showing that
when our paper currency is compared
with gold and silver its commercial yalue
is compressed into. 350,000,000. 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 National Banks, to convert them
without loss into specie. The equivalent
reduction of our paper circulating niedi-"
urns may not follow. This, , however,
would depend on the law of demand and
supply, though it should be borne in mind
that by making legal tenders and banknotes
convertible into coin, or its equivalent, the
present specie value in the hands of their
Legislation for the accomplishment of Are-,
suit so desirable is demanded by the highest
consideration . 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 Rev
olutionary War, and was suffering from the
effects of worthless paper currency. -The '
sages of that period were anxious to protect
their posterity from the evils, which they
themselves had experienced ; hence, in pro
viding for a circulating, medium, they con
ferred upon Congress the power to coin mon
ey, arid regulate the value thereof, at thf
same time prohibiting the States from. mak
ing anything but gold and silver a legal ten
der in payment ot debts. The anomalous
condition cf our currency is in striking con
trast with that which was originally design-;,
ed for our circulation. It now embraces i
1st Notes of National Banks, which an:
made receivable for all dues to the Govern "
mcnt excepting imports,"attd by all its cred
itors excepting for payment of interest npok
its bonds and the securities themselves. 2d
Legal tender notes issued by the United
States, and which the law requires should be
received as well in payment of all debts due
hptwpftn ftltlZGnft- '.( finl1 nii BilravAAin
J BI11V4 W,U.
By the operation of our present system of
finances, however, the metallic currency,
when collected, is received for only one class '
of . Government creditors those holding
bonds, who semi-annually recekro their
interest in coin from the National Treasury.
There is no reason which will be received
as satisfactory by the people, by those who
defended the United States on the land and
protected the United States on the Bea, the
pensioners upon the gratitude of the nation,
bearing the scars and wounds received While
in its service, thejpublic servants in. the va
rious departments of the . Government, the
farmer who supplies the soldiers of the ar-
my and the sailors of the navy, the artizan
who toils in the nation's workshops, the me-.
chanics and laborers who build its edifices
should, in payment of their just and hard
earned dues, receive depreciated j - naner.
while another class of their countrymen, no
more deserving, are paid in coin of gold and
silver. Equal and exact justice requires
that all the creditors of the Govornment
should be paid in a currency 'possessing a
uniform valuer This can only be accom
plished by the restoration of the currency to
the standard established by the Constitution.
On this foundation and by this means we
would put an end to a discrimination which
may, if it has not already done so, create a
preujaico ma may Decome ueen-rooted ana
wide-spread and impair the national crodit.
- The feasibility of making our currency
correspond with the constitutional stand
ard may be seen " by reference to a - few
facts derived from our commercial statis
tics. : The aggregate produce of the pre-
VlUUa UlCbcLIB IU LUC uutwvi OUtlcS J lUIU
1849 to 1867, amount to $1,174,000,000,
while for the same period the nett . ex
ports oi specie were -1.ddu,UUU. This
. M W . . "
snows an excess or products over the ex
ports of 433,000,000. There are in the
Treasury 103,407,985 ; in1 coin. The '
circulation irrthe" States on the Pacifio
coast is about 840,000,000 ' and $2, 000,
000 are in the national and other banks,
in air less than ; $160,000,000. -Taking
into consideration tho specie in the conn
try prior to 1849 and that produced since.
1867 we have 'more than $200,000,000
not accounted for bv exportation or-' hw
tne returns ot toe Treasury, and therefore
most probably remaining in the country;
These are important facts and show Low
completely the inferior currency will su
percede the better forcing at will it
. . o w .
culation among the masses and causing
it to be exported as a mere article of. trade
to the money capitals of foreiarn la nd
They show the necessity ot retiring, onr
paper money that the return bf gold and
silver to the ayenues of trade may be in
vited, and the demand created which ill
cause retention at home of so much of the
products or our rich and inexhaustible
gold bearing fields as may be sufScien
for the purpose of circulation. It is un