VOL. 1. ALBANY, OUEGOST, SATURDAY. DECEMBER 19, 1SGS. NO. 15. PUBLISH KD EVEit SATCltOAT ST COLLINS vlvXCJLEVE. I'RES S S EST'S 31 ESS AGE. OmCB 'OS CORNER OF TERRY OPPOSITE W. W. PAIUtlSn ASI FIHST-STS., CO.'S STURE. TERM One Tr. Six Months.... ingle Copies. Itf ADVANCE. Three Dollars Two Dullard .. Tea Cents ADVERTISING RATES. 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 BUSINESS CARDS. AsLBAIYY BATH HOUSE. THE UNDERSIGNED WOULD RESPECT 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 GEO. W. GRAY. D. D. S RADUATE OP THE CINCINNATI DEN 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 PHYSICIAN AND SURGEON, AXBANT, OREGON. I SOUTH SIDE OF MAIN o FFICE ON street. . ! Albany, September 19, 63-2tf E. I. Russell, ATTORNEY asd COUNSELLOR at LAW, 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,' ATTORNEYS A COUNSELLORS AT LAW 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. - too on w. j. B1TABIDZL. I F. M. BEUFIKUW. DEALERS IN GROCERIES AND PRO viions, Wood and Willow Ware, Confec tionery, Tobacco, Cigars, Pipes, Notions, etc. Main street, adjoining the Express office, Albany, Oregon. j . 1 W. W. PARISH. j J. C. EXBEXBALt. W. W. Parrish & Co, "WsTTTTOLESALE AND RETAIL DEALERS ' . in General j Merchandise, Albany best Goods at the lowest market prices, chantable Produce taken in exchange. The E. A. Freeland, DEALER IN EVERY DESCRIPTION OF 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, NOTARY PUBLIC AND REAL ESTATE 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., GENERAL AND COMMISSION MER chants. Dealers in Staple, Dry and Fancy Goods, Groceries, Hardware, Cutlery, Crockery, Boots and Shoes ; Albany, Oregon. Consignments solicited. 1 C. XMealey & Co., MANUFACTURERS OF AND DEALERS in all kinds of Furniture and Cabinet Ware, First street, albany. j Albany Weekly Register JOB PRINTING 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 ' : Programmes, Siiu-neauv, Cards, Ball Tickets, z Pamphlets, Labels, Blanks 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; .".," ' V TENURE OF OFFICE BILL, t : t'A. r , 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 FINANCE. 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 people. 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 : CONTINUED ON JFOTJKIK ,PA3K-'