The Pittsburgh gazette. (Pittsburgh, Pa.) 1866-1877, December 10, 1868, Image 1

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

    - •
, . .
• .
. •
_ • , _ , Nil 7 ~,,,,..
• _
. . . , &,.... N. „ , .., , //r .• 4. 1. ',..
i . AT • ,-,- i '.. - -
~......„.....„-.,......_. .......: : \ e
r ..
le l
' ..
I .
r- -;
• .1.. St. - -4- '''"-- ' ON
_, - ------ ...,:: ,,.. f ;
lE. I
.• ~:::-.....: 7• ",
,- •,. 54 . _---_----; 1.... , ----- ---,,-zz..
.. I ~
.... ~„., ..w'
... _ ~,...--,---..... .. . ..,... k..._ ..::
---5.4t4 , ,1
_...„..... ,‘ .....,
.. /2, 5 , ,e 1 / 4 ,. . ''; ,4 4.V. , ,' : -4 •'. l - :„: rk: ,
.. . . . ''
, , f' ..- ••••aliti
g, 9 7' 1 7 4 V , :3 .:‘, ' N- --- c.133V• - , - ' 5 3 1 :.
, ,''' 0 : =,:- • '• 0 -
4 f- t' 1 . ) ,.
V i. ~_ ---/
.::. . . ':: : :.„,\ ; _ :14 ! - :•, - ,- 4-
.'''.'' _':, • - _ ' •‘% "Va zat , -',....-- „..- ND faz) •-, ..
,4 ' .-.'":
.''''•,, ,-I r • 1 1 1 ^ "• '")
, • ~ 111 . -.7' ....f
• 1 `;. :.: 4 ;• • 1 ..e.
nom' ; ---: -..
N,if 1-
•,..:?: '
• ''-•• - '" ' ---
- ' ------ 7 - _7 - 7 11 1- •••
. -
7 -
• -
,1 . •
This journal enters' upon the Sid ye r of
an existence which has never been more vig
orous, or rewarded by tie - confidence of the
people with a more substantial support, than
now. Alwais a leading newspaper of the
Commonwealth, the present generation of the.
-people, the third since the establishment of
the GAZETTE in the last century; still regard
It; as did their fathers, with unabated re
spect, and with an entire reliance upon its
faithful exposition of the sonuilest princi
ples of political' and social economy. The
Proprietats need only Vint to the unblem
ished record of this journal in the past, to
plgdge to' their fellow-citizens ' the same
fidelity to the highest considerations of duty
for the future.
"Our facilities, for obtaining the latest and
most reliable Ski, increase '
daily All
cognize our devotion to those political-princi
ples whici have recently'achieved a fresh and
most signal viidication before the tribunal
of_the people. The effective services of this
journal in promoting this/ triumplt areac
knowledged by an universal assent,
The GAZETTE enjoys to-day an admitted
influence in a wider field tian ever before..
It is no longer regarded as a mere local
journal, but has acquired an interest, as a
journal of the nation, which commands at-
Italian to its utterances abroad as well as
at home. Its managers will' aim to main
tain and increase this influence by every just
means. It will continue to be, as in the-past,
the only political journal in Allegheny county
which will be accepted by the people, at home
or abroad, as the faithful, steady,' ever-true
oxponent of those Republican principles which
one Administration and , four successive Con
4resses have loyally and successfully inter
preted, and which the American people have
just now once more emphatically approved.
The close of a momentous political strug- ,
gle, and the victorious situation to which
that has brought us, will find.the GAZETTE
' acting in harmony with the new Adminis.
tration of the Government in its most im
portantAleptirtusents, , skill. haye access
to the most reliable sources for early, accu
rate and abundant information, on all mat
ters transpiring at the National and State
Capitals, and will make the collection of such
intelligence a leading specialty. Our special
and regular daily reports from , Washington .
.and -Harrisburg, parlularly daring the
approaching sessions, will be early, minute,
,uninterrupted, and from -the very highest
The DAILY GXZETTE, - at only two-thirds
the price charged by other journals, will
give an equal amount of interesting matter,
Its eight broad pates makint it the cheape t,
as it is the one of the largest, daily journalp
of the Commonwealth.
The WEEKLY GAZETTE, with its clays
of pnblication so arranged as to suit alt the
mole from this city, •roill give the same mat
'..,ter in its forty•eight evils Ins, to all its readers,
at a lower price than any other journal in
the State.
let Editorial, News, Commercial, River
Rnan,ciat, lieligious, Agricultural, Scientific
-and. Literary 'Departments will be conducted
with the same earnest desire to command the
public apprebation, which has already been,
conspicuously manifested, and which confess
edly re,Oarde the GAZETTE as the specia
organ a*? most reliable reporter for the /sad
ing interests of. Western Pennsylvania,
The Market Re orts of the WEEKLY
GAZETTE are a standard authority in
Commercial circteel throughout this region.
its, files are accepted as an authority for ref
crencein the Courts of this county in impor
lant antes, to deterinine the rulings of prices
at any given period in disPute.
One Year, , . . . . . $8 00
Six . . . 400
'Three Mouths • r• • - 200
,Bellvered In lily part of the Cities and ,
adjacent Boroughs for 15 'Cents per
- Week, payable to tlio Carriers.
Single. Copy, per year,- sl'so
Clubs' of Nre, each Copy, • • •-• 1 2
Clubs of Ten, each Copy, • • 115
And One to the getter up of the Names.
Specimen Copies furnished on application
to the Proprietors. Address:.
84 and 88 Pita Aven u e, Pittsburgh.
Car Country papers in Western Pennsyl
mnia, Eastern. Phi(); or Western Virginia,
pub:ishin,g- the above and sending a marked
copy thereof, will be entitled to a Daily Ez
-441;,qe for one year.
Fellow;Citizens of the Sene,te and House
of Wpresentatives:
Upon the re-assembling of Congress, it
again beconies my duty, to call your attert
tion to the state of the Union, and its disorl
ganized condition under the various laws
which have been Famed upon the subject of
reconstruction. It may be safely assumed
as an axiom in the government of the States,
that the greatest wrongs inflicted upon a
people are caused by unjust and arbitrary
legislation, or by the unrelenting decrees of
despotic rulers, and that injurious and op
pressive measures are the greatest evils that
can be inflicted upon a nation. The legis
lator or the ruler who has the wisdorn and
magnanimity to retrace his steps when con
vinced of error, will, isooner or later, be
rewarded with the respect and gratitude of
art intelligent and patrioticpeople.
Our own history, although embracing a
period of less than a century, affords abun
dant proof that most, if not .all our domestic
troubles are directly traceable to violations
of the organic law, and excessive legislation.
The most striking - illustrations of this fact
are furnished by the enactments.of the past
three years upon the question of reconstruc
tion. After a fair trial, they have substan
tially failed, and proved pernicious in their
results, and there seems to be no good rea
son why they , should longer remain on the
statute booze.
States to which the Constitution guaran
tees-a republican form of government; hrive
been reduced to military dependencies, in
'each of which the people have been made
subject to the arbitrary will of the corn
'mending General. Although the Constitu
tion requires that each State shall be repre
sented in Congress, Virginia,- Mississippi
and Texas are yet excluded from the Houses,
and contrary to the express provisions of
that instrument, were deniedniferticipation
in the recent election for a President and
Vice President of the United. States.
'The attempt to place the whole popula
tion under the domination of .persons of
color in the South, has impaired, if not
destroyed the kindly relations that had
previously existed between them, and mu
tual distrust has induced a feeling of ani
mosity which, leading in some instances to
collision and bloodshed, has prevented that
cooperation between the two races so es
sential to the success of industrial enterprises
in the Southern States.
Nor have the inhabitants of those . States
alone suffered from the disturbed condition
of affairs growing out of these Congressional
enactments. The entire Union has been ag
itated by grave • apprehensions of trouble,
which might again involve the peace of the
nation. Its interests hive been injuriously
affected by the derangement of business and
labor, the._ ecautequent., want . of prosperity
throughoutthattiortiort of the country.
The, Federal Constitution, 'the.Magna
Charta of American rights, under whose
wise and salutary Providence we ha* suc
cessfully conducted all ourodomestic and
foreigp affairs, sustained ourselves in peace
and' in war, and f,iecome a great nation
among the powers of the earth, must assu
redly now be adequate to the settlement of
questions growing out of 'the civil War
waged alone for its - vindication. This
great fact is made most manifest by the con
dition of the country.
When Congress assembled in the month
of December, 1865, civil strife had ceased.
The spirit of rebellion had spent its entire
- force in the Southern States. The people
- had warmed into national life, and through
out the whole country a healthy reaction in
public sentiment had taken place by the ap
plication of the simple, yet effective provis
ions of the Constitution: The Executive
Department, with the voluntary aid of the
States had brought the work of restoration
as near_completion as was within the scope
of its authority, and the nation was encour
aged by the prospect of an early and satis
factory adjustment of all its difficulties.
Congress, however, intervened, and -re
fusing to perfect the 'work so nearly con
summated, declined to admit members troth
the States, adopted a course of measures,
frustrated all that had been successfully ac
complished, and after three years of agitation
and strife, has left the country farther from
the attainment of union and fraternal feel
ing, than at the inception of the Congres
sional plan of,reconstruction.
It needs no argument to show that the
legislationiwhich' has produced such conse
quencds shquld be abrogated, or else made
to conform•to the genuine principles of the
Republican Government. Under tile influ
ence of Tarty passions and sectional preju
dice other acts have been passed not war
ranted by the Constitution.
Congress has already been made familiar
with my views respecting the Tenure of
Office Bill. Experience has proved that'
its repeal is demanded by the best interests
of the country, and that while itoremains in
force the President cannot enjoin' that rigid
accountability of public officers 'so essential
to an honest and efficient execution of the
laws, its revocation would enable the Exec
utive department to exercise the power of
appointment and removal in • accordance
with the original design of the Federal Con
The Act of March 2d, 1887, making ap
propriation's for the support of the army for
the year ending- June-80th, 1868, and for
other purposes, container provisions which
interfere with the President's constitutional
functions as Comfoander-in-Chief of the
army, and deny to States of the Union the
right to protect themselves by means of their
own militia.
These yrovisions should be at once an
nulled, for while the first might, in times of
great emergency, seriously embarrass the
Executive in 'Worts to employ and direct
the common strength of the nation for its
`protection• and preservation, the other is
contrary to the express declaration of the
Contitution, that a well regulated' militia
being necasary to the security of a free
State, the right of the people to keep and
bear arms shall not be infringed.
It is believedthat the repeal of all such laws
*~would be accepted by the American people
as at least a partial return to the fundamental
principle of government, and an indication
that hereafter the Constitution is to be made
the nation's safe and unerring guide. .They
can be productive of no permanent benefit
to the - country and should not be permitted
PITTSBURGH, THU its DAY, Di3CEM BE Et 10, pfts.
to stand as sn many monuments of deficient
wisdom, which lofts characterized our recent
The condition of otir finances demands
he early and earnest consideration of Con
gress.i Compared with the growth of our
population public expenditures have reached
an amount unprecedenteii in our: history.
The population of the Uni:ed StateS in 1790
was nearly four millions of people„ In
creasing each decade about tblrty-thrse.sper
cent., it reached in 1800 thirty
. one millions,
an increase of seven hundred per cent. one
the population in 1700. In 1869, it is esti
mated it will reach thirty-eight'mill.ions, or
an increase of eight nundred and Sixty
eight, per cent. in seventy-nine years._ The
annual expenditure of the' Federal Govern
meet in 1790 wen:l.:our millions two hun
dred thousand dollara In 1820, eighleen
millions two htindred thousand dollars. Ia
1850, forty-one millions. In 1860, Sixty.
three millions. 1805, nearly thirteen
hundred millions, and in 1869, it is 'estima
ted by the Secretary of the Treasury to his
last annual report, that they will be throe'
hundred and seventy-two millions.
By comparing the public disbursements
of 1869 as estimated with those. of f 791; it
will be seen that the increase since the be
ginning of our Government has been tight
thousand six hundred and eighteen per cent,-
while the increase of the population for
the same period was .only eight hundred
and sixty-eight per cent. Again, the ex
penses of the Government in 1860, the year
of peace immediately preceding the war,
were only sixty-five millions. while in 1869
a year of peaee, three years after the war,
it is estimated they will be three hundred
and seventy millions,i an increase of four
hundred and eighty-nine per centum, while
the increase of population - Vas only twenty-
One per centum for, the same period.
These statistics furthez rho', that in 1791,
the annual national expenses compared
with the population iwere but little more
than one dollar per capita, and in 1860, two
dollars per capita, while in 1869 they will
reach' the extravagant; Aram of nine dollars .
and seventy-eight cents per capita.
It will be observed- that all of these state
ments refeared to, exhibit the disburse
ments of peace perioAa. It may therefore
be of ntorest to compare the expenditures
of the three war periods, the war with Great
Britai , the Mexican! war and the war of
the rebellion. In 181 4 1 the annual expenses
incident to the war of 1812 reached the high
est amount, about $81,000,000, while our
population slightly I exceeded 8,000,000,
showing an expenditare of only three dol- .
lars and eighty cents! per capita. In 1847
the expenditures grdwing out of the war
with Mexico reached fifty-five millions, and
the population about twenty-one millions,
giving only two dollars and sixty cents per
capita for the war *crises of that year. In
1805 the expenditures called for by the re
hellion, reached the itist. amount of twelve
hundred and ninetylmiilions' which cons
pared with a population of thirty-four mill
ions, gives thirty-eight dollars and twenty
eight.cents per capitik •
From the 4th day f March, 1789, to the
'3otlital of - 3 . unti; 1861, lab entire
tures of the Government were seventeen
hundred millions of! dollars. DDuring that
period we were engaged in wars with Gnat
Britain and Mexico,l and were engaged in
hostilities with powerful . Indian tribes.
Louisiana was purchased from France at a
cost of fifteen millions of dollars. Florida
was ceded to us by Spain for five millions.
California was acq ired from Mexico,. for
fifteen millions, and ho Territory of New
Mexico was tairled from Texas for, the
sum of ten millions. l•
Early in 1861, the war of the rebellton
commenced, and from the Ist of July of
that year to the 30th bf June, 1865, the pub
lic expenditures retie ed the enormous ag
gregate of thirty-three hundred millidns.
Three years 01 pencil have intervened, and
during chat time the disbursements of ,the
Government have successively been five
hundred and twenty millions, three hundred
and forty-six millions, and three hundred
and ninety millions. Adding to 'these
amounts three hundred and seventy-two
millions estimated as necessary for the fiscal
year ending the 30tli of June, 1869, we ob.
tain a total expenditnro of sixteen hundred
millions of dollars during the four years im
mediately Succeeding the war,•or nearly as
much as was expended during the seventy
two years that preCeded the rebellion, and
embracing the extraordinary expenditures
already named..
These startling facts clearly illustrate the
necessity of retrenchment'in all branchesof
the public service.l Abuses which were
tolerated during the war fo'r the preserva
tion of the nation Will not be endured by
the people, now tht.t profound peithe
The receipts) from internal revenues and
customs have,idining the papt, three years,
gradually dim nished, and the continuance
of useless and eXtravagant expenditures
will involve us in National Bankruptcy or
else makes inevitable`itt increase of taxes
already to onerous; and, in,many respects,
obnoxious on account of their inquisitorial
character. One hundred millions annually
are expended for the military force,a large
portion of which is I employed in th execu
tion of laws both unnecessary and uneonsti
tional. One hundred add fifty millions are
required each yeai to pay the interest on
the public debt. An army of tax gatherers
impoverishes the _nation, and public
placed by Congress beyond the con
trol °lthe Executive, divert from the legiti
mate purposes large sums of money, which
they collect from the people in the name of
the Government.
Judicious 'legislation and prudent econo
my can alone . femedy defects; and avert
evils, which: if suffered to-exist, cannot fail
to diminish confidence in
.thet.public coon,
ells, and weakenthe•attachment and respect
of the people towards their political institu
tions. Without proper care, thelemall bal
ance which it i 8 estimaled will remain in the,
Treasury ,at the close of the present fiscal
year will not be realized,' and additional
millions be added to a debt which is now
enumerated by billkens.
It is shown by the able and comprehen
sive report of the Secretary of the Treasury
that the receipts for the' fiscal, year ending
June 30th, 1868, were $405,638,083, and
the expenditures for the same period were
$377.340,284, leaving in the Treasury a sur
plus of $2%297,708. Irestirnated that the
receipts during the present fiscal year end
ing June 30th, 1869, will be $341,392,868,
and the expenditures $330,152,470, show
ing the small balance of $5,240_398 in favor
of the Government . For tiA fiscal year
. ending June 80th, 1870, it is estimated that
the ;receipts will amount to $228,000,000,
andithe expenditmees to $503,000,009, leaVv
ing an estimated snrplas of $24,000,000.
PUBLIC DEI--1789 TO 1868
It becomes . proper m this connection to
make a brief reference to our public indebt
edness, which has accumulated with- such
alarming rapidity and assumed such colos
sal proportions. In 1789, when the Gov
ernment commenced operations under the
Federal Constitution, it was burdened wjth
an indebtednets of seventy-five millions' of
dollars, created during the war of the Revo
lution. This amount had been reduced to
'forty-flve millions of dollars, when, in 1812,
war was declared. against Great Britain.
The , three years' struggle that followed
largelyincreased , the national obligations,
and in 1816 they had attained the sum of
one hundred - and twenty-110Th millions.
Wise and economical legislation, however,
enabled . the . Gotrernment to pay the entire
amount within'a period of twenty years,
'and the extinguishment of the national debt
ffiled the land with rejeicing, and was one
of the great events off• President Jackson's
administration. After it. redemption, a large
fund remained in the Treasury, which was
deposited for safe keeping with iho several
States, on condition that it should beretnrned
when reqUired by thepublic wants. In 1849.
the year after the termination of an: expen
site war with idexico, we found ourselves
involved in a debt of sixty-four millions
mad that was the amount owed by the Gov
ernment in 1860, just prior to the outbreak,
of the rebellion. In the spring of 1851 our
civil war commenced; each year of its con
tinuance made an enormous addition to the
debt, and when, in the spring of 1865, the
nation suceessfally emerged from the con
flict, the Obligationsof the Government had
reached the immense sum of $2,873,992,900.
The Secretary of the Treastry shows that
on the Ist. day of November, 1867, this
amount bad been. reduced ,t 052,491,504,450,
but at the same - time his report exhibits an
Increase during the past year of ;35,625,102,•
for the debt 09 the first day of November
last is stated tnhave been $2,527,122052.. estimated by the Secretary that the re
turns for the past month will add to our
liabilities the further sum of eleven mllDsne,
making a total increase during the thirteen
months of forty-six and a half millions.
In my message to Congress of December
4th, 1803, it was suggested that a•Policy,
should be devised, tvhfeh,. without ,being
oppressive to the people, would at once be
gin to effect a reduction , of the debt, and if
persisted In, discharge it-fully within a de-,
tirdte number of years; The Secretary or
the - Treasury forcibly recommends legisla
tion of this character, and justly urges that
the lodger it is deferred the more difficult
must become its accomplishment. We
should follow the wise prt.cedent established
in 1789 and 1816, and without further delay
make provision for the payment of our obli
gations at as early a period as may be prac
ticable. The fruits of their labors should be
enjoyed by our citizens, rather than b 3 used
to build up and sustain monied monopolies
in our own and other lands. Our 'foreign
debt is already computed by thb Secretary
of the Treasury_ Citizens
tif receive intrerest•iponli
large portion of our securities, and Ameri
can 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 discardW, as taxation is too heavy
to be borne, and the payment once in every
16 years, at the present rate of interest, of an
amount equal to the original sum. This
vast debt, if permitted to become permanent,
and increasing, must eventually be gathered
into the' hands 11;lf a few, and enable them to
exert a dangerous- and controlling power
in the affairs of the Government. The bor
rowers would become servants to the lend-
era, the lenders masters of the people. • We
now pride ourselves upon having given
freedom to four millions of the colored race.
It will then be our shame that forty millions.
of people, by their own toleration of usur-;
pation and profligacy, have suffered them
selves to become enslaved and merely ex-I,
changed• from slave owners to new task
masters in the shape of bondholders and tax
gatherers. Besides, pernianent debts per
lain to monarchial governments,- and tend
to monopolies, perpetuities and class
legislation totally irreconcilable with
free institutions. Introduced, into our Re
publican system, they would gradually but
surely sap its foundations and eventu
ally subvert our governmental fabric and
erect upon its ruins a moneyed aristocracy.
It is our sacred duty to transmit unimpaired
to our posterity the blessings . of liberty
which were'bequeathed to•us by the found
ers of the Republic, add by our example
teach those who are to follow us carefully to
avoid the dangers which threaten a free and
independebt people.
Various plans have been proposed for the
payment of the public debt. However they
may have varied as tithe time and mode in
which it should be redeemed, there 'seems to
be a general concurrence as to the propriety
andjustness of a reduction in the present
rate of interest. The Secretary of the Treas
ury, in his report, xi:commends five per
cent. Congress, in a bill passed prior to
adjournment, on the .27th of July last,
agreed upon four and four and a half per
cent., while by many three per cent. has
been held to be an amply sufficient return
for the investment. The general impres
sion as to the exorbitancy of the existing
rate of interest has led to au inquiry in the
public mind respecting the consideration
which the Government has actually re
ceived for Its bonds, and the conclusion
Is becoming prevalent that the 'amount
which it obtained was, in real money. three
or four hundred'per cent. less than the obli
gation which it issued in return. It cannot
be denied that we are paying an extravagant
per centage for the use of the tuoney bor
rowed, which was paper currency, greatly
depreciated below the value of coin. This
fact is made apparent when we consider
that bondholders receive from the Tresaniy,
upon each dollar they, own in Gevernment,
securities, six per cent. in gold, which is
nearly, or quite equal to nine per cent. in
currency. That the bonds are then con
verted into capital for the. National Banks,
upon which those institutions issue their
culation,efiring six per cent. interest, and
that they kre exempt from taxation by the
Government and the States, andthereby en
hanced two per cent. in the hands of the
holders. We -thus lave an aggregate of
seventeen per cent, which may be received
upon each dollar by the owners of Govern
ment securities.
A. system that produces such results is
justly regarded as favoring the few at the ex
pense of the many, and has led to the further
inqUiry whether our "bondholders, in view
of the large mitts. which they have en,
joyed, would themselves he averse to a set
tlement of our indebtedness upon a plan
which would yield them a fair remunera
tion, and at tie same time be just to the tax
payers of the nation. Our national credit
should be sacredly observed, but in making
provision for our ,creditors we should•not
forget what Is due to the masses of the peo
ple. It may be assumed that the holders of
our securities have already received upon
their bonds a larger amount thantheir origi
inal investment, measured by a gold stand
ard. Upon this statement or facts it would
beeome"just and equitable that aix per cent.
interest now paid by ,the Government
should be applied to the, reduction of the
principal in semi-annual installments, which
in sixteen years and eighteen monthswonld
liquidate the entire national debt. Six per
cent. in gold would at presentrates be equal
to nine per cent. in currency, and equiva
lent to the payment of debt one s half
times in ai fraction less than seventeen
years. Thiii, in coisiiection with all the
other advantages derived from their invest
ment, would afford to the Pubiic creditors a
fair and liberal compeniation for the use of
their capital, and with this they should be
The lessons of the past admonish the len
der that it is not well to be over 'anxious
in exactingfrom the borrower right complt
ance with the letter of the bond. If provis
ion he madefor the payment of Ors indeht•
edneEs of the Government in the manner
spggested, our
,nation will rapidly resume
is , wonted prosperity. Its interest requires
that some measures,_ should be taken to re
lease the large amount of capital invested'; in
the securities of the Government;. it is not
now "merely unproductive, but in taxation
annually consumes one hundred , and fifty
Onions of dollars which would otherwise
be used by our enterprising people in adding
to the wealth of the Nation. Our C'onimerce,
which at one time successfully rivalled that
of the great Maritime Powers, has rapidly
diminished, and our industrial interests are
in a depressed and languishing condition.
; The development of our inexhaustible re
sources is checked, and the, fertile fields of
i the Sonth are becoming waste for want of
I means to till them. With the release of
capital, new life would . be Infused into the
paralyzed energies of our people, and activ
ity and vigor imparted to every branch , ofi
industry. Our people need encouragement in
their efforts to recover from the effects of
of the reduction and of injudicious legisla
tion, and it should , be the aim of the Gov
ernment to.stimulate them by the prospect
of an early release of from, the burdens
whiehimpede their prosperity. If we can
not take the burdens fromqtteir shoulders
we should at least manifest a willingness to
help them to bear them.
In referring to the condition of the circu
lating medium, I shall merely reiterate sub
stantially that portion of my last annual
message which relates to that subject. The
Proportion , which the currency of any coun
try:should bear to the whole value of the
annual produce circulated by its means is a ,
lineation, upon which political economists
have not agreed, nor can it be controlled by:
legislation, but Must be left Zia theirrevoca
bleiws which - every here ler:date com.
merce-end trade. The circulating Medium
ever irresistibly flow to those points
where it is in greatest demand. The law
of demand,and supply is as unerring as that
which regulates the tidep of the ocean; and,
indeed, currency, like the tides, has its ebbs
and liows throughout the world.,
• At the beginning of the rebellion the bank
note circulation of the country amounted to
not much more than two hundred millions
of dollars. Now the circulation of national
bank notes, and those known as legal ten
ders, is nearly seven hundred millions..
While it is urged by some that this amount
should be increased, others contend that a
decided reduction is absolutely essential to
the best interests of the country. In view
of these diverse opinions, it may be well to
ascertain the real value of our paper issues
when compared with a metallic or converti
ble currency.. For this purpose let us in
quire how much gold and silver could 'be
purchased by the seven hundred millions
of paper currency now in circulation.
Probaoly not more than half the amount
of the latter, showing that when our paper
currency is compare.i with gold and silver,
its commercial utility la compressed into
three hundred and, fifty millions. This
striking fact makes it the obvious duty of
the Government, as early as may be con
sistent with the principles of sound, politi
cal economy, to take such measures, as
will enable the holder of its notes and
those of the national banks to convert
theni'without loss into specie or Its equiva
lent. A reduction of our paper circulating
medium may not necessarily follow. This,
however, would depend`-upon the law of
demand, and supply; though, it should be
borne in mind that by making legal-tender
and bank notes convertible into coin or its
equivalent, their present specie value, in
the hands of their holders, would be en
hanced one hundred per cent.
Legislation for the accomplishment of a
result so desirable is demanded by the
highest - public considerations. The Con
stitution contemplates that the circulating
medium of the country shall be uniform in
quality and value. 'At the time !of the
formation of that in4rement, the country
had just emerged froth the war of the rev
olution, and was suffering from the effects
of a redundant and worthless paper cur
rency.' The sages of-that period were anx
ious to protect their posterity from the
evil which they themselves lead experi
enced. In providing a circulating medium
they conferred upon , Congress the power
to coin money and regulate the value
thereof, at the same time r prohibiting them
from making anything but gold, and silver
a tender in payment'of debts. =
The anomalous conditioner our currency
is in striking contrast with that which ,was
originally designed, Our circulation now
embraces, first, notes of the National'
Banks, which are made receivable for all
dues to the. Government excepting im
ports, and bY all its creditors, excepting in
payment of interest upon its bonds and the
securities themselves; second, legal tender
notes tuned by the United States, which the
law requires shall be received as well in pay-,
went of all debts between citizens a's of
all Government dues, excepting impcirts;
and, third, gold and silver coin. By the
operation of our mese= system of finance,
however, the metallic currency when col
lee..ed is reserved only for one class of gov
ernment creditors, who, holding its bonds,
serai•annnally receive their interest in coin
from the National Treasury.
There is no reason which will be accept
ed as satisfactory by the people why those
who defend us on the'land and protect us
on the sea; the pensioner s upon the grati
tude of the nation; • bearing the scars and
wounds received while in its service; the
public servantierit the various departments
of the Government; the farmer who sup
plies. th,o eifirllers of the - army and the sail-
ors of the navy; the artisan who toils in the
work shoos, ..or the mechanics and laborors
who build its edifices and construct itn •
forts and vessels of war, in payment of thei's
just and• hard earned dues should receiv, •• •
depreciated:paper, while another class 017
their countrymen, no more, deserving, are •
paid in coiW of gold and silver..
Equal and-exact justice requires that all
creditors of the Government sbohld be -
paid in a currency possessing uniform
value. This can only be accomplished
the restoration of currency, to the standard.
established by the Constitution, and by
this means we would remove a discrirrdna- •
thin which may, if it has not already done'
sa,create a prejudice that may become deep-•
rooted and wide-spread, and imperil the •
national credit.
The feasibility of making our currency
cor'respond with the Constitutional stand—
ard may be seen by a reference -A° •a few
facts derived from our commercial atatis
tics. The aggregate products of precious.
metals in the United States from 1849 to , .
1867 amounted to $1,274,000,000, while for
the same period the net exports of specie .
were $741,000,000. ,This shows an excess of
product over net s:exPorts of 1483,000,000:-
There are in the Treasury $103,407,985 in ,
coin;: incirculation in the States on the-
Pacific coast, $40,000,000,, and a few mi Mons
in the national and other banks—in aflame',
than one hundred and sixty millions,
Taking into consideration the specie in the
country prior to. 1849 and? that produced
sincelBo7,•we have more' than three -hun-: ,
dred millions not accounted- for by expor
tation or by the returns.;_of the - Treasury,
and, therelore, most probably remaining
in the country. These areimportant facts,
and show how completely the - mfbrior cur—
rency will supercede s the better, forcing it
from ciroulation•among the masses,. caus
ing it to be exported as a mere article or
trade to add to , the money capital of for
eign lands. They show the necessity of re
tiring our paper money that the return or
gold and silver to the avenues of trade
may be invited and a demand' created
which. will cause the retention at home or
at least so much of the productions of our
rich and inexhaustible gold bearing fields
as may be sufficient for purposes of circu
It is unreasonable to expect a return to a
sound currency as long as the Government
and bank&continu& to Issue irredeemable-'
notes ' and - fill the channels of circulation.
with depreciated paper. Notwithstanding
a coinage by our mints since 18i of eight
hundrodand seventy-fens. millions of dol
lars, the people are now strangers to the
currennywhlch was designed for their uses
and benefit, and specimens_ of precious
metals, bearing the national device, are
seldom seen, except when 'produced to grat
ify the interest excited by theirl novelty. If
depreciated paper is to be continued es per
manent currency of the country, .and
our coin is to become a mere article cif traf
fic and speculation, to the enhancenient pr
the price of all that is :inclispensableto the
comfort of the people, it will be wis i i econ
omy to abolish our mints, thus savi the ,
nation the care and expense incident to
such establishinents, and let all our pre
, cious metals be exported in bullion.
The time has come, however, when the
Government and Natipnal Banks shonid be
reqpired to take the ° most efficient steps
slid makeneetrattary arranginxibets for
the resumption of specie - payments. Let
specie payments once be earnestly inaugu
rated by the Government and banks, and
the value of the paper circulation. would,
directly approximate• a • specie standard.
Specie payments-having been resumed by
the Government and banks, all notes or
Ulla of paper issued by either of less de
nomination-,then twenty dollars, should,
by law, be , excluded from circulation, Be
thel the people may have
. the benefit and
convenience of a gold and silyoar currency.,
which, in all their business transactions,
will be uniform, in value' at home and
Every man of property or 'industry, eve
ry man who desires to preserve what he,
honestly possesses, or to obtain what' he
can honestly earn, his a direct interest in.
maintaining a safe circulating medium,
such a medium es shall be real and sub
stantial, not liable to yibrate with opinions,
not subject to be blown up or blown down.
by the bresth of soeCulatlon,,but to bepiade
stable and secure.. A disordered curfency
is one of the greatest political evils. It
undermines the virtues necessary for the
support of the social System; and..encoura
ges propensities destructive of its happi
ness. It wars against industry, frugality
and economy, and if fosters„the evil spirits.-
of extravagance and speculation. It has
been asserted by one 'of our profound and
most gifted statesmen that of all the contri
vances fbr cheating the laboring classes s
mankind, none has been morn effectual than
that which deludes:item with papommonev-
This is the most effectual otinventions to
fertilize the rich man's fields by the sweat
of the poor man's brow. Ordinary tyran—
ny, oppression, excessive taxation.—these
bear lightly on the happiness of the masa
of the community coMpared with a fradd
ulent.currency and the robberies commit
ted by depreciated paper. Our' wn histo
ry has recorded for odr instruction enough,
and more than enough, of the demoralizing
tendency, the injustiCe, and the intolerable.
oppression on ihe virtuous and well-dispos-.
ed, of a degraded paper currency, authoil.-''
sed by law, or any way countenanced by
the Government. It isone of the most suc
cessful devices in times olpeace or war, of
expansions or revulsions, Ito acsunplish
the transfer of all the precious metals from.
the great mass of the'peorde into the hands.
14 a few, where they are hoarded in secret_
places, - or deposited under bolts and bars,_
while the people arelleft to endure all the
inconveniences; sacrifices and demoralize; -
tion resulting from the use of depreciated _
and worthless paper.'
The Secretary of the Interior, in ids re.:
port, gives valuable iinforniation referr-'..
ence to the interests corthned to`the super—.
vision of his department. and rev ews the
operations of the Land Oilia,-Petisisii of—.
lice, Patent Office and the Indian I:Wrest:L.4
During the fiscal ieafending, 3 ne soth.
1868, six millions six hundreds's - y- five,
it La
thousand seven hundred acres publig .3
land were disposed - cif. The entir cash re .
ceipts of the General Land Office ,for tie
same period, were $1,632,745; !being, groat er
by $284,883 than the amount teased frc.m
the same sources (luting theprevious year,
The entries under thellomes - tead Law s.sov
er two million thiee — piundred and twenty
eight thousand ninefunclied and twenty
three acres, nearly o e4ourth of which was
taken under the et of June 21st, 1869,
which applies only ' the States of .Alaba-__
ma. Mississippi, Lo 4na, Arkansns and.,
Florida. ' . . ' •
kris! iv nor.c.'.
o n thi, sow o f Jo e, 1868, one hundr ecc
and tixty- nine tho nd six hundred rend
fifty-three names w ee borne on the pen: don
Tolls, and ' during t he year ending, on
that day,:the total a cunt paid for pensicsus
including the expedmt of disbursements
was 824,010 ,982; Deilug 1 ,5,81,9 2 ,61 gmter .
1: ,
(Continued en Seennd 'rag