Presidents -- United States -- Messages; United States -- Politics and government -- Sources
The anomalous condition of 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, excluding imposts, and by all its creditors,
excepting in payment of interest upon its bonds and the securities
themselves; second, legal tender, issued by the United States, and
which the law requires shall be received as well in payment of all
debts between citizens as of all Government dues, excepting imposts;
and, third, gold and silver coin. By the operation of our present
system of finance however, the metallic currency, when collected, is
reserved only for one class of Government creditors, who, holding its
bonds, semiannually receive their interest in coin from the National
Treasury. There is no reason which will be accepted as satisfactory by
the people why those who defend us on the land and protect us on the
sea; the pensioner upon the gratitude of the nation, bearing the scars
and wounds received while in its service; the public servants in the
various departments of the Government; the farmer who supplies the
soldiers of the Army and the sailors of the Navy; the artisan who toils
in the nation's workshops, or the mechanics and laborers who build its
edifices and construct its forts and vessels of war, should, in payment
of their just and hard-earned dues, receive depreciated paper, 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 Government should be paid in a currency possessing a
uniform value. This can only be accomplished by the restoration of the
currency to the standard established by the Constitution, and by this
means we would remove a discrimination which may, if it has not already
done so, create a prejudice that may become deep-rooted and widespread
and imperil the national credit.
The feasibility of making our currency correspond with the
constitutional standard may be seen by reference to a few facts derived
from our commercial statistics.
The aggregate product of precious metals in the United States from 1849
to 1867 amounted to $1,174,000,000, while for the same period the net
exports of specie were $741,000,000. This shows an excess of product
over net exports of $433,000,000. There are in the Treasury
$103,407,985 in coin; in circulation in the States on the Pacific Coast
about $40,000,000, and a few millions in the national and other
banks--in all less than $160,000,000. Taking into consideration the
specie in the country prior to 1849 and that produced since 1867, and
we have more than $300,000,000 not accounted for by exportation or by
returns of the Treasury, and therefore most probably remaining in the
country.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account