It is unreasonable to expect a return to a sound
currency so long as the Government by continuing to issue irredeemable
notes fills the channels of circulation with depreciated paper.
Notwithstanding a coinage by our mints, since 1849, of $874,000,000,
the people are now strangers to the currency which was designed for
their use and benefit, and specimens of the precious metals bearing
the national device are seldom seen, except when produced to gratify
the interest excited by their novelty. If depreciated paper is to be
continued as the permanent currency of the country, and all our coin is
to become a mere article of traffic and speculation, to the enhancement
in price of all that is indispensable to the comfort of the people, it
would be wise economy to abolish our mints, thus saving the nation the
care and expense incident to such establishments, and let all our
precious metals be exported in bullion. The time has come, however, when
the Government and national banks should be required to take the most
efficient steps and make all necessary arrangements for a resumption
of specie payments at the earliest practicable period.
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