ports of $433,000,000. There are in the
Treasury $111,000,000 in coin, something more than $40,000,000 in
circulation on the Pacific Coast, and a few millions in the national
and other banks--in all about $160,000,000. This, however, taking into
account the specie in the country prior to 1849, leaves more than
$300,000,000 which have not been accounted for by exportation, and
therefore may yet remain in the country.

These are important facts and show how completely the inferior currency
will supersede the better, forcing it from circulation among the masses
and causing it to be exported as a mere article of trade, to add to the
money capital of foreign lands. They show the necessity of retiring our
paper money, that the return of gold and silver to the avenues of trade
may be invited and a demand created which will cause the retention
at home of at least so much of the productions of our rich and
inexhaustible gold-bearing fields as may be sufficient for purposes
of circulation. 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. Specie payments
having been once resumed by the Government and banks, all notes or bills
of paper issued by either of a less denomination than $20 should by law
be excluded from circulation, so that the people may have the benefit
and convenience of a gold and silver currency which in all their
business transactions will