, 1862-02-08
THE LEGAL TENDER CLAUSE.

bill, and n order to make It aValable,
The legal tender cla9he.;is absolutely cs-
eential With that clause should be ad-
dcd conyeriibI1ity into the six per
cent stock Of the Government and q tax bill
for sufficient amount to pay current expen-
ses and the interest on these dsbeyond
any possible PEI adventure. With these
and tax On bank notes heavy
enough to drive them out Of circulation
and thus make room for the issues Of the
Government, they would pass current and
at once relieve the necessities Of the Treas
ury and be acceptable to the people. |
Tho practical working Of the measure
would be after this wise: The Govern
,nent would pay them 10 soldiers, contrac-
Tors, and all creditors, and receive them in |
payment Of taxes and public dues. A
large majority Of the people being in debt, |
would be glad to take them from contrac-
tors, qua1tc1masters, and al others who
might have them, for they could use them
in the payment Of their debts. Thus they
would circulate from hand to hand till they
found their way to the safes Of the money
lenders and the capitalists, who could, US
fast as they accumulated, convert them in
10 the permanent bonds Of the Govern
ment, and thus, while the debtor class
would all be benefited, capitalists would
simply change mortgages and other cVi-
dences Of debt into national securities.
But bankers and capitalists are BY no
means satisfied with the plain, honest six
per cent interest They seem the tremen-
dous expenses of. the war and the pressing
necessities Of the Treasury, a chance for
enormous profits; and whoever knew their
greed to he satisfied From the commence
ment the entire moneyed interests Of the
country las fought the legal tender clause
with a bitterness and pertinacity which
could have its origin only in Unsuitable
ayarice.
With that clause, their occupation would
be gone; without it, they Will count their
gains by millions. Without it, the banks
brokers, capitalists and sharpers Of every
stripe and hue-win at once set in motion
all their deyilish enginery to ruin the
credit and dcprcciate the issues Of the Gov
e1nment- Every fact and every Lie thai
can be tortured TO their purpose viii b.
used without stint In addition to th'
rebels, the Government will have to figh
the shayc1s Of all the loyal States Til,
fight in Congress is really contest between
the people and the brokers Of the seaboart
cities. Which shall win, is question o
vital interest to the welfare Of the nation
The banks and money sharks reason o.
this wise: Il they can defeat the lega
tender clause and bear" down the p11c
Of the Demand Notes to fifty cents, the
will at once get, when converted into 81
per cent bonds, twelve per cent interest q
their investment, and double their outla
additional when the bonds are pait
Such speculation is dazzling 10 IL
money sharks, and it is not wonderful tn:
they are using every possible means to s.
cure an opportunity to make it.
We believe the great body Of the peop
fthe West, fully agree with US in our VIEW
On this vitality important subject. The
have been SO often and SO cgregiousl
swindled by bank knotes, that they are rea6
to sustain the Government, il, Jac]1son-ik
Congress and the President will "takc Il
responsibility" and at once declare their
:. dependence of the banks. True, they i
powerful, but the people are stronger al
even richer than they
They have infinitely moro confidence
the ability Of the whole nation than in a:
single corporation toredccn its "promi<
topaE." The back parlor gentry OF "
street want nothing so much as a chan
to get their hands deep in Uncle San
pocket; and if at length they can obt:
control Of Congress, the people must 10
10 t1le President to put an c1tinguisl
upon their nefarious schemes. ]
him Tcto their bill, if the money s1al
succeed in getting one passed, aud
people will t1iu1np1antly sustain him.
fuence can certainly be combined in G.
gress, when the real tug comes, TO pas
fnancicial measure tAat will at once reli,
the Treasury and protect the people agai
The greed Of soulless shupe1s,