The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-03-26

hall eagle Tue law Of Congress PASSED In 1887 change.
Tho gold standard estabiished lTe2 by providing that
the standard OF boh gold and silver be such that
should be met and one hundred OF alloy tn the
Alloy o. silver coins sn ud be OF "copper" and the alloy o.
weight Of the gold easle should be two aud ATTY
eight graiDs, that OF the Lsi eagle one hundred I'd
niue grains and that the eagle should 10 legal
ten dollars and the halt eagle for ave dollars
This was the standard value up TO the time whom the
legal tender note bill passed.
Tho original legal tender bill introduced BY me, as
necessary war measure, and which was approved 0y
tho President February U.s. 1892 changed the standard
uy issue si6o 900 Of bsiied States notes crcu
late a. currency, making them lawful money aud legal
tender for debts public and private and providing for
thcf RECEPTION at all mes, at the Treasury department.,
Annually IL COIN and further sutGops,"e sSs issue Of
$500 900 OF these bonds that p1rposc This was
not the issue Of an rredeemabe paper currency There
was liked standard and OF value for tue re-
dmepon OF all these legal tender notes they should
DO issued and 70 issued from time 70 time. Thai
and interest payable in gold. Every person who should
receive these notes voluntarily by compulsion knew
exactly what be lid do with thsm. He know that the
laws OF Congress provided that he should gold boar
Ing bonds for all the notes taken BY him. Tho redemp
tion 10 this case was mos gold On demand as formerly
the principal payable 10 gold within twenty years This
the standard Of value xed By the legal tender motto
BILL II WIS In effect forced loan IRON the people 10 the
goyernment but at fair rate OF interest for both the
lender and the borrower. g.ses L.
OF value within the United STATES; but II 0xcd
standard established By law and every business mau
could act upon II and shape oil his contracts and business
The act q July It, ise2 authorized further issue Of
$50 GOO 900. Of legal tender notes: and requiring &C
redemption by tho at all times demand ia
tho vctwenty per cont bonds still leaving tho stand
Of valre tender notes by providing FOR their con-
principal and interest payable in gold. Although this
Ia effect forced loan from the people, u fair
great and The object to be attained in crushing
beon important that 20 loyal ctizou could object to
90 as
son holding grconbacks not bearing interest, could ex
change them at his own will into gold bearing
government was carried on smoothly and the
war prosecuted vigorously undor this system up TO
January 81 1864 when the Eve twenty six per cent bonds
authorized by the Of the 25th Of February 1862
exhausted IL the meantime tho standard OF value for
the redemption OF greenbacks has been changed which is
the OF the advance 10 tho price Of gold and
other commodities and services as win now proceed to
show bsI.H Fl aIo9i
The act OF the Sd OF March, 1867 provide ways and
means for the support OF the government, commonly
sndsr 'S IS 70 IL ID Tie 'tS
rotary the Treasury to tx the time and manner OF ssu
ing the bonds notes ard the rate Of interest they
should bear under the act. gives him the power to
issue them at per cent, five per cent, at
nterest he deems advisable but under
the notifications OF the act there Is no longer any
standard OF value fixed by law. It rests with the
Secretary 10 say, from time to time, what the rate
OF nercs! shall be- He also the power to issue and
reissue legal tender notes demand aud tmc in sul
cent volume TO float five per cent and even four cent
bonds and notes. If he shall deem advisable to do 50
No regulate his contracts business affairs with
any certainty No person, when he takes legal tender
grenback currency can fix IN bis own mind what It's
real value. II is longer convertible at the will OF tho
holder into United STATES six er cent bonds 10 there
any provision in the law which compels the government
redeem them In any kind Of bonds in any other
way, except for dues to the government II has how
ever been tho practice Ct the Treasury Department dur
backs not bearing interest by exchanging for them ono
and two Treasury notes bearing i've per cent into
did a ana 81
change the standard Of value fixed in the Loyal Tonder
Note bill thought Il better TO issue and pay out 70 the
army and navy and ether creditors OF the government
amount OF greenbacks sufficient TO float easily the Eve
twenty six per bonds. believed seven and three
fair just that forced loans OF this kind the
government should pay six per cent, and that the war
should be prosecuted until the rebellion should be crush
ed the basis six per cent interest ali the funded
debt TO accomplish that result. thought 1t bet
ss sF ss sss IT. that business ns
transactions Which can only be fully realized
by public law the measure aas Of ~. value 10
January 1868 said that Congress- by its legislation at
the last session has to considerable extent changed
Uned states, The standard of value nxcd by Congress
Is legal tender Treasury notes convertible a. any time
at the rate Of six per cent annum yearly
in CON- based upon adequate taxation upon the entire
the. national currency established by law: All
o sn'0ss Sased roa the vsSs tea
der notes and limited staias six mar cent bonds },
~. I..er 80. ~ a. sassan ~ coon 400 900 -,
20 nsd pia NJ, =; ,o, ~ ,he e bv1 1870 hc'
H., ~ ,h $1,000 ~ s,,e ~ ,ahar r.s ~, -
sor ~ Inc nower yivan IN mo
- ~. =. - Nc II 40 nr'vdad ~ ~
bacaa IA ~, fill csnnssnco IN Inc Sacre,ar ~,
Ssoss ,no,ars - h.ssar that az ,,nnrtsn, ra,,ar
sea,;n !, dns ~ the stability N me whos hrs;nes.
ansr.t oas ~ ,he count-v shon,s he ysd in ina n
ssS 20 ,n. ali man cond shane the, hms,nes. 5000
ISL, % Tn;s .,na ha,,s rs,,araT ,he cocra.ssv sr
s y,asnons,h,i;,v and tho ,neanns sncsuson. and
chsnces NO. al uroud have bean less ILev 10
49, rrorad reI.ctsntiv assan,ad "a Ire change
~ -. arsnss NJ hat,ar udsrans ana am no. s.,es
I'D ,hs, ~ ,rse ristat. $50
be daily during thu nast YEAR or Iecs tan
Az ro,. u ~ TIA s;~ rar can, bonds ~ thc
ra,a ~ from ons 70 two m,,ons dsv Smrn,shed tho
eons 10, nayno Inc da,lv erncndurss of the oovern
Tha carorss,ns a,, ~ 60 sraooh,v 90 s,a,d,v
nd - ,assac,ory ~ ali nsr,ias tthoni cs~.jng any
$40. na,on ~ Ss cnrrenrv mr. increase IN rhs nrtc. ~
iahor or commodities thst was IN homes n would he
Th t h I, h,nrs seady yoa 49, 10 %
~ "a ana ,yond nrohahv have preyan,ea arv cacas