The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-11-21


pect as il regarded a portion of the
fund, the New York money changers
again made their appearance, jew
aud GENTLE mingling in sweet com.
munion to discover some cunning iu.
yention to make in day what Il
would take weeks for honest men to
earn. They won't directly to the
Committee Of Ways and Means, and
asked that tho interest should bo made
payable in coin, leaving tho principal
as il was, The Committee utterly
rejected the absurd proposition oftwo
currcncies-two legal tenders-iu the
Same empire aud for the samc com.
modities. They had once heard Of
such a transaction in Austrian bonds,
which utterly destroyed their credit.
The brokers then resorted to the Sec
retary Of the Treasury. He was
more easily persuaded, aud, il is uu.
derstood, went with them to the Com.
mittco of the Senate and pressed the
change. The Finance Committee of
the Senate agreed to IL, and sent IL
back to the House with that amend
ment. The House rejected IL, aud
the consequence was Committee Of
Conference, aud as some Till was
necessary it resulted in the present
law, making the debts of the United
States, so far as regarded their inter-
est, payable in different kind ofcur-
roncy from the debt itself One of
the House Committee proposed then,
in order to raise a sum sufficient for
that purpose, that the duties on i'm
ports should bc paid in coin, That
proposition prevailed, and the result
was and is that the interest on the
national loans, and the duties on i'm
portations, are payable in one kind Of
money called legal tender, aud the
principal in another kind of money
called legal tender, but made Of a dif.
foront material and of a different
shape. Thus, as any one can sec,
the Congress declared that whilc she
created two kinds of money, shc had
made them of unequal value, and for
different purposes.
For nearly two years, the green
backs were the most popular curren.
cy that was ever used in the United
States, and, had there been no other,
would not have failed to buy every
necessary commodity for every use,
public aud private, without the least
complaint. And if il swellcd the
currency Of the country, il atso
swelled the business of every kind,
foreign and domestic, agricultural and
manufacturing. So also it swolled
the income of business ,nen, aud
thereby vastly increased tho revenue
of the Government. No man was
ever known to refuse any article
which ho had to sell, during all that
time, for one Of tho greenbacks or
certificates of loan of tho nation.
Under the easily excited smagination
of tho American public, and seeing a
system of finance which no human
folly had ever before witnessed, hopes
were excited much moro rampant than
the lottery dealers or the faro players;
aud, in the belief that single turn
of the card would bring up the hold
er's f'ortunc, palaces were opened for
tho purpose Of inviting speculation
aud dealing in this new system of
gambling. Some become rich while
others went to bcggary-doubling and
doubling their ventures to indemnify
themselves, everything became excit
cd and inflated, from the commones
fabric to the most valuable estate
Thus the articles necessary to supply
the war we're vastly increased in price
while tho honest Jews of the gold
rooms, Shadrach, Mcshack, and
Abednego, came out unsinged.
Tbs violation of an undertaking tC
do or not to do may be compensated
in money. Sometimes the amount i:
liquidated by the parties, and some
times left to be fixed by jury. Ii
either cvcut it is to be paid for in thu
money of the country-in this coun
try in dollars and cents. No one eve
supposed that the non .fulfllment o
a contract is TO be paid for in kind
A plaintiff RECEIVERS a verdict for 81,
900, the non payment Of a farm; exc
cution issues for $1,000 in money
aud the defendant can tcndcr th
sheriff 81 900 Of the legal tender o
the country, and he is obliged to tax
1t in full payment of the debt. 10,
inconsistent is that with the idea tina
the creditor can select his medium o
payment. A man sells his propert
for forty horses, worth 500 each
amounting in cash to $1,000; il tn
purchaser do not pay, aud is sued 70
the debt, Judgment is given agains
him for 1000, not for forty horses
How would you execute q ljudgmou
given, aud an execution issued 70
forty horses? Indeed there is n
breach of contract, either soundin
in damages or in contract, which ca
not be paid by rendering the amour
assessed in legal tender note. a
to the equity and morality Of thes
transactions, | have never discusse
them.
A colleague Of mine in Congress
} an excellent man and rich, asked m
} whether | supposed tho United State
loan of 1861, made before tho pas
! sage of the act, would be paid i
} coin or currency. | told him
! might be paid in either by the expires
: terms Of the law; but that did no
: know how the Secretary Of the Treas
, ury would treat it. He tod me tn
f next day that he had consulted tn
Secretary, who said he would pay il il
coin, being then due. lIo had in
vested S3O, 900, for which he receive,
500, 600 in grecnbacks, or its equiya
lent in coin. a constituent Of mine
within two months after the adjourn
ment Of the Congress that passed tn