Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1867-11-29
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I nigned as merely temporary eApssAi-
/ ent and was, to a certain extent, extra
constitutional in its nature, that is, con-
stifCtionaIly fustifabIe only by the ex-
traordinary exigencies Of the country.
The constitution forbids the making Of
any law tnpairing the obligation of
contracts, and nothing but the most e1-
treme necessities Of the government
could reconcile the issue OF legal ten
ders with that prohibition. If the gov
eminent made the payment of green
backs legal fuIflment Of a contract
whore there was an obligation TO pay
in coin that obligaaon was certainly
impaired in fact if not in EaO. But such
was the tacit obligation Of ali contracts
made prior to the war, and hence all
such contracts unfulflIed after the is
sue Of legal tenders were impaired
thereby.
How then justify their issue at a12
We answer only. as the suspension of
habsas oorpus was justified; only on
the supposition that martial law, forced
upon the country by the emergencies of
war, had superseded that part of the
constitution which could be applicable
only to times Of peace. Other govern
ments have been compelled to suspend
specie payments in times of trial much
less severe. The American example
has abundant justification in precedent,
yet it must be on all hands conceded
that no government should attempt to
pay in aught bat gold and silver, much
less in its own promises to pay, unless
compelled to resort to such a measure
/ by the most extreme emergencies.
But these emergencies, which for the
time being made necessary the use Of
legal tenders, have now passed away,
and to contend that this currency shall
be perpetuated in times of peace is like
clamoring for a continuance of martial
law and the suspension of ha6eas cor
plts. That the Democratic peace party,
or in other words, the Copperhead anti
war party, should be found clamoring
for suoh a state Of things is remarkable
indeed. Having opposed eUe7g war
measure during the war it is very
strange that this party should now
clamor for the perpetuation and perma-
nent fastening upon the country OF anv
war measure in time of peace. "A few
years ago this same Democratic panty,
.so-called, violently opposed all banks
and paper circulation and insisted on an
exclusively specie or bullion currency.
Now it insists on an exclusively paper
currency, and demands IL in almost
unlimited quantities. Formerly its de-
mand was for coin and nothing but
coin now it is for greenbaelzs unIimit-
ed and an indehnite suspension Of
specie naxneuta-
Now what are greenbacks? They are
the irredeemable, non-interest bearing
promises OF the government. To say
then that the public Indebtedness is
paid by liquidating it with greenbaeks
is saying that promise to pay may be
fulfilled by forcing the promisee to take
another promise as payment. True,
private debts are paid by these ptonis-
es, but they are not the promises of the
debtor, but Of third party, the govern
ment, which thereby steps in and be-
comes responsible to the creditor for
the debt. The case of private debts paid
in greenbaclzs is not that Of a debtor
paying his own promises with other
promises of his own. But such would
be. precisely the case Of the government
If it were to force the public creditors
70 take greenbaclzs for its Indebtedness
where coin was promised. It would be
paying or promises to pay, with inter
est, at a definite time, with promises to
pay in nothing particulary without in
terest, and at no time whatever. This,
seen from the Democratic stand point,
may be an honest way of paying debts,
but to our mind it looks very much like
raseality, or, to put it in milder Ian
guage, repudiation.
But are greenbaeks money? If the
whole national debt were paid in them
we would certainly have plenty of
.greenbacIzs, but would we have plenty
Of money? Vallandigham says so.-I
PendletOn says so. A greater than
either declares that ''mOney is lust
what the law makes it, p whether ''made
Of leather, tin or greenbacks." On the
other hand we have the authority OF DR..
Francis Lieber, an eminent political
economist, that f'money is a commodi-
.iy ;" that it sis not and in its nature
cannot be the creature of government.
and that, on the contrary, money, like
property and the most elementary
rights, existed prior to all regular gov
eminent - that t'so-ca1led paper money
is not money, for it is no commodity,
but only a promise of money!" that
"the promise of a thing or act is not the /
thing or act itself;'' that promising to
pay is not paying, and the worth of the
promise solely depends on the trust
placed in the promise, or on the belief
in its fuIhlmeut." DR.. Lieber's state /
ments commend themselves to every
mans common sense. Greenbaoks. are
mere promises to pay and are not
money. To talk about paying the ma
tional debt in these irredeemable nom
interest bearing promises is foOlishness. |
If we so far repudiate our original stip-
ulations TO pay in coin how much viii |
this fresh issue of promises be worth, |
considering, as Dr.. Lieber |
says, that ''the worth Of the promise
on the trust placed in the /
promise, or on the belief in its fulfill |
ment"9 They mag be worth ten cents |
per dollar. With twenty-five hundred /
millions of greenbaeks in circulation
they would scarcely be worth that /
much.
The thirst for greenbacks is very /
much like the thirst for strong drink
1t is morbid. The country has cultivat-
ed an appetite for imitation which it is
not popular to restrain, but it must be |
restrained nevertheless if we are to ever
get back to specie payments. Money is /
said to be scarce and yet we have now
fully seven hundred millions of cur /
rency in circulation In 1857 we had |
paper circulation Of less than two hum
drsd and fifteen millions and in 1858 oil
less than one hundred and fifty-six mill |
lions. at the outbreak Of the war we
had a paper circulation Of only two
hundred millions and that was deemed |
amply sufficient for the wants of busi-
ness. Now we have over seven hundred
millions and money is called searcel