The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-09

creditor as y ell as debtor At the original pE CO.
view, talk learnedy Of the laws OF finance and the
50 raw and stick out SO far FROM their excited cover
Wub g nS no no So eS SS SsE 10 a
from y It's lasting plague mer the maleIactor shall
another wOrld2 Nov let come 70 the Govern
ment loan, and for single moment consider It,
which, even without the monstrous doctrine of
Greeley and Cooke, is the most profitable invest
atrous swndie on on the part Of Eupopesn
capitalists. In what say would not depress that
We're possible Tor me 70 make 81 BY IL for Il has done
American GoVernmen1, In the days Of her need; and
for such service It has been rebly rewarded by the
speeulatoT the rich capitalist who has entered the
tome his earnings hat is not his folly but the folly
% 0fthe %SCyeTn5ment p5 which; though hundred time.
my intellectual vigor might Increase in prOI orton
porISnt subject to the Amerean people, But @ sSch %
phenomenon will never again be found to exist this
In 1860 81, When the. war broke out, it was found
will not undertake to pronounce-had len the coun-
try bare Of all defensive weapons and not only with
few mil Ions needed TO equip our army and navy
poor and shallow idea OF the intensity Of feeling Of
the independent belligerent with whom we had to
the nation were necessary to defend freedom from
thfoa,s. our Southern brethren thiak they are
called, whom we had to deal with.
the Philapephia, New York, and Boston Banks. but
the Treasury had so placed their oans by
them in the deposit banks, to render them the
however, went on and paid them IN currency, q
mons Of dollars treasury Was
emptied such was the enormous draft upon It for
brokers' By he Committee on Ways and Means, Of
S Of 70 be oSn d at S h G ae ss FGSh he
answer discouraging and did not give reason to
5uficlent HTBe money Ou 70 carry on the war At
De2 een 1ao on he oan fSe Semmee were nSwns
TO take eighty i've per cent principal ana receive the
pTobably brought il to seventy.five per cent
This was borrowing millions at 50 ruinous rate
Of us, Mr.. Spaldng, Of Buffalo, and myself, were in
ing them legal tender but receiving them at par for
ali transactions with the Government, believing that
of war material which the Government might
divduals anything but legal tender would thereby
be taken away. No reason could be seen why to the
to be nearly the whole, they should go much below
the farmer, mechanic. merchant, and msnIiacturer
! desired TO purchase material We remembered that
was suspended her bank notes were at about fourteen
Amer having repeatedly attempted to purchase
loans at less sum than what in coin would be about
surS to give bis consent to Offering loan and issuing
t6eEer Eni,ed s States STAT notes. ana a making nah Legal
agreed but the Others together with the Secretary,
had very consistently done a his report T9e Com;
6 oun 6at no hS large oSn e6n
in 0n except @ s most T1noSs I @ gTSs ThSy
haypg % & & b bill for STa the
SneTed BY MT spaiSing, and was % allowed 20 remala
o he seVng the Sh S
vote against it, consented that il might be repoFted
sent to ens n6tnins
sSie sSoSt she to S py no o epds
S S es In Tae & Of Re of sSts
of description; but TO change that aspect it
changers again = made their SppeSTonGe lew and Gen,
|
take weeks for honest men 20 earn. They went
asked that the interest should be made payable in
The COMMITTEE utterly rejected the absurd propos!-
Jon OF two currencies-two legal tenders-n the Oame
heard of such transaction in Austrian bonds,
20 sS aer Sfe b hs
| was more easily persuaded, and It is understood,
pressed the change The Finance COMMITTEES of the
Senate agreed TO IT, and sen sent i back to the House
the onsequence Cop1mittee of Confer ence. and
aw mEnr Ss Of he Uned saes sae so
regal ded their Interest payable In different kind of
| One fIhe House Committee proposed then. norder
1es on mpors shoTd be paid In eGE T6st
position PREVAILED and the result was and is that the
| port aIions payable in one kind of money called
money Called iegai-tender but made OF a dIfferent
material and Of different shape Thus as any one
| two kinds OF money she had made them Of unequal
For nearly two years the gTeenbacks were the most
popular currency that was ever used in the United
| failed to buy every necessary commodity for every
use public and private without the least complaint
sweed the business OF every kind foreign and do
sweiied the Income Of business men. and thereby
vastly increased the revenue of the Government No
mad TO SELL during all that time for OF the green
| backs or certificates OF loan OF the nation.
Under the easily excited Imagination OF the Ameri-
| public, and seeing system of finance which no
human folly had ever before witnessed, hopes were
excited much more rampant than the lottery dealers
OF the card would bring up the holders fortune
sPecSiStiSn and dealing In this new system Of gSm
bling. Some became rich while others went to beg
Nifty themselves; everything became excited and In
hated, from the commOnest fabric the most Valu-
able estate Thus the articles necessary supply the
war were vastly increased In price, while the honest
Ahednego, came out unsigned.
The violation OF an undertaking to do or MT do may
iqudated by the parties and sometimes let be fix ed
by aJury In either event IL Is 20 be paid for in the
cents. No ever supposed that the nOn-fuIhment
of contract is to be paid for in kind. plaintiff
verdict for t0OO the non-payment OF farm,
execution issues for 1900 in moneys and the defendant
country and he is obliged TO take II In full payment of
| the debt,
| creditor can select his medium OF payment man
sells his property for ory horses worth 800 each
pay and is the debt Judgment is given against
him Tor a40t0 not for forty horses How would you
for forty horsss9 Indeed there Is no breach OF con-
tract, either sounding In damages or IN contract,
assess ed in legal tender note AS TO the equity and
morality OF these transactions have never discussed
A colleague of mine in Congress- an excellent man
and rich, asked me whether supposed the United
would be paid In coin or currency. told him it
might be paid IN either by the express terms OF the
hTetsSSSsy S would treat T. He told me the next day
| being Invested