The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-08-24


nortion of our bonds and reduce expenses
Let us inquire, what is dollar A dol
lar. in the United ststsa, is whatever the
government of the United States, in which
/. vested the power to coin money, may
cbuose to exact that it shall be. IT may De
replied that ''Tbe government has enacted
hat twepty.three and a quarter grams OF
cold troy weight, are dollar or four nun
S.oa,and seventeen grains Of silver are "
1olIsrn subsequently, however, totnat en-
..,,,cnt tho government has enacted that "
certaiu piece paper on which the govern
ncpt has caused to be printed its promise 70
n,y dollar. IS dollar in other WORDS, Is
,,self and OF itselfa lawful tender, anu
| nm and complete discharge OF every cou
,,i,able debt, claim, or liability to tha'
| amount. Its a.eeIknown principle oiiaw'
| which Mr.. .Hawley cannot successfully ue"5'
,L,, a subsequent statute conflicting wlth.a
r,oyious statute operates as repeal oil 'ha'
.,atote. Both cannot he valid at the same
r,n.. Whether the dectsou be wise or I'M
wise. il not the question but it is TACT
that the courts even lh" court 'ha' Mi
rbaddens Stevens calls the highest Elou,
nal to decide between man and man III al
earthly aFairsn-havc decided this la
test enactment ofthe government to be con
stilutional and valid.
A greenhack ''dollar' is, says the ChIca'
| go Times. the governments promise TO pay
| a dollar. 1t IL not promise to pay twenty
| three and quarter grains OF goid, OF louF
| hundred aud seventeen grams OF SILVER
The statute which made dollar to CONSIST
in that quantity of gold and that quantity OF
silver is no longer in force, save Tor two
nurposes, which are specified as exceptions
n the later statute Except for those two
purpOses,-the payment of interest ION the
| nublic debt and duties on imports, the
statute that dollar should be a certain
weight of gold or certain weight OF silver
is dead. 1t can only be brought to lite by
repeal of the legatender act
| Until that act be repealed, a dollar IL
the United States, is that piece OF paper OF
which the government of the United States
has caused to be printed its promise to pa,
a dollar. When that peice of paper is CIV
en-. the debt, whether represented by TN
bond or represented by the greenbacks, !
maid. The law says it shall be so, and tn
courts say the law is good.
The bond is an obligation to pay dollars
and the only dollars the law recognizes 10
hat purpose are another kind of promise
pagable in rhat they 1cW buy. Right her
is the very important difference between tn
! present money of the United States and ott
{ er descriptions Of paper money which GOV
, ernment in this and other countries, ha
made in times past. Continental money,
for example, consisted in the promise Of tn
United Colonies to pay the bearer SO man
. dollars in gold of certain standard, and
a specified weight to the dollar. Thus
, different kind Of lawful money was recoI
nized, and the note itself certified that
l. should be paid in that money. The eXls
4 inc statute in the United States is the Vel
n onposite of that So far from certifying
! particular kind and quality Of money
which the greenback shall be paid, it d
], clares the ereenback itself to be the lawi
II money in which every conceivable Diet
? claim, and demand, public or private, SHIT
- be payable, -eXceptIng two. The very e
: ceptions serve to make the meaning and !
IL tent Of the law more plain. The greenba
y, itself Is "claim" that is only payable
10 greenbacks or what greenbacks will bu
oCl That is the law, and the courts say the II
60 is good.
y He who doubts this paying power viii
'le the law gives, and was intended to give,
greenbacks, "may not says Ihad ;
he yens "be fool. but he has an excest
an folly which all the world except himself a
ms his creditors will ridicule.
as Money !" he cries "what is money? II
ny he fixed, una'terabe thing OF intrinsic n
w known value, why does the constitution /
so it into the power Of a Legislative tribunal
the create it and re assess it anew? 1t IS
fancy. Money is Just what the law ma
We it., and you must take the chance that y
IN Government will make it wisely, and, WI
-" made, you fix your eve upon 1t and ms
vour contract accordingly Mr.. van
Of dicham may have said, concerning gold
ETY. silver, "E here is no other redt money IN
eur world = but what he meant by the st'
on ment it would probably he dithcnit Tor
al, VaIlandgham to explain. There IS
noi "real money in the world, but as the
md and commercial usage make it real MOI
ure The substances that have really been II
In ev are almost as numerous IS the proc
I'M tons of nature. "Wampum," or strings
any small, spiral, fresh.water shells, such as
inc inc found in great abundance along the be
,nI of our lake, constituted the money '
ond which our enterprising forefathers in
ted England carried on profitable CONNIE
tate in their day. The Carthagenians made t
tied money of leathcr,--a superior sort OF b
WY notes. probably, possessing quality OF
n' destructibilty which modern bank-n
his cannot boast. The middle bark Of the l
ON berry tree, cut in round pelces and STAN
lem with the mark of the sovereign, conshtI
tice the money of China in an earlier age.
stu, Giving money" so called, Of our British
ana cestors, consisted Of white slaves, IN Y"
b,'ms toll the bondholders of that age found al
re-" trinsic value, much as our modern D.
,sf. holders expect to find an intrinsic value
.., the toll of white taxpayers at this
""0 The first metallic money made for use
wen this country was a coinage of brass, and
what intended to obyiate the Inconvenience W
aace the Virginia company, before Its intro
:. ton, found in the use Of tobacco as the
!" culating medium of commerce. Tob'
'uSe has been money Yeti is deemed impr
anne able that the government will ever call
id it tatoes dollars Not many years agc
n did enact that twenty-five and eight,te
r grains of gold, nine.tenthS fine, should
y ol dollar. Afterward it did enact that
Mr. grains of gold, Of the same degree of pu
ame should be dollar. And, still aiterwart
md did enact that piece of paper, eontai
-. It's PROMISE to pay dollar, should be
mas dollar itself. That enactment is still
ties law of the land. So long as it shall co
Tie to be the law, debts that are payabl