The Vinton record. [volume] (M'arthur, Vinton County, Ohio) 1866-1891, 1868-02-27

~ '"NNf ~ NANy ''N' :. "-AN ~,
that these bonds were issued in
1851, When coin was the only
lawful money known in the
land.l yd. I9IIaID .7uI i9.a.
| The position seems strangely
at variance with the express
/ declaration of the law, which
in relation to greenbacks says:
They shall be legal tender in rayment Of
| all debts, pubic and private, within the Uni
| tel States. except tiutlG, on imports, and in
| terest on the pubic dobt.L .hb
If this be a correct theory,
then why was it that promisso,
ry notes, bonds and contracts.
of every description made and
| dated in tie same year Of 1861,
and not mattiring until after
ktRe date Of tho legal tender
Y act, were Invariably and uni
/ yeFYally held to be payable in
legal tender notes; even obli-
CATIONS given in exchange for
| gold and promising on their
face to pay in gold, were made
subject tolthe same rule; and
now TO undertake to change it
in favor of the bohdholder
would be a most unjust and un.
fair not to say inyidious dis
elimination. '' 1900 - 10 ~.
While we remainin the con-.
dition Of suspended speciejpag-
mept, the only legal and equita-
be view Of the question, seems
to be that taken by those who
! favor paying all our debts in
precise accordance with law
and, contract; when we have
stipulated to,p2y in gold 50 let
the payment be made /; when
\ the contract Is Silent let the
tlaW'govcrh. The opposite view,
in my Judgment stands not.
only in opposition to law and
usage, but also in violation to
lright5 Of the taxpayers of the
country. ~. .,
I In consequence of the strait
enql and, embarrassed condi-.
ton Of our national finances,
brought about by a rebellion
of gigantic proportions, of Sc
verify and power unparalleled
lin history, the law7msking pow
er Of The Government was com
PEELED to authorize the suspcn-
sion Of specie payment, which
was effected by the passage on
the 25th Of lebrary, 1852, of
the act commonly, known as
the legal tender act " by
which the Government issues
of paper money were made "a
! LEGAL. tender for all debts, pub
llic and private, within tie Uni
ted States, except duty on i'm
ports and interest on the pub
lie debt" In the provisions Of
this law, superinduced by ne
cessity, there, was a very gen
eral and willing acquieScence.
The result was We were com
PEELED to inaugurate the sys-
tenn of measuring values by
the standard Of deprecated pa
per currency. The consequence
was that everything, especially
such articles of consumption
as enter most largely and more
Immediately into the support
Of individuals. and families,
went up to fabulous prices.
Specie was not and still is not
| known except as an article Of
commerce. The day-laborer,
the mechanic, and the farmer
received and gave proportion
al prices. ~. .....,.
The soldier in the field and
the clerk in the office we're
compelled to receive their
monthly pay in "a greatly de-
preciated currency. The mer-
chant and the banker, in like
manner, were com 1elled to take
--in discharge Of their bills re-
ceiyable-contracted on spe-
Gle basis, a deprecated paper
currency. The man who in
1860 or 1861 sold his farm at its
gold value, taking notes there
for payable in one, two and
three Il years, with interest;
(Which is a very common prac-
tice in some localities J had the
pleasure-if' you will allow me
ironical expression-of receiv-
ing in. full for his farm green
backs at par, for which he
could realize no more thantif-
ty cents on the dollar; so OF
the man who loaned his money,
and so with every man who
sold or loaned on time. These
are the natural effects and con-
sequences. Of war, against
which Z | enter, no complaint,
knowing that all nations. are
subject, sooner or later, to like
calamities.
But sir, what / do complain
&c =, Al - ,,,,i,ct ,1icnri mi n tIOp