Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-09-05
A STRONG PROTEST T
RADICAL JOURNAL
AGAINST THE
PUDlATlON OF GREENRACKS.
1t Dema nds that Coin COntr acts
Made Before the War Shall
BE Paid in Coin.
AND THE
Contracts Made after the issue of
Greenbacks be Paid In
fr Greenbacks
AGAINST THE


and it speaks the language of sobernes
and truth. 1t calls upon the Eastern jour
naiists and Eastern capitalists to stop il
their mad crusade against Greenbaeks. /
asserts the truth, in saying that if they
shall be successful, it ",oould bankrupt tn
ioltole country"
The Vermont capitalists have triumphed
The Republican majority In Vermont i
the triumph of the very policy which tn
Blade condemns as calculated to bankrup
the whole western country; and if it is th
power ofcapital-ifit is in the power of tn
men in the East who demand " the pay
ment OF the interest and principal of thei
securities in Gold, and to increase enor
mously It's purchasing power by depreciat
ing the value of Western commodities,
they will carry Maine on the 14th by
tremendous majority. The Democracy ar,
fightinga gallant fight in that State; they
are fighting the cause. of the West;. tn,
cause of prosperity, the cause of Peac,
and Union; but Eastern capitalists, who de
mands that the West shall be unto then
the hewers of wood and the drawers o
water, are working with an energy and
reckless disregard of means to accomplish
their purpose. They are throwing none,
into the contest unsparingly. L3fs's,
There are Western men who hail the re
suit of the Vermont election with grea
joy, aud should Maine 60 with largely
increased majoritv against the Democracy
on the 18th inst, they will set no measure
to their joy, and yet such success is driving
the nail into the coffin of Western pros.
perity. In, this great emergency, the
West, irrespective of party, have duty tc
perform it is to rally to the support OF the
Greenbaeks-tO uphold them, and thus save
their section from irretrievable bank
ruptcy. New York, the Empire State the
great commercial State of this country,
through the Democracy, Joins hands with
the Western Democracy in favor of Green
backs and general prosperity. Let the
West, then, as one man-forgetting party,
and looking to the we'll being of the West
rally to the support of the Democratic
party. Read what the Toledo Blade has to
say on the subject OF Greenbacks:
LEGAL TENDERS.
The question of the constitutionalitv ct
the legal tender act is now being extern
sively discussed, and is assuming an i'm
portance that promises to overshadow all
other iss les that come from the war. 1t is
confidently asserted by intelligent and in
f1uential minds all over the North, that the
Supreme Court, as now constituted, win
decide almost unanimously that the legal
tender act is unconstitutional. OF the facts
thus far developed bearing directly on this
vital question. two facts are apparent, ifnot
conclusive: First, No Judge of a State
Court, of Democratic proclivities, has ever
acknowledged the validity of this act
Second, That all Judges aoho haze heretofore
affirmed its UGlidtty. haze evidently been driuen
to this conclusion from the oUer,chelminq and
Imperative necessities of the country. To have
decided adversely. would in the circum-
stances, have destroyed the credit of the
Government, paralysed its energies, and
bankrupted the whole country. In truth
the very existence of the Government, and
the preservation of the integrity of the
country was involved in the favorable de-
cision of this question.
Now that the war is over, and the su-
premacy of law established, the merits of
the question come up for decision divest-
ed somewhat OF the Influences which be-
fore forced or controlled the action of the
courts.
The question is one of vital Importance
to all the diversified interests of the coun-
try; one that should be approached with
great deliberation, if not absolute reyer-
ence, for it underlies the we'll being of all
the industrial interests of society.
The bare possibility that the supreme courts
may decide this act to Je unconstitutional, and
per consequence. euery contract under 1t in
udlid. strikes one toith q feeling of dread.
11njof,f7-e3,rb N
rupt the sohole country in all its commercial
and industrial interests, and spread denordli-
cation eUery,chere. In truth its consequences
are too fearful for contemplation.
{ Unquestionably the courts aoent too far in
their decisions, when they undertake to say
that a. contract made payable specifically
in gold, is payable, by virtue of this act, in
paper legal tender. A DECISION OF THIS
IMPORT COULD NOT NOW BE OBTAINED IN
ANY INTELLIGENT COURT IN THE COUNTRY,
AND OUGHT NEVER TO HAVE BEEN MADE.
In TRUTH SUCH DECISION Is JUDICIAL
AND A POSITIVE DISGRACE TO
THE COURT WHICH RENDERED IT. 'l
The Senate foreseeing this evil, sought at
its late session to avoid this issue, and in
definitely postponed the judicial considera-
tion of the question by the passage Of law
legalizing contracts made payable in gold
The House o: Representatives twice de-
feated this measure, and thus indefinitely
postponed this first broad, bold step to-
wards sounder condition of the currency:
and eventually an easy progress towards
specie paymen
This question arises above all considera.
tons of party, and cannot, and ought not
TO be viewed as party measure. In this
aspect of the question it is worthy of in
1uiry, and entirely pertinent as to aoltat
loiU become (under the decision of the Su-
preme Court of the unconstitutionality OF
the Legal Tender act), of the grand and cap
,iudting propositions of the Western Democrats
(under the lead of PendletoD), to pan our
Government debt By further issue of legal
tenders. The great plank upon ,olttch Western
Democrats stand TO- day aoiU be shioered By this
decision, leduing scarce Uestige of the
party. This QUESTION FINDS NO ADVOCATES
IN THE WEST, BUT MEETS WITH GREAT FAVOR
AMONG EASTERN CAPITALISTS, WHO WOULD
BANKRUPT THE WHOLE COUNTRY TO SECURE
THE PAYMENT OF THE INTEREST AND PRINCE
PAL OF THEIR SECURITIES IN GOLD, AND IN
CREASE ENORMOUSLY ITS PURCHASING POWER
BY DEPRECIATING THE VALUE OF WESTERN
IT WOULD BE WISE FOR EAs-
TERN JOURNALISTS AND EATsERN CAPITAL
lists TO PAUSE IN THE FURTHER DISCUSSION
OF THIS QUESTION. The. public mind, al
ways sensitive on questions of finance, is
just now recovering that confidence so me-
cessary to prosperity and enterprise. The
immense crops of The West are going to
market as rapidly as transportation facili-
ties will permit. ANY DOUBT IN THE VA
LIDITY OF GREENBACKs, HOWEVER SLIGHT.
WILL SERIOUSLY INTERRUPT THE CURRENT
OF BUSINESS WHICH IS NOW QUIETLY DRIFT.
ING INTO ITS ACCUSTOMED CHANNELS.
The legal tender act did not cause, nor
is it responsible for the suspension of spc-
Gle payments. The banks all over the
country had lost large proportion OF
their coin, and had suspended coin pay
ment some little time before the legal ten
der act became the law of the land.
The injustice perpetrated under this act
cannot now be repaired. The practical and
common sense view-one which courts
ought to hold, unless they desire to pro-
duce anarchy and bankru ptcy all over the
land-is First, To enforce the payment OF
all contracts made prior to the passage OF
the legal tender act, in the legitimate cur