The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-12-15
A. FINANCIAL DneherrY.


The financial writer of the Cincin-
natl Gazette is the best developed " |
told you so specimen Of the Editorial
Dogberry within our acquaintance.
He has very dogmatically demonstra-
ted that Of all who arc tinkerlng at,
and jabbering about, oar currency diff
ficulties, he alone saw the end from
the beginning. and was and is always
right. Why should General GRANT
be in perplexity a single moment as to
his Secretary of the Treasury when
the Gazette points out the man as I'M
erringly as the Thermometer and bar
omeier indicate the condition of the
atmosphere? That we are not mis-
taken in our conclusion, the follow
ing paragraphs from a single ponder
Gus financial article in that paper,
clearly proves. The Gazette is COM
nenting upon Secretary McCULLooH's
report
We subscribe 20 all that the Seere-
tary has des cribed of the calamity of
Z paper money Initiation, and we are
glad that he has done it in so forcible
a manuer. We agree with him that
the imitation of the currency for the
sake OF floating bonds at par IN cheaper
money was blunder We opposed it
at the time. The Government had
better have sold its bonds at fifty
cents on the dollar than have cheap
ened the currency to that rate, and
thus destroyed all values and all con-
tracts In general property and trade
for the sake of a delusive fnancier-
ing, by which the amount realized
from loans was made TO appear greater
than the reality We agree with him
that the Legal Tender Act was bad
in policy and doubtful in law. We
said so when it was under discussion.
And we agree with him that it Is very
doubtful if the Legal Tender Act
will stand real judicial investigation,
and that for this reason alone we had
etter prepare to cut loose from it
within a reasonable time; and that it
would be evidence of total demorali.
cation of all monetary and moral and
legal principles If we were now to be
content to make this forced loan and
partial confscation act permanent
currency system. We never re-
spected the fond title of Old Green
backs nor Young reenbacks, and we
always expected the time when these
would be as disreputable as the title
of "Old Continental Currency"
would be.
We do not believe that the govern
ment has the legal power to make pa
per a legal tender as money. 1t 1T
had such a power it would be suti
cient cause for recOnstructing the
government. It destroys those rights
of private property which are beyond
the province of Government, and
gives 1t absolute control over the val
ues OF all the property of the people,
and over the obligation of private
contracts. We Will allow much for
war necessities In a time of great civil
war, although we deny that there was
any necessity or any good in the Legal
Tender Act, but we are constrained
to say that if this government has the
constitutional power In time of peace
to stamp worthless things, and compel
people to receive them as moDy, in.
stead Of being the best government
the sun ever shone on, as all Ameri-
cans firmly believe it to be, it would
be the meanest and most despotlc. For
respectable despotisms do not lay
their hands on private property and
general values.
At the time of the passage Of the
Legal Tender Law, there were thou
sands Of special gold deposits in the
various banks of the country, and
those institutions promptly availed
themselves of the decisions of the
courts compelling the owners of the
gold to accept greenbacks in payment
therefor. The Gazette may have lifted
up its voice and denounced the act
and its endorsement by the courts as
destructive of the rights of private
property" but we remember nothing
of the kind. Can it copy US a para.
graph or two to that effect from its
columns of that date? Our impression
is that the Gazette, through Agate,
one Of its editors, and odd Green
backs" constituted mutual admira
tion society Of enlarged dimension
and formidable influence, at least il
their opinion. But now that the en-
forcement of the letter of the Law
promises to work, not hardship, bu
a diminution in the profits of th
bondholders, The Gazette is fully con
WINGED that the Government has n
power to make paper a legal tender a
money. Legal tenders were GOO
enough to pay for gold contracts an,
gold deposits, but are not good enougI
to pay off Government indebtedness
contracted since they were issued
We would think more of the Il toll
you so" of the Gazette if he had bee
more outspoken when the law. maxim
paper money legal tender for tn
Dayment of debts. was pending.