The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1868-03-31
From the Congressienhl Globe, Feb. 81
sP EE Oh OF
HON. SAMUEL +. CARY,
OF OHIO, IN TEE
HOUSE OF REPRESENTATIVES,.

I
---- ssssy af
lThe Greenback Issue Discussed
The Gold BOND Robbery RIal
Exposed.
GOLD AND SILVIA.
TO make their argument irrsfutabl,
honorable gentlemen quote from learne
writer's, in every age, kheir definitions I
money; that the only money known ;
the eirilised world il sla and alive,
that exchequer bills, legal tenders an
greenbacks, are in no sense money, bu
only promises to pay money. Whel
did learned Senators consult Locke, an,
Harris, and Hoskinson, and the hest O
other writer's on the nature sad uses. o
money! Was it before they declare,
lgreenbacks money, and receivable as mon
ley 10 payment Of all debts, public ant
private? Was it contemporahsous with
the decisions of cur courts that State
city, county and railroad bonds, and ever
private contracts, payable by their terms
in gold, we're discharged BY payment
i'm legal tender notes7 Or was this dis.
covery made after our soldiers bad re-
ceiVed it as money, and after capitalists
had invested them in bonds for the spay-
ment of money! It matters iittie what
European philosophers declared to be
money. asH a1s SO 81
Our Constitution giyesto Congress the
exclusive power to coin money and reg J.
late the value thereof, aud expressly de-
nies to any State the right to coin money
emit bills Of credit, or make snything
but gold and silver coin j tender for the
payment Of debts. These are attributes
Of sovereignty and belong exclusively to
the representatives Of the Whsle people,
at one time and IN one country silver
coin vas the only money; ut another time
and in another country gold, and again.
gold and silver. Locke (from whom q
distinguished Senator quotes with 40
much apparent satisfaction) declared that
gold and silver were the true and only
metals to be used for this purpose, be-
cause of their s'intrinsic value. The
fact Is, these metals hare no intrinsic val :
ue compared with iron or copper, and
but for their general appropriation to
this use would only be used for maaufac.
turipg ornaments. They were selected
because Of their supposed scarcity, and
leTS liable. therefore. to iiuotuate 10 guam
sisy g
The value Of money has no relation to
Or dependence upon the materialof which
tits made. If It has the properties Of
powers Of representing, measuring and
exchanging value, it is money. and these
or powers are not inherent in
any substance, but sre conferred upon
any chosen material BY the sovereign
power. sa ~
GOOD ENOUGH FOR SOLDIERS
BUT THE BoNDHoLDERs DEMAND GOLD.
In an hour of great national peril,
when there was not coin enough, or if
enough to meet the momentoas emergen-
cies Of the hourit could not be procured,
the Congress Of the United States, with
the concurrence of the Executive, inn
parted to pieces Of paper, By certain spe-
cifc stamps, vignettes, signatures and
figures, all the powers of money, and
made them legal tender for the pay.
ment of debts, even those contracted to
be paid in coin, / have no reflections to
make on the wisdom Of their action. I
leave that to the Secretary Of the Treas
ury. The greenback, as It has beeuide.
nominated, was an invaluablss expedient.
backing our boys in blue; and covering
their backs atthe same time,
ltseryed our purpose well and will
serve us still if permitted. It helped us
through one danger, and will bear Us tri.
through another unless the
Of bankers, bond holders and
shoddy con tractors shall triumph ever
the industrial and tax paying classes Of
our people. We know It's strength, pow
er, virtue, and its universal acceptability.
We know that onr country is yet very
far from being out Of the wilderness and
in the open plain. She has yet to en-
counter the swamps and quagmires of 80
iBaaense deb, . rottsh seyenus system
and III exhausted and over burdened peos
plo.
PAY THE BoNDHoLDEes IN THE KIND OF
MONEY THEY PuRcHAsED THEIR BONDS
WITH.
We End gentlemen anxious to get rid
Of that which has served us, SO we'll. We
are told that the mightiest Of all evils
will result from our policy. It fastens
on the country..an lrredeemable currency.
Itpostpones the day Of specie payments,
the day of .thard money9hard money,
the idol Of the democratic heart. 1t is
q strange spectacle to see men who have
always contended against reducing the
country to hard money standard now
advocating it with so much vigor. Why
this sudden conversion to old Democratic
theories? Why alllthis hastet to get back
to specie payments? 1t isto prevent the
Government from paying back to the
bondholders the same kind of money
(oIly greatly appreciated in valuel which
they paid for their bonds, which causes
such an intense desire to have greenbacks
put out Of the way, and these are they
who are urging contraction, and the inn
mediate resumption Of specie payment.
They would be even willing to increase
the National bank currency, if desired,
to the full-volume Of the legal tenders,
because this currency is not . legal ten
der, and if greenbacks were called in and
cancelled there would be no lawful money
but.gold and silver, and their bond in
vestments would be redeemabls only in