, 1869-08-21
TIE GREAT EAgE OF pEMAHp1Na.

leRsl lender VIE = usurpauon and 4 crinae
afalnat the nature Of currency. For INTO coin
sesns IL as e " ens
] demand notes prescribe no time OF demand, and
no. and hitherto have borne lie upon shcif iaoe
and operated fraud uron every ho1dcr.'
For convenience Of reply NO tAko these
| allegations in their inverse order, as in this
as other instances it is more convenient to
approach the alligator by the tail
l. "De'naad notes" Tbs greenbacks dc
not expressly promise 10 pay " on demand. y
They simply promise in general terms to
pay* And, though a private note made in
tho same form, is held by the courts to he
payable on demand, in the absence Of any
understanding to the contrary, tho Supreme
Court has not so held relative to govern
n,eut note. The greenbacks vore issued
with such universal knowledge TINT hey
would not be paid on demand, that they
circulated for si1 years to the amount Of
S4OO, ,000, 900 before the circumstances and
expectation under which they were issued
had 80 faded from the public memory TINT
even one person thought Of presenting q
note for redemption. He was informed by
Treasurer Spinner that the notes we're in
fact and from necessity payable nt the
pleasure OF the government only, md not
on den1aod Of the holdor. The moral and
political obligation exists 10 pay them as
soon as the government can, or at least to
fund them.
What tho government originally PROM
ised to do was to rodecm them il $50
bonds, on demand Of the holder, and, after
doing 80 for couple Of years, withdrew
this promise, w1ongful1y, as we have long
held Tho drst thing for it to do is to re-
store the right Of conversion into bonds.
Il !" Into coin Should az forms ef paper
money at onee be eeonrerti5le on tie dlmandof
The holder" This theory stands in tho same
relation to paper currency that Christ's
"golden ruIo" does to human conduct,
except that the hitter has been reduced to
practice once. the former never. England
has an expensive provision for securing
perfect redeemability, but it has twice
failcd since 1911. Our State Bank systems,
framed before the present Republican
party was born, failed Of perfect converti-
bility, and suspended specie resumption
ouco in ten years, or oftener. II the Dem
oc,stic party has any plan Of securing
moro perfect eouverdbility, We should like
to hear Of it.
III. "TAe lfgalteudev net q crime
against The nature Of curreney." Not e1-
actly. England pissed, in substance, q
legal-tcnder net, to sustain her depreciated
currency, during her wurs with Napoleon;
Aust1ia, Italy, md Ruszia, and most Of the
powers Of Europe, have done SO, and very
much Of the currency in vogue ut most
times in many countries has been Il gal ten
der. Even the "Confederate States"
whose finances wero engineered entirely by
Democrats, passed legal-tendcr act, and,
by reducing their currency 10 two cents
value per dollar, afforded a sample Of the
results VIC might have expected had our
own finances boon in De1nocrntic E4atlagc-
nent,
". Hard ,ao0fy Of gold and si7rer the
only eu,7euty uhich Congrtss may lawfuUy
make q kg'lz tfndtr." Where did you learn
that, pray? Tho constitution prevents the
several states from mixing anything but
gold and silver legal tender. Bnt whsra is
the Limitation on tho power of Congress to
do so2 That it Is ono Of the attributes Of
government is proved by tho practice of
governments The act OF expressly with
holding it from tho States (sinco all the
attributes Of national sovereignty
which pertain to any government
pertain to other the State or M
tionnl branch Of ours> i,So jfaeto
vests it IN Congress. At all events, the leg
islatiye. executive and judicial branches Of
the government, as well as tho people ut
large, havo so held thus far, and in any
view we uny be pleased to take Of legal
question, it is aocial pleasure, Il not ab-
solutcly IN argument, 10 Lay6 all these On
our side.
'. "Tne gorcrnmtnt gotn9 further from
s1'teit poynents." Admitting that 'To nave
not nade much fees.ess toward specie
rnsn'enea s'nco June lo'o' no" 90 yon
NoloS' W ot.ne auo eoun'ly 10 specie pay
,' e' 'epeey - ooeS Ao' WILL 20 pe
. .~t"15 s..1 80 a. 'e1sS. y ~ ioa'o nete-
~ o.eoANpH:u "o'.a says eno
@'a pn.S oe"Au1s npee4o pAs,neula'
ol"4 "lH, ueoss ooes tne Detnocfauc l'a1-
> eelt'"Nu -na' epecio h.i!ll oe paluf Upon
to1'n'o oso'S' Weuifeo III cut5ency' "e
nn'e neafo no such denAna- 80 fhs as our
acquaintance Win democrats, who pay
'hef debts ut eli, extends, they feel no
anxiety to pay IN gold any debts they
may bo owing In currency. Doesthe Demo-
cratic party demand TINT government shall
ES7H