The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1871-05-20


lsatsd every ufEost I'M OOrEfsB 10 have Il
improved Ths'only wsy D for ths people
lEERUsnreArIonzEBAx MOTIFS,
and insist, no right, that an payments
must be made ia legal tenders. This is
the FIRST step toward driving national bank
notes out Of existence and substituting
the srssnbacks currency Of the United
StsteA .s.a sass
Congress and the present administration
have made every possible sacrifice and put
forth every effbrt to nppreciate the interest
hearing bonds of the nmfi0u. Les them
now direct their attention % bringing the
Eeenback obligations Of the government
up 10 par. Yesterdays decision is q step
in the right sdirsction. AlT honor, then, 10
the United States Supreme Court
CHIEF JUSTICE CHASE.
Those who find most fault with ys.:...--
days decision are fond Of ringing al sorts
cf changes upon The fact that Chef Jus
ties 0nass dissented. y-aaI
They are pleased to ignore the fhgt that
Mr.. Chase, while Secretary Of tie Trsasu-
ry, when in the full vigor Of manhood, in
fuA possession Of all his faculties, went 40
far as any one In favor Of the greenback
currsnsy. In his letter Of February 8,
1852, 70 Hon. IL g. Spnnlding, Chairman
Of the Ways and Means sub committee on
Currency, Secretary 8. r. Chase wrote a.
follows
Mr.. Seward said % me % Yesterday that
Jon observed 10 him that my hesitation i'm
coming up to the legal tender pfoposi;iOa
embalnasea yop, and 4 nm very sQrry to
+oese<xs h fes r.y ~ ipna Wiah IL ~ Sd
pasr yo4 ln ah rbaPeaA IrsIyuuH dBufsf
cams With reluct2ncs U Us eonolusinI' that
ths legal tender clause y d necessity, but /
came % i decidedly, and | support itearn-
estly.
THE cHIcAao LITTER.
Secretary Chase, IN bis letter Of May1s.
1864, TO- Mr. Ira Holmes; Of Chicago,
states DISTINCTLY that portion Of the inter
sst-bearing obligations Of the governnent
are payable in "lawful money (greenbacks, }
but that, according to the usage of the
government. the coupon and registered
bonds were Payshle i'm cola He apparently
4OOk care 70 state that the payment Of bonds
in coin was matter Of usage and not nt all
Of obligation. ....
The inference that many drew from that
letter at the time it was written was that
d remained entirely optional with the gov
ernment % pay its bonds, Of all dsscrip-
lions, in greenbaeks or gold, as, indeed, il
was. But here In the letter in full. IL has
never before been published.
ThEAsURT DEPARTMENT, May, I5, '64.
SIR-YOm letter Of the 18th inst, max
ing inquiries in regard with the kind Of
currency with which the five twenty years
six per cent bonds, and the three years
seven-thirty per cent. notes are to be re-
deemed has been received.
ID has been the constant usage of the
Department to redeem all coupon andsrep.
istered bonds, forming part Of the funded
or permanent debt Of the United States.
IN coin, and this usage has not been de-
waited from during my administration Of it's
affairs.
The Treasury notes and other obliuntons,
forming part Of the temporary loan, are
payable and will be redeemed in lawful
money; that is to say in United States
notes, until after the resumption on specie
payments, when they also, will doubtless
be redeemed in coin or equivalent notes.
The fivetwenty skies, being rayable
twenty years from date, though redeemable
after five years, are considered as belonging
to the funded or permanent debt, and %
also are the twenty years sizes into which
the three years seven-thirty notes are con-
vertibls. These bonds, therefore, ACOord--
ing to the usage Of the government, are
payable In coin.
The thres years sevsn-tbiFty Treasury
notes are part Of the temporary loan, and
will be paid in United States notes, unless
holders prefer conversion To payment
Very respectfully, s. r. CHAsH.
Ira Holmes, Cashier First National
Bank, Chicago, Lll.
It is not unjust, unfair, or even unkind,
10 the Chief Justice to say that these let
ters ought TO have more weight a thousand
times than bis present opinion. Surely
very little weight sbOold attach to the dis
senting opinion OF the Chief Justice. what
ever may Be thought Of those who cOincide
With him.
The main point is forever settled.
The legal tender net Is constitutional.
There is no rubbing that out. Should even
yesterdays full bench decisiOn in relation
to contracts made previous 70 the passage
OF the Legal Tender law be reversed, the
fAct that the law N constitutional ana that
ereenbaoks are legal tender for the payment
OF all debts contracted since its passzpe n
conceded BY every one. That ia forever
settled.
GKEKEBAcKs AND COIN
constitute nov aud hereafter the legitimate
currency Of the United States. The Dext
step is 10 retire the naNie=al bank nutes.
issue greenbacks instead, and pay AK tbe
interest bearing bonds now Deposited In tho
Treasury BY The national banks. This
wonld be Fedn6tion Of our burden oftnx
ation full sac, o,o00, 900 pr annuuD, wiIh-
eut iljustice 70 any legitimate inlaueaa.,
Let as have The national bank hsresV
E'E~psd out without further controversy.
S.
W. We Wurs nsTrinG n small skirtuuf woods,
tse he-ses q thsi. bet t.speed. I hpA de-
tsrmiDed IN my own mind that when wo hnd
reached q pa 'lisdlar spot. / pOuId pop tho
queahion. and vol did but would you BE-
'llese al mo said no. J9st as fhs word es-
lesped hcr hpA l Purpossly Enn tbsm miHigh
over stump.. ONT ws wemAr-Hha ln cool
her person fa ths sneW. and 4 t0 eounlsraet
ahs dama4& 6hn hed givsn my nhhdljons.
Hw Hrse z<ab Hlltr femiHk Va ths uleigh
wgEes Heune rn4t pll fiMPhbd tolaall