Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1873-12-19
bort Qobacro Qimes
PORT TOBACCO:
Friday Morning, December .......19, 1873.
FinRnciaI.

Il
hered to under Grants administration,
would in all probability have made the
resumption of specie payments an accom-
plished fact to-day. But so far from fol-
lowing the policy of economy in the adj
ministration of all the departments of the
government, and of contraction in its mo-
notary system, just the reverse was the plan
adopted. Extravaganza pervaded every
department, and the immense revenues
were being collected, yet imitation was the
order of the day. The first step towards
imitation was the repeal of the legal-tender
act. By that law the holders of these
notes were authorized to convert the same
into O. s. interest-bearing bonds, thus pro-
viding for their gradual retirement from
circulation. But so wise law was not
allowed to stand long. By its repeal $780,
100000 of these notes, an amount equal to
the entire circulating medium, both bank
notes and specie prior to the war, was al
lowed to mingle with the $300,00O,OO0 of
national bank notes and the 100000 of
fractional currency, making the whole vol
ume of currency double in quantity to
what it ever was before; and much great
er than the demands of trade could posi-
bly, require, because, as we may show here
after, the country was actually poorer than
before the war.
Nor was this all During the time when
that wise fnancier, Mr.. Mccullough, was at
the head Of the Treasury, he procured the
passage by Congress of law authorizing
him to withdraw from circulation each
month not exceeding 100000 of U. S.
notes, until the whole issue should be with
drawn. And under this law Mr.. McCul-
Eogh actually did withdraw and burn up
81, 100000 of these notes. But, alas, for
contractiont En- the interest of the inf1a-
tionists this wise law was also repealed,
and Mr.. Boutwell,, Grants Secretary of the
Treasury, claimed that the $4,000, 900,
thus retired and destroyed by his able pre-
decessor, constituted "a reserve" in his
hands and could be re-issued at any time
In his discretion, and he did, just on the
eve of the last Presidential election, issue
5000 900 of new notes in appearance like
the burnt ones. And the present Secreta-
ry is now issuing these PRESERVES" as they
call them, at the rate of nearly a million
of dollars day. And doubtless when
this is used up another reserve" will be
invented. And all the time the excuse
given was that the great business of the
country required this large amount OF ir-
redeemable currency, and that there was
not gold enough in the country to supply
the business demand. Yet when the price
of gold would go up in New York, and
when, in obedience to the memorable laws
of trade, gold would have necessarily flow
ed into this country from abroad, the Sec
rotary, who kept boarded in the vaults of
the Treasury from 100000 to 100000
900 of gold, bearing no interest, would go
into the market and sell S., 100000 or &c.,
100000 as was necessary, to keep the price
down. Thus did he drive foreign gold
from the market and more firmly fasten
the paper money system on us. But there
was still large class who looked forward
to the time when Congress would be COM
PEELED to provide for the contraction of
the currency and the resumption of specie
payments. This class was composed of
men who had been educated to a strict
construction of the Constitution, and could
see nowhere in that instrument that Con-
gress had the power to make anything but
gold and silver legal tender, and who,
therefore, believed that the so-called legal
tender act was simply unconstitutional
And they longed for the day when the
highest judicial tribunal in the land, the
Supreme Court, should pass upon the sub
ject. That day came at last, and the Su-
prempe Court of the nation, presided over
BY Chief Justice Chase, the author of this
system of finance, declared the act to be
unconstitutional IF this decision had
stood Congress would have been obliged
to have adopted appropriate legislation,
to have speedily secured resumption of
specie payments. But what did we wit
ness2 Acquiescence in the decisions of
this, constitutional tribunal2 No! Then
was written the darkest page in the histo-
ry of our progress as nation. Then was
stamped upon Gen. Grant and the Repub-
Ecan Congress the foulest stigma that ever
disgraced politician or party. Congress
passed law increasing the number of
Judges of the Court, and two subservient
attornies were found, and who, being ap-
pointed to the bench of this august trfbu-
nal, had re-argument of the question and
caused the former decision of the Court to
be reversed and the law declared consti
tutionaA Thus was the Supreme Court
packed In order to bring about decision
in favor Of the infationists. Thus, under
the control of the Republican party, and
under the leadership Of the present admin
istration, was every restraint, constitution
al, legislative and judicial, broken through
and set at defiance. Released from all re-
straints,. imitation, fostered by the party In
power, has had unlimited sway over the
whole ceantry until, like soap-bubble, a
thing of beauty telook al, it colapses from