The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-01-18
CURRENCY NEEDS or CONNIE ROE
National Paper Money, interchangeable with
government Bonds Advocated.
Lecture by Mr. Wallace P. Groom.
WS,NTINJE 81 )

then due or not. at the option OF the Gov
eminent, ami paving one hundred and
twenty dullars and upwards. for each one
hundred dollars face value OF the bonds pur-
chased a p.B,itttof more than twenty per
cent We went to the Sub Treasury m
New York with one hundred dollar legal
tender note " the original issue VT lHG2,
Oh the face uf which Was printed Ihc
Government ~ the nItel States promise
% pay At the Suu-Treasury IN New FORK
one hundred dollars Ac., &c. On the
back of il vas the following This note
Isa lsul t,n3sr fur an debts. public and
private. except lutte, on imports, and ~
t,rest on the public debt and is exchang-
able Tor UniJed States SIX per cent. twenty
year bonds, redeemablr at the .eaSure nt
the | nlted States after tIye years.
We went into the private office Of Gen
eral Butterheld, the then Assistant Treas
urer. aud SAID General will You be -
kind as tu pay this note to-day Hy
looked al us. hesitated a little and then
SAID What TO YOU want Pc We sad o.
him, ''You ought Ia know All about that we
read pa the face Of che note a promise tn
pay one hundred dollars to the bearer 40
the Suh-Treasury We then went "u Z"
say We observe you have plenty of mn-
ury ~ much that y0u are paying uur hum
dred and twenty dollars ami upwards, ior
bundled, IN hvt-t~enyv bonds, which he
Government T. uuuvr uu uhl CATION q" t.N
tor the next thirteen Years Wis th,rtT ry
leave you " say waat sc shall have. At
ter a little pause We added "If you have
tWu kinds II money. We want the best
We make uo complaint that ~ have re-
ceiyed no interest iur the pasr seven Years.
As We have made DO demand for l'ay meut
until nn". Let Us remind Nul. however.
that the holders a hNe-t"cutl bonds have
h""n receiving SIX per cent annually III
Il Tor seven years, ana n thai s"ld "as
sold at the current premium from Tune e.
time, 1t would nov july, 1869. amount "a
nearly ninety five dollars IN tie hundred.
adding interest accumulated on the Re
IA 'estements but mean" nile our poor le-
ga tender note haS not received eent
,roi" the ''"Ne ri''neu'' ~ W! vi -il'eleS
'"T ''lT ieas' 'il". W. ~ z iiiii5'-'
o. ~ ga 'ie 81 O'''''' '''o n '1'''7
er''' - ." slTe ',s S'1n ''t''i7s ''1 WI ''e a
oePtADle A. tht ousleii--l'''o9e HI p"t ii-'.'''
ol duties p....-...1.,
.'s.,t - III e-..Ii,.
- l.,.er .,ll.--,J,,-a,,,.
'urheu the matter o'ei ~ u''i ''iii"'e'
VINO SAID ne coulu ny M any lhIils more
thAh give us shiailer hotes Oh the SAME
sort. We obtained no Satisfaction, as We
expected at the outset We took the trouble
to make the demand, and subsequently had
the note protested tor non-paymeHt, Tor
the purpose simply OF hrlnRng out m bold
relief the yret Dts''hs the Government
Was making bur the then existing policy
has not been materially changed 60 TINS day.
We did not care % obtain payment ih gold
for the note, but We dld want some reo"g-
milton ~ our rights. we dlol even earn
estly CLAIM a nve-tWenty BOND, bearing IN
terest at SIX per cent, according e. the
promise printed on the face on the slVo
note, but US "a most heartily believe lhat
legal tender notes should be exchangeaoIe.
At the option q me holder i'r o"h'-
paysole Pr demand H tile same currency,
with interest az the rate ol, say tilree anu
sixty hve hundredths per cent. per annum,
and that they should DC received for duties;
and such ackno" Judgement. even then,
would have been tardy justice
but what 90 the la"s-that were theh
and are now-on the statute books, unre-
pealed. say
In Section Oiae OF the LEGAL IENDLR
ACT 1t IS declared That Legal Tender notes
shall be received III payment 81 al loans
made To the United states ana 81 all
taxes, internal duties excuses, debts, ant
demands, "f every klnd, Que 10 the Hted
states except duties On imports ana inter
est, and OF all CLAIMS ANb DEMANDS 'gd'"S'
td'Ils, NOTES q ceIthodttS n "tDtS N dt-
post, and snail also De 'dgJ"' money ana
legal tender ~ payment ~ ALL DEBTS, PUB
Lie AND PRIVATE, 'r1thn re- "'ied states,
sccept duties or imports ana interest. as dfo0e-
sad.
An act which was passed by the House
Of Representatives March IL, ana the Sen
ate March 10, 1863, after stating that the
Legal Tender Notes and certain bonds shall
be paid in coin further and expressly de-
clares that "NoNE of SAID interest bearing
obligations not already due shall be paid
or redeemed before maturity. ,u,iess al such
time U,ated States notes shall be conrertible
INTO coin dt the option ot the hoiier. or unless.
at such time, bonds Of the United States
bearing lower rate Of interest than the
bonds to be redeemed can be sold at par in
coin and the United States also solennly
pledges its faith to make provision at the
earliest practicable period for the redemp-
ton of United States notes IN com.
Are we not correct IN saying that this Act
Of March lo69-the hrst Phi that General
Grant signed as fresident-p plainly de
ciares, IN substance that hve-twenty bonds