, 1874-06-27
Paying the Bonds in Green
backs.
The $40 Bonds--.The Legal-Tendcr
-. Act.
The Nature and Functions Of Money
How ON Irredccmab1o Currency
Operates.
Letter from Charles Shaok1eford, Esd,
Of Bloomington, and Answer
Thereto.


Thereto.
DLoox1NaTos, H., IN M 20, 1874.
40 The Eaitor of The Chrado Tribune:
Tho many inaccurate statements published by
tho press In tho East and Northwest about tho
action OF tho Independent Reform Convention
ut Springfield on tho 10Th, in regard to tho
financial question AZ compared with the resolu-
tiona Of tue Republican Convention hold shortly
thereafter, seem to demand n reply.
The platforms Of tho two Conventions On tho
finance question can bo fairly etatel to be: Tho
Republicans propose to increase the humber and
circulation Of the National Banka, and gradually
retiro tho legnl"tcnder currency. The Indcpcnd-
euts favor the continuance and increase OF the
lcgal-tondor currency, intorconvortiblo into low
tntorest-bearing bonds, and tho abolition Of tho
National Bauks tho Withdrawal OF their notes
from circulation, md supplying their place with
groonbseks. Bare denunciation Of either propo-
hition can effect littio good. Tho question:
should DO scttlod In the light OF public policy.
national honor, and Justice. In considering tho
positions Of tho two parties, 1t IL proper to
xefer to
TIE LEGISLATION OF CONGRESS-
On tho subject OF legal-tendor issues, tho fund
ing Of The floating debt into 6~20 honda, and tho
establishment Of the National Banks. In tho
iaaue ct greonbacks In 1862. they were, by law,
declared to bo legal.tenars for all debts, public
and private. except duties on imports and inter
est on the public debt, and wero receivable In
payment Of all loans mads to the United States;'
by which 1t was without question, intended that
the principal Of the $50 bonds could be ro-
doou,ed In that currency, at the option Of tho
Government, ave years after their dato.
The Government having adopted this policy,
and compelled it's acceptance by the people. 1t
WAS acqulosced in by tho masses as the sottled
policy OF tho nation, to DO continued at loast un-
til tile year 1882, whom tho fret isBue OF $40
bonds would mature. The Government made
this covenant with the citizen, and the people,
accepting 1t, incurred large indebtedness indi-
yidually, and contracted municipal and corporate
dobta on long time, on groonback bass. The
approximation Of legal tender to gold Inns appre-
c1htod all these debts, aud, at tho aame limo,
diminished Tho 7alno Of property of al kinds. In
acting upon the proclaimed policy of tho Cor
70 assume that it would be honora6ly
continued, and that enough currency would be
kept in circulation to nlantsn fair yaiueH Of
property and meet the demands Of legitimate
trade. But the Republican party,
IN nnEAcu oR runLto FAITH,
established Tho syAtom Of National Dauking--
withdrew tho public money from tho channels Of
trade and substituted, to q limited e1tont, df.
1o1entf au AoAoa!1A ~"o oAFoHnafo touaAAel LII!
medium Of exchange, which not only taken from
the people the brokers. rasea iof norfowing, but
Also compele the pasfneht OF eoia-lhloEeft 70 tue
banker rhoaa eapltni as y 8 amn sHg,sntGn' 70 t n
financial policy not only Increased the
burdens OF tlie people, but was followed
ny tao NlshaIa"at llon1 oIoulation OF
tho circulating medium 10 enormously TINT Tho
wheels Of commerce have been clogged, two dla-
astrous .pancs have ensued. and lilo buBincss-
!nsno ~ ~ oon.sy, n Ito aosenee o. i9Gl 4o9I
H. r.as =. ~ i';n, a.
as nsirstiy naced ths dshtnr T. Il tha r9
uaa t nndnn.5 piao7o LILO oeo'oi III tna po"ef o1
LIT Tts ale9,soa, no',',,,,. r.,. ,ao .,,,. a,.
auo -. a'eruo.eau pa'.s tuauo 'ota oua1ee VI
nra.san ~ - ~ hn araad ~ n4 noy ~ u te co
srincai ~ ~, tha hnne .n ~ puy - ud
o pslcas of aa ,ne '5zv s oonuss an@ sssapI,shea
~ oppbeatiEo w.. nnu uanetoas monoPoy -
mone{ " the eIeatlon u u National panHs; ano,
repdiaisa re- ei,. s. Gq,ssents u.s. ,oh s nc poope. H.
soa" ea a o1 keJpne sne pqope d1oa aanoy IN 9
taa ~ IL. ~ hanSars 1nouay ~ ~ a. ,.ithont
nsm ~ s"kT tic uauAea anGheS' Of ~ ~l'aaut 9
ourreuoy md. 4 IL. sumo tno roouroa l to nav nav
tax in aod for tSe priyepo. the lax now ~ na;1
s,no,. ~ sos IN TSf, snnrniie ,nsa ~ ts, so'u
o a!t ~ ~ ~. ~, anna
clssr bonns Of That nnoant 10 nriyi}sroS II Ia
exclusive ~ Glars - OF @ ospitsiists. = ~ "l'
Ia ~ dr'g - ~ Nati"a" a. tnlo stalo
~ uep.vo tne maa,p,sai tna sGatnty
tns nanos OF N. ane oanAefs INTO INC troaeitry OF
Mo tmsure Tt.a. n.a,,s u" ~ 1'oel"'nap1lon 1' 10
uur.E MN nnG,rm ~ Ts1,s % ,t Fo.n'oe .,n ~
vi1osn nhartared ani aYclna,va rieit. ~ ~,
shamnonaa Sv "a u nuto nras r.; a'sin q, hre 10"
santrss Of thc natdn pa0"0 p1'S' IL An 'no money!
Ths nronosition' % a. rnaaa.~. ~ xo4x.n.,,
mant inoIs to nmho ~ coo eSito Wi'n ~ " Io.fenen-
vvns seau3n ~ pnou ~ RoJa Mo eap hop9 fos
Tben such OF saaa no o. our as1
stn,an Hnna 10 I'M aca OF tue public money is
return to M'n a,n a, sag Gna nonoraplo
the rarcto VI or onn that by
o ,nnrss y ,ouI debt, a1ld
saI'nt ~ .hs tegsseaer currency TO ~
w.nta ~ ~ rsnn,a ~ aosmef s tne commercial
S,stna; Tss " a.e people, %e oan, without seriously
tna " H. ,uo 81 propaEny anu ts founda-
tha nsacoaa " uaa 'ass s,a; M sFaoe Eraaua by
snsc,a 'f1us 1s ao' ane aostofaton OF
~ s'tnoa;a o =; a.. aufng tne ne1t eight years.
~ ~ nst; .ns 'Go s tne Guy %ay tat tho crns Of
inssTcst m a,r 3,,in uI Az w. H. and e
fnr r " ia W. pmua' teps 70 surely provided
@oAt A. sAu F4SbeHt AtahuAtlou OF Hu8llIoe6