, 1874-06-09
THE IEGAL-TENnER AnT

Tho proposition to ropoal tho Legnl-Teudcra act
i as to future contracts, as stop towa,d speoo
payments, was suggested In tho columns Of this
paper on tho 9th Of September last, and wo
haVo Seen no roason to change tho ylowa thorciu
Expressed. We arc accordingly prepared to
andorso fully the recent recommendation Of tho
President, of tho Hamo purport. All contracts,
agreements. and undertakings. made after tho
ropeal takes effect would DO payable in coin or
itB equivalent. All pro-existing ones would bo
payable In curroncy. There would DO no viola-
tion Of oontracts. as all parties would ontor into
engagements knowing What tho law would DO,
and, therefore, in way to Introduce it's
torms into thoir bargains. As tho prosi-
don't says, ono Of tho ef1octs of re-
pcaling tho 1egal-Tondor not would be to
spread among tho people moro correct notion
Of values. As It Ia now, the value Of gold is
estimated in groenbaoka. Then tho yaluo Of
tue greonbnokB would bo estimated in gold, Us is
at present tho caae in California. 1nstoad Of
saying that gold WAS wolth 112, we would aay
that grecnbaclth were worth 80 In gold. Hence
forth wo should not hear people say that tho
lad changed. it's vatucl Tho paper doliar
would DO considered what 1t actually ia, dis
honored, protested papor, going Oh tho market
at q. discount. Tho people would thus bo
brought faco to faoo with facts. aud would aoon
learn what b 1noclery and dolu zion they hayo
boon 30 long hugging.
We also tndorAe tho Presidents Idea Of issu-
frn hnrffa r. arnt,1a HIN l..
purchase Of tho gold noooaaary to insure CON
vertib'lity. 1t is mistake to suppose that wo
cannot resume specie payments till there is gold
enough IN tho Treasury to tako up tho whole
$685., 600 Of greenbacks in circulation. When
the greonbaok ia on par with gold, when it is
known that tho Government intends to redeem
every groonback in gold, and there is enough
gold to tnHuro redemption OF tho probable
amount that will bo presented, tho question Of
resumption will bo solved. It Ia not nocoRsary,
nor desirable, that all tho money in tho country
should bo metallic. It Is sufficient that 1t have
value equal to Its metallic nameHako, and that
tho lattor can be Ind for It on do
maud. Thore aro El5,000,00o moro notes Of
tho Bank OF England in circulation thnn thoro ia
gold In tho vaults Of tho Bank. Competent au-
thoritios say that there might bo 10000 900 ill.,
Btcad Of E15,ooo,o0o. What may bo in England
rnay bo here. What tho people acn,nnd liz not
that they should have the gold to curry: about |
with thom In their breechos' pockets, but that
they should have the assurance Of boing ablo to
got 1t Whenever; they wanted it. Paper is moro
portable than gold, aud, when tho people know /
that they: can get gold ut any time In its stead,
they will prefer tho papor. The peoplo Of the
country, if thegreonback passed forts faco yalue
in gold, would not oil rush to obtain gold for 1t
1T tho same timo.
There eau be no objection to tho plan Of pro-
curing the gold necessary by selling bouds bear-
Ing Interest in gold. This would be only fund.-
Ing the public debit or part OF 1t, in bonds. The
5reenbacks represent: portion of our public
lebt. There is nothing inoquitablo in paying
ntorost on thom. They arc merely tho repre-
'ontativcs, tho evidences, of forced loan. AS
Dr.. Leonard Bacon says In hts letter to that
great man, Horace Maynard, OF Tennessee,
Let tho Government honestly pay it's own
lobsa and compel Its corporations to pay tllcirs,
lnd leave tho rest to the people and to God"
~----....AAA