New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-31
THE 3.G5 ASSIGNAT,
MORE LIGHT ON THE PROJECT.
syRuCTIvE AND SIGNIFICANT LETTER FROM MR.

rleased TO call "The $50 Specific" Not only In this
city hut throughout this State are many mteii-
gent Democrats and Republicans who are constant read
ers Of your very ably edited paper who are ardent sup
porters Of the peoples money against bank currency
There Ia no making opposition to us, because
we have the power and will exercise IT, TO work an entire
reform In the monetary system OF our country NO oppo
stoa can defeat True. the leading papers every
where are against hui have adopted system OF
communicating with the people ihat readily oyercomes
the influence that papers work. In the end IL Will
not do YOU any harm publish the following reply to
portion OF your article
Having in your paper Of the 18th inst. made the
stacIncn. that "from Mr.. Carey down there is not
An advocate of his scheme who will givo iogical
aud ineligible definition of the word dollar presume
YOU will not refuse opportunity to give such def
nton In 1869 DIR. Benjamin Franklin before the Brit
sh Board Of Trade, defended the American System OF
legal tender pncyno pecmable in coin-agalnst the
British system OF bank currency The British Board
of Trade sad "That every medium OF trade should have
sn Intrinsic value which paper money has NOT To
which Franklin replied as follows:
However fit particular thing may be for par
tcuIar purpose, whenever that thing is moi 10
be Lad. or not to be had in sufficient quantity, it
becomes necessary to use som',mg eise tae nj.
odraw all their 1.-THE Colonies real money ron them.
aud then refuse them The poor o. u Tn p @br
use here England medium OF trade, and IN large
dealings PERHAPS the greater part Is rasac'a oy o. ne en-
tie credit Of those that issued Them as paper bills IN the
COLONIES
there. Tneir hsnk bills being payable III cash upon
sight by drawer i, indeed circumstance that can
me-. their cash Icng drawn from by tho
British trade but the legal tender Geng s"s y, ,S
psscss0y since he need not 10 at the trouble W going 10
particular bank or bankers to demand the money
al this very time the silver money in England is
obliged to the Legal Tender fact for laf oi II, value
and denomination Great part of the shllings ana SIN
y noes current are by wearing become ., TO- go.
tis difference between the real and nomnll vine you
have MOI so m9G9 as as, HAN it cam EASILY b. re-
passed Ton che same value tDat dhcS theeieh! WORTH
OF silver pass for sixlenco.
The "ogcal" answer of Franklin to the BI1sh Board
OF Trade seems to me TO BE- very tint igibe," TINT
money simply medium Of e1change and is uho the
lao declares TO be dwt,d money and iego tender IN
payment Of on debts pabc and prirdte. rifhoM any er-
eepnons rhotecer and that a dollar is ~hm bears me
saup impress OF a responSOfe doee""eM !or "0'
amOaaL
You say that 2545 grains OF gold constitute dollar.
and only Constitu ional legal tender for debts
over s.. The supreme Court OF tine United States has
decided TIA legal tender Treasury notes are COnstitl
tOna legal tender for debts So Therefore your as
srtcn is clearly erroneous.
Moreover you in in saying that 2o@5 grams
OF gold Of standard fneness make dollar in com they
make only nine parts of dollar and the CON doliSr
being used the worlds gold bullion 1t VIII
not bring dollar II will bring Mt best only nnetcnths
part Of dollar SO much for bullion, your worlds
currency" The alloy being oneteDih OF the gold dol
lar goes for nothing in your boosted worlds currency
You that the "greenbacks arc promises TO pay
gold or some equivalent which the creditor may consent
to accept" Again Won In Greenbacks are not
by tho terms OF any law made payable in cOln at any
time or place We defy you TO show any law which ere
sted Them that in black aud white makes Them at any
time pa ale gold dollars" Nor would add to their
value II they made payable.
The Expansonists in favor Of legal tender money
moi TO exceed volume One-eghth of the value OF its
basis-tbe property of the counry-and therefore not
"tnHaed :" currency Is said 10 be Inflated when lis
volume exceeds its basis. am at loss to understand
Why you should dcnounce the ExpaiSionistS as being
inaonsts" when We are determined 10 abolish BANKS
OF issue inflated currency Let the question De
fairly stated and let the people have fair chance to
decide between us. We have no fears OF the result.
coin according to the terms the bond The 800 bonds
r,deemahle and yet changed to gold bon Is We are
coin namely full legal tender Treasury note. We are IN
favor going into the market and Of bnyns up the gold
bonds not yet redceinabe on payable ana mus SAVING
millions Of useless Interest," ana OF placing enough par
cash basis and thus prevent commercial CRASHES ana
money panics caused by the credit system forced on me
by limited coin basis. by snbStiiIns the treasury
note msde equal to oin for National bank currency
will give us large portion of the bonds payable In coin
MOI only Is every jefferson and Jackson Democrat in
TIE East but Throughout ,nc e.io ond nrn.e to the
British system Of bank currency and OF eanhs OF Issue o
samo nr;ncipes and will not support am for any
representative Office who Is N favor OF bank currency
eptjrr sIpr5baon OHIO Is the battle-ground between
the people and q "moneyed tyranny" Yours respect
fully. WM BRiNDLE'
M,taey Pom. July 10, 1875.
Mr. Brindle's definition Of q dollar, which TO-
ceives no illumination from the curious quotation
foIn Franklin. is that the dollar is chip horse
shoe piece of paper, bit of leather or anything
else which Government chooses to call dollar and
force on creditors legal tender. Under the sup
posed pressure of absolute necessity our Government
during the rebellion exercised the "war power" it
nouastonably has to violate the moral Law and
forcily transfer one mans property TO another OF to
itself without condensation. The Government also
has the ply steal power to rcpudate its entire debt
bonds ereenbachs, gold rtiicatcs, and everything
else but il cannot do this without transcending the
legitimate powers gwen to II by the Constitutions
These powers 1t equally transcribed when 1t issued
the greenhacxs under the pressure OF war. To con-
tnue the legal tender rag-mOney indefinitely much
more, deliberately to dcpreciatc IT. AS Mr.. Henry o.
Carey and his disciples now propose, would
be equally on outrage on the Constitution ana
ON every citizen whose income in any way depends
the value OF the dollar. including every lahorer
every dcpositor in savings bank, every holder of
an insurance policy, and every owner of mortgage
or other security payable in paper dollars. No Gov
eminent which thus usurped the power of transfer
ring private property from creditor to debtor at will
could survive ten years among Tree people. 10
say nothing Of tho French Revolution, the English
Revolution, which took Off the head of the first
Charles, and the Revolution which cost England the
thirteen colonies, had their origin in outrages upon
private property. which trivial in comparison
with what Mr.. Brndle and his associates pro-
pose No one has more fully admitted the public
and private robbery which necessarily accompanies
the depreciation of legal tender paper money than
Mr. Carey in his better DAYS appears from the fol-