The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-09-10
HERALD AND MAIL
5upP1e1nent-
FRIDAY, SEPTEMBER 10, 1876,
SntIonaI E.nnn-


assem- Oldg6 mere AO-ust - ltGE~a@SGNel
arraignment of the administration an
the party in power, for the CORRUPTION an
venality pervading the public service, b
spoke as follows on the-currency- que
ton:
Before striking blow at Gov. AIfe
only to perpetuate Che present conduC
and policies, viii you not carefully cor
slider the same, and decide whether tina
be your judgment? Upon finance, wha
do you want your vote to mean2 Do yo
wish it to be an approval and indorse
ment of the policy of the Republican pal
ty on that subject? That policy Is foun,
in the act of the 18th of last January
Gov. Morton informed the people of Obi,
that it was the result OF consultation AM
compromise, and that every Republican
Senator, save one, voted for it, as did al
the Republicans in the House, except
few from the Eastern States No Demo
crat in the Senate voted for it, and an
not aware that itreceived any Democrat
support in the House. In the speech al
Marion Mr.. Senator Sherman declared
that he reported the measure, advocated
and voted for it, and heartily defends and
approves it; that it was the result of the
most careful deli liberation; that it definite.
ly declares public policy, and that it is
the fixed policy of the Republican party
''and no step backward" And now, as
that act declares the deliberate purpose
and fixed policy of that party upon a
most important question, it should be ac-
curately and generally understood. The
first section provides for the substitution
of silver coin for the fractional currency.
The silver is not in the treasury, and must
l., L. IL IL
the Cincinnati Commercial of the l4th,
last month, says that the Secretary of the
Treasury will be obliged to sell between
thirty and forty millions of five per cent,
bonds for that purpose. The direct effect
is to increase our interest bearing debt
about forty millions, and the annual inter.
est two millions; in other words, it is the
conversion of a domestic debt, which
bears no interest, into foreign debt
bearing interest. The silver coin, when
so issued, will not be legal tender be-
You'd five dollars, and its depreciation be-
great as that of the currency which it is
to displace. The second section repeals
the law which allows charge for coming
bullion, and is proper. The third, and
section, removes legal reStric-
banking. 1t also provides that upon the
issue of bank bills to the banks, the Sec
rotary of the Treasury shall redeem legal
tender Treasury notes to the extent of
eighty per cent, of the hank bills so issued,
until the volume of the legal tender Treas
ury notes outstanding shall be reduced
to three hundred million dollars. The
effect of that provision is to substitute ma
tiOnal banks paper for legal tender notes
to the extent of about eighty-two million
dollars of the latter. The section then
provides that ION and after the first day
of january, Ammo domini eighteen hum
dred and seventy nine, the Secretary of
the Treasury shall redeem in coin the
United States legal tender notes then out
on their presentation for re-
lcmption at the Office of the Assistant
Treasurer of the United States, in the
city of New York, in sums of not less than
fifty dollars" Thus, by the process of
and substitution, all the legal
euder notes are o be taken from circula-
ion and the currency of the country is
10 be coin and bank bills. In other
words, it was intended to give the national
banks the entire field, Notwithstanding
he same Congress-, in the month of
June before, had given the country the |
assurance that the legal tender circula-
ion should remain at three hundred and !
aighty-two millions. Such was the con-
,tructiOn given to the act of June, 1874, |
whilst it was pending in the Senate. | |
rave given you the language of that pro-
Vision of the act requiring the Secreta> |
Y of the Treasury on the first day of |
January, 1879, and thereafter, to redeem |
he legal tender notes "then outstanding"
because it had been stated to the people |
# Ohio that "the bill provided that the |
,reeubacks should not be retired so as to |
cave less than three hundred millions in
circulation" From all the language of |
he law you perceive that all the legal
ender notes that are not displaced by |
,anli bills are to be redeemed and taken
rat Of circulation. Do you wish your vote
0 approve this measure and tasten ii
lpon the country? Twas called upon to
preside over the Democratic Convention
IF Indiana last year. In my address to
hat body, upon this subject, | said: Our
,aper currency consists oftreasury notes,
declared by Congress to be lawful money
nd national bank notes. l am not In
avor of the policy that proposes to retire
he treasury notes to make room for an
increase of national banks and their pa
,er. The treasury notes are the cheaper
to the people and command !
lublic confidence. They are not sirre-
Eeemable. For their value they rest upon
he pledge and conscience of the country.
The relation between the holder and the
.overnment is direct. The people are
lot required to pay interest upon the ma
ional bonds deposited as the basis of
heir security and value, as in the case of
ank notes. Passing everywhere, and
yithout question, they are the favorite
nd popular currency. i
| ask your very careful consideration of
he last provision of the act 1t would
ave been idle, as well as vicious, for Con-
gesS to direct the Secretary of the Treas
ry to redeem the legal tenders in coin
,iihout making provision for the same.
70 meet the necessity the act provides:
And to enable the Secretary of the
treasury to prepare and provide for the
exemption in this act authorized or re-
uired, he is authorized to use any sur
,lus revenues from time to time in the
rcagury not otherwise appropriated and
o issue. sell and dispose of at not less
han par, in coin, either of the descriptions
f bonds ofthe United States described
n the act of Congress approved July IA,
Eighteen hundred and seventy, entitled
AN act to authorize the refunding of the
public debt" with like qualities, privile-
es and exemptions, to the extent nee
ssary to carry his act into full effect,
nd to use the proceeds thereof for the
purposes aforesaid. And all provisions
f law inconsistent with the provisions
f this act are hereby repealed" At
he passing ofthis act, there was outstand-
ag as | suppose, $685., 100000 of legal
ender notes as provided in the act of
une 1874. Should the $4,000, 600 be re-
red by the substitution of Bank notes
uder the first section, then there will
~. l. cd with | /