New-York tribune., 1875-11-13

right TO reissue them in OF an emergency Durihs
the great financial panic which occurred in the ran o
1873 and with view TO stop 1t, Secretary hehnroson
did actually reissue and pay Cpt IN Ee paSnhscE which
Mr.. Mc(ulloch in recent letter says was ~ hoI
The nrooress of the cholera or yellow fever" The
general policy OF both Mr.. Boutwell, ana nr hc%na" % %
was 10 lv debt not due and leave neglected ana un
Maid thc broken promises Of the Government Wch nau
remained unpaid for several years DuIlnS tncl hu
sndU@ was increased nom $3.50 1000 900 10 S3s2 000-
900. subsequently, Congress by act OF June ~ 6t tsa
fixed that the maximum amount ol the eee1paea M
currency, and that no part theeoi shou DC % ,, ,he
rosorvc" which cectuay cut OF the pretese tha 'he
previously redeemed gTcenbaclts were reserve 70 po
used by the Secretary OF the Treasury az ms @
thus leaving the gcenhack currency S26OOOOVo mole
III 1874 than was III loO9 Whel MI. Dou,Nv WV ~ s the
Secretary OF the Treasury The supreme Coi ol h ,ho
United States in the of Lane County against the
State OF Oregon decided that the greenback currency was
not legal tender in the payment OF taxes Levied y dn
agains, Rhodes Wallace 229, that where the contract
in express terms Is payable III eod coh p le oI io
States cannot he satisfied by tender OF the gcepacs
currency These Two are regarded as goou "' anu
Intn r'se of Hepburn against Grswod, Wallace col
the Court opnon of CmetJustcc Chase decided that
the Legal Tender act could not satisfied 10y aender OF
grcenbacks that such act so far as II applied TO us %
lion j. w. Wallace the official reporter Of the United
acs supreme Court in letter written ny n h Initcd
states When tcndcred in payment OF contract made
previously to the passage of the Legal Tender act 9 M
ruary 1862, was 10 lawful tehde:, was 3 ~
five Judges by three assumed IN he alaeIapa
quoted. These Ave judges were the SheJnsdce, i I
Justices Nelson. Grier CLIFFORD ana flelu. Juuge t
had left the bench before the opinions were delYccu pu
he ii when the case was argued IN c9eISnvv S
of Appeals Of Kentucky which had declden 'he tri ~
der bad. irTcvOcably and perfectly agtced upn.
Subsequent to the decision IN the above cise d 1i @ NV
against GriswOd, the Supreme Court was htu ny u!
9Ijrf Istice Chase and Associate Justices Mel
SON Clifford. Swaync, Miller DAVIS, Fclu Sltos, anu
Bradley This court thus constituted 9'eldtH M TO nca' f
full argument all the points raised IN thG & cas- & U
Knox against Lee and Barker against DAVIS Inc n,Su
Ttn UpeoI her
after mature deliheratiOn, decided fNe TO lOir tat
tender Of United states notes ON debts conliae'GI P I
ous 10 the passage OF the Legal Tender act zen 20
thereby ovcfrung the previous decision Ol the court Ill
the OF Hcpban against Gris"Od'
JUSTICE sTRONG'S OPINION
Mr. Justice strong delivered the opinion Of the majority
Of the Court and MI Justice Bradley read an opn"n on
the same side On the other side of the question very
elaborate opinions wegc read by CheiJusce Chase anu
Justicas Clifford and Fiold-a OF which are published III
- Wallace Eeports 457. The Hon. Reycrdy Johnson
in recent communication reviewing this case comes to
the conclusion that Justice strong did nor intend 10 20 SO
far % to decide that such an act would nc cos'Miu M
tioual if passed in time of peace In lat part pI tne
opinion which appears at page DO lZ Nalcel Jusce
strong says the inquiry Is whether snch laws MciIc
when enacted, appropriate loi ~ e f ~,
INTO effect executing any OF the known powers 0 & to
gress. of ~ department OF the Government. h
TO this inquiry, CONSIDERATION 10 the e Will hb ' ,bs
were enacted and of the circumstance IN When ,ne
Government then stood is important lie inen s,aes, %
in glowing not exaggerated terms, what ".s ihe
overwhelming necessity for the passage OF tc a.
denied that acts may be adapted to the exercise ol W
power and appropriate to 1t IN seasons OF e@fG44y 4
which world be inappropriate at other times Judge
Bradley the other member, expressed the same l1e
Of necessity even more emphalcaiS "a" ,e when
| have expressed, that the power 10 make uta.u!
of issig thc notes themselves and OF the forms
OF borrowing money! is nevertheless power nol 10 DO
rsortcd to except on extraordinary and pressing occa
sons such as war other public oXgelces oil gIelt
gravity and importance. ana should be no lo3e,I ~
uued than all the circumstance oi the case delahd
This very plainly indicates that tbe majority O lhc curt
would not have decided the LegaTender act consulu-
ON peace footing. The following letter was written b!
Nj. Justice strong: ,.,,.or,u,,. ,,.r.,,e 1870
! IN. Hon. Il. G. sPAULDNG-Ny Dar Hr: received q
hG5 I.G History S o TIE war have hitherto acnow
nc rgs9 ga a @ bo StS S y f have bea
such late that could S not hna ho br and Interested
The financial history Of the country during me war Is qIe az
before the public There & were . doubtless G spG ORo ne
greater Now VIC can soon return to 9ar normal & f0lS S
@ iS SENS Tc1styipd nj tr opIv the blessings achieved
should be glad TO discuss VII Win & yGn some %Se s3o 3S
now the time. / can only say that your book
% TS @ sI5ae a IT, y of Gne he coy SH rot only for history
bat for the part YOU acted d@iinS tnG var n Ss W ~
If tender of the emission of gsenhacks put out
hv Secretary Boutwell, in 1s69-70 should be made on an
existing contract, it is doubtful whether such tender
would DE valid because four five years after the close
such forced loan The revenues were then ample to
pay all expenses and leave surplus, which uLaeEa
mistaken policy was used 10 uniund lno puoI' uco''
leaving the overdue debt unpaid.
sHERMAN's RESUMPTION ACT.
Senator sherman, who was the most ehcleht mchpef
i'm procuring original LcgaTender act to be passed
through tho Senate in 1862, introduced into The Senate
t the last session Of Congress- An act TO provide for
the resumption of specie payments" This bill, after
bepg very fully discussed and criticised in the Senate
and House was passed and approved By the President
jan II, 1875. The first section requires the secretary
of the Treasury rapidly practicable to cause 10 be
coined IL the mints OF the United states
sjyer coins OF the usual denominations above
nye cents and redeem all the fractional currency OF
similar denominations outstanding, amounting 10 about
SfOOOOOOO The thifd section removes the monoroIE
feature of the Bank act and allows free bankus ~ all
parts of the United States Wherever bank notes are
issued for circulation under this new law 80 per eeh OF
1rcnacts are be redeemed by the secretary oi the
Treasury fur all the bank notes issued ana De -
cnrtinc sncn redemption pnri p0ssR with issue OF
hank notes until there snail bo outstending S3UOOeUODo
of CreCuDacks and 10 more Ana on anu arc Jan. -
1879 tie secretary OF the Treasury eall redeem tC
srsenacl,s in coin and to enable him to ncTaIc and
provide for the redemption authorized or required ia t.
fe T t time IN the Treasury moi otherwise appropriated
and 10 ISSUE SELL ana dispose OF, at not les Than par IA
states described in the act OF Congre's approved July
tho national debit with Ike qdalies' p.l.urft" 'Iu
exemptions 10 the extent necessary - carry a act mo
aforesaid ana all the provisions Of the law inconsistent
viii this act are hereby repealed" .. g.. ,...,.
This act FOR The resumption ~ specie liIHe Us quiG
mandatory in III, teIms and Congress IS not weak ana
yacinating enough TO repeal ormody the aW, aAd me
prove 10 much more effective 10 bring abo. Icsl
lion than generally supposed Ihc hist sccuou O thc
at ''authorzce and requires" the Secretary of tht
Treasury TO have enough silver coins struck at INC Inls
to redeem ali hc fractional currency now outstanding
aud Secretary Bstow. III obedience 60 the requirement.
of the act is coming the silver al me nhts ~ Ia
a. po-sble with view TO calling IN all me iiacuohd
currency and have IL replaced by the sihali sNer Sohs
Ike those III common use before me war MS WE hut
hc cnntrac ON for the reason that the SILVER Will taAt
re tird section of hc oct Is equally mandatory IN re-
curuc Tie secretary 10 redeem all the gftupJck cur
reucy IN gold coin oH and after Jan J. iS,J' IitlIm
perv TO ths important step, u Is provided as before
stated that under the free banking feature O the law
Tor every 500 OF bank notes issued $50 OF gfeehtack7
shall be Withdrawn from circulation In This way II Is
hlllcved TINT tere VIII hr quite large feluCOn ol