, 1875-10-12


bean exclusively Opposition throughout,
--..-------.e-.
THE LE1AL-TENDER CLUE"
As Mr. soEunz has efficiently demonstrated,
tlo1noss ssseriousd dangoro Of the present currency
discussion is that arising from the deception
practiced upon jgnorant people by designing
knavos. Tho most glariu3 illustration of this
that hos come under our observation is tho
circulation Of papor for signatures looking
to tho organization of vast Lega1-Tender
Club. This paper, which VIC print below, in
n tissue of false stato1nonts from beginning
TO ond, aud so specious and designing that
there is little doubt it was prepared by some
body who knew it to be n condensation of
vicious lies. Here is the document:
LEGAL 7KSptnl
I7ead, Kty'ttt. drtf
WHEREAS. The National n4nk noscs outstanding
july |, ls;G werc sJ5l .sd1oos, and tho anount Of
uuiet! States buu!s deposited with tho United States
Treasurer to tho bank notes III circulation waB
tho interest bouds ut rer cent, $71
22J Isl; tie interest bank notes at to per cent,
t3 300 and wa*tage by 1osses Of bank notes at
per cont res anMun. 81 40; thereby making tho
total utcrest paid bS tho people to tho National Banks
for tho Of sher currency, SIC ol {cln2 $il.8l
per rote for thu vooa cast for President III 1S7 which
nmount could be savel to tho dovcrnmcnt and the
people By retiring tLo National lapk Cu1roncy+ and
aubsttuttng lcgal.ten1cr nutca, which should
DO interchangeable for Government bonds
beartna SGi interest rho option Of tue
holder thercby saving 10 tha hard.wprklng oycr-
taxed producing people, So .1o4, In interest
now annually pld to tito satIon.i Ban1s and "a tho
arst issue Of lcga.tcndcr uoes Of s3n.0u0aoo wure
worth their facc In gold bcforu thu National Banks
carnu into a1atenco, aud, ~ Government bonds are
md have boon worth praulum OF from 10 is Dor
cent gold:
Therefore. We, tho undersigned cttxons md legal
voters Of the town OF -, County Of --, and
State Of Illinois, hereby plcgc ourselves to onr
best caleasoEs. and by a honorable ncana. strive to
sccurn tho Aunncal reform above Indicated aud here
bT form ourselves into Lers:Tcu1er Club, for thu
purpose Of co-opasason and the dissemination Of In
formation.
Report Of Legal-Tcnder Club Of -, ooan
~ of --, sssto of Illinois. --, President.
--, Secretary.
no,
Willie the real character Of this circular
cau scarcely bo indicated by rcciting It's indi-
vidual 1nisstatetneuts, such q showing moy
possibly savo Some persons from subscribing
to tile lies they arc asked to indozso.
!. The interest paid to the banks on tho
United States security bonds Is not Per
cent, but mostly 5pcr cont. This is mis-
statement Of about $3,s70, 900 on the amount
Of inteso.t actually paid On bonds deposited
BY the National Banks to secure their cir.
culation.
p But these bonds nre tho private property
Of tho stockholders In the bauks, and, il the
hank-notes were retired, tho bonds would
return to the owners. Ths Government
could no moro seize these bonds than It could
tho horses and cattle belonging to the farm
ers. If the Government is to purchase them.
it might Is we'll purchase tho same number
OF outstanding bonds not hold by tho banks,
II hos Md money to to it. Just as much
Interest may be saved thereby.
8. The wastago ind loss on National Bank
notos is grossly exaggerated when 1t is placed
at 8 per cent per annum. 1t this ratio, it
"ould only ta1e twenty years to wipe cut thu
whole Issue, notwithstanding the renewal Of
notes. It is ridiculous. But, whatever tho
osa is, It inures to the benoat Of the Gov
srnmcnt; ths banks do not got a cent Of 1t.
National Bank notes arc all redeemed at the
Ireasury Department, and every bank is
obliged to place enough greonbaoks In the
Treasury to redeem all the notes it has issued
Therefore,, $17,593,4 ,450 moro must be do
iucsod from the estimate made in the above
circular.
4. It is also q gross o.aggeration to csti-
nnts that banks receive 10 per cent interest
on their entiro circulation the whole year
around. To begin with, the bulk Of the