, 1875-10-22
CREENBACkS.
Why We Should Speedily Return to
the Recognized Currency Of
tho World.
Draft Of 1}iil Providing for the Re-
dcmptf0n Of t'nr Legal.
Tenders,
To the E,ifter NJ The f'hiraqa 7r{aune:

1enders.
......
20 th1 E''ff'T o} re fh"a7a 7ffa"m:
"oh'fES' 1fhi'' oet' l9'-1ho queation Of LAX"
ing hac!' action aa look5 10 rendering our paper
currency cohseftlo'c INTO CON or its equivalent,
~ euRrobb'he 30 1ntca nj tnhtlo attention, and IA
. matter o. such 1sahscehdeHt Importance TINT
l senthie ~ seho you dfait of MI adRgost'7o
y. " h'o'"od "n'eh, l believe. would accomplish
''o op9.es "''noa' se'lohs diculty' aho Will
"h' P8o"nc'h6 violent hhahc'a1 dia''lrhnnce'
a.al at'ennP' no o'acnsh'oh Of tie importance
!" ha''nR currency eoh'oftinle Of pleasure IN
W e'''' " i's ef!lsa'ons- "1il. h'"e'or' stato
1e" oi .ho itnn'ng coheldefahonH whici! IN.
"uco a!o 10 oc!lcso 1nat soond constitutional
m"e'plea anu pnssneas m.et's1a anke oe'''hha
ah early return 10 'lio recognized currency VI
tho world.
!. TIC emission OF non interest -bcasnn sri-
tlcncea of t1ntt nv Tho 1oytrnrent }1nt,t cssi,,,
o,> t,a, Lv ,, ~ f,r,, ~ o,,..,ncx ,,, ,,n,.,
,'', .,e'. ~ ~" ~ .o' - $1,000. "4 il iA'"
'hE s'lem lesal-1oliues III las1neHE u private
debtn, was Ill exercise OF doubtful constitutional
puwer 1t can 10 HustaIped onlY upon tho
theofv Tint FIN nattn,1at px,uepcics in Linn of
.''....;,s, Taua.o.,s :, n.,;t .,,,I. .,s.,s~
"0l A"@"'4l1'4 o''N'ooo :" oA''t 1u1" tHpa'
palely ~ "hf'"eaaotet aha ~ inc'deotA 70
tLe o1prcsa powers gtautcu 10 maintain atmtest
nay ayiea, etc., in titno Of war. Tue existence of
a,tcl ,,ownr ovcn In th;s exten, uas ,,nifnrm1v
,11,,. ~ w.. 80 : 49,. -,
"calc" oo'oio |ua val aau' e'"eo taun' 'ne
opinions ol tho hb!obt constitutional 1urAtH are
divided. um disposed to believe ttlat congrcbs
roBscsBes tho constitutional power, as war
1pcsanre In fssro its avitlcures oY ,lcht
.,,I ~ oa,,nnt ,in,r .,,aa,,,.aa
1'u so1'uA a ANeop'a"e' 10
4e9al-tenaef. but' tuo e31Boncg "Hlch aloho
Justified their issuance having passed.,
provision o,,ght 10 be make at tile earl1est nrac.
tir.bls mo,nout. ,o roturn to ro}d md ail,er. a.
~ ,ra ,,,,,.,;t',,,.a, o,,rre,'st - 49, ,,,.s
suo 'i"o conhs'"Ao"al currency u 'oe country
lAoro can 10 no Eood fonaoh lof kccQlug a1lvo
q policy, originally juatltablo only as = war
measure, wears after ncaco jg secured: ard q
nn,,cr t,o NJ dou,tf., cb,+octor NJ oroy-
~
uonap'o power ousa' 10 10 eAescl5oo " aoS oe-
partnent OF tho Go7efnment ilfaesS some great
and pressing emergency, which cannot otlle1-
wise bo successfully met, Bl'nil domnnd it. Then,
II Hicl, power iB invoked. thore ought to bo al
carly return as practicable to tho .1e1cIsa Of
plain aud conceded constitutional pownrs.
=. Tho Government bottI by tho tefms of tho
contrxct impressed upon them, and by ita fe-
prated aud solemn Legislative decla atiuns, IB
pledged to the early redemption Of iss legal
tender notes ID com or its equivalent 1he fail
,lre to redeem its rligllted fifth indefinitely Ia
nasioua! d:sLonor even it no other evils followed
IL its train. hut tho evils resulting from a.rl,
disregard uf solemn national engagements would
ho wlde-seaol,lng and disastrous III all public anl
Dr1yate blnuesn retatiouy,
3. do uut believe my candid student OF the
Constitution will contend that, even in titno of
war, tito Eongroas mny iaHtte Its evidences Of
dnLt, aid mako them Icgal-tandern, and Impress
them with tue quality Inherent in coip,-i, O.,
future tiulo iu something besides Mcnseices.
Tho validity OF the lcgal-tonderB is min.
tainubIc uuly On tho ground that tho debt wAlck
.tIoy eyldeuco IN Other presently, or al euts,e
which, by Tic uuages erd tuccxsisit. of c,y.lizeu
mankind. and Ly tho tofms OF tue Constitution,
is recognized as having III stas!f tho inherent ole
ncnt of yaluo, anl titus capable VI tho ultimate
payment Of tlabt. fIeucu lie Government has
ito constitutional right or power to postpone ill.,
definitely tile rcdcinptiou Of lor non.iutorest-
bca!,1.; obligations.
1. II Congress, however, ID possessed Of the
submit to forced loau in time Of war. by iesuo-
lug lty lcgai-tcnder eyidcuco OF dobt, which
sLa. hko gold Or silver omitted by the
Government, uever be redoemable, coululon
!'ouesty aud private, sscalisy alike dgtna"d %
tlu % dosorplnont @ f II % forced t. t. % rsso money BY
compelling tho people to acccps its evideuoe ot
debt a. money, Justice demands that 1t shall pay
aueh dobts At iha earliest practicable lnoueut.
raut of authority for1usl, for compelling
to people to accept tho evidences OF debt it,
sued by the Government in tlno Of pearo as tho
equivalent Of coin IN all put!io aud priyata
transactions, The existence OF such power In
ttme Of poaco, unlimited except by tho caprice
Of the dominant party, would pm: tho maat,H
into the hands Of few ambitious meu Of VAULT
ing into Autocratic power on tho rulnB of Cou-
a.Mut!o1,al Government. Whoever claims TINT
nllcn tremendous, such dangerous powur LAs
hseu Ialegatol to Congress-, ought To la ahle td
point tu so1uo provision OF the CONSTITUTION, no
PLAIN and uuamb{euouH in its totnls that no i'll
| ecnuisy can eyado it.
o. Tho eslatonco Of such power is at wag with
tho genius Ok FREQ institutions. It places thu
| great Fundamental right, iuheroat ii uau ~
saen,--to enjoy the fruits Of Ills own 'abor With
easout,al s @ 10 its matytonance'wiu tIa a,bitrary
graap OF tho party In power. /. violates tbs
soc,sl compact by practically givipg the uoyoru-
iuent tho rowcr to absorb tic entire private
cauiugs OF tue peoplc. aud compelling them to
accept il, txcLa,,ge nera ilredec.',abo pieees of
| pu.e-. Ii, iu eiIoet, Assumes that Congross laA
| tho power 10 create wealth, or values, by naked
legal euactn,ont wnon, in truth. it oniy }o.-
scsses tho power to CON pei the people to yield
up son,. porsiou Of tic accumulated wealth
| earned by theIr lal.or Labor, not
|