Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-13

cd, ana of the circumstances In which the Govern
ment then stood, ia Important. II is not 10 DC dc
piea that acts may be adapted 10 The enercise OF
tdiofL poCcr and appropriate 10 10, ip seasons Of
egiGcncg which ,coaid be Inappropriate at other
"a civil war was then raging which seriously
threatened the overthrow Of the Government, ana
solf" The necessity was immediate
and pressing The army was I'M
was at such a time and IN such an emergency that
the legaltendor nets were paascd."
however. that none of those measures, which Il is
now cunjectured might have been substituted for
gencies of the ease at the time wnen those acts
were passed, We have said that the credit Of the
Government had been tried 10 its utmost endur-
ance."
And Mr.. Justice Bradley, in his concurrng o,hn-
ION. page 560, says ut Is not an attempt to coin
money out OF u vaiueless material, like the coin
age of leather, or ivory or kowre shells. IL is a
pledge OF the National credit 1t is n promise by
tempt to make dollars. The standard of value is
not changed. The Government simply demands
received 6y public and private crediiSrs during lie
2e,,dag Ga?gency. ,Eiocg gorer,ment has r,ght 70
terests of every citizen are bound up with the
fate OF the Government. None can claim exemp-
its time Of trial they arc not worthy TO be its
"it foiows," SAWS the Judge. "as n corollnry
from the views which have expressed, that the
power TO make Treasury notes q legpl-tcnder,
while mere Incidental one TO that OF issuing the
rowing money, IL, nevertheless, q power not to be
resorted to except upon extraordinary and press
ing occasions, such as war or other public eNieen-
cics of great gravity ana Importance; and should
be no longer exeTled that all the circumstances OF
the case demand"
How admirably the career Of the Democratic
party has conformed to the Constitution, az thus
exrOunded by the Supreme Court of the United
States! when the crisis came which alone gave
Congress the rightful power to issue its notes and
the law as both ana unw'se HOsTT But
now, when the crisis has passed, and the war is
over, when the reconstruction Of the Rebel States
mas Deeu successfully accomplished ana our SIX
per cent bonds are above par abroad as well as at
home, they come before the country with prop
osition to leave the old notes unpaid, and issue
untold millions OF new ones
This new Democratic policy would be in direct
violation of the faith of theNatOn, pledged by tho
act of June so. 1864, "TEat the total amount of
United States notes issued, or TO be Issued shall
never exceed four hundred millions and such ad-
ditiOnal sum. not exceeding fifty millions, as mey
be temporarily required for the redemption of
TO violate that limit now, in a time OF peace and
plenty, would be feaIfully omnous of repudi-
alton, as to discredit he paper itself and impair
E0r is it probable that the Supreme Court would
hold such an issue Of legaltender notes, at the
! case of HcpwOrth VS.. GrswOd, where the ques-
tlOn of the consttutiOnality of the leoal-tender
acts was first tested, decided by majority Ot one,
against the constitutionality Of the act authOrz-
ing them and making them leEal-tender as 20
existing dCbts. But after the accession OF two
additional Republican Judges that decision was
Overruied by majority Of one in favor of the
] validity OF the act, Tor reasons which / have
already shown-Chief Justice Chase and all the
Judges of Democratic antecedcnts dissenting and
holding the legal tender acts unconstitutional as 10
| contracts existing when the acts were passed.
This Democratic platform Is drawn with partl-
/ san shrewoness. The grand object was evidently
to hold forth TO the people the hattering idea OF
plentfulness of money, and, at the same time, to
allay the scruples Of these who would not be cap
! tiVated with that idea by q sounding manifesto
against bank monopoly.
| what, then, is the legitimate use Of a eUTTencyl
| 1t Is necessary to consider the proper answer ia
] nfGDOg1tlOD
of the Democratic platform. The only real occa
sion for a currency is to enable men to exchange
| their commodities. A Tailor may possibly want O
| pair of shoes from the shoemaker, at the same
! time the shoemaiSer wants suit OF clothes from
the tailor. But that very seldom happens and, II
it should happen, there would still be a difficulty
in the unequal value Of the articles The shoe
other persons and get the means to pay
The tailor, the butcher, or whomsoever else he
may wish TO mako purchases from. Actual eX
change of commodities can not be made to any
considerable extent; nut II you can find an equiv
exchange his property or his labor, which cur
rent equivalent can also be divided into par
cells, or sums equal to the value Of the articles
which he who receives 1t may desire to purchase
the difficulty VIII be surmouuted. Now, this cur
rent equivalent is precisely the thing which hal
been found in gold and silver coin. 1t is called
currency, because it passes from hand to hand II
payment for property or labor OF whatever thu
receiver has TO give for il, Its value a cur
reney is realized in its passing. To keep, 1t is d
better than any other property, nor so good ~
nothing, while it Is Stationary. 1t must be NOV
ing to be useful.
II was a fortunate provision OF nature that thor
should he metals so rare and precious as to fur
nish, when coined, an easy and accurate measur
Of exchangeable values. II Is beautiful and con
venient as currency, and when supplements
by convertible paper, which is its only rightfu
representative It is sufficient for the trade OF tn
world. IL is sufficient for all the ordinary an
legitimate functions OF a currency. It needs N
enlargement by Inconvertible legal tender notes
Inrinsically valuable 1t is complete measur
of the values OF all other commodities through
described. Professor Bonamy Price calls it tn
"tdol OF exchange" and this is a correct and ust
tnl description OF it. BIT Bnt II IT, is not the only tool
other forms of credit are instrumenaities i
effecting exchanges OF values. and are sometime
said to answer the purposes OF money. 1t is we
known that by the Increased use of these forms @
credit, and by settlements through the clearln
houses and otherwise, far less currency is neode
now to do the same amount Of business tina
was needed fifty years ago.
There is more than $1,000 900 900 of coin In III
world, and it is distributed among the Nation
very much as water is distributed over the face {
the earth, with a constant and uniform tendenc
: to descend TO the level of the ocean. In genera
II not boarded 1T goes where its purchasing pOwe
is greatest,-where the demand for II is stronges
and in the natural competition of trade each couI
T, try obtains what IL is entitled TO. The prope
| function OF currency Is as stool OF exchange,
) There has occurred however, in the history
Nations, now and then rai'o occasion when II wa
necessary for a country TO enlarge its natural Vo
D ume OF currency, not for the legitimate purpose
OF a currency, int that the Government inigl
borrow nov hero else. Such was the emergenc
S OF our Government IN the late war. Such IN e.
pedlent Is dangerous, though it may be necessary
II is in its nature temporary, and to be discontI
T u ed as practicable when the crisis is pas
Q and the people of the united States we're an
I are intelligent enough TO so understand it, IL
in difference to that universal conviction thE
o even Mr.. Pendieton, IN his recent speech at Ga
q lpOlis, tells the people not to take what he hs
said about paying all our Indebtedness with irr
= deemable paper, too seriously for after all he ha
}. not lost sight OF "spece payments" HE can NJ
a foresee what truths investigation may evolve
e the future" but he considers himself, "fOr II
J. present, a hard-money man."
9 The currency must possess rea1 and not
, mere nominal value 1t has been fine coneeit
many tyraut, before the Democratic party mad
4 it's last platform, with sovereign authority
stamp upon some cheap material nominal sun
' and make the people take II as money. III
b charm of the plan was that IL was so much easi(
J. than levyinR and collecting taxes from an M
{ willing people Some, in early times tried piece
of iron, some pebbles Of stone, some shells. III
s Indians used wRmpum, and some more recent
o have tined paper.
r Paper is the material which our modef
Q Democracy propose TO use For. when in lin
[ of profound peace they attempt, not the paymel
, OF the notes already issued in an emergency, bJ
: to issue more without any definite limit, they vi
: tually nullify the promise of the Government Q
the notes to pay and leave as their only merit II
d.Nl hall ha foH