The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1876-03-06

tender; but it was left for tho suisse
Quent case, and that which had beer
held ;c ta lawful for the government to
issue, it was in tho last case held could
be consiitu,ionally declared \ legal ten.
der. 1t will be observed, by an exam
nation ofthe legal tender case, that the
decision Of it was not put on any such
grounds, as that tic currency act was
sar meaSure,as some its apoiOgiSt9
claim. but on pages 5l3 and 81, das.
ticc Strong claims that it was not an
inappropriate means Of carrying into
execution the legitimate powers Of gov.
erUmcut. Those who have gone SO far
cannot now question the authority to
regulate the value Of the use Of that
which they have declared to be money
currency and legal tenders.
Separate State action fixing rate Of
interest will accomplish no good pur-
pose, because banks created by author
ity Of the Federal Government, can
Charge whatever they can gel, without
danger Of forfeiture, by State law.
Never in this country has capital had
| such ascendCucy ps it now holds 10 its
grasp. That which represents what
was consumed is, in part, in the form
Of q non.taxablc, funded debt, called
bouds, and part Of these are being
used in banking associations which re-
ceiye thereon gold interest and indulge
the license TO issue aud charge what
they can get for its use, and this is only
redeemabIe in another indebtedness Of
the government. TO this The policy is
now plainly marked out that the four
hundred millions of legal tenders are to
be retired five cannot have cxClu.
sively legal tenders. | trust this purpose
will no. DO contaminated. Ttwould be
much better to pay part Of the inter.
est the government pays to the banks,
to elevate the legal tenders, to specie
value. Our currency should be worked
up to specie value. A currency equal
to specie is essential to the true pros.
perity Of the people. The legal tenders
should be made iuierconvertiblc into
fixed sums and multiples paying small
interest when converted, SO as 10 tend
to their elevation to gold value, with
authority to recOnvert into legal ten
ders. We would then have q currenc J
which would, in time, reach specie
value. with the government as security,
MriUe, US to its volume, TO suit the var.
ying demands Of the business Of the
country; and as auxiliary to this, the
government should receive a part,i not
all, Of its import duties in legal tenders,
for | conceive it would be better, that
the government should purchase gold.
to pay interest, than to continue dc.
preOiatcl currency. To get to paper
currency Of specie value, consider it
first indispensable. that We should have
a Fixed plan and purpose as to what is
to be the currency. and when this is
done, time, with judicious aid, economy
and rigid retrencbment will work it up.
I very much feSr, il specie payments
are to be forced, by the present Con-
gressional plan, it will accelerate the
supremacy Of money enhance its value,
augment interest, and the present tor
pescent condition Of the country, fol.
lowed with injury to its great interests
such disaster can only be ayerted,
if this law should be adhered to, by a
most favorable change in our business
4 fairs. as to which, at present, I'VE have
no cheering indications.
Most Truly.
JOHN BRANNON.