The workingman's advocate., 1876-07-01

States, in 1873, decided that the green
backs issued pursuant to the act Of the
10Th of February, 1862, were a valid legal
tender, the act Of March, 1869, was before
the court but no notice was taken Of IT,
1t had no meaning as viewed by the court ;
1t is imperative.
The court decided that grcenbacks are
not only the equivalent Of CON, but equiva-
lent of gold coin.
The court could make no mistaka as Ia
the legality of the act of February %,
1862 the intention of the statesmen who
enacted that Law, had been proclaimed at
the time Of its passage by Thaddeus Stew
ems and others, and again reiterated by
Senators Morton and Sherman on the stump
and in the newspapers during the canvass
in 1865, That by the terms ot the law
and the contract, the D 20 bonds are paya-
BILE III greenbacks at our own treasury
| They went so far as to denounce a party
who would put any other construction up
on the law or contract, as an enemy of his
country.
Thus the matter stood upon the statute
book and the Supreme Court records. No
profane hand was raised against the Law or
the contract until in January, 1870, the
/ Chairman Of the Finance Committee of the
| Senate introduced bill that became a law
in July Of that year, which was meant and
| intended to have the effect of abrogating
the contract that had Deen executed and
duly recorded between the obligors and
| the obllgees in the 5-2O bonds, ami to re-
peal the law authorizing the issue Of green
backs in which the bonds were to be paid I,
not only 50, but intended to transfer our
national debt outside the jurisdiction and
control of our government and place the
control and management of our money
power in the hands of aliens who have
proved to be hostile to our form Of govern
ment thus abdlcating our money power
| "a power, says Macauldy, that rules the
world) by transferring its control to for
eign nations-by changing our debt from
a home debt to foreign debt.
The bill proposing to change the law and
contract upon which the 90 bonds are
based, was introduced in the latter part Of
January, 1870, all of a sudden. Nobody
ever heard of 1t outside the Senate until
1t appeared in the report oil the proceedings
the morning af,er Its Introduction.
The title of the bill was as follows :
"An-act to authorize the funding and con
solidatiOn of the national debt, to extend
banking facilities and establish specie pay
ment
The bill directed the Secretary Of the
Treasury and Comptroller of the Currency
70 prepare bonds. made payable by the
government, To the amount If twelve
hundred million Of dollars, III Hamburg
Amsterdam, FrankfOrd, London and other
European cities, principal and interest, in
the gold coin Of those countries, which Is
eight to nine per cent. above our eagles
The plan proposed that syndicate commis-
sIoners be appointed, with clerks ana eX-
perts, to travel over Europe with those
bonds, expenses and commissions to be
paid, sell the bonds for gold CON, bring it
to this country, and pay off the 5-20 bonds
in gold coin. The holders Of the 20
bonds never prayed for the passage of such
a law 1t Was a scheme invented by the
money brokers ~ London and New York
10 be engineered through the Congress by
Jay Cooke and Hugh Mccullough.
The real intent of the money dealers was
to exchange the bonds payable III European
cities in gold coin, for the 90 bonds pay
able at our treasury in greenbacks, there
by making our home debt foreign debt
When the bill was introduced III .Ianu-
airy, 1870, there vas committee of the
National Labor Reform Organization in
session at the city Of Washington com
mi+tee appointed by delegates that assem-
bled in a National Convention, III the city
| Of Philadelphia, in August, 1869 Il vas
a National Convention, represented by
delegates sent there to represent III that
convention a majority of all the electoral
/ oil he
! adjourned over to assemble again in the
city Of Cincinnati, August, 1870. A com
mittee was appointed by the Philadelphia
Convention to prepare a report upon the
| financial question, for the consideration Of
the Cincinnati Convention.
*CoIN-W Wedge; stamp; conner wedge
die for striking money. The word is
sometimes applied to wedging stone
In masonry a corner or Jutting angle;
4 luttlng point, as a wall wedge for
lowering, raising, fastening or levelng
up anything, as cannon or printer )
form A piece Of metal on which Ger
tam characters are stamped, making
II legal current money stones JuttIng
from wall to make to fabricate ; TO
coin a word.
Some tale, some neSly tex, he daily coined
To soothe his sister ana delud- her mind DRyDrS.
This is the very coinAgeof Jour brain. SuAEEsPEARE
The word coin is indefinite, and may sig
nifty many things. Laws are made for
arbitrary purposes ! and words and
phrases should be used that have strict
ly classical legal meaning.
ITO BE- c0Rtiiaed.)