Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1876-02-16

both may be called "hard money
matters" The Democrats OF the
New York Legislature last Winter
passed bill which, if constitutional
and unrepealed, will deprive green
backs Of their legal tender property
in that state from and otter January
1, 1879, and that is the distinctive
policy of the Democracy, SO far as
that party has any leaning toward
resumption. Mr.. Blaine made no
reference to that statute, but he
made remarks which apply toat very
directly and pertinently;
must here record my earnest protestagainSt
the policy of rcpsaling the legal-tendef clause,
which has given 10 these notes their great
strength as Il circulating medium. cannot
see how the Government can consistently &c
priye these notes of their legal-tender 1ualily
until it is ready to redeem them, what need or
advantage will there be in raising the question
And have never heard any argument at an
satisfactory to my mind that the repeal OF the
legal-teuder clause would tenh To make re-
sumption easier. On HE contrary, it seems 10
ma that it would render esumrtlon lar more
difficult than it will otherwise prove; That IL
would throw an undue share OF the burden on
| the banks that it would force them Tito the
most rigid contraction and needlessfy grippe
| their power of discount; thns plungihg the
wlols country into Confusion. disturbing cred
its, embarrassing payments, fatally defanglng
business, and creating widespread distress
among the people 1t would be peculiarly
| severe blow to the debtor class, ana would
| make resumption to them the signal OF bank
| luptcy and ruin. All wise legislation toward
| resumption viii take care that no needless
| burden be thrown on ehose who have debts 10
paw, and that in the transition the banks shall
| be kept III such condition. rs will make then
as helpful as possible To the business commit
| nifty But this policy would drive the banks
| into struggle for self representation, IN which
debtors would necessarily be sacrificed. II
correctly apprehend the sound public Jndg-
1 ment on this question, There Is no desire 10
\ destroy the lcgal.tendcr character OF The note>
| but settled determination to bring it toa par
| with coin, and by tits means bring every bank
| n tic to the same standard. This policy VIII
| restore the coin of the country, of which we
are producing over eighty millions per annlIn,
| to active circulation in the channels OF trade,
| and will result ret only in making car money
| better, but assnredly more plentiful among pte
people. It is Illuminating fact that, produc-
| ing as we do far larger amount of precious
| metal than the rest OF the World beside, we
J drive it into export because we viii not create
a demand for it at home. And the mrners OF
| tn, Pacific slope arc furnishing the Circulating
| medium for every country OF the ciNlizcd
| world except their own, whose financial pohcy
to-day outlaws and expattiates the prod uct
! of their labor
1t is no disperagement to any
other statesman to say that the ablest
clearest and most sensible speech
yet made on the subject of finance
was delivered in the House of Rep
resentatives, by James e. Blaine
Chicago Jomndl