Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-12-09


CONTRACTING parties for four and onenalt cent.
bonds. the following described notices for the re-
demptiOn OF United States ffve-rwenty bonds act
March 8. 1866 have been issued, viz:
can dated September !. 100000
can an dated stss, sePtemser 1915 -- loooeoo0
Cal dated September Il ls7e.------------- 1ooQOOo0
Total go o0o0oo
Issues to the extent of eS5,67A55O of four-and-
one half per cent bonds have been made, and re-
funding operations are stin in progress.
RESUMPTION OF sPscIE PAYMENTS
In March, 1863. by an act entitled "An act 10
strengthen the public credit" the faith OF the
lions Of the United stStes, NOT bearing interest,".
interest bearing obligations of the United Staes;"
and. further, no make provision, At the earliest
Prscneaole period. LOT the redemption OF the
By the act OF January, 1875, Congress declared
the purpose of resumption OF specie payments on
January /, 1879. and 20 that end and in execution
OF the pedge OF the act OF 1862 ded for the
demption OF the United States Sotes and FOR the
issue OF National bank notes in lieu thereof, and
thus. amid conflicting theories, declared IN effect
a monetary system combined Of coin and National
bank notes redeemabie IN coin at the demapd OF
the holder. in harmony with the Constitution and
BY this legislation it will be perceived that the
United States Is fully committed 10 The reHurnp-
ton OF specie payments ON a given day n jan
nary. 1879, by the methOd of redemption OF United
States notes current as lawful money, and The sub
stitution therefor OF National bank CURRENCY, the
coin on demand. The popular favor
win which this enactment was hailed.
ure Oh public necessity, was modified only by an
apprehension of the possible inadequacY OF its
terms TO accomplish its end. Ieturn TO fhe con-
stituticnal standard of values at any time will
Doubtless. 10 some extent involve o reduction In
nominal prlces and consequent contraction OF the
volume OF currency, but this Is not Of Itself neoes
sarily an evil and, If it We're. II is evil incident
10 vicious system. not cured by the continuance
of the evil, while the measure itself is demanded
by the highest economic considerations and prtn-
ciples of honest dealing among men. Besides the
troubles likely toErow out OF enforced resumption
are believed to be greatly exaggerated. RestcrG.
and the extinction of irredeemable
notes current as money, and the enforcement of
notes treated as the equivalent of money. are OBJ
v1ousiy alike OF National obligation aud public ne
cessity. The suspension ne Of the National
Government, and To the National Government
the people properly look to take the initiative in
resumption. Having, under its authority to coin
money, assumed to regulate the currency OF the
country, and as the States are inhibited TO make
ment of deb1s," and Jrredeemable and lncon-
vertlble paper currency is especially repuRnant
tonal policy of the American people, 10 Is Obvi-
ously incumbent on the Government TO main
tam and preserve the money standard OF values
of the Constitution, and TO enforce the obligation
of payment IN coin on demand, at the option OF the
holder, OF all paper money. Nov, as for q
long time heretofore it has been, large proper
ton of the National currency, as prescribed
by the Government of the United States, Is alike
irredeemabie. inconvertiole aud Deprecated paper
money; but II has been enforced substitute for
States notes. commonly known as ley,al-tender, re-
garded ga q substitute for money arc anomaly
in our monetary system, tolerable and possible
only IN the exigencies OF civil WARTIME ofspring
OF Its perils and limited to its necessities To al
which justified their existence had ceased. Is To
violate the conditions or their inception and 10
by impressng upon it the stamp of iegitimacy
The purport OF the legRltender note was and Is
definitely settled by the Supreme Court Jnstice
Bradley, IN speaking OF 1t, says:
at is attempt coin money OF a vaiueiess
shells 1t Is pledge OF the Nasioual credit IL
az Is So changed The pay mpg
demands that its credit snail be accepted aud received
Rency = = No one supposes that these Govern.
specie payments is never return. And II inaSteIs
not IN what iorm they are issued /. Through
% Dc paid"
Dealing with this question: Senator sherman.
Chairman of the Committee on Finance in
sent speech in the Senate. says:
IT might show gog, from the co1t,smpoTsnoous
notes were regarded temporary loan n tho nature
ii forced loan but loan cheerf1y borge, and 70 be
theo questioned either the policy the duty or
obligation of the United States TO redeem these notes
These notes did not and do not purport to be
noney-they are rather the symbolic expression
lf the Governments authority IN its extremity TO
supply its needs. The quality of legal tender
With which they we're impressed should have been
they were the offspring Having served their
end, they existed properly only evidence
Of Government Indebtedness, 10 be provided
Tor other obligations. Indeed this was the logic
and the law of the legaltender notes IN their in
visions OF the acts by which issued, by the pro
visions of law for their payment as part OF the
Court OF the United States. At the close OF the
war they were portion Of the public debt. and
they are constituent element 10 our currency to-
lay only because the original provisions for their
'unding have not been enforced, md that fanciful
and speculative theories have proposed their per-
manent Incorporation into our monetary system
as not incompatible with the hard money Of the
Constitution and the hard-mOney traditions OF our
people Thai policy which tolerated the contInu-
ance OF these notes money after the close OF the
AZ that time they we're, according to origi-
pal design and by the logic of their existence,
10 be funded as an obligation OF indebtedness-tO
be embodied with the public debt, and not 10 be
treated or tolerated rs an element OF the National
They we're TO pass out OF the category
Of currency and to take their place with the pub
nc debt. Congress, m 1869, treated them as pOr-
ion of tue public debt. and pledged the faith Of
me Nation to their redemption, as such. at the
earliest practicable period. and the act Of 1875
their redemption IN January. 1872.
BY this latter act, the policy OF speedy resump-
ion of specie payments is not only declared, but
monetary system for the United States clearly
Indicated, with provisions for the redempiion-of
ss1e In lieu thereof of National bank notes re-.
leemable in com at the option OF the holder, au1
return by that method TO the metallic standard
II remains only 10 consider the adequacy OF the
provisions OF the measure for resumption In 1879
% ACCOMPLISH its object.
purpose OF resumption, 10 Is recommended that, in
addition 10 the authority Of the Secretary OF the
II easufy already conferred, TO provide for
lemptiOn OF iegal-tender nOues and after the
lay provided for resumption, by the acoumula-
ion OF an adequate amount OF gold 70 meet the
1Olume OF three hundred million dollars Of legal
ender notes. which viii then be outstan ding, BY
he sale OF United States bonds. aut 1oritV be
,iven him from time TO time. as he may deem eX-
,edient and the state Of the finances admit, 10
ind these notes into q bond bearing rate on in-
crest not more than four and One-hal 7 per Ccnt.s
with moi less than thirty years TO run' Win sash