, 1876-12-06

III, .,,rea, a., ,hn. ,',,, rnnn,c,Inr the.
~" ~" ,H'.. s =. .r... 's.n..sr. .s.,n,n
combined Of coin md Nat,onal-Bank note. re-
tleemablo tu coin at tho demand Of the holder,
In harmonv win tho Constitution and tha Ira
',,..a.., -. "@y ,,.5,,.. -, .%. Asns.t.an usontc
BY this lcg'satfon IL will ho perceived tnat
the United States Is fully committed 10 the re-
snmptlon of specte nayments on riyon day It,
JANUARY, 1879, bv tbe o,ethod Of redemption Of
uhteu states notes current s'a~ialmoueJ, anu
tho aubstltution therefor OF Hattona1'banK
currency, tho equivalent Of money by IT, con.
locking to tho consun1matIon Of an exIgent
measure OF public necessity, WIS modified only
by an apprehension Of the possible tna,lcquacy
II IA tcr,ne 10 accomplish liz end, A return to
At any ti,nr viii doubtless, 10 sotno extent, In
yotyo reduction in nominal prices aud conkc-
qucnt contraction of tic volume Of currency,
Int this Is not of itscif necessarily ~ evil, and,
il it were, it il an evil incident to vicious sys
TEN, nut cured by tlle continuance Of the evil,
while the measure Itself Ia demanded BY the
highest econonte considerations md pr,osip,les
troubles likely to grow out Of enforced reslmp-
tfon arc believed to be greatly exaggerated.
Kcstoration Of tho constitutional standard Of
rclecmab'e notes current as money, md ,the
enforcement of payment in coin on ilcnsn1 Of
the National-Dask notes treated a. the cquivn-
lent OF money, arc obviously aIiks. Of national
Obligation and public necessity. Tic suspcn-
siun wns the act Of the National Government,
ana TO the National Government tile pcoplc
properly look TO take the initiative in rcslinp-
t!ou nay1g under T.; authority to ev'n q ~9 On
country, aud as tic States are inhibited to
make anything but gold and silver coin tender
~ ye. o' aa Is T. a,
1neonssttne paper currency y r., essSn,.ay si re-
and tho traditional pulley Of tho Amcricau pco.
plo, Il Ia obviously incumbent on tue Goycrn-
iuens 70
Ann
u, vuluc. oY The Con,iitmtfou. and Ia enforce The
Obligation OF payma1t in coin on demand, al Tic
nntinn Of the hoIiier. of nll nanor mnnev: Now.
as ior long time heretofore Il has been, a large
proportlon pf the national currency, ns pre-
svribcl by tho Government Of tic United States,
ak9 naner @ y hss cc sG NJ
% substate os the money s of It the t; Const!taton
coiil. The unltcd btatea notes, commonly
khoWn as leghl-lenaef. tcEaIdeu rs 6uustltutc
ior money, arc an anomaly III olr mohctAty sys-
tG, to!s'npIe ;.'m anu pos7eig o"aJ y eMs
, ~ c'so " y" "aesnc ii o1 s Snr a
ttnaaace, rs suG', a1ter tao eauso mtn lhst.ms.t
Lhgar ea.stGhge nae csasea, 70 sio'atu Luz so.'
a!ons o. ehef lncenton, ana 10 80 sanS.o VIA
upon 9s t ts S s;ap 70 q lestiasy; e; The uarport
- A. l. -f..
~ s'e se3 .,s n"to mas 1'lu - ~
paT: Hs legal enarasleristts has occn aenn1.c!Y
. tusuca W tGa - nrP'sme eoule' o"s'lee osao@
Icy, IN speaking Of It, says: ...
Il is net N attemnt to coin money ont Of vniuc.
less Material l1to thc coinage Of leather Of iyorT
or.dt ss H. plGaSs ~ mn ~ nv
dollars. :rhn .tnn,Iaed ~ Yalms i nnt snanred
Tho Government simply demands thas its itsdiit erscdit
shnlt 6o accented ami received by puIjIc and pri.
vatc creditors during tho pending exigeucy. !,
No ono enrpotcs that these Government .ccrtia-
eatss Nre never to he nnid-ts'at ne aay q secis
Mna. .utm tncy ase ,esaen Msonasn ns,as
Gnansed thes pass tae'f u'"ate oesi'ny
% nE.t,uo WITT ru1s oupsr,on.
m Fina,.rr' in rc"snt sm.c,h IN IN thn s"nat,..
snvs. ee"' "fe~>'' IA '''s e~s-'
'"9e. e,,,,,+ .,o.. u,, ...,,...
ho. .} ~ . P to Wsr
thc uaturo Of ferccd Loan but ian cheorfs)Iy
borne, and 10 bo Redeemed soon Altar the Wnr NH
over. :. :. No ono then qnr.tioncti either tho
policy, tho duty, Or Tho obligation os tho United
States to redeem these notes In coin.
These nutes did not and do mt purport to be
tnoney-thcy arc rather the symbolic expression
IT the Governments authority in Its extremity
to supply ITS needs. Tile 1uality OF legal ten
der with which they were impressed should have
been coe1lstcnt only with the necessities Of
which they were the offspring. Having served
tlclr end, they existed properly rs evidence Of
az other debt obligations. Indeed this was the
lugIc and tic Inv Ut tle lcEal.tcntler notes in
their inception and treatment as intrrprctsI br
the provisions Of tho acts by Which issued, by
tho provisions Of law for tl,cir payment o. part
Of tic puble dclt, and by tho 1utlxIncnt Of tic
Supreme Court OF thu United Stases. At this
cIoso Of tho War they wo.e portion Of the pub
lie debt, and they arc constituent element In
our currency t4stlny ony because tho original
provisions for their funding have not hcc11 en-
forced, and that laucitu and speculative the
ores iiaye proposed thelr per1ganv,t iururpora-
tion tnto DIR monetary system III not inyo1ipat-
lille With the hard niutlcy uf tic Constitution
md the liard-tnu,luy traditions Of our pconlc.
That policy which tolerated tho coutiu,lanca OF
these nutcB - money after tic closo OF tho War
MUST pR REBAnpEp AZ A ruvLIu M1spoRrusE
Al that tltne thew wvro, acrorIlug to nrir1nai
design, nnll by the logi. OF their exIs,cnGc, 10
be funded m tD obltratjon Of indehtnlncss.-to
bo elnbudIcsi With t.o nubIio lelt, and not to
be- trcatcd nr tnierntct a. M rlemrnt ri thI IN.
tlonul uurreneY They wcrn 10 nass ont nj tlo
caltegurv of currency and to take their nlara
with the public debt Congress- In 1901, trent
e.l them asa nortion Of the mlhlic deht. ami