The New York herald., 1877-09-14
ION. W. s. GROESBECK'S ADDRESS.
His Vigorous Advocacy of Putting Silver
Abreast of Gold"
RESUMPTION OF SPECIE PAYMENTS.
Important Action of the
Convention.
THE TAXATION OF BANKS.

The first matter of before the Bankers
Convention at Association Hall yesterday morning,
was the reading of paper on the silver question by
Mr. w. S. Groesbeck, OF Cincinnati The national
reputation of the speaker as we'll as the importance
OF the question under discussion, led the Conven-
tion to give the most marked attention 10
the address. Mr.. Grocsbcck has the grace
and power Of the genuine orator, and the
delivery Of the address had telling effect especially
upon those who wished to think with him. Mr. Har-
ris OF Catsk in little speech brstIing with points
for his sde declared to tho Convention that Mr. Groes
beck's paper silver ot the soundess docu-
ments on tho question which he had ever heard Tho
address occupied moro than an hour and u half, but
during all that time Mr. Groesbcck easily absorbed
the attention of the The following are the
principal points OF his addrcss:.-
ADDRESS OF MR.. W. s. GRoxsBEcK.
The people of the United States have taken up the
question OF money to give to ia careful
From tho beginning OF the government until 1874 gold
and silver equally unlimited legal tender Tor the
payment Of vii debts nat ona and Individual, public
ana private In 1874 silver dcmonelized and gold
alone was put IN tho place previously occupied Dy the
two metals II is unnecessary to inquire how this
done; II Is enough TO say II was not done upon FULL
patient and careful consideration Such consideration
the subject Is receive Shall this policy stand
shall old historical positions This
Is great question 10 DO decided not Tor bankers or
bondhoders creditors debtors, or for any single
Glass; but tor the equal benefit Of ALL No other dcci
will be satisfactory or final Many books have
be absurd TO attempt full presentation OF 1t III
single address shall only consider those aspects Of
II which are Of especial interest Al the present time,
and all propose say mny DO presented under two
inquiries l. Is IT safe uso silver as well as gold
for unlimited legal tender and better TO use Dotn
than either one? 2. Is there anything In the
present financial condition Of the United States which
should be taken into consideration in deciding this
question?
Legal tcndcr money should be something that will
pay fairly and finally for services and property and
discharge fairly and finally all pecunary obligations.
nll lin rrriVa II hnn hA vi 4
always SAFE something which has Intrinsic cost and
whose value is steady and Interchangeable as 1t Is possible
vidual, has these qualities promise cannot be
final payment, for therO is always something beyond
to indvidosi promises on % Even national promises are
TOO unsafe and chaneeAbe To- answer the purposes Of
legal tender money. What is the greenbackS
What the promise Of the recent Southern
ConiederacvP What has Deen the history OF our
worth less than fifty cents the dollar Where may
not have been II the result at Gettysburg had been
ai1erents Where may it not be under the trials and
pol,cyY But what Of tho coin OF Turkey? Tho nation
nay DO destroyed; her coin will survive Our own
government may be destroyed; our coin will remain
un,mpaired In value; hundred adverse Gettysburgs
could not reduce ITS value one per cent That Is the
IL should be, for labor, industry and enterprise
realities and their rewards should bo real and moro
than promise, whether national or individual
IRREDRExABLR PAPER.
Irrcdeemable national promises greenbaoks arc
nothing new. There have been ancient grccnbaCks
and modern greenbacks. They are the common re-
sort and desperate expedent oi nations In peril They
ire born Of war and never IN tho heathiul times OF
peace and solid prosperity, and however large the
pledge secure tnem they have always deprecated,
nnd have becn otener repudiated than redeemed. No
people has yet prospered long with IN irrcdeom
able legal tender paper currency, and sensible
people should permanently adopt 1t into their hnan.
:ia policy. SO our fathers thought They had used
IreenbacIs in their war for national independence,
md though they succeeded IN the war their
yreenbacks perished With this additional ex.
of enro fopsin IN dCpra 4 tSon ND
Rorthlcssncss Of all such promises, they provided
hat alone should be legal tender Such was their
,ear purpose and the constitution was understood
md interpreted by aud legislatures by
leading statesmen and juriss believe without
recent civil war. During that war We for the secoud
time In our history, resored TO Rreenbacks or legal
tender treasury notes. Their constitutonality was
challenged and is still denied. There have beon two
decisions upon II by Supreme Court. The hrst de-
clarcd that the making OF notes or bills OF crodt
y legal tender unconstitutional. This decl-
siDn made at December term, 1869, when there
but eight judges on the bench. There was one
vacancy. Soon after tho decision, of tho judges
who ooncurred in IL resigned, thus making another
vacancy. These TWO vacancies were promptly filled,
new case presented and at the December term, 1870
the Court reversed its former decsion and held that
such notes were constitutional Five judges con-
curred In the first decision, and three dssentcd five
Judges concurred in the second decision and four dis
sented II count the opinions IN the two cases,
ind there nine against and eight favor OF tho
constiutionality OF such notes. The opinion Of JUS
lice Bradley sometimes referred to. II Justice
Strong who spoke for the court, and what Justice
Bradley said is NO more binding upon the Court than
she opinion OF any able lawyer gvcn at his Office desk
The question is not yet hnaily aud satisfactorily
settled.
NECESSITIES OF WAR;
The greenback OF The war O desperate and tom
porary cxpcuent, and Its only allowable Justification
Is that 1t wus resorted TO in d,ficio aortts and 10
our national life There Is "a disposition to be
acquesccnt not too critical about policy adopted
amtd the boating Of drums and the hunderng can.
non and in the peril OF dangerous war. War
lence and does not Tor constitutions Desperate
war Is always awess however we may try TO restrain
submit 10 die rather than strike forbidden
blow ior It's life. In such an extremity we
% ,snn save the sna %na. any pVcy % 'na
scarcely tit precedent for conduct
when IN condition Of safety and ease However
may regard the decision have referred to let not
mistake the stunding of the Court IL Is not decided
that any grscnback would be constitutional WHAT
Is judicial dccisionY 1t is a decision by o Court
OF the exact case brought before 1t. That Is It's
utmost reach. Court cannot decide what Is
not before 1t. What before tho Court in
the case decided? / quote IRON the decision
Before we can hold the Legal Tender acts un-
constitutional, We must inquire whethor
tatcs for executing any OF the known powers Of Con-
gress or OF any department OF government Plainly
this inquiry consideration oil the timo when thcy
enacted and OF the circumstances In which we then
stood, Is Important IL Is not TO be denied that acts
may be adapted 10 the exercise of lawful power and
appropriate TO 1t in Of cxgency which would
be inappropriate at other times" Immediately follow
ing this uterancc tho Court proceeds to state tho
b0iOrc II in substance, as foll0ws:-Civii
rugng; large expenditures, Tar beyond the capacity OF
ordinary sources OF supply, were required lor largo
and the navy; our banks were about exhausted
and compelled to suspend We had no foreign resource
and taxation was inadequate and we were too hard
pressed wait on IT,; our daily Expenditures exceeded
81 000,000, and ali tho coin Ia te country, poured
into tho Treasury, would NOT have kept IL supplied for
three months our treasury was nearly empty, and our
soldiers IN the Held upad, aud pubic confidence IN tho
ability Of the government to MAINTAIN itself was rap
IDLY weakening aud its actual overthrow seriously
threatened 1T was at such time anu in such an
emergency that the Legal Tender acts were passed "
Ina and that only was the case that was decided and
the decision 10 not satisfactory. suppose should
tho present time resort 10 legal tcnder treasury
notes, and The question OF their constitutonalty
should bo raiscd-wnat would be the case before tho
court! The war Is ended and we at peace; our
ordinary supplies exceed our expenditures; our taxa
tion adequate and not TOO slow and our credit at
home and abroad Is eood; tho daily re.
qurcments to administer the government have
been greatly reduced; the soldier has ueen paid
aud our great armies nave been disbandcd, and the
treasury Is not empty and thorc Is demand press.
ing upon us, aud the governments Is longer endan-
Ecred This IS not the case that has osen decided 1t
Is very different just the opposite all It's condl-
lions Let admitted that the court. nov or-