Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1877-10-17

| is absurd as II would be 10 count as currency
90 bond, county warrant, Il city order, or
your neighbor's ninety day note or due bill.
At the beginning of lie war, We only had
three hundred and sixteen millions OF money
in the country: two million of coin and one
hundred and fourteen millions OF State bank
bills. Now we have nearly three times as
much, As the business and population Of the
country Is not more than onctourth more than
it was then, we cannot see the necessity for
seven or ten Times the former amount OF
| currency
CAUSE OF HARD TIMES"
1t is said that immense contraction /. the
cause of our hard times" But this contrac-
ton, II ever made, WIS made between lSG5
and lS69-this was the period during which
the floating debt, certificates of Indebtedness
etc, were funded TITO regular bonds. Yet this
Is the very period, we are told, during which
we had unprecedented prosperity. Why was
not our interest effected at the time 10y this
mighty and studded contraction ? The panic
did not come till 1873 1t requires II great
strain OF the Imagination 10 attribute the panic
Of - and following depression to the ICON
traction" ~ of 81 and rs. Besides, no re.
spectacle authority on political economy, and
no eminent statesman, economist, or financicr
of any age, has held that Il large amount Of
| currency is an advantage to any nation; but
All such authority hold. most positively that a
large volume Of inconYertable paper currency
Is the greatest evil that can affect any coun-
Try. No body of men ever placed themselves
more unrcsereedly on their record against pa.
per money than did The men who framed our
constitution, as is shown by their repeated de-
bates on that subject Wendell Phillips tells
that when Horace Greeley was in England he
saw man moving with short scythc. Old
Horace told the fellow he was fooling bis time
aWay-Why don't he have a good long sharp
scythc, SO he could do twice as much work f?
The man said he didn't huve twice AS much
work to 90. There was the essence of poti.
cal economy In the answer. He only needed
tools enuught for the amount OF work he had
TO do when lie had tools enough, he had
enough of tools. Money, the greenback men
are iona OF saying, is only a tool Then when
we have money enough To affect the exchanges
OF The country, we have enough of money
There Is no more necessity for as many dollars
as there exchanges of value, than there is for
twice as many half bushels as there are bush
els OF grain in the country, or than is for as
many draymen and drays rs there are leads of
freight to be hauled To and from the depot in
year.
ABOUT PAYING BONDS IN GREENBACKs
Bonds are said to have been originally paya
bic in greenbacks aud that this provision of
the law was repealed il 1867 Neither of these
statements is true. This whole question re-
ceNcd the most exhaustive discussion in the
campaign OF 1868, and The people rejected the
idea rs an indirect attempt ut reputation and
elected II President and Congress on a platform
explicitly opposed to this theory Congress,
The President aud the Supreme Court have all
declared that the intent was, and only could
be under the constitution and uniform prac.
tee, That the principal Of the bonds hc paid in |
com, except IT was expressly provided that |
they might be paid in paper money 1t is |
strange that such thing ever could have been
founded on our Legal Tender act" which is |
the only act adduced in favor Of it, That act |
provides for the issue of United States notes
grcehbacks-qnd for the redemption or fund
my OF the same! Now redemption means |
payment in cOln-nothing else So the SUI |
premc Court has deciicd-it is not II question of |
dispute. The decisions Of that court are law. |
But the 9Th section of the act provides for !
fund OF COM and says it shall be applied Srsi
to the payment of the interest of the public
dcbt, and second, TO the payment, al the rate |
OF one per cenlum per annum, of the entire
public debt. Thus, if bond, are "A part of the ,
entire dchl-and who denies 1.-THE law makes
them payable IN coin, 10y providing fund of
coin and in express language saying that coin
shall be used as Il sinking fund To pay the en-
tire public debt. Each bond and note is a
promise 10 pay dollars" The statutes have
long ago defined what dollar was To be. viz
| certain weight and Themes; of gold or sill
Ana as the supreme Court
passing upon the lrgnl meaning of the word
IN The face of the very obligations, authorized
by The Legal Tender act" has decided that
COLO or silver dollars were intended, for no
other dollars bad ever at that time been rcco.-
nized by the Government. and that the Coy
eminent, having previously issued notes and
bonds many times, and redeemed them in
'oin, established precedent. which, unless an
exception was expressed in terms, bound it to
pay all obligations in coin.
NATIONAL BANK SYSTEM.
Like other financial measures during the
far, there Is 10 evidence Of improper means
being used h. secure the passage Of the Ma.
ionnl Bank act. 1t was devised by Mr. Chase,
recommended by MIR, Lincoln, and not passed
M over year AFTER its first recommendation
II was opposed 10y New York bank and bank.
rs, hccauscd it involved The termination of
he STATE Bauk System, It's support came
rom the west, ana it was finally passed hy
y cstcm Influence and votes 1t is CHARGED
hat the banks get duubie Intersection The
Government on their bonds deposited 10 secure
circulation, aud from the people 10 whom
hey loan the circulating notes. They do get
y, tut they don't get to keep il. Bond, as
bonds are exempt from taxation. But when
subscribed as NaJianal Bank stock, that stock
Is taxed out ui Ills d,Wbic interest ,he banks
nave 10 pay taxes, rcht, Insurance, salaries I
stand losses suits iur collection, auG Numerous
''urF mtluthiai expenses, SO that, when these
ire taken out. OF even he double interest, the
National Banks, 10y the use Of bonds and cir
,uiauon, can't make per cent on ther capt
aI-->o says the Caup'rpHcr's official report to
Congress, Tic Government, has nothing to
10 with the deposit part OF the bank business,
Ntept 10 make them pay their taxes on de-
rasiis, The deposit business is a private mat
ter between the haukuud individual dcpositors,
ana tile profits OF 10 must not be Cunioundcd
with the profits arising from the privileges CON
erred hy the Government. Besides, the Gov
'wp+l don PAY any more interest on bonds.
han . G''rr were uo National Banks. and the
people Gnu pay amy more interest on money