Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1877-10-17
AN ADDRESS. .
Continued from third page.

issue Treasury notes is held by the
Supreme Court to be incidental to the
power to borrow. Every Greenbacl> is
i forced loan from the people. The
Government. saws the Supreme Court,
in announcing the Legal tender decis-
ion, has right to require the people to
accept its credit, instead of money, in
the eXigencies of war The court iusti-
fled the issue of the Greenbacks only as
measure incident to and necessitated
by the war Referring 10 the pressing
needs of the Government, at that time,
the Court said
" The treasury was nearly empty the
necessity was immediate and pressing.
There was due the soldiers nearly score
of millions of dollars. acquisitions for
supplies exceeded fifty millions of dol
larsand current expenses were over a mil
lion q day. Foreign credit we had none.
1t was at such time, and under such
circumstances that Congress was called
upon to devise means to support the
army and navy, and, indeed, for the
preservation of the Government created
by the Constitution 1t was at such a
time and in such circumstances that
the Legal Tender Act was passed" (See
10Th Wallace, page $40.
And Justice Bradley giving his assent
to the opinion the court, said:
"This power is incidental to that of
borrowing money. 1t is a pledge of the
National credit 1t is promise by the
Government to pay dollars. No one
supposes the day of specie payments
will never return that these Govern
ment certificates will never be paid.
Through whatever changes they may
pass, their ultimate destiny is to be
paid.
Chief Justice Chase, who >dissented
from the opinion of the court, quoted
from his report to Congress, when Sec
rotary of the Treasury, as follows: "The
Secretary recommends no mere paper
money scheme, but, on the contrary, q
series of measures looking to a safe and
gradual return to gold and silver as the
only permanent basis, standard and
measure of value recognized by the
Constitution" Pages might be quoted
from the discussions in the convention
that framed the Constitution showing
the intention to deny to Congress the
power to make paper money, or even
to issue treasury notes, except IN times
Of the gravest national peril. Volumes
could be filled with the expressions of
our most eminent statesmen denounc-
ing paper ey.-irredeemable prom
ises to pay used as currency-as the
most pernlcious Of public evils. Mr..
Lincoln said IN his message to Congress,
III 1862: . A return to specie payments,
however, should ever be kept N view
Fluctuations IN the value of currency
are always injurious. Convertibilty,
prompt and certain conuertibiIity into coin
is acknowledged to be the best and
surest safeguard against them" Let us
''shut and bar the door against paper
money, toreuer," was said in the conven-
ton that made the Constitution And
Daniel Webster said if we could explore
all the motives that actuated the men
who established our Government, we
should find none more powerful than
the desire to give a safe and uniform
currency to the people. They decided
for gold and silver, and to overthrow
this decision. he says, would be to over
throw our whole system. All political
economists and social scientists, recog-
nlzed as authority on such subjects,
and all statesmen of character and
learning, agree with our fathers who
framed the CONSTITUTIONS Shall we for
sake this we'll established principle, dis
regard the solemn warnings of our
greatest men, and follow blindly the
call of those who invite us to disregard
the nations pledges, the spirit and let
ter of the Constitution. and to plunge
madly into the abyss of imitation? Our
financial system is an outgrowth of the
war. 1t was one of the measures
adopted to maintain the Union. 1t was
an effective measure, and we are bound
IN honor and in duty not to modify it
IN any manner inconsistent with the
terms of the contract made with the
nations creditors. Instead of following
those who would lead us backwards and
downwards into the miry depths Of in
f1atlon and insolvency, out of which we
are only just painfully emerging let us
take our stand boldly and fight the bat
tie Of the currency on this platform:
: No legalized quackery; no financial
falsehood; no unkept paper promises,
compelled by force of political law to
attempt the work of coin. and at last
compelled by the higher laws of nature
and morality to begin with initiation and
end in bankruptcy. But, HONEST MONEY.
The same money for boaattholder, and bill
holder and plowholdr. The money of
the Constitution, clear-ringing, full
weighted, honest COIN, or its equivalent.
Money that costs labor, labor that means
labor, and is, therefore, the just reward
and payment of labor"
HORACE RUBLEE,
Chm Repub State Central Com.