The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1878-09-28

being boarded to sc..le tho financial
policy Of the Government, aud for other
obvious reasons, the resumption act
should be repealed.
l know, Mr. Speaker, that green
backs arc now almost as par with gold.
They will remain 30 il these acts shall
bo repealed, but il resumption is to be
forced upon us on the lst day Of jan
uary next, as tho volume Of currency
to be redeemed is much greater than
tho coin on hand to redeem with, the
attempt will necessarily advance tho
premium on coin and intensity tho con.
tract Of tho currency that has already
worked 50 much injury to property and
business.
Tue act passed during The present
scstiou rcmouetizing silver, notwith-
standing its narrow scope, hast already
been largely beneficial in its results.
It is re.esssblishsl silver rs money and
mado it legal tender for all debts,
public and private. I. has knocked
down the premium on gold and elevated
tho standard Of our national credit, and
it is to be hoped that before this Con.
gross shall adjourn silver will be fully
rcinstated as it was before its assassin.
alton.
Mr.. Speaker. in tho light Of recent
events it must bo apparent to every
gentleman upon this floor that it is ucc-
ossary to avoid in tho future what has
been so ruiuous in the past. wide mar.
gin between tho money for tho bond.
holders and tho money Of tho people.
This can best bc accomplished by max
ing grecubacks receivable for duties on
imports. That will give tho gfconback
dollar tho purchasing power ofthe gold
and silver dollar. make ii Us good as
either aud Us good as n Government bond.
Add to this the further reform that
is loudly called for Of retiring tho na.
.ionalbank notes and substituting green
backs in their stead.
Mr.. Speaker, l am aboriginal green
backer. I have believed from the first.
aud | insist upon it to-day, that this
country eau have no well.resulatcd
financial system until it ranks its green
backs side by side with its gold and
silver. Every consideration Of fairness
and justice to atax.ridleu and opprcss.
ed peopls demands that this DO dore.
In order to answer the object Of gcn.
tlemen WHO doubt the constitutional au.
thority Of tho Government to issus paper
money and make it legal tender, I
read the following opinion Of John G.
Calhoun, Albert Gallatin. and Thoma,
Jefferson.
l now undertake 10 affirm positively, and
without the least fear that can be answered,
what have but suggested, that n paper ig-
sued By Government, with the simple prom.
isc TO receive II in ali its dues-lcaving its
creditors 10 taka 1t, or gold and silver, at
their oPtion-woull, 10 tho extent Il would
circulate, fotn perfect paper circulation,
which could not 10 abused by the Govern
ment: that would DO us steady and uniform
In value as the metals Themselves.
No one can doubt but that the Govern
mcnt crcditis better than that OF any bank
more stable, more safe. The question Is
not between credit mad no credit, as some
would have us believe, but in what form
credit eau best perform tho functions of n
sound currcncy.-J. C. Calhoun.
The right Of issuing paper money rs cur
rency, like that OF gold and silver coin, be-
longs exclusively 10 the nation, and cannot
be claimed by any individlal.-A. Gallatiu.
Thomas jefferson. in letter 10 his
son-iu-law Eppcs. dated juno q. 1878,
recommended tho issue Of Government
notes. instead Of allowing bank notes to
DO circulated, giving a. tho same time
cogcnt reasons for bis conclusions.
"Aud," suys Mr.. Buckner, )" "hc thus
forcshadowCd the proper monetary sys-
tenn ofthe country"
But, in addition to these opinions. .wo
have that Of tho Supreme Court of tho
United States in tho "lcgal.tender CO..
ses" decided in 1870. [Wallaco's Re-
ports, vol. l2, P 457) sustaining tho
constitutional power Of Congress to issue
these grcenbacks and make them legal
tender. In speaking Of the ditRcul,ica
tho Government had 10 contend with at
tho beginning Of the war aud during
its prosecution. and Of the absolute ne.
ccssity Of having money to maintain its
armies and navy. the court said:
That they, the grtcabncks, did work such
results Is no: to be doubted. Something re-
sived the dropping faith ofthc people; somc-
thing brought Immediately 10 the Govern
mcnt's aid the resources Of tho nation and
something enabled the successful prosecution
Of the war and the preservation Of the ma.
,ional life. What was it if not the legal
tender euactmgatS?