The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1878-10-25
During the war we denounced the Re

During the war we denounced the Re
publican party for its issue of illegal ten
der" greenbacks as an unconstitutional act
and we denied the right of Congress tt
compel the people to receive anything il
payment of debts except gold and silver
and we condemned that party for its exces
sive issue of such legal tenders and othel
paper, whereby the national debt was near
ly doubled by reason of the depreciation o
these government issues. We maintained
that legal tenders were unconstitutional
until the ruling of the Supreme Court de-
cided it otherwise, on the plea of necessity
and then we denounced the Republican
party for having packed the Supreme Court
to obtain that decision. Can we now re.
trace our steps and stultify ourselves by
admitting that legal tenders, which we did
not believe were constitutionally issued
even in time of war, can be lawfully issued
in time of peace9
| We have submitted to the law as laid
down by the Supreme Court and recognize
ed the legal tenders now outstanding,
amounting to $346, 900, 900, and Congress
at the last session prohibited the cancella-
| ton of those redeemed at the treasury and
provided for their reissue, so that there is
no danger of contraction in that quarter.
Such legal tenders are now nearly at par
with coin, and soon will be convertible in
to gold and silver at the pleasure of the
holder.
am now, as always, "hard- money"
Democrat Applause and by that mean
that am not only in favor of currency
in gold and silver, but Of good paper, re-
deemable at all times with coin. Such q
mixed currency is the best possible for q
a people and is precisely the currency which
such Democrats as Silas Wright, James
Buchanan and Franklin Pierce, in our day
and generation, advocated for the peo-
pie.
There can be no objection to ordinary
treasury notes, receivable for all govern
ment dues (for after the 1st January next
such notes will be as good as gold or silver,)
in lieu of bank currency and these can be
secured by bonds of the United States, the
interest on which shall be suspended while
the bank uses the circulation. Such treas
ury notes are not new. They were issued
during the administration of Madison in
1913 and again in 1914 and 1916 and they
largely aided in carrying on the war with
Great Britain.
The government was in such straits for
want of money in 1887, growing out of the
financial distress consequent upon over
trading and overbanking, that it could not
pay the salaries Of its public officers nor
meet the demands of the army and navy.
1t was compelled to resort to the emission
of treasury notes, and a bill reported by
Silas Wright for the issue of $40 100000 of
such notes became law on October 13,
1887. Another issue, not to exceed
S10,000,000, was authorized by act of May
21st, 1888, which was also supported by
Silas Wright and other Jackson Demo.
Gratis of the Senate and House of Represen-
tives. Since then similar issues have
been made without question or objec-
ton.
Such treasury notes, unlike illegal ten
dersn or "greenbacks, are within the terms
of the constitution, and sanctioned by the
approval of our best and wsest statesmen.
Such a currency furnished to banking in
stitutions chartered 10y the States and un.
der State control, might be u wise and
proper change of the presen. banking sys.
TEN, and then the relief of the banks from
the present federal taxation, which, at the
last, falls upon the people, would be calcu-
lated to restore us to the safety OF the
Statc-bank system in regard to deposits
and an improvement ON the old State
bank circulation by currency of uniform
value in every part of our extended coun-
try.
But these are questions of detail not TO
be decided in mass meetings but to be
worked out by your representatives in
Congress, whose views should, however, be
governed by such sound Democratic prin-
ciples which, have just shown you, lie at
the root of our party organization. APP
plause.