The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-20

TIE money power; fret false eonstruction 81
d" U q he rate u n ps at On he
| new coin bonds is provided for In the act Of
July H. 1872 s,o zoo Zoo Of these bonds to bear
10 bear per pe cent Ths rsda e
in the rate Of interest has, at first, the appear
Viii = show s R thsp o nus
| saved utterly trieiDg In comparison with the
enorp,ous loss they. suffer by the whole trans
| ers Of tho sac per cent bonds would surrender
them voluntarily in exchange for bonds OF a
less rate OF Interest. unless they knew hey we're
substantial advantages by the operation. To
draw q different conclusion would be to reverse
the well ascertained laws of human nature.
inc archives OF history may he ransacked in
vain to tnd single Instance where moneyed
investment reinuuished without compulsion n
sps9sSs 9 an asd Such thing
Wnon, however this elaborate scheme for the
to e. nsbeJ r nss bonds
justice, Of law and Of public morality had ali
been closed and double barred an and bolted
ardh , taS axp " by the acts Of
Of bad faith on the paftof the government to-
ward Its own citizens stop even then? 4 final
'tty appeared to have been attained. Proolama-
nent settlement had been 10 reae iS p of The
manner r which every dollar Of our our
ssGas d fe sheY o be Ra day We
that no law-abidlng, honorable citizen would
ever again seek to reopen or agitate the aues-
mon. me ,s Pondhoders were for the time being
content, but they did not remain 80 q moment
longer than new opportunity presented itself
Tor another encroachment upon the heavily
laws 81 manb 1879 % tae by both the
their interest and under their dictation II Ia so
plainly written that the, bonds then outstanding
ana aiterward TO be issued were payable In
al but
ooin.-that 1t is impossible to construct an are,,
ment against the proposition.
an argument In its favor for truth that ID self.
evident does not admit the ordinary methods OF
fSeaso ION ~ tts support Ia the first section Of
thorised are made 'redeemable In ooin ut the
present standard value" What is there here
I fo or construotioa4 What word here taken from
even doubtful meaningf We ali know what
the term coin means In connection with the use
OF the precious metals in the trade and com.
not, and we desired to seek stiff palmer and
7, explicit guarantee we have emily to turn
10 the the At Of March ls.s 1t declares its object
That Ia order to remove any doubt as to the
purpose OF the government to discharge al it's
ms sa, ooligstions to the public creditors and to
p the laws. by vrture Of which such obligations
have been contracted, II is hereby provided and
ieelnreh that the faith Of the Uned States
,saulvalent OF oil the obligations Of the United
3tates not bearing interest. known as United |
~ notes and Of all the interest bearing
yhere the law authorizing the issue oil any sueh |
obligation has expressly provided that The same
zig 99a ana u awrq money or other currency than
THE SILVER DOLLAR
8 he may desire specie When specie nav.
nents were authorized before the war II was the
avorlte currency with the people, and It will be
: obtained. II that shall ever happen. Through
ut all the financial pauics that have assailed
ais e2qnt h ~ man has been bold enough to
yer dared to whisper Of contemplated as
ault upon IT; and when the hour of its danger
M desSt at. drew nigh. when the twelfth
DOM to the American dollar, the dollar of our
lShers. how silent was the work OF the enemyI
OF sound. not word, no note Of warning to
as about to be destroyed as money: that the
reatest financial revo ution of modern times
IFS IN and about to be
ne taxpayers of The United States were no
lore notified or consulted on this momenfous
,easute than the slaves on Southern planta-
10 mind TO increase their task or to change
1rom q bs a
lch vital and tremendous import, or indeed of
ny Importance at all, crawed into our statute
,oks 80 iursiyely and so noiselessy az this Its
g people, and indeed to four-fifths OF Con.
,ess Itself, as the presence of a burglar in
ba 9s o. middnight Is to Its sleeping Inmates
andestine movement was so utterly unexpect-
and partly from the nature Of the bifl in | :
1ie h;I y occurred The silver dollar Of Amsri-
IN pct revising and amending the laws rela- 2
70 20 the mfnts, assay offices and coinage OF | /
United - stSates The avowsd and ostensbe
an the Director Of the Mint, IN ri His h reoent
,rk on Money and Legal Tender" After
~ very July the legislation of this country
There WERE however, provisions of law. con-
citing in their character. as to the relative I,
ana and HIS 81 the Secretary Of h
NEEDY this and to consolidate coinage enact
,nts, were the chief objects of the act an
et tsa henrnary T. 1879 revising and amend
d coinage Of the United States 0'A'''' d
mis- act embraces sixty-seven sections, and p
t tTe voa Ges 81 b ppd q he
rye From this voluminous and prolix "
assure. proclaiming, as it did. other and to- Il
ainerent OBJECTS to accomplish. 1t was only 81
dollar legal dd te nas1ee ao SRe 9 fba
cam cam OF time This was done in the fifteenth &C
,ple may see for themselves exactly how this o,
M, wrong was effected. It reads as follows: W
laG tne, silver coins of the United States or
vi be trade dollar. half dollar or fty-cent 10
&c. quarter dollar or twenty FIVE cent piece IS
me or n-cent piece; and the weight 81 the it,
1e dollar shall be 400 grains troy the weight 1t
the half dollar shall be twelve grams 10
immesl and one-half of a gram (grammei: ia
quarter dollar and the dime shall be resnact' W,
y one half and one fifth of the weight Of said CT
1 dollar; ana said coins shall be ls9ai ell,
der at their nominal value for any arnomnt in
!, exceeding Is e IS In any one payment" We
nus ~ Will be seen that In declaring what the an
or coins OF the United States should be the er
ar. SO long Embedded ia our history. was VIC
pped. literally thrown away as useless. and an
ther coin. styled a trade dollar. Of no serv. thu
% the people as a legal tender was inserted |
sses it VI ''1' "AAn' "a in
'nder the provisions Of this act the coinaoe Th
issue was discontinued, of the silver dollar ag
l21a grains, the three cent silver piece. the Is
cent silver piece. and the two cent bronze ha'
g.; hai
ID by subsequent act Of Congress july % ves
the legal tender quality of mu
THE TRADE DOLLAR M
ven the small amount of five dollars was ali if
aaied. and now 1t is not legal tender for Ha
ming. or any amount, ''> wn
{, sir, having pointed out the false nre | sec
es under cover of which the American ali. me
ioilar was eliminated from our money svs- few
70 -