Mexico weekly ledger., 1878-11-21
LEGAL TENDERS, GREENBACKS
AND SILVER.

h.-"
Recently it was discovered in New
York that greenbacks are more hon
est money than silver. Whence
ONE this change of opinion. From
John Sherman's manipulation of the
money market. So long as that
%financier has millions to throw away
in Wall street to keep greenbacks
equal to gold, his and their peans
will be sung, but once let him fail
nay, let him be but a day or even an
hour too late in coming to the rescue,
and the whole pack now depicting the
treasury will be laughing at him and
denouncing greenbacks more bitterly
than ever.
Elsewhere in this paper the ruling
values of gold and silver have been
compared and itshas been shown that
since 1873 silver has been deprecated
10 per cent. Since 1865 greenbacks
have been increased 80 per cent. in
value. If our money had been silver
we should have lost 10 per cent, but
as it was greenbacks our debt has
been increased 80 per cent. This is
what Wall street brokers mean when
they cay greenbacks are more honest
than silver. In our opinion if neither
greenback or silver had been forced,
either the one up or the oFfer down,
both would have provedmoFe reliable
money standards. The New York
and other capitalists fought the Re-
monetizatien Act in congress, they
encouraged Mr.. Sherman to cripple
and defeat its operation as much as
he dared after 1t was passed, and
now they have come to the conclusion
of resisting it outright by refusing to
treat the silver dollar as a legal ten
der. Heretofore Mr.. Sherman has
executed the powers intrusted to
him so as 10 put up greenbacks and
put down silver, and now it is said
he is prepared to tolerate if not assist
the banks in practically demonetizing
nearly $50, 900, 600 silver coin.
The refusal of the New York banks
to receive silver dollars, except on
special deposit repayable in similar
coin, is che most decided defiance of
governmental authority ever mani
Tested in this country by cooperative
combination. The citizens of Cali
fornia refused to use the greenback
as money, and had the banks follow
ed their example there might have
been some show of justification for
what had been done, as many states
men and jurists have expressed doubts
of the power Of congress to create
such legal. tenders. Nobody, how
ever, takes exception to its coinage of
money, as that it explicitly provided
for in the constitution.
In bidding defiance to an exercise
of governmental authority universally
acknowledged, the banks are injuring
their usefulness, exciting the passions
La
of the most dangerous classes and
periling their existence and the safety
of the capital of which they are the
boosted custodians.
All u subsidiary coins are de-
based, and there exists little or moth
ing else in New York City or, indeed,
elsewhere to pay to labor. No pro-
vision has been made to redeem any
of them except the nickel. Now, If
the laboring classes of this country
cannot use its legal-tender coins, if
they cannot pay them out or deposit
them in banks and savings ins.s
tons, why should they rssags;,o tban,,
Why shouldE. nurpo
-~1axL~t1fEre be one standard OF
S-sohey for the poor and another for
the rich? Why should the money
prepared by this government, es-
pecially for the wages-receiving
classes, he ANONYMOUSLY rejected
and trampled under foot? This issue
must be met by the banks. and if
they are in earnest it must be main
tanned against what is VIGOROUSLY at
this time the most easily excited, as
well as the most dangerous class of
society.
The issue thus rashIy made can be
accepted by the Democratic party. 1t
IL one to which all its hosts a rally.
With It under suitable leaders what
is toprevent the capture of Maine,
Massachusetts, Connecticut and Iowa,
and even New York. If this issue
had been made previously to election
and the battle had been fought to
maintain universally acknowledged
constitutional fiat Law, would not vic
tory have perched on the Democratic
banner eyerywhere much more deci-
dediy ti,an II has done.
Our NntionAI and absolute none
Hx&.<&-