Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1878-10-31

the Government; II Is slso provided
that "thereafter al duties, taxes. etc.,
shall be paid in gold o. silver coin only,
or IN treasury aofes issued Under the
authority of the United States" The
Independent Treasury act was repealed
in 1641, under Harrison's y administra-
ton; was re-enaeted in 1916. under
Polk's administration; and suspended in
1861, under Lincoln's.
Fortunately for the country. the ac-
cident Of the late war destroyed the pa
per currency Of the State banks and
compelled the Government 10 rely en-
tireIy upon the Treasury note system Of
money. But the Money Power. as al
wayss was on the sisri, and &c Treas-
ury note (greenback) was dishonored
and DEPRECATED BY not being made re-
ceivable for custom duties. A National
banking system was also devised. When
the bill subsequently came before Con-
gress, in February, 1858, it was oppos-
ed by the Democratic party with marked
unanimity. This is shown by the vote
on the bill. In the Senate IL was as fol-
lows: For the bill-Democrats, Q:
Republicans, 20. Against the bill
Democrats, II; Republicans, 0. In the
House the vote was as follows: For
the bill-Democrsts, 8; Republicans,
IS. against the bill-Democrats, AZ;
Republicans, %.
Il now only remains to substitute
Treasury notes for National bank notes,
as is proposed by the Democratic party,
which can be done without any injustice
TO the banks, to give to the nation, for
the first time in ats history, sound and
stable currency, consisting Of gold, sill
yer, and the United States Treasury
note.
III. The Democratic party did not OPP
pose an issue of Treasury notes on the
breaking out Of the Re6elliOn.-It has
been so persistently and unscrupulously
charged By Republican orators and writ
ers that the Democratic party was orig
inalIy opposed to "greenbacks, that the
opinion has become widespread that
there Is some truth in the charge. There
is none whatever, as a brief reference
TO the Congressional Record will show.
When the legal tender act of February
%, 1862, was pending in the House.
the Democrats oil that body not only did
moi oppose an issue of the Treasury
notes, but were in favor of such an IS
sue. The only question was as to the
form in which they should be issued
The views of the Democratic side OF
the House were embodied in a substi-
tute 10 the original bill offered by Mr..
ValIandiyham. 1t authorized 'an issue
of Treasury notes, not exceeding : $780,
000, 900 (the same amount as the legal
tender billy moi bearing interest, and OF
such denominations as the Secretary oil
the Treasury may deem expedient, not
greater than 900 nor less than $5,
and the Treasury notes herein author
lied shall be receivable in payment OF
all taxes, duties, imposts excises, debts
and demands Of every kind due to the
United States" II is also provided for
their convertibility in United States
registered or coupon bonds bearing six
per cent. per annum, redeemable at the
pleasure OF The United States aftertwen-
ty years, and for their reissue from
time TO time as exigencies of the public
interest required. The form of the
Treasury note proposed by the substi-
tute of Mr.. Vallandigham was as fol-
lows: 1.-THE United States will re-
ceive this Treasury note in payment of
all taxes, duties, imposts, excises, debts
and demands Of every kind due to the
United States to the value Of five dol
lars-or whatever denomination may
be expressed therein" Mr.. Vallsndig-
hams substitute was in entire harmony
with the principles and traditions Of the
Democratic party upon the subject. II
is proposed to make the Treasury note
receivable for all dues to the Govern
ment, but not legal tender for private
debts. II was never allowed to come
to vete, and the Democrats of the
House were compelled to go on record
against the legal tender bill as II passed,
making the Treasury note legal tender
for private debts, but not receir0ble for
custom duties. The enormous deprecia-
ton of the greenback, in consequence
of not being receivable for custom du-
ties, which occurred during the war, am
ply vindicated the wisdom Of the action
OF the Democrats of The House. The
Hon. Thaddeus Stevens, the distin-
guished chairman Of the Committee of
Ways aHd Means, who was not in har-
mony with his party on this point, pre-
dicted the very results which followed,
and in one of his last speeches warn
ingly said, "whcn a few years hence
the people shall have been brought Co
general bankruptcy by their unreguIa-
ted enterprise. shall have the satisfac-
ton to know that / attempted to pre-
vent it."
IV-TAe Democratic party of today
stands srhere the party has alsrays stood
on The money question. II has been full
" shown that from its organization the
Democratic party has uniformly sdvo-
Gated gold, silver and the Treasury note
as the circulating medium of The nation,
and has as uniformly opposed the pa
per currency Of private corporasions.-
That il occupies the same position To-
day Is manifest not only from lts plat
forms, but from the record of the pres
ent House Of Representatives. A few
of its acts are referred to as follows:
The ResscRefizatsOa Of Siberia
1878 the Republican party, which now
falsely PEetends 10 be for ..hard money"
demonetized silver at Time when IL
bore premium over gold al The rela-