The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-10

he absolute and utter reputation of
the currency itself.
These statements are only different
Oh converse forms of putting one and
tie Same essential truth. It we argue
the one We must consider the other.
come then to plead with you for
t}e early and permanent resumption of
specie payments by the General Gov
tsrnnlent. .+5t5 ,.
why? ST..
First Because coin, hard coin, gold
and silver coin, is the only absolute
money Known to the Constitution of
Of the United States.
The constitution nowhere gives to
che Federal Government the right to
print paper and impress upon that pa
per the quality or function of absolute
legal tender.
The only provisions of the Constitu-
ton bearing on this question are two.
The one is That which authorizes Con
gress ''to coin money, and regulate the
value thereof" The other is that
which, by implication, permits the
Federal Government to emit or issue
bills Of credit
The obstruction Of the first provis-
ioI seems very simple. When the
Constitution was framed, words We're
probably used according to their mean
ing. The words Of the Constitution
were and are ito coin money!" You
coin metal. You print paper. You do
not print gold and silver money. You
do not coin greenbacks or bank notes.
Congress can therefore in time of
peace only oonstitutionally make such
money as it can coin.
The other constitutional permission
for emitting Or issuing bills of credit
seems to me equally clear. The very
fact that such a bill is "a BILL OF
CREDIT" involves the idea of lending
OF borrowing. The idea of lending or
borrowing must include the idea of
paymens. II you borrow from me,
and do not intend to pay, you either
steal what lend or you cheat me in
to lending it. How you can make that
honest in National affairs which would
be dishonest in private dealings | can
not comprehend
You only give credit where you ex-
pect payment. You only get credit
where you are expected to pay. To
pay one note by giving another is sim
ply to exchange promises. The proc
ess does not finally pay debts. At the
last the debt is still unpaid. When
you get there you must either settle by
actual payment, on you become confess
sedly a bankrupt. That is all there is
of it. t II
But you say in reply, Congress did
issue these greenbacks, and did make
them legal tender in payment of debt.
Certainly. but
WHY AND How2
Rebellion was in the land. The Re-
public had to crush the rebellion, or it
would have crushed the Republic. Be
cause we were Nation we had a Ma
tons right to live We asked for vol
unteers and paid bounties. We asked
for loans and paid interest. We drafted
men when volunteering became slow.
We forced. loans when necessity re-
IA1AOu' 4 ACSC lOICtQ 1GdliS w OIG dllU
are the greenbacks. We forced them
on our soldiers in payment of service.
We forced them on our people in pay
ment OF supplies. To give these forced
loans circulation, after we had paid
them to our soldiers for wages and to-
the farmer and producer for supplies,
we clothed them by force of law with
the quality of legal tender.
We simply said: So long as the gov
eminent is compelled by the necessities
Of war to pay these greenbacks out, ev-
erybody to whom they are paid shall
have the same right to pay them out
again for his debt to his neighbor.
When the necessity ended the power
and right ended. What the govern
ment could justly do in war it can not
Justly do in peace. In war it may
draft men. In peace it cannot. Inl
war it can seize supplies In peace it !
cannot. In war it may force loans.
In peace it cannot. In war it mayl
f9