The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-11
THE NEW ORLEANS DEMOCRAT, FRIDAY JANUARY II. 1878

goldd--U. B. bonds. greenhacks, State, bonds.
county and city bonds and railroad bonds
ooo Of one hall the assessed value Of ail the
taxabe property in the United States in 1870:
fs IN IN e
too, will be payable in gold, and gold! only, On
the contrary, If silver be remonetzed. ell these
aed w BE psye een m sy VALUABLE "a
yer SO that the difference between paying, IN
gold and paying In silver + 10 per cent Ih,s
elias es. They demand 10 per cent more inan
they are entitled to under the contract. and they
S bss VIII be treated If they
not get It. Last Saturday the New York bank
presidents held @ meeting and adopted this
kesoleed. That In y,s~ of the bin now un-
der consideration =. Congress which proposes
II effect t9 sure ssds the existing law reaul,r,
coin on a,.d after the first of January, 1879. by
makin- silver dollars Of AJAX grains the legal
standard for payment of all debts and measures
: commercial operations in the United States,
l. is the duty of bank officers to seriously in
quire what effect so important change In, the
o., general business and upon the respective IN
situations under their charge, and what practt-
ea be tb doptd to
which will inevitably follow the passage OF the
bill In question:
tgreenbacksl were issued In 1862. At that time
silver was legal tender for all debts. A dollar
meant silver dollar. and a tender Of silver dol
ars was discharge q anE a money gyr Gbhgation
| to say that to undo the fraudulent demonetiza-
ton act Of 1873 and make greenbaeks redeem
able In silver dollars Of 4121s grains. would pc
an act Of injustice? The real injustice was In
the passage Of the act demonetizlng silver The
undoing Of that act will simply restore the con-
| tract where It was In 1861, when It was made.
| Again: The New York bank presidents assert
that 1t is their duty to inquire what practical
| measures, If any, can be adopted to preserve
| their various trusts from the serious DECLINE
whieh will inevitaby follow The passSa sr 81 the
| about 7 Manifestly. the bonds mortgages and
notes they. hold as parts oil. their wealth.
| But some of these trusts as they are called.
when greenbacks were worth only 90 and IS
| cents on the dollar; nay. some OF them were ,,
given when they represented only CD cents
| on the dollar. They have been appreciated py
| they represent ~ cents on. the dollar. Ii
paid In silver, the holders will get 100 cents on
| the dollar for them. Have they right to ask
| more2 Is there any show OF reason In their
demand for payment In q coin worth ITO cents
The appreciation Of greenbacks that has been
going on for the last eight years is 1T tho ex-
| kinds of property-farms. houses, lots. farm
| products, manufacturers railroads. steamboats,
| ships raw materials and lahor-and the whole
| business and industrial organization or the
country seems going into insolvency through
| the ilamitous process And YET. as II inc pro-
| cess were not harsh enough, the New York
bankers demand that It be aggravated. by "a, i 10
brought up to the value Of gold and made pay
able 10 goid-that 1t shall go on till the 81 oo9-
| made payable in coin worth ITO cents on the
| dollar This Is what they mean by preserving
their trust" from the effects Of the silver bill.