The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-19

LION hIlO CHI lllhb
Let me suggest an improvement, Invent
several plans, under various attractive
names, to keep out the whole volume OF
preenbacks, to prevent absolutely the
presentation of any, and then call it re-
sumption, because you do not resume at
all "Lucusa a non tslcendO." You do not
resume, because there is no demand
there is no demand, because, by law, you
prevent it. You get rid of dishonored
promise, as you ale fond Of calling 1t, but
you get rid Of all greenback currency al,
10. "You make desert and call 1t peace" "
Does not this justify the very worst
which its enemies have said OF Mr., Sher'
mans scheme of resumption that Its
foundation is ContractionT
1t is objected that this system would di-
vorce the amount of currency from the
business interest of the country and pre-
vent all elasticity, and confess the OBJ
lection appeared at first to be strong, but
it is specious rather than real.
Permanent changes can be regulated
by law; temporary changes are effected
by enlarging or diminishing the line OF
discounts as now. The national banks do
not increase orsurrenderthei circulation
with the coming of the seasons. But |
desire to brush away some of the rubbish
with which this discussion is always em.
barrassed
1t is affirmed that this substitution of
greenbaCks for national bank notes would
violate solemn pledge of the govern
ment never to issue more than $4OO ,OOO,'
600 greenbaCks,
In June, 1864, Congress passed law
for the issuing of bonds and notes. The
first section authorizes the borrowing of
$400, 100000, aud the issue therefor OF
bonds of certain denomination. The
second section authorizes in lieu Of por'
ton of such bonds not exceeding $780,
100000, the issue of Treasury notes bear
ing 7 $40 interest, which should be a le'
gal tender at their face value, without
interest. 1t also authorizes the redemp'
ton and cancellation of any treasury
notes or United States notes heretofore
issued, under authority of previous acts,
and substitutes therefor an equal amount
of Treasury notes such as authorized by
the second section, or other United States
notes. The power being thus given to
make new loan of $400,0O0,O00 and to
issue bonds and Treasury notes for Il, and
also to redeem and cancel old Treasury
notes, and United States notes issued and
outstanding under all the many laws
which had been enacted since 1861, and
to issue in their stead new Treasury notes
and new United States notes without
having specified any limit as to the
amount; the law proceeds; Provided
that the total amount of bonds and
Treasury notes authorized by the first
and second sections of this act shall not
exceed $400,000,000 in addition to the
amounts heretofore issued, nor shall the
total amount of United States notes, is
sued or to be issued, ever exceed $40O,.
100000 and such additional sum not eX-
ceeding $5O,O00,000 as may be temporari-
ly required for the redemption of tenn
porary loan"
Neither the circumstances, the subject,
the language or the power indicate any
intention to pledge the public faith or to
make a contract with the money lem
ders.
|. The Limitation Of the legal tenders
has no relation whatayer to the new
loan.
2. The war was fragrant; the success
of the Federal arms has not been great /;
peace did not appear to be near; the ex-
penses were more than million day.
No administration would have been will
ing to limit its resources.
3. The subject was the borrowing of
money, providing "the sinews of war;"
obtaining the vital means of making ell
ther war or peace, or even of holding the
Government together. GreenbaCks had
been found the most efficient means of
borrowing money. No administration
would have been willing to make con-
tract that it would not borrow money, or
would not use the most effective means
of doing so.
2. And, if willing, no administration
had the power to barter away, to sell,
any great governmental power vital to
the existence of the Government, so that
a succeeding administration should not
have the powers vested in the Govern
ment by the Constitution.
Congress shall have power to raise and
support armies, to borrow money. One
Congress cannot sell, bargain away, linn
it, impair these powers, or tho means to
their effective exercise which are grant
ed by the Constitution equally to each
Congress.
5. The language of the act, when
taken in connection with the other pro-
visions, is clearly mandatory upon the
officers of the Treasury. Itiorbids them
to issue, under authority Of this act, more
greenbacks than will, when added to the
amount authorized and outstanding UNI
der previous acts, amount to $400000,.
900, and an additional $50 100000 for
temporary purposes. 1t does not limit
the power of the Government to author
ize another and further issue.
deny that the most sensitive and del.
iCate honor could hold this a pledge of
faith or a contract in any sense. 1t might
be claimed to be good rule of action,
and therefore proper to be followed; but
that is family dipute with which out
siders, creditors, bondholders, have moth.
ing to do. That argument we would
meet when it was admitted there is moth
ing else.
To whom was ita pledge? What con.
sideration did they give? Your bonds
were then being sacrificed at rate so
low that the coin interest made every
capitalist in Europe eager to get them
Your greenbaCks circulated so freely
that, Notwithstanding the destruction of
capital and enterprises by war, the vol
ume Of business was never greater. Be-
sides, they were legal tender-they paid
debts and taxes-the active and busy
men were eager for them; the capitalists
and creditors were obliged to receive
them. A sympathizing frieHd condoled
with the old lady on the death of her
husband, and expressed the hope that
he was resigned to go. Resigned to go !"
said the old lady; why, he was
obleeged to"
But, seriously, does any man pretend
that either bonds or notes were taken on
TIE faith of that assumed pledge? Does
any man pretend that in war, in peace,
in the changing exigenCies of affairs. uD-