Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-11-06
The leeai.tender in paper is the force part

redeemaOle on demand 1t does not make
particle Of difference to you whether ii
has got legal-tender in it or not, and you
prove that by saying, in my presence, that
you would as lief have the debt paid in the
two pieces that are not legal tender as in the
one that is,-just exactly,-and | want the
American people to get that idea in their
ground from the lakes north, from the gulf
south, from ocean to ocean, for Green
hacker to stand on. What we want in paper
is "value" During the war we were CON-
PEELED to make them legal-tender, and these
gentlemen are now in the habit, tell you
Mr.. Chairman, that with this kind of con-
gress regulating the amount that the times
and peril req uire-they tell you that congress
did that during the war and they can do it
again. Why, the man who says that exposes
his ignorance and thoughtlessness. Con-
gress, during the war, never attempted to
regulate the amount of greenbacks de-
manded by the laws of trade. They simply
issued the amount of greenbacks demanded
by the United States and the government,
regardless of the laws of trade. We were
not thinking about the laws of trade then.
We were thinking of saving the government
under which the laws of trade might be car.
ried. 1t was not a question of how much
was wanted for trade, commerce, manufac-
turing, etc. !; it was question as TO whether
we would have an Independent government
under which any of these pursuits might be
carried, and We issued greenbacks not only
regardless of the laws of trade. but in abso-
lutte defiance of those laws and in violation
of those laws,--trampling those laws and all
other laws under foot for the time being, in
order that the government of the United
States might live. So that when You quote
that instance, instead of quoting that to
substantiate you, you are quoting that
which is directly in the teeth of your whole
theory of the government Ut The United
States. co.
If the Greenback idea of the new question
should have its way it would issue this new
kind of paper, and want just here to inn
press one point upon you all, ana that is
this-that if the Greenback party could
have their way-if the government of the
United States to-day were to resort to a new
issue of paper money OF this kind by the
millions and hundreds of millions-that
you couldn't make it go among these people.
1t wouldn't be current. Let me explain
myself: You couldn't make it go beyond
the existing value you get at the time. Sup
posing should buy horse tomorrow for
$3.50, and give you my note payable year
hence, and congress issues three
or four hundred millions of this fat ire
deemable paper money, and when my note
becomes due l pay you in that paper; and
the next day l 90 to you to buy another
horse you say, 1--WE will stop a moment"
or that ~ would like my pay in coin for
that horse-or you will please give me your
note payable in coin." You have got that
kind of paper circulating. The whole COM
munity-the commercial, manufacturing,
themselves by doing business on a coin
basis. Gentlemen, l am not talking of
what might happen, I am not talking about
hypothetical case that may occur, but
tell you already many have taken the alarm,
and millions and tens of millions of dollars
in business transactions are now being
transacted on q coin basis. Surprising you
were to have . Greenback congress come
into power, then men would make theis
notes payable in coin. Then what would
come to pass? Why, you would have q cur
rency issued by the government discarded
| by the commercial world-the commercial
world doing business on the money of the
woodland you would have times SO abso-
lutely hard that anything we have gone
through since the panic year of 1873 would
be as prosperity compared with it. You
give to this country paper that is abso.
lutely irredeemable, made SO by the author.
ity Of the government, and if you have not
| got the elements of hard times in this coun.
try mine eyes deceive me. and they are not
without light. When we issued the first
volume of greenbacks, $3.50, 000, 900 in
amount, it was ON the 25th of February
1862. l would be glad if every gentleman
who was not familiar with this fact would
carry it home in his memory. l say that
$50 ZOO, 900 on the 25th of February, 1862,
were authorized to be issued. On the first
PREMIUM ,OOO, 900 was worth $l47 900,
00O in gold coin. Two years afterward VI
had 100000, 900 of greenbacks out, anG
gold was worth $z.85, and the $500, 600 OOt
of greenbacks was worth $145, 600, 900 in
coin. In two years we had nearly treblet
the amounts of greenbacks, and the value
was $2,OOo,O less in gold coin, or nearly
one-third Applause.] After this ou
$400, 100000 limit was put on. If we hat
kept on doing SO We might have got dowr
to the old continental idea, when it took 81,
to buy breakfast, and were travelling tina
load as fast as we could when we applied
the limit, and we kept the train on the track
and the Union party went through.
seems TO me that If any man will digest tina
fact, he has the law and testimony in hi
possession.
The following extract is from tn,
speech of Hon. Carl Schurz, delivered
at Cincinnati, Ohio, September 18th:
The third thing which 1 pointed out a
necessary to lay the foundation for sount
business and prosperity is q well-regulatet
and safe banking system as depository o
business funds and amachinery for business
exchanges. How supremely important +,
part of our economical organism banks hav,
become need net explain. Every practi
cal business man. as well as every student O
the subject, knows it. The American PEG
pie, even Of this generation, have in Thu
respect gone through lively variety of ex
periences, from the wildcat state banks
which existed before the war, to the nation
al banking system of to-day.
What qualities must bank possess 81
that you may call it good one. If it be
bank of issue, its notes must be well Sc
cured and surrounded with such guarantee.
of cenvernbility that they may pas.
throughout the land without discount, and
without danger of loss to anybody. SeconC
Its deposits must be well secured by re
serves, SO rs to be reasonably safe. third
Its discount and loan business must be con
ducted without extortioD, 20 as to afford
reasonable accommodation to the business
community. When the backs of the coun.
try possess these qualities, they are q bless