The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1878-11-19
HONEST MONEY.
From New Haven. Conn. Register. ]

gOlu ana SILVER nave Deen useu us money
Their value is derived from their use
in the arts and in social life, from thei
fitness tor circulating medium, an(
from their comparative scarcity.
The federal constitution empowered
congress I" to coin money" and "regu
late the value thereof" and takes thu
power from the states. Being SO neces
sary to be exercised, this power involves
n duty; it is tho duty of congress, n
well as its right, to coin money and reg
ulate its value. 1t is also self evlden
that it is the duty of congress to do thl'
truly and justly, according to the bes
information it can obtain, and to adap
it from time to time to material changes
absolute or relative in tho value of the
metals. When money is coined, its val
ue should be regulated. The true anc
just value should also be sta mped upon
the coins, as well as fixed by law, so that
every holder may see at once what ii is
worth and the stamp should tally with
the law. The stamp should not call
that dollar which the law does not. II
they speak different voices the people
are confused and defrauded. The power
of congress, moreover, is confined to
coming money and regulating its value
thus far can it 90 and no farther
When it has coined money, it cannot de.
prive it of its character rs money. Any
attempt to do this, either directly or in.
directly, by omission or commission, is
to that axtanf and in that aIpeot a".ooaa
stitutional. We may add, that in the ex-
preston, " No state shall make anything
but gold and silver coin a tender in pay
Inent OF debts the people seem to have
clearly Expressed their will that congress
shall coin both gold and silver If so,
the controversy in regard to the double
standard was settled by the constitution
ninety years ago.
Honest money is metallic money (that)
is, literal money! truly and justly coined
and valued as ABOVE described; and also
paper money Chat is, fgurative and met
aphorical money! which will command
such metallic money when desired In
an uncuItivated age, people may for a
long time perhaps be deludcd with cur
rency which is a mere semblance of mon
ey but In the glare of the nineteenth
century, this cannot be expected I'm
der the stress of war, they may patiently
submit to the imposition but in the hal
cyon days of peace, they require some
thing better. There are in the hands of
the American people three sorts of mon
ey-metalic money, greenbacks and ma
tional bank bills. Let us see how they
stand the test OF honesty.
/. The metallic money falls short of
the requirements OF honesty. Even the
gold coins, in the markets of the world,
frequently fall short Of the value stamp
ed upon their face and declared by law.
The silver coinage is confused and de-
ceptive. Congress coins money and in
effect declares that it is not lawful mon
ey. The stamp says one thing and the
law says another. The people are an
noyed and cheated through blind and de-
ceptive legislation, When a man gets a
silver dollar ESQ called) he cannot tell
whether it is hundred-ccnt dollar or Il
ninety cent dollar, whether it is lawful
money, or what kind Of a creature it is.
No honest legislators could have made,
such a mass in this coins AGA hnsinA-s
2. The greenbacks were originally
the same thing as forced loan Con
gress paid out treasury demand notes for
supplies and in satisfaction of dues of all
kinds, assuming the power to declare
them legal tender in payment OF debts
between man and man. No provlsio n
being made by taxation for their pay
ment, they soon became greatly depreci-
ated but they must still be taken fol
their face value, whether the debt were
old or new. Thousands ofpersons (mort
cages and alp were cheated in this way
and when the tide turned other thou
sands were ruined. For seventeen year,
the greenbacks have been dishonored
Though on their face payable on de.
mand, it has been notorious that demand
would be fruitless. Up to this very
hour, the brand of dishonesty remains
unettaced.
Buta day of resumption has been fix
ed, and the treasury processes to be ready
to commence paying its demand notes
on that day. This is all right. If there
is any money on hand, by all means pay
debts with it. This will tend to p'ac'
greenbacks on cash basis, and to max,
them as good as gold. We await thu
coming Of the day with pleasure. TIL,
time to pay debts is now. The old abo
lition doctrine of" immediate righteous
ness" is the orthodox doctrine in al
matters of business. This is the Jetfer
sonian, Jacksonian, democratic idea o
resumption. This is that "honest pay
ment of our debts, and sacred preserva
ton of the public faith" which Presiden
Jefferson in his inaugural declared to b
one of the essential principles of GU
government
After the arrival of the alspicous day
the government expects after paying tb
few notes presented, to maintain a goo
, specie reserve, and from that time tax
the reputable position of good solven
bank, and permanently furnish to tn
people paper money that is as good a
the gold But we confess that we ar
not as sanguinc of the success of thi
scheme as are its authors. The Pounds
ton is too narrow. 1t the government
were in the situation of good soun
bank dixie the old New Haven bank
with paid,up capital, n solid specie re
t serve, plenty of good business paper
, and large amount Of deposits, the pla
, would be reasonably sure of success. Blu
instead Of that the government IN OWN
two thousand millions OF dollars, and
- A.