Daily Republican., 1879-12-11
Depr citation Of Greenbacks by Mr..
Bayard.

DE pr &c l0llOn OF GrcenDhckbD X Dy Hf
Bayard.
For the Republican.
MgssRs. EDIToRs:--The resolutions OF
Senator Bayard now before the Senate
Is OF momsntous interest to the peo
pie OF this State and the whole coun
try.
The objects OF the resolution are Il
divest the Greenback dollar Of its legal
tender quality. They are to be recsiv
ed in payment Of all government debts
and dues, bat otherwise TO bs disrobed
Of all monitary value.
Are the people of this city ready fol
that question Are the people Of thii
State who sent him to Congress ready
for this
Out Of six thousand men, and siz
thousand women, in this city, who han
die the greenback notes, how many
have dealings with the government, SC
that they can pass the notes as q legal
tsnder' II they have not, what guar
antee have they that the notes they
have IN hand, will not be deprecated
twenty i've or fifty per cent the day
after Mr.. Bayard's restitution becomes
law
Senator Bayard in letter to Georgis
some time ago, advocated state banks
otherwise called wild cat currency.
If his resolution becomes law, and
removes the legal tender value fron
them, what more value will they be Il
the holder than so much scrip, subject
to the caprice Of any man whether he
will receive them or not
There are near 70 400 million dollars
still in circulation, with them deprecia'
ted one half by removing the face
value, the National debt becomes de-
plsted very rapidly at the cost and bur.
den and expense OF the labsring and
producing classes. Otherwise every
man and women will he found vending
his or her way to the brokers' offices, to
have there hard earnings shorn Of Its
now legal value.
Those who deal with the Govern
.nent will buy it up ata discount, pass
1t to the government in full value, ,thel-
by making a per centage, and all ia
come of the hard fisted toilers that our
city and state are made up of.
Those notes We're issued in times Of
need, value received was given fer them
at the tims by somebody, or they could
not have been placed in circulation.
There ia now ia the hands of the adult
population at least twenty dollars
per head throughout the nation. II
the said notes are illegal, Congress
made them SO in its extremity, and as
honest representatives towards their
constitu snts should call them In, and
pay their "face value" and be as honest
in their official acts as they claim to be
in their private business. II q private
citizen in the mercantile business was
to issue his notes and then seek to de-
preciate them Of their "face value,' he
would not be considered any longer an
honorable man, and would find no fur
ther credit.
The Constitution of the U. s. says:
Congress shall not pass an expost
faoto law, or law violating the obli-
CATION Of q contract
II Congress passes such resolution
as is now offered by Senator Bayard, 1t
violates the contract made with those
who gave value for them upon their
upon their issue. .
1t is idle to say the government will
take "face value" for government debt;
lust as soon as the resolution becomes
3 law, that moment the greenbacks IN
our pockets becomes of no value to us
except to be shaved by the brokers.
1t is a political trick, dishonest in its
dark and dangerous to the
people who hold them as value receiv-
cd. Z. =.