The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-07-17

IL ls reported tnaC some OF the most
influential National bankers and
friends of the National banking sys-
TEN are urging Mr.. .Chittenden to go on
further In the Greenback case which
it was arranged with General Butler
to bring before the Supreme Court Of
the United States. 1t was proposed
by these gentlemen to take an accom-
modation suit or test case before the
Supreme Court to determine the con-
stitutionality of legal-tender green
backs issued since the war closed. The
aim was 10 get decision as to the
constitutionality of legal-tender peace
greenbacks, as though the Constitution
were one thing in time of war and an
other thing in time of peace. Ofcourse
the purpose of Mr.. Chittenden would
be to obtain q decision TO the effect
that a peace greenback is unconstitu-
tional. 1t is the desire of Mr. Chit
tenden and of his party friends to
drive the greenback out of existence
and to place the making of all the pa
| per money of the country in the hands
of the National Banks. But some of
the National Bank party fear the re-
suit of this test case. They haye be-
come afraid of success. Assume, for
a moment, that Chittenden should win
his case. In what condition would
this victory leave the National Banks
If it should be decided that peace
greenbacks, greenbacks issued or re-
issued in time of peace-and practic-
ally all the greenbacks have been re-
issued since the war-are not consti-
tu,ional, lawful money, what would
be the effect of such decision upon
the National banking system? The
National Banks are compelled by law
to redeem their notes on presentation
in lawful money. When greenbacks
are no longer lawful money the bank:
must redeem their notes in coin. The
National Bank party is opposed to sill
yer and there are comparatively few
standard silver dollars coined in tht
country. The banks would be com
PEELED to redeem their circulation il
gold, and to keep on hand eserve il
gold for that purpose. Practically
they haven't a dollar in gold at pres
ent, and this situation would be on,
of the embarrassments of victory oyel
the greenback. The Money Power
party oppose the substitution of green
backs TOR National Bank notes, be
cause, they say, it would make re
sumption impossible. They declar'
that the alleged resumption can only
be maintained, because only the green
backs are redeemable in coin, Will
the National Bank notes are redeem
able in greenbacks, and we all remem
ber the eagerness of John Sherman t
secure the aid of the National Bank
in his resumption plans. What if th'
bank notes are no longer redeemabl
in greenbacks? There are then abou
six hundred and seventy millions o
redeemable in coin, and, in effect, il
gold. The organs and orators of th
} National Bank party say that this Cal
not be done. The amount of paper {,
be redeemed in coin is suddenly doub
led, while not dollar is added to th
J stock of coin. Republicans say tha
redemption would thus be impossible
and this is the triumph they seem to b
seeking. Besides, when people get il
the habit of going to the Suprem
: Court with their test cases, what
some one should take an accommoda
ton suit before that Court asking
the National Bank note is constitution
al? Has Congress the right to dele
gate the right to make money to cor
porations? Other kindred question
arise in connection with this. Hav
Mr.. Chittenden and his friends, if "
may use the phrase, bitten off NOR
than they can chew2 Are they seek
ing q sorry victory RI Enquirer.