The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1879-12-31

forced contraction of the volume of the green
oack currency while we were expending tn
natlOnai-bank currency and increasing tn
public debt; fourth, the bankruptcy of tn
people and the desolation of the workshops
Milling the land with tramps who were one
good citizens; and the making bonfres O
cities by compelling the employees of grea
corporation monopolies TO fight for the brea.
they could not otherwise earn These wer
the four acts of the tragedy in which tn
republican party played all the parts. Blu
most or the stock actors grew faint witt
overwork, and alarmed at the contemplation
OF the dreadful denOueHlent that awaits them
and deserted the stag Some of the grea
stars are also alarmed and are now attempting
TO conceal their deadly splendors in clouds o
obscurity, and stand by to watch in ute
silence, while others-the Democrats-ar,
about TO finish the performance.
The fifth act, the destruction of ene-half o
the legal-tender money that remains TO tn,
people, Is left TO the care of the Democrat,
party, which, 1t is supposed. will be compelled
to complete the tragedy under a threat that
if they refuse, New York will withdraw it.
support. prefer to let the Republicans play
out their programme.
Their President. not the peoples President
Is already on the boards in the title role OF
the Great Pretender who comes forth with
apparently desperate purpose to destroy the
green back currency which is the child of his
own household, but treasures his alarmed
confreres by telling them, in stage whisper
that he is not dangerously in earnest, but only
acting part to brighten the Democrats int
some wild folly. And their Secretary of the
Treasury is stepping cautiously toward thC
stage 10 resume his character CT "Artfu
Dodger, If the applause seems to justify the
venture. Let them play it out and see whether
these greater stars now in total eclipse will
also come forth again.
Lei them complete their work and appeal tC
betrayed and ruined country for their re.
ward.
After incalculable sufferings we have reach
ed the point of resumption, and | rejoice at the
fact, but deplore the cost of il. The people OF
the United States have resumed specie pay
ments. Their confidence in their own credit
has lnsplI ed all classes with the belief thai
their promises to pay are as good as coin, and
that confidence, and only that has brought us
to resumption; and that confidence alone
will enable as to maintain it. We know full
well that with about four hundred and eighty
millions of coin and bullion in the country
we cannot pay the annual gold interest OF
SSS,OO0,O00 on the national bonded debt and
redeem 1863, 1876 900 of paper currency, bat we
know that we can, under existing laws. meet
promptly every demand that Will be made
upon us for its redemption. and this fact
makes every promise of the Government
equivalent of gold.
Has this result been brought about by the
pretext of resumption under which agreed
that on the LIST day of last January we would
pay coin for greenbacks over a single counter
in New 1Ork when presented in sums of not
less than 1902 As well night we say that the
smallest outlet to the sea which helps to drain
off the water Of the Mississippi put into ac-
ton the myriad fountain springs that supply a
vast volume of water. The act of resumption
only indicated period of time at which our
people would give expression TO common
consent and understanding that all our prom
Uses should be considered as the equivalent of
coin.
When our people uttered this great decree,
1t was impossible that any power could resist
its influence, and it will stand good in des pite
of any effort of Congress to cast a new and
darker shadow of discredit on their good faith
by declaring that they are not to be trusted
with the duty ofkeeping their promise at par
with gold.
The Democratic party attempted TO provide
two aids TO resumption, so as to make the bur
den easier upon the country. They succeeded
over the veto of the President in securing the
of silver. They restored to
tn It coin its legal-tender quality, but were
prevented from restoring the coinage of silver
to its former equality of privilege with gold.
STILL what they succeeded in accomplishing
was the most efficient, if not the indispensa-
BILE, preparation for the resumption of coin
payment. They fenced in the Treasury with
n barricade of silver, and that saved it from
exhaustion. 1t was only when We had made
it possible for the Secretary of the Treasury
to pay out silver to the holders of our paper
currency when they should demand gold that
he was ever able to venture to attempt re-
counter in New \ ork.
The Democratic party attempted also as a
measure to facilitate resumption, and as a
measure of justice to the people well, to
compel by law the Secretary of the Treasury
to accept our legatender paper money at the
custom houses in payment of duties on i'm
ports. This measure was opposed by the great
body of the Republican party and by its Pres
ident and Secretary of the Treasury, and was
defeated. And yet within very short time
INnr, ha,I adj
of the Treasury, by his mere order to his Gus
toms officers, required them to violate the
express statute and to receive greenbacks in
payment of all customs dues. He found him
self compelled to accept Democratic policy as
a necessary means TO resumption but he avail
ed himself of it through the constitutional
powers of Congress, but by usurping those
powers to himself and by enacting II law that
Congress had just refused to enact
1t is worse than idle for the demonetizers to
declaim against instability in our system and
the insecurity of the value of the money when
Q Secretary of the Treasury is permitted
without any objection even a question of
his authority, to annul the most important
laws governing finance, and to issue orders by
which the whole of our customs revenues are
required to be received in a sort of money
that he is expressly prohibited to take
have presented, as | believe, a just and
correct view of the situation and of the meas
ures which have enabled US TO reach resump-
ton.
If any further legislation is needed now,
believe that it is to amend the statutes so
that greenbacks can be received for customs
duties, and so relieve the Secretary of the
Treasury from the necessity Of violating the
laws that he is sworn 10 execute, and to place
silver on an equal footing with gold as to all
the privilege of coinage.
have heard but one argument in support
of the resolution of the Senator from Della
ware. That argument Is, that the existing
volume of greenbaek currency was issued and
is kept in circulation in violation of the Con-
stitution of the United States; or that if this
Is not true, there is strong current of opin-
ion against its constitutionality, and that our
currency should not be kept in any debata
BILE condition.
The President approved the act of May 81,
1875, requiring that United States legal-ten-
der notes after they have been redeemed
should be reissued and paid out again and
kept in circulation, and in December 1879 he
declares in his message to Congress that not
only was that law unconstitutional but that
all the laws making United States notes
legal tenders that have ever been enacted are
in the like category. He thus destroys not
only the opinions OF every Corgress-nine in
have met since lS6l-opinions
that have stood for eighteen years and have
been constantly reiterated, and also the opin-
ion of the Supreme Court of the United States
but his own opinions. This is sad havoc
of opinions. But the Secretary of the Treasu-
ry, not taking such bold ground of hostility
q door of escape from their consequences,
which will read from his report for 1879,
pages IL and u:
The note of the United States is now recelv-
ed for all public dues, it is carefully limited in
amount, it is promptly redeemed on demand,
and ample reserves in coin are provided to
give confidence in and security for such re-
demption. With these conditions maintained
the United States note win be readily received
and paid on all demands. While they are
the legal tender clause gives no
additional credit or sanction to the notes, but
tends to impair confidence and to create fears
Of overissue.
As if it were not quite as easy TO overissue
national-bank notes as it is legal-tenders or
any other Treasury notes that may not be
Iegal=tenders
1t would seem, therefore, that now and during
The maintenance of resumption it is useless
and Objectionable assertion of power, which
Congress might now repeal on the ground of
expediency alone. When it is considered that
its constitutionality is seriously contested
and that from its nature it is subieet to grave
atuse, i would now appear to be wise to with
traw the exercise Of such power, leaving it
IN reserve to be again resorted to in such a
period of war or grave emergency as existed
IN 1855. The Government derives an advan-
a. I=la LAT