The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-09-17
did gold In former e1 experiences of IKE ma

debtors can pay their debts win them. and |
that il just what we want with money. ,n
treasury notes were deprecated Ter some years
after their issue was because they were not |
full legal tender-they were not receivable Dy |
the Government for tariff dues, and they were |
not q legal tender for the interest on the Pablo
debt. Had 1t not been for these exceptions, |
in their legal tender quality, they would nave
been par immediately after the close OF the
war. 4 assert, wisno out fear of successful con- |
tradition, that there never was note issued |
by a responsible Governments full legal ten |
der-that was not at par with any other money |
in circulation in that Government. / call the |
attention of this audience TO the demand note |
that was l afterward made a fun legal tender,
and it never was below the value of gold
tender greenbacks. that note was worth 1t, be. !
cause any man who was IN possession OF anat
do with gold, If he had it.
hope you gentlemen here in Ohio will ask
the platform. and not argue the superiority OF
National bank paper over State banks or wild
cat banks? Ask them to point out the super.
full legal tender. You will find whenever
you ask them to do that, the question win be
champion of the National BANKS. and ne
comptroller of the treasury. He has studied
that the Ingenuity of the friends of National
banks can conceive of, and If there was any
oriIy of National bank notes
over legal tender currency, Mr.: Knox
the e" supreme p court has decided that the
Government had The right make treasury
found out they could reverse that decision.
How they came to this conclusion, am at n
loss to know. though / am aware of the fact
that there Is not that respect for the decisions
of the Supreme Court OF the United States
tnaI Lners once was, anas aIs ul.e u oon 81
the supreme court than have
During the discussion OF the National bank
then found ample power given Congress to
make National bank notes legal tender. 1
.1o.r loo
authority given by the constitution to Con-
gress to pass any law in the interest of fncor-
the right OF the great mass Of the people is
asserted, as you in Ohio would have it assert
tuition ont to Carr carry it out. Notwithstanding the
constitution itself was made by the people,
say it can not be administered in their interest.
but only in the interest of interpretations.
upon ths Of the National bank iaw as
found on page 81 of the appendix to his his.
further, and make the National currency like
the Bank of England notes, a general legal
tender, SO long as the bauk issuing 1t redee med
sued by any bBnk separately should not be a
legal tender for any debts such bank might
Mr.. Spauldlng was the author of the National
bank law. He was also the author of the legal
tender act, and always commended for tbs right
of the general Government to make treasury
notes a legal tender.
MIR. Sumner, of Massachusetts, made
lengthy speech in favor of the constitutional
ity of the legal tender clause IN the bill author
izing the first issue of treasury notes, and said
he would confine his remarks to this feature
of the bill. paper promises to pay are to
be made a legal tender like gold and silver,
and this provision to be engrafted the
present bill authorizing the issue of treasury
notes 70 tne amount OF sloo,So,oco. II seemed
treasury notes a legal tender was settled as
long ago when 1t was settled that Congress
might authorize the issue of treasury notes,
for from time immemorlal the two have gone
together-one is incident to the other and I'M
loss iollr q 1r lv- On tn.
gether." L could not bring forward higher
authority. No man stood higher in the legal
profession than did Mr. Sdmner.
Nowhere in the constitution can the words
illegal tender" be found, except where the
anything but gold and silver legal tender in
the payment OF debts. A legal tender act of
provisions of the constitution that gave Con-
. gress power TO coin money. The right of Con-
money SO coined into circulation, would
. amount to nothing. Hence the remark of Mr..
make that coin legal tender, or the treasury ~
note issued by the general Govern
mens legal tender naturally go together;
in circulation would amount to nothing. The
issuing OF a treasury note, or the right to issue
ton, is SO Inconsistent with common sense
that we can not suppose the constitution of
Congress to issue without the right also to put
in circulation. To issue treasury notes to lie
in the vaults of the treasury would be useless.
The Federal Government must have power.
and it has the power, to pass any law tn at is
necessary TO carry into execution any of the
. provisions of any of the powers of Congress.
You, here In Ohio, are again true to the
have demanded the unlimited coinage of sill.
vera full restoration of the double standard.
Your wisdom in doing rhis should De appre-
Onio, and. indeed, throughout the entire
United States double standard with US
means double value TO all the labor and the
products of the country. The value of every
thing within Government depends upon the
raf
even more silver bullion than we
too much when / say full rest est ration S % Of
silver as money means double value; for this
writings on that subject are based, is true.
Adding to the worlds stock of coin adds to tn g
traficked In Between GoS Cow ae and n as
We are great exporter of products, we proba.
coin being large than any other Government
The anxiety of our Republican friends TO
follow after England, and fashion our Govern
ment after hers led them to demonettze silver
and get upon narrow gauge policy that moth
ing but gold was to be money. England now
finds herself very much em barrassed with heI
India trade, where nothing but silver Is used
as money; and If we had opened up CONNER
cial relations with Mexico and the South
American States. as we ought to have done, we
would have found ourselves very much embar
Tassed some years ago, when we had l.o silver
money, because their money is almost entirely
silver. Some time since the merchants OF
Liverpool were called together upon the Board
pr Trade to consider the question Of remonetiz.
ing silver by England They passed resolu
tionsin fav r of alton and appointed
acoDmittee to wait upon the Parliament o.
England and present the question The great
reason for this action was their embar rassmen1
In the India trade. But care not about fol
lowing British examples. Ii is mainly oul
business to look after The interests of our OWE
country. Suppose England continues the
have a full restoration ' Of the
double standard with an unlimited coinage o.
silver, and suppose we act wisely and inau
gurats and prosecute commercial relation,
with South America and Mexico. When our
merchants meet the British merchants how
Will they stand? Our merchants viii bt
ready TO take their silver dollar, while tn
British merchants will be asking discount
The man ufacturing interests of our country
are assuming such magnitude that we must b
looking for more extensive markets for oul
manufAcfure articles, and with this grea
Wharfage, the manufacturers of this country
would drive England out of these market.
which she has had, for many years, undis
urbed possession of. We would have dollal