The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-03-22
YALE ALUMNI.

FIFTH SOCIAL MEETING OF THE SEASON AT
ACKNOWLEDGEMENTS SUMNER ON THE
LEGAL TENDER QUESTION.
The Yale alumni held their fifth social meeting
during the present last night in Demonicos.
Mr.. Charles Tracy, the president in the chair.
The attendance was large. After adopting some con-
stitutionM amendments of no special importance
to the general public, Mr.. G. Hammond
Trumbull proceeded to explain how Yale
College and some other institutes Of learn
ing came to purchase for their libraries
considerable number Of works at the sale OF the
Brinley library. From the statement it appeared
that during his lifetime Mr. Brinley had expressed the
intention of willing $4,000 worth Of his books to
several societies of learning. He died ntestae. and
his wife, who survived him, was DESTROYS Of carry
ing out her husbands Intentions but she
also died without leaving will. The children
however, expressed willingness to comply with
the known wishes Of their deceased parents. They
therefore agreed that YALE of the corporations
concerned be allowed to buy at auction $4,000
worth of the books, one-half at tho frst and the
other Mt the following sales and not pay for them,
but to their price to 80 toward the credit of
the intended devise.
Professor W. B. sumner. of Yale College. spoke on
the illegal tandcr" question. He traced tho history
of the origin of money and the progress Of its circ
laton among all nations from the time when barters
were made Of one article for another to that when
u
and stamped 1t into disks He told OF the abuses
committed by the kings of old against the peoples
who had confided tho coming of money to their
care To so great extent had the debasement Of
coin been carried that before the time Of Elizabeth
it came to possess only three parts of the pure
metal to nine Of alloy. Queen Elizabeth did much
toward purifying the coinage In her own country,
but she sent all the bad money to Ireland, saying
that it was good enough for the Irish. The
speaker believed that all the and tyran-
mics that disgraced the history of mankind never
wrought greater injustice to the oppressed people
than did the practice Of beggaring them by debasng
the coin. He traced the introduction of paper
money the bills of exchange notes and negotiable
paper in among bankers and merchants. The ex-
preston illegal tender amodern device that had
grown up since the introduction Of bank notes.
As long legal tender act did not compel to
accept for his goods debts anything which he did
not think equivalent for them 1t well enough;
but when 1t required man to receive form of pay
ment which he knew was not full value for tho
article parted with, then q wrong was committed.
This was the when the United States issued
legal tender and called upon to receive them
in lieu of the precious metals. This country having
a gigantic task on hand, with insufficient means on
hand to do it with issued legal tender, notes that
were valueess fact because the -four horses cat
tle &C., which they represented had been destroyed
by men in arms. and the goods no longer existed
wherewith to redeem the notes. This line of argu-
ment followed with view to provo the iniquity.
injustice and unconstutionalty, the speaker be-
heved OF the Legal Tender act enacted by Congress