The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-11-14
l [
The LEGAL-TENDER.

If words, 1.-The United States will pay to bearer
1t one Dollar, or more That Y promise OF th,
3, people. In resumption they are keeping tina
" promise. The bit Of paper is note, and resump
Q ton il Its payment. The people pay because
O years ago they borrowed from individuals gold
r or Its equivalent IN bread or bacon, clothing or
r shoes, tents or medicines, iron, lead or powder
Q or other things for the defence Of the Nation II
the original lender sold the note, another per-
, son advanced to BIN the value due. having
faith that the people would yet repay in full.
SO the note passed from hand to hand at each
transfer some new person accepting the claim
against the people in place OF the property or
value pad over 10 the previous holder. II
passed because the people had declared, by
formal act OF their Congress during the war.
that they would pay what they had borrowed.
In the Act OF March, 1869, they repeated the
solemn pledge OF the publc faith, though not
ready to begin paying or to fix day. In the
Resumption Act Of January, 1875, they fixed n
day, and gave formal pledge that after Jan
uary l. 1879, the United States would redeem
any of its notes, il presented N sums of not
less than $50, at the Treasury in this civ.
when resumption came, the people began 70
pay back those who had rus;ed their promises.
Redemption o. note at the Treasury is RALLY
a payment for the food, clothing aad arms
sentetolthe soldiers who ceased fighting four
teen years ago. BEHIND each note there is q
most sacred debs. Refusal to meet il wopld
be shameless and foolish.
Less than year ago, leading BANKERS said
they would give $4,000 to have the head q,
the line at the Treasury doors on the day OF
resumption. Because the Government. had in
hand less cash than it owed. thew tbongbt ;,s
store would be qucily drawn out. But before
the day came, the Government had made ;,s
notes SO good that Few holders wished 70 ba
pald. in four months from January 1. ONLY
Sa'izo'ol2 IN notes was handed in for payment.
whlle S4,l94,1S5 in corn was deposited at the
same Office in exchange for notes taken ont
For four months, the desire to obtain potes
for. use instead Of gold was quite as great az !.
Inc desire to get gold in payment for notes !
heid. Yet II payment OF one note had been
refused, the deposit OF gold world have ceased =
instantly, the demand for payment would At :.
once have gown beyond all limit, and the y
io'es would nave sold for less than the gold a.
Tue thereon. The few who wanted the gold :,
Vi notes hove been able to get it, and that >
act alone has made all the notes az good a. :,
old to every holder. Only because the CIV
rnment began to pay as it promised. have 40 =,
sw holders asked to be paid Only for that :,
'ason have so many holders Of coin been GLAD :.
leno 1t to the Government for po.es and
'unu the notes even more useful than tba -,
'm ITSELF Resumption is merely common -
'nse ana common honesty applied TO the :,
'ots OF people. 1t means simply good notes a.;
stead OF bad-notes that men are Glad N -.
Yep. instead OF notes that men are anYions ~ -
It paid
Jones and Smith, two fai mers, lost their
uses and barns by fire, with their grain and Ia,
y, their implements ana many cattle. Thew O.
to borrow money. materials and help to M,
build houses and barns, to buy Implement. Oh,
d cattle on credit, and even to borrow food n.;
oush the long Winter, and grain for seed. !, /,
due time new crops gave them some means tho
payment. Jones began at once TO repav. M,
b the interest agreed whatever he had bor- q
red. But becsuse he was ready to nav ;,,n
ers we're ready to trust. IL some took bsck .o,d
borrowed grain, Others not needing it then. nv :
1t to be repaid on demand II some re- co,,
'ed their money for things sold or work .o,d
e, others preferred tc take notes with in d..
ut. Ii he wanted more money, many were fare
~ to lend, for he kept bis honor bright and ara
credit good. That was resumption: everv he,
htor was satisfied. But Smith. though ve. ,
ally able to pay, held back. His creditors orc,
u "Ai'' he said, until he could spare enough cant,
pay all alike. HIS promises. he ipsisted MAJ,
n' 10 be as good as cash to anybody. Pres- We :
neignbor needed wheat or money in .os,
q OF promise, but asked in vain. Then ,oh.,
, creditor pressed holly for payment. Men and
IN 10 doubt, and would lend No more -.
. "eie offered in settlement, but were ,roa,
u only at ruinous rates. So be wen, From, -
% worse one poor crop made an end Of - -
le Sheriff seized his land. and Smith wen,