Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1879-03-27

The Peissne of Greenbacks.

II l. stated that genuine case has been
found upon which To test the constitution
Atty ct the reissue of greenbscs- A cit
lien IN Connecticut owing 5000 to a cit
zen la New York, rendered in payment
gieenhacks issued since January alter
haNIn. been once redeemed The credi-
tor has refused to accept the bill. IN sati>-
faction of the debt on the ground that the
reissue T. in Sinlaiion II the Constitution
snd c"n>equ' n'iv J. u"l lmwtal money
u" wlii hfH. suit in the laued States
circuit '"rr, IN Connecticut. and the csc
VIII probably be- tried in April II - fur
ther stated thar Gen. Buiirr Will sppesr
Tor the defendant 10 defend The rnn.ti,ut-
ionality at the REISSUE, aud that William
Allen Butler OF New York will appear for
the creditor. Whatever the decision NAV
be. an appeal will be taken :herefrum in
order 1" bring the ease before the So
preme Court. r. need not b., added that
THIS case = just the one which Representa-
I'VE Chlltenden OF New York and Gen But
Ter need. TO bring about final aud speedy
Judicial decision OF the question of the val
idiy OF Government legal-tender issues va
time OF peace
In many quarters this project OF testing
The coUsiitutionalitV of the REISSUE ni
the greenhacks (Which amounts To the
same thing the issue OF paper money
by the Government in time of r-aceo. i
opposed on the ground that IL will have a
disturbing influence upon the business OF
the country. Those who take that view
ot the matter say that iuasmuch a. specie
resumption has takei' place there i. no
danger la having the reissues OF green
backs held To be legal tenders sud that any
attempt to have them gradually retired
will be attended with serious consequent
ces.
Close observers. however. may have
come 10 different conc fusion. The wsr
upon sound money aud specie payments
is by no means ended. The little knot of
Greenbsckers IN Congress will do their NJ
most TO bring up the subject OF fresh H.
sue OF greenoacks during the present ses-
sion. In a recent speech. Mr.. Blackburn.
who represents large part Of the Dem
ocracy of the South and West on this sub
jet, expressed a purpose TO sustain auy
measures which would relieve the country
OF the evils which the resumption policy
had brought upon the country He de-
clsred against the national baukin. sys-
TEN and advocated the full remonetiza-
ton Of silver. II the national banking cir
culatiou should be retired and It's place
taken by an equal volume pf United States
notes. there would be an end Of sp, Gle
payments.
Bot the principal danger lies in the pol
icy OF Congress. in cutting down the rev
cnues aud Ia increasing the appropriations
so AS to make large deficiency The
last ongress refused 10 provide for this
deficiency and several projects were an
nounced which had for their object the
paving out of the resumption reserve and
the reissue OF the greenback reserve
- long a. there J. In the Treasury sl40.-
900 Ooo of coin FOR a redemption fund and
80 long s. Il i held BY inilaiioni.ts that IL
j. lawful 10 increase the volume Of green
backs To sI00. 900 oD0 there will be an eV-
er present temptation 10 make large cx-
penlItures and draw the same from these
sources. Such temptation should bc re-
moved az early a. possible A decision ct
the supreme Court against the con~iitut-
iouality OF the reissue OF grreubAcA :
would remove one Of these sources 81
tempt alton. II the Government should 90
out ot the banking business aud allow the
volumes OF currency to be- regulated hv
the demands Of business through the Nat
ional banking system. the reserve funi for
the redemption at greeuhsck. could be
used In retiring such bills aud thar large
deposit Of coin would no longer prove 4
temptation 70 extrayagant appropriation
by Congress aud prize coveted hy the
army al jpbhcr. or sections OF the country
which hAye waste places to build up.