Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1879-01-30

which it began it.
What is known as tile ssNine- hundred
aet'' became law March 3,
s63 II authorized a third issue of $780,
100, 600, two-thirds of which had already
been issued under resolution. Itauthor-
zed the issue of $4OO, ,OOO, 900 treasury
notes. These note were not to be of any
less than $40, we're paya-
BILE at the option of the Government at |
any time within three years, bore inter- |
est not to exceed s per cent. (they were |
issued at 3 per cent?, and were legal ten
der for their face value, excluding inter |
est. At the close of the fiscal year of
1864 there were outstanding of these
notes s153, Al, ,450. A year later there |
were only $42, ,33s, 10 out, and the amount
has since been trivial.
The act also authorized the issue Of
fractional currency to an amount not ex-
eeeding $50, ,000, 900, and the negotiation
of l0-40 bonds at an interest not to ex-
ceed s per cent, most of which was in
lieu of securities already issued. The act
increased the bonded debt only $75,00O,-
600. Further sales of bonds under this
act were stopped by an act passed a year
later.
In his first report to Congress after the
close of the war 11s65l Hugh MeCulloeh,
Secretary of the Treasury, recommended
a policy of contraction to facilitate the
preparation for resumption. Congress
authorized him to withdraw $4,000, 900
within six months, and to continue con-
traction thereafter at the rate of not more
than 81, 600 900 month. The greenbaeks
had been reduced in amount $44, ,O00, 600,
there was something like 4 stingency in
the money market, and on Feb. 4, 1868,
the contraction of the currency was stop
ped by act of Congress.
In the spring of 1869 Congress passed
the well-known ''act to strengthen the
public credit,'' which became law on
the 18th of March of that year. 1t read
as follows:
That in order to remove any doubts as
to the purpose of the Government to dis
charge all Just obligations to the public
creditors, and to settle conflicting ques-
tions and interpretations of the laws by
virtue of which such obligations have
been contracted, 1t is hereby provided and
| declared that the faith of the United
STATES is solemnly pledged to the payment
| in coin or It's equivalent, of all the Obliga-
! tions of the United States not bearing in
| terest. known as the United States notes,
and of the interest-bearing obligations of
/ the United States, except in cases where
| the law authorizing the issue of such OBJ
/ legations has expressly provided that the
/ same NAV be paid in lawful money, or in
other currency than gold and silver. But
| none of said interest bearing obligations,
not already due, shall be redeemed or
paid before maturity, unless at such time
United States notes shall be convertible
into coin, at the option of the holder, or
unless at such time bonds of the United
States bearing a lower rate of interest
| than the bonds to be redeemed can be sold
| at par in coin. And the United States
| also solemnly pledges its faith to make
provisions at the earliest possible period
for the redemption of the United States
notes in coin.
The panic of September, 1873, found
the volume of legal tenders 1856, ,O0O, 600.
President Grant and Secretary Richard
son reissned $1s, ,OO0, 900 of the greenbacks
that had been withdrawn. In the follow
ing session Congress legalized this action,
making the volume $3s2 100000.
In the spring of 1874 a measure to in
crease the currency to the amount OF
$4OO, ,0O0, 900 was passed by Congress, but
fixing $685., 900, 900 as the maximum was
then passed, received the signature of the
President, and became law,
In 1859 the Supreme Court of the Uni
ted States, in the case of Hepburn VS. Girls
void, decided that the Legal-Tender ACT
was unconstitutional The opinion OF
the Court was given by Chief Justice
Chase, who, as Secretary of the Treasury,
/ mad regarded the Legal-Tender act as es-
sential to the salvation of the Govern
ment. This decision was entered on the
minutes Feb. Z, 1870, few days after the
resignation of Justice Grier had taken eff
feet The majority of the court consisted
of Chief Justice Chase, and Associate
Justices Nelson, Clifford, ,sand Field The
dissenting Justices were associate Jus
tlces Swayne, Miller and Davis. On the
10th of pril of the previous year Q869,
Congress had passed an act making the
Supreme Court consist of one Chief and
eight Associate Justices. This act was tc
go into effect Dec..l 1869. The two addi-
tional Justices appointed to fill the court
to the number prescribed by the new Law
were Justice Strong, appointed Feb. 1s
1870, and Justice Bradley, appointed
March 21, 1870. Subsequently the case
of Knox VS. Lee and Parker vs. Davis wert
argued before the full court, and in the
decision of these the Legal-Tender acl
was held TO be valid by Associate justices
Swayne, Miller, Davis, Strong and Brad
ley. the dissentients being the Chief Jus
rice, who read dissenting oDinion, anG
Associate Justices Nelson, Clifford ant
Field.
In the spring of 1874 Senator John Sher
mai introduced ga bill to facilitate tht
resumption of specie payments but fail
ed to get it through. On the 21st of De-
cember of the same year he reported from
the Committee on Finance, of which h,
was Chairman, ga bill to provide for the
resumption of specie payments Ths
bill was placed upon It's passage almos
Immediately, the vote standing 30 yeas tt
IA nays. It was reported to the Hous,
on the 23d of December, and, Immediately
after the holiday recess, was taken up
passed by vote of 1856 to 9s, and becam,
law on the l4sh of January, 1875.
By singular coincidence, the author
of the Resumption act became the secre
tary of the Treasury, whose duty It wa
to carry the act into effect.
An accommodating Judge.
Detroit Free Press
A lone widow who had stan on th,