The daily gazette., 1879-12-10
EDITOR OF rIR GAZETTE:

Str.-I Ike the spirit of the commu-
nication which appeared in the GA
zETTE, last evening, signed "a. T." IL
shows an honesty Of conviction and pur.
pose, and likewise toleration OF the
opinions OF opponents-somethng SO
much at variance with the passionate
denunciations so often INDUCED in by
many who hold financial opinions in ac-
cord with the gentleman who wrote the
article. To speak frankly, DO not agree
with anything advanced in the article, but
l: invites, by its tone, respectful cOnsid-
Grafton and calm, reasonable discussion.
Men may analyze political results and
interpret public sentiment as they will
the money GUT stion still lives and will
not stay down, Since Hamilton first
pumped up the deprecated revolutiOua-
ry bonds to away above par, by estab.
fishing the u. S. bank, IL has since been
q cause of contest between the people
and the banking c asses at every change
Of the financial system. The people,
with Jefferson at their head, won at that
time; with jackson they won for hard
money at time when that kind of mon
ey was necessary to protect their inter-
ests against the frauds of the U. s. and
other wild cat banks, and have patience
to await the result of this contest, which
will undoubtedly turn for general wei
fare against privileged monopolies. The
people are always right. They are al
ways dislnier, sted, therefore honest.
They do not ask privileges which they
will not concede to all classes, hence
principles which they cling to and sup
port always and Of right ought TO pre-
vail.
The great drawback TO clear solu-
ton of the money question is the infiu-
ence OF theories which were once sound,
but are no longer applicable owing to
change of circum. tances.
If men were disposed to look at the
question In a practical light and be
guided by experience, not prejudice
just as a mechanic would examine a
new piece of machlnery-better results
would follow.
! There has been much discussion upon
; the constitutionality of the greenbacks
, and see the writer Of the communica-
tion last evening is inclined to doubt
the legality of treasury notes. The
right to issue bills of credit and make
, them legal tender is certainly not ex-
pressly given in the constitution, but il
every power exercised by Congress were
defined il the constitution that little
j, document of few pages would be
swelled to volume as large as Web
I ster's Dictionary. But the right is not
prohibited in the constitution and it was
not intended to be. The question was
considered in the convention which
! adopted the constitution. The right was
first reported to the convention as part
q of the power to "borrow money" 1t
/ was ordered to be struck out but a mo-
tion to insert prohibition of the pow er
was lost because, as Mr.. Madison ex-
. pressed 1t, "No one could forsee what
the necessities Of the government might
: require" He also said in debate that
g "the late revolutionary war could not
q have been carried ON If such prohibition
@ had existed"
o But admit that under strict con-
. struction of the constitution the right to
issue bills of credit only exists when ne
. cessity requires it, otherwise in time oi
, war. The careful issue of notes by the
a Treasury has never done harm and has
enabled this country to carry on three
Q wars besides carry it through several
smaller emergencies until now the peo-
pie desire it as regular medium of ex.
D change, preferring it OH account of its
; convenience to gold and silver, and
. having no doubt of its stability.
|: The issne of paper money has never
> been imperious except when issued in
n excessive Quantities and n ot upon sub
stantial basis. The French Assignats
a were based upon church property confis
Gated by the leaders of the revolution
a AS the confidence of the people il
: the stability of that absurd Repu hlit
I Waned the value of the notes decreased
r They were thus issued from time to tim,
i IN such great quantities that they soor
4 became worthless. The Regent O
:. France issued notes in reckless uuaati
4 ties, based upon John Laws Mississ DID
4 and South Sea schemes. The notes be
. came worthless, of course. Our Cont
mental Congress issued paper money II
a Unlimited quantities and i'll dispropor
ton to the population and wealth of tn,
y country, hence they deprecated to moth
/ ing. So that experience proves very
. clearly that the volume Is as necessary a.
the base to secure a stable currency. A
o careful student Of the causes of the pres.
!; ent panic cannot fail to see that the un
q DERIVING cause OF Its long duration was
the hasty and unwise contraction Of the
| volume of currency. Paper money musI
De made legal tender, and guaranteed by
the government for universal circulation
Just the same as the standard silver dol
q lar. AS well take the legal tender quail
! ty from silver as from the green backs
i 1t Is not necessary and 1t would be un
just to do either, but for circulation and
a healthy condition of business it would
, be well to regulate the quantity OF them
; Political parties, like individuals, like
J, modes of doing business, like everything
human, must adapt themselves to
changes of circumstances, though by 80
doing 1t is net necessary to depart from
just and equitable principles, hence we
see the majority of the Democrats in
Congress in accord with the times and
the wishes of the people.
Therefore, in conclusion l would say
! with full respect for the opinion of yonl
: correspOndentandf for the honest eonvic
> tion of Senator Bayard,l think this reso
luton to repealthe legal tender quality
Z fthe greenbacks ga step in tho wrong
: way" Respectfully, DEMoCRAT.