Mexico weekly ledger., 1880-02-05
THE LEGAL TENDERS.


Extracts from Senator Beck's Speech.
Senator Beck declared that it had
been his opinion that the original is
sue of the legal. tender notes was un-
but the supreme court
had decided otherwise, and now we
have these notes upon US, and he was
to make the most of them.
He would use them to benefit the
people he would not destroy them
in the interest Of the banks. Assum-
ing the necessities of the war to be a
sufficient justification of resort to
them, the same Importance attached
to the consequences of that war, and
so long as people were taxed to pay
the principal or interest of that wars
debt and pensions to disabled soldiers,
there would be exigences demanding
the continued use Of those notes.
In 1873, large majority of both
Houses of Congress confirmed this
view of the propriety Of the contin'
ued use of the legal tenders. In the
Senate the vote in favor of it was AZ
to Is. At that time none of the cap
italists OF New York or elsewhere,
who now send up gilt-edged petitions,
saw danger in refusing greenbacks.
On the contrary their refuse met with
universal favor. Now, if any objec-
ton was ever to have been interposed
against such a measure, then was the
time to have enforced it. There
would have been then some reasons
existing for pressing it. At that time
they we're not redeemable. Since then
two hundred and twenty-five millions
of gold and silver have been accumu-
lated, Of which one hundred millions
are available to meet them. The
public debt has been reduced since
1866 seven hundred and sixty-one
millions, and nothing short of the to-
tai exhaustion of public credit can
make the prompt redemption Of these
notes doubtful. The people of this
country do not demand coin for
greenbacks. In their judgement these
legal tender notes serve their purpose
better than coin; yet these New York
petitions clam that greater confidence
in business would follow their retire.
ment. 1t is difficult to see how
greater confidence could exist in any
paper to be issued by the government.
Our bonds are at a premium, green
backs are at par-nO man is cheated
by receiving them. 1t must always
be wise to let such condition of f.
nance alone. 1t would never be wise
to distrust such currency. Tie
country is just rallying. He hoped
that the prosperity how being entered
upon might be permanent, and yet he
WAS aware that it might be only tenn
porary. We are prosperous because
God, in His E RrqsidepWGGi, i,d pWGi,r hsaYsf1,erfng
people or TINS country had right to
use their opportunities as best suited
them, free from the intervention OF
interested men seeking to curtail that
privilege. The currency was not re-
dundant. The assertion to the con-
trary by q particular class was arro-
gancy. How could they know, bet
ter than the whole people and theil
representatives, how much money
the country needed? If the money
issued were all in circulation, includ
ing the gold and the silver in the
treasury, the currency could not ex.
ceed nine hundred millions. Tha
was only fifteen or eighteen dollar.
per head. France had a circulation
of six dollars per head, and vet thert
was no complaint of redundancy
Germany, in an unfortunate hour, hat
attempted to demonetize silver, bu
had been forced to reissue it. Ant
yet, in the face of these facts, thos,
that favored retention of legal tender
were denounced as repudiators, a
fools or knaves, by many newspapers
so well paid by the New York banks
, Mr.. Beck also referred to some o
the causes that make the amount o
legal tenders in circulation less thai
is usually estimated, aud stated tina
> it was highly probable that wear an
, tear had also very materially reduces
= the amount Of them in actual exist
ence. He also stated that over on
hundred millions of them were fo
= sums of hundred dollars and owe,
: the larger denominations being fc
one, five aud even ten thousand do
' lars, which, for practical circulatio
among the people, were no bette
than bonds. He also called attentio
to the fact that there was but on
= = place in the country where coin coul
8 be obtained for greenbacks-Ne
- York-from which it would inevitabl
h follow if their legal tender quality /
= withdrawn that no contract could
- enforced, where the offer of paymel
- was condition precedent to its fu
- fillment. If a man bought a hou,
: for ten thousand dollars, and can
- at the appointed day to pay for
n the owner might say property b
y I, gone up, want twelve thousand dc
= lars for it. The buyer can't get col
in and greenbacks are not legal tenas
20 20 He would oppose all such measur
\ until he saw coin coming from abro,
. from other causes than such as We
only temporary, and consequent
liable to cease from operating at al
moment.
Of
an Swindling Stock Operations.
y, Concerning swindling stock spec
rt lation firms, the Boston Journal spea