The daily gazette., 1880-12-23

A New LEGAL TENDER BILL.-M j..
Beck, OF Kentucky, has introduced
bill TO issue legal tender notes upon gold
deposits. The Bill confers the riglu
upon any American citizen, firm or col
poration to deliver 10 the U. s. Assistani
TTea urer, at the New York sub-trea-
sury, United States gold coin, in suns
OF $4,000, or any multiple thereof, ano
upon such delivery TO receive from the
New York sub-treasury an equAl
amount of "legal tender notes OF the
United States," to be specially issued b,
the Secretary Of the Treasury for th.
purpose, IN denominations of not lei.
than twenty dollars each, payable o.
demand, and In all respects similar t.
the United States legal tender notes
now In circulation, except that tn
words ''lssued on deposit OF gold" shall b,
In the body of the new notes or printeo
across the face. The Secretary of th.
Treasury is required to maintain at th,
New York slb-treasury ian amount q
said notes sufficient at all times prompt.
to make the exchange thereof for gole
delivered"
The gold deposits shall be held by thu
United States "as a fund for the re.
demption Of the legal tender notes Q
the United States, and shall be used fo
no other purpose whatever"
The bill finally provides that tn,
limitation upon the amount of lega
tende. notes authorized by law to b
kept in circulation shall have application
10 legal tender notes issued under tn!
act. We shall by-and-by have so grea
avariety Of paper issues that it will b
difficult to keep the run of them all
What is the use of this bill? ? Why coul
not Of it is necessary to issue nor
legal tenders,) the gold and silver cel
tifcate be made legal tenders and issue
a. this bill proposes, to all who deposi
gold or silver explained
About these paper issues there seem
to be an unpleasant matter. 1t
known that large sums of paper none
are destroyed or lost in many ways, an
never recovered nor is it known ho,
1t il lost. What in that case is to b
done with the gold deposited ths
represents notes destroyed and lost
There seems no Limitation at whlc
this gold may be returned 10 depositnr.
Ii the notes are not produced who doe
The gold or silver belong TOP Many
our State banks have not yet redeeme
all their issues. Ii is therefore no ne
thing for notes TO be lost to the holder
and the money remain uncal ed 10
1t Is most remarkable change that HI
come over the condition of our Gu
rency during the past decade. lie
years ago the country had little gold al
silver. Now there is more gold al
silver coin in the treasury than u
Secretary knows what to do wi h. TV
yCato dEO bhC III GODult
were told that if they coined silver dc
lars into legal tenders the gold we til,
had would all be sent out of the cou
try. What an absurdity that predictl
was. There are now more silver dolla
than ever before in the history Of t
government; in fact there is rather /
many; and yet there is many times
much gold, and more coming week
In fact 1t seemed the more silver /
Secretary bought and coined the N,
gold came to be coined also, and
mints have since coined about five tin
as much gold as silver.
During the Presidential campaig
Western farmer wrote 10 Mrs. G
field, asking the loan of $1,000 to /
off mortgage. He said that tt
amount would put him on his f
10