The Hartford herald., 1880-12-15

'NeesoA' WI Nht tO"tA WI SiH-
latiOn in determining the domestic val
of money is seen in its effect upon what
are known rs the " Bland Dollar" and
the"Trade Dollar" Owing, doubtless
to the recent increased production OF
silver, its value in gold has been con-
siderably reduced and yet. although
the n" Bland" dollar contains less silver
than the "trade" dollar, the former is,
on account of its status as legal ten
der, of greater value than the latter,
the latter being simply bullion in the
form Of coin. And the percentage of
here of our bronze and nickel coins and
the market value of the metals compO-
sing them, is still greater, the value of
the former being more than twice as
great rs that of the latter.
Legislation, therefore, determines,
within the limits of its control, what
shall he and what shall not be used a.
lawful money and whatever differen-
ces of opinion there may be among our
citizens on other questions of public
policy, the rightful authority of the ma
tional legislature to determine what
shall he lawful money for our whole
country is generally admitted.
If then the national Legislature has
the right to prescribe that certain met
ais shall he fashioned into coin and
used here as lawful money, and that,
too, without particular reference to
their market value as metals, it GER
tainly has the right to exercise its dis
cretion as to what else, If anything, shall
be used. Our federal constitution, il is
true, provides that mo state shall coin
money, emit bills of credit, or make
anything but gold and silver a legal
tender in payment of debts" but it
does not prohibit to Congress the right
to determine what shall and what shall
not constitute such a tender. The
right Of Congress to freedom of action
in this regard is, therefore, at least
implied. We claim. therefore, that
the general government has the
right to issue rs money its GER
tificates of Indebtedness or promises to
pay; to keep in circulation such an
amount of them as the good of the
country may seem to require; and to
make them tender in the payment of
all debts, public and private, except
where otherwise expressly stipulated in
the contract. We believe it would be
judicious to make all such issues re-
deemable i'm gold or silver coin or inter-
est bearing bonds of the United States
at the option Of the government, in
bonds at their market value in coin at
its face value. Under the operation
of this plan the government would new
er be obliged to entirely suspend pay
ment, for if it failed to redeem its circu-
lation in gold or silver coin it could, of
course, always be ready to redeem it in
bonds. When it were redeemed i'm the
latter it would simply be giving its in
terest-bearing obligations, payable in
the future, i'm exchange for its nOn-in-
terest-bearing notes, redeemable at
sight, and so satisfy all reasonable de-
mands.
"But," ii may he asked, "would it
not he better for the country that the
government should be always ready to
redeem its circulating notes i'm gold?'
"WOuld il not he better that II should
from time to time sell its bonds for gold
rather than not have sufficient reserve
of the latter on hand wherewith to re-
deem its circulatiOn?"
We reply that we believe it is not at
all necessary or important that our gov
ernment should maintain gold resump-
ton. If in the course of our ex-
perience as people gold as a medium
Of exchange had always been our chiet
reliance in times of trouble, our govern
ment might with propriety require that
it should now be made the principal ten-
der in the payment of debts. But we
have generally found it inconstant and
treacherous, especially as bank reserve,
excepting the word Of promise to the
ear and breaking it to the hope"
When, in former years, it constituted
the principal or only item of our bank
reserve, it would i'm the height of our
periods of prosperity, gradually steal
away from our country to foreign lands
causing our banks to contract their is
sues, to save themselves from suspen-
sion, stagnating business and strewing
the country with commercial wrecks,
and during the long and weary months
and years of our dreadful domestic strife
it exacted a heavy tribute for its use.
But the government note, the green
back" has never deserted us. From
the time of its advent among Us until
now it has been our steadfast friend.
Even in the hours of our greatest peril
it was not refused by friend or foe, for
both friend and foe saw upon its glow
ing face the inspiring words-a promise
and a prophecy-"The United States
viii Pay" Men every where felt that
the National Common Bond would ev-
er be honored and respected here by al.
By the plan of redemption which We
propose there need be no entire suspen-
sion of payment, either on the part Of
the government or of the banks. The
latter could redeem their notes in either
gold, silver, or "greenbacks," at their
option, and the former could, as We
have said, redeem its notes in gold, sill
yer, or interest-bearing bonds, ut its
option. 1t is not likely, however, that