Daily Republican., 1880-12-15
mOREABeUI HONEY.
a Historical sketch Of tho NsnsS
ofRStioas and sHR own Pinnnees
--John q. gasRson's vieWs.

| For tbs Republican.
MRssRs. EDlroRs:--Will you permit
me 10 call the attention Of your readerA
TO tho following pertinent historical
facts extracted mainly from Martina
Money Of Nations" They may b
studied to advantage and kept for re-.
ference by all who are dieposed TO M.
derstsud the snsnclal situation OF oui
cont -
lsG. "The notes Of the First Bank ol
the u. s. from 1871 until 1911, Wers
made by the law creating the bank
full legal tender for all the debts due
tho U. :. whether the bank paid coin
or not. These notes were always pie
fsrred to ooin.
2nd. The Treasury notes ig'ued,
with and without interest in 1872,
1913, 1914. and 1915 were full legal
tender for all debts, due the Govern
mont, and Gallstin and Campbell, Ssc-
retaries Of the Treasury, say they were
equsl TO coin, though tina banks op
posed them, as they do legal tender
Noes now.
3rd. The notes OF the Bank OF the
u. >. from 1916 until 1886 we're made
by ths Law creating the banks, full
legal tender for all debts dus the U
g. "Fhsy were for tWsaty years, at
home and abroad, better thar, and
pr-fsrTo1 10 coin " From 1887 until
l848, the TUlsury notee of the U. ).
to the amount OF nearly Sl00, 200, 900,
with and without interest, were not
only par with, but preferred to coin,
for tho raSson that tas Law made them
reeelvable for sll debts due the U. 3.
4th. ln 1857, Congress authorized
tho issue ofs2O, /, 900, ,00o Treasury notes
which the Law made iull legal tender,
TOR all Ie.tJ du7 tbs Government.
5tn The most Of the time, from 1877
to 1898, the notes oi the Bank OF Eng
lana, being full lsgal tender Tor ell
the kingdom, were equal with, and 9ra.
ferred to coin, though tao bank was
suspended.
9Th. In l84S and ls49, when tho
Bank OF France was suspended, the
notes Of the bank vera made by lLE
full legal tender. They were equal
with and preferred to coin, though Lot
based thereon.
7th. From 1870, until now the
Bank Of France, though having mere
coin than any other bank in tbs world,
has 40. protested to pay coin fol her
notes. The notes OF the back are legal
tender. They are therefore equal With
aud preferred to coin.
9Th. For 400 years credits In the
Bank OF Venice, were 20 per cent pre-.
mium over the coins OF the country,
mainly because the only medium OF
paving debts due the Government.
9th. Credits iu the Banks o, Brrce.
Iona, Genoa, Amsterdam and Hamburg
ware alSo worth premium over the
coin OF those countries.
10th. In the latter part ofthe 18th
century, the treasury notes OF Russia
were at premium over the cotn Of the
country, bscausS receivable for all debts
due the natioa.
1lth. The treasury notes Of Brazil
are often at premium over coin. They
are the standard OF payment aud tae
money OF account.
18th. Tho treasury notes Of the
StsIe OF Virginia, issued in 1855, and
after that time, whether bearing inter
terest or not, were squal to coin at all
times, because made receivable for sl
debts duo tho State. 30 sGyB Mr.. JET,
tersou.
18th. The Treasury notss of North
Carolina, issusd after the Revelation,
under the articles Of confederation,
were equal At ali times to coin, bscause
receivable for all debts due the state.
so says &r. Calhoun.
l4ih. Relief money was iSSned by
Pennsylvania jD 1873, and for 10 years
it was par With csin, being reee!Vabls
for all debts due ths State. 10 says
Bsnj amin franklin. 1t was not pay
able iu coin.
18th. Belief money was agaiu issued
by Pennsylvania in lS4l, to the great
benefit Of the State. 1t was At the tiale
the money Of account, and par In busi-
ness transactions. II was receivable
for all debts due the State, and vas al
rsdsernabls thereby, and in ne other
way.
i6th. In lSzl, or thereabout, Indi
ana issued Treasury notes, which the
Jaw made receivable for all debts duo
tho State. Before they were ell rs.
deemed By this means, they were at q
pi iemiam for coin.
Now 1t will be observed that in
these varied practical illustrations the
grand toucn.stops that made paper
issues equal ana superior to coin, OF to
coin based paper, was the making Of
them by law receivable for all debts
due the respective Etstes in which tue
Issues took place. There Is no avoid
ing this conclusion.
Il ia clear now TO all who disinter-
estedly study the light Of the above
facts and Of sbundant others that mlgh
b. quoted, a. it was Gear to Thaddeasl
to John Sherman and
other patriots. nay, to the ina
iority Of the House OF Representa-
tivss in 1869, that, II the Act sathortE.
log the issue OF the mani body Of legal
tenier notes (7reenbseks) had pre-.
s.rzed their fuIl legal tsu,sr auality.
they would nsver have fallen below
gold.
Had not that fatal exec pei lon been In
Irodsscsd by amendment In the Senate,
though the unpatriotic and selfish Of
'orts. Of bankers snd gold holders, our
inanoss would have rsmSired simple
md ,rssdily managed. The whole
isbt might have bess turned into q
,usrenoy Of no interest cost as ezpressed
" Secretary Chase I'debt without
interest made into mOnsy") and would