Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-04-21

Justice by the organization and eXecu-
tiOn of constitutional law"
"Do not our financial laws promote
the welfare of the naton?'
"Nearly all the financial laws have
been made in direct opposition to the
first clear, distinct declaration of the
constitution, which says, "that we, the
people, in order to establish justice, Sc
cure domestic tranquility, provide for
the common defense and promote the
general welfare of the nation"
"IIas not congress complied with
these requiremcnts|
PAPER MONEY ErLOUHED.
mo. Justice was never done to the
old Continental money. This currency
should have been made the permanent
mluctuating measure of all values for
I'LL coming time Had this been done
il would have been i'll exact conform
itv to the requirements of the c0nsti-
tuition and would have taken away all
excuse from the states for flooding the
country with wildcat money. The
states were dllONcu W loouc lIiio IholIcy |
of doubtful credit, whereas, had the
government taken the advice of ThOm-
rs jefferson and John c. Calhoun in
favor of the issue OF the treasury
notes bearing or not bearing interest,
they would have taken the place OF so
much gold in the currency OF the coun-
try. Mr.. jefferson said that treasury
notes. bearing or not bearing interest,
as the case may be- can never fail the
government, as it is an ample fund for
every contingency that may arise
Benjamin Franklin said that such
treasury notes made a legal tender,
formed the best currency that had
ever been devised, or words to that eff
feet. John c. Calhoun said that such
treasury notes, issued under the author
ity of the government, will take the
place of so much coin, so far as the
people will receive them IN the opera
tion of trade If the government had
issued treasury notes to supply and
meet all its wants during our last war,
with varying rates OF interest found to
be necessary 10 convert lhenl lhlo
uo'lu3 ,Ia,, tI,n onst ~ u1 ,rn,.
would have been less than half what
IL did cost, Besides, il would have
savcd orr country from the disgrace of
selling its bonds at forty or fifty cents
on the dollar. The money issued ut
iho commencement of the war should
have been made, as Mr.. jefferson said,
.hoarinp or not bearing interest, as the
rnsc MIGHT be- Mr. Chase issued mon
cy MS he said made of paper, that rep
resented the very property of the pco-
ple. This money should have been
made by opcration of law for all pur-
moses of trade a legal tender in payment
of all debts public or private. Had
this been continued there would have
bpcn no debt at the end of the war OF
onv consequence, as Mr. Mccullough
declared that the pcople were mainly
out of debt mt the end of the war, they
having given labor and property fol
every dollar that had been paid to tn,
soldier sailor, farmer, mechanic ant
merchant
TIE DETERIORATION or " il'i1NOi'
"Do you consider the non-legal ten
der character of these notes which yol
speak Of to have had bad elfect?"
"By excepting the legal money iron
its power TO pay duties on imports o
interest on bonds the merchants wer
compelled to get gold as they might t
pay such indebtedness. In consequence
of this there WAS demand for an an
nual amount of fifty or sixty million
of dollars in gold, causing gold to ris
and national currency to fall to tn
shameful point at which it was bough
up by the new national banks, som
twelve hundred millions, at price o.
i'm average from $40 to $50 per hur
dred, causing q loss TO the government
of some five or six millions of dollars
which has been drawing of the toilin
masses Of the American people. Nc
satisfied with having bought the bond
at the rate of $50 on the 800, with til
interest payable in currency, the sam
money with which they bought tn
bonds, the bankers petitioned congres
to make this interest payable in golC
to which request the government col
scented. The house of representative
passed law declaring that all IL
money paid out by the governmel
during the war should be full leg
tender for all purposes, public and pr
yate. This law met with one gran
acclamation from all parts of IL