Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-03-17
LEGAL TENDERS.
The Recent Court Decision a Triumph
of Greenback Ideas and
Principles.

The Recent Court Decision a Triumph
of Greenback Ideas and
Principles.
To the Gazette
am glad to see you attach so much
importance TO the late decision of the
supreme court of the United States in
the case of A. d. Jillard VS.. Thos S.
Greenman. Like you, l regard this
rs one of the most important decisions
to the American people ever made by
the court of last resort The question
presented by the case as stated by the
court is: "Whether the notes of the
United States, issued in time Of war
under an act of congress declaring
them to be legal tender IN payment OF
private debts, and afterward in peace
redeemed and paid for in gold coin at
the treasury, and then re-issued under
the act of 1878. can, under the consti-
tuition Of the United States, be a legal
tender in payment of such debts.n
The court decides that the reissue OF
the greenbackS or treasury notes, Is
constitutional that it is legal tender
in payment of all debts, and that con-
gress is the sole judge Of the ex-
pediency of the issue of the notes.
The following is the exact language of
the court in closing and the decision
is concUrred in by all the judges except
Field who dssents. Congress, the
court says las the legislature of II
sovereign nation, being expressly END
powered by the constitution to lay and
collect taxes, TO pay debts, and to pro-
vide for the common defense and gem
eral welfare of the United States, and
TO borrow money on the credit OF the
United States, and TO coin money and
to regulate the value thereof, and OF
foreign coin, and being clearly author
lied us incidental to the exercise OF
these great powers to issue bills of
credit, 10 charter national banks, ana
provide n national currency for the
whole people in the form OF coin,
treasury notes, and national-bank bills,
and the power TO make the notes OF
the government legal tender in pay
ment of private debts being one of the
powers belonging to the sovereigns in
other civilized nations, and not express
ly withheld from congress by the con
stitution, we are iTesistibly impelled
to the conclusion that the impressing
upon the treasury notes of the United
States the quality of being a legal ten
der in payment of private debts is an
appropriate means, conducive and
| plainly adapted to the execution OF
undoubted powers of congress, and
| consistent with the letter and spirit o.
| the constitution, and therefore within
| the meaning of that instrument, nee
essary and proper for the carrying in
to execution of the powers vested by
this constitution in the government
Of the United States. such being ON
conclusion in the matter of the law
| question, whether at any particular
time in war or peace the eNigency Ii
such, by reason Of unusual and press
ing demand on the resources OF tht
government, or of the ina6equacy o
the supply of gold and silver coin Il
furnish the currency needed for usei
Of the government and of the people
that it is matter of fact wise and eX
pedient to resort to this means, is a po
litical question TO be determined bS
congress, when the question of exigen
cy shall! arise, and not n judicial ques
ton TO be afterwards passed upon by
the courts,
This decision irrevocably settles thu
following propositions, to-wit:
The people through the United
States government have the right Il
make all money, paper as well as coin
and TO make it legal tender for al
debts, public aud private. Therefore
there is no necessity IN combining this
sovereign prerogative upon selfish
corporations, like the national banks
which under existing law can con
tract or Initiate the volume of currency
III circulation at pleasure, thereby pro
ducing panics and ruin 90 the people
Tor their own gain. Besides, the ma
tlonal banks are based on Uniteo
States bonds, which are bearing al
average rate of interest of probably
four per cent. per annum, thereby
making this national bank circulation
cost the people about that rate OF IN
terest, when the United States car
and ought to issue treasury notes
without any interest whatever
Honesty and common sense alike de
mand that these bonds should be PAID
Mt the earliest day that it can be done
the banks required TO wind up lheil
business and the system abolished.
If our Lawmakers do their duty lt
the people the end of the national
banking system is only question o
time.
This result Is one that The soft-money
Democrats and Greenbackers ear
equally rejoice over, ms both are op
posed TO national banks and in faNoi
OF legal tender treasury notes instead
OF bank notes ms the paper money o.
the country.
Another conclusive effect of the
foregoing decision will be the exposure
OF the de!usion which has been i'm,
posed on the people, that the farce. 81
specie resumption is an accomplished
iaet We all remember that the spe,
eie resumption act required the United
States TO meet Ill its obligations ioi
money, including the s3l6.00O, 900 O
greenbacks or treasury notes, and pay
Them in coin on ard after January !,
IeW.. Such a thing was utterly I'M
posslble and had it been persisted ~
would have involved the nation III
hopeless bankruptcy and ruin. In TINS
emergency the clamor of the crazy
oreenbackers saved the country. Inis
-. l. ~