Weekly Chillicothe crisis., 1885-05-14

exchange for them. BGng full legal
tender, and there being less of them,
than the needs of the country required,
they were not only receivable but We're
gladly received in payment of all debts
and dues, and We're thus rodccmcd,i Just
as money made from gold or silver
must be redeemed in ordcrto be of any
value rs money.
The history of the demand notes
from the time they were made Il full lr-
gal tender, was substantially repeated
in the case of the later issues Of green
backs, which from the time that Sccrc-
tary Sherman issued his decree, in yio-
lation OF law,dirccling that they should
be received ut par for all dues to the
government, have constantly been worth
at least their face in gold.
This was not because of the so-callcd
specie resumption, for even ii redcmp.
tion in gold was provided for by law
which is not the case, redemption in
New York alone, as now provided for,
would bc practically worthless to the
man in kansas,or any other place hun
dreds of miles away, but because they
are everywhere, within the United
States. made rcdccmahlc at par in use,
by being receivable in payment Of all
debts and dues, just as gold or silver
money is and must be in order 10 br
worth par. The history Of the Trade
Dollar cmphatically illustrates this
point.
What even at the best l,would gold re.
dcmption of grccnbacks be worth, To &;
hungry man, provided that when he goI
the gold he could not induce any one t,
redeem it hy taking it in exchange fol
thg needed dinner.
1t is by being taken in exchange foi
things needed that money is truly re
Scrmcd and any money that will no
command this kind of redemption is II
redcemablc in the highest sense OF tn,
term, and verify worthless, while an,
Kind of money that will command sucl
redemption at par has no need OF re
demptlon in any otLcr kind of money
That law can, by its provisions nm,
requirements make one Kind Of none,
more valuable than another, is clcarl,
proved by the history Of the greenback
known as "dcmamd notes. whch iron
the time they were made full lcgg
tender were at or above par in gold
while the later issues Of grecnback
with thr"cNcrpt printed on them wrr
- always below par,mlil john sherman
- cdict nuililicl the "cNrrpt,' when the
rose at once to par IN gold and othc
fiat money.
A In Illustration Of this principle: SUI
/ pose Congress should do rs il ought b
, dcpriyin@ gold money Of all fiat yalu,
10 leaving it TO rest specifically and who'll
upon its commodity worth,and provid
that from the first day of January. lSS'
grccnbackS only should be Il legal lei
, der, and that all payments TO the 20
. crnmcnt must thereafter be made
grccnbackS, is there any one gree
enough to believe that under such col
ditionS gold money would for even
# week romain at par in the drspisc
i grrrubachs, unless there was Il mo
g ,trous increase in the amount Of Il
. latter issued? Does any one believe tht
Il the advocates Of intrinsic money dar
subject their theories TO such an 0
i deal?
l. Our,nation's experience with full !
gal tender grccnbacks proves, bcyoI
V all question, that such money, wise
limited in amount issued, has perm
ncnl, certain and abundant rcdcmpIl,
l. basis in the use provided for it by Ia,
Il that renders specie basis for ii 4 IL
- less superlluiiy, and makes it supcri,
to gold or silver, rs well rs TO any p
per money dependent for It's value II
on Specie redemptiun hNsis.