The advocate and Topeka tribune., 1892-08-10


the money question: question con-
cernlng which it is either superlstive-
ly ignorant or maliciously mendacious.
We have 30 repeatedly punctured
it's sophistry that it ia becoming mo-
notonous, and still the same old plati-
tudes continue to be doled out at
periodic intervals. Take the follow
ing as an example:
That paper currency cOntaluing no promise to
redeem In intrinsic value will be acceptable at
It's face value provided 1t Is made receivable for
all debts public and private, is the elementary
assumption Of pOpullst inanclerS. That the
greenbacks. however, though legal tender, did
depreciate, and at one time were as low as 45
cents on the dollar, is explained by the fact that
they were not receivable for imports nor payable
for interest on the government bonds. Yet the
common people" refused to receive this cur
rency at par. and certainly the common people
were not interested as importers nor bOndhOld-
ers, and neither had to pay tariff duties In coin
to the government, nor cared whether interest
was paid by the government to bODdhOlderS in
coin or greenbackS.
Currency Of any kind, whether of
paper or Of gold ,''is.. redeemed every
time it serves as q medium for the ex-
change Of commodities, and govern
ment redeems it every time it receives
it in payment Of taxes or duties. Any
other form of redemption is a mere
sham.
That the common people" ever re-
fused to receive the greenbsCks at
par is an absolute falsehood, and the
editor of the Capital knows it if he
knows anything about the subject.
Such q statement is unworthy of no
tiCe, and yet, though a bsrefaced
fslsehood, it is as true as the other
statements, that seem less extrsvsgsnt
upon their face, that follow in the
same article. 1t continues as follows:
That It was not the exception clause requiring
coin for imports and for interest on the bonds
that impaired the exchange value and purchas-
ing power Of the greenbacks Is obvious from the
further fact that the greenbacks to-day contain
that same exception clause, precisely as they did
during the war, and yet are good for their face
and equal In purchasing power and exchange
value Of gold. Let any man examine green
back and he will see the exception clause staring
back at him and refuting the theory that it is the
full and unconditional legal tender power alone
that gives value to currency.
Although we have repeatedly shown
the fallacy of this same statement we
will do so once more, and we special
ly invite the attention of the Capital
to the authorities cited.
There is one single fact which alone
would be sufficient to establish our
proposition if we had nothing else,
and that is this: Under the acts of
July II and August 5, 1861, $5O,OOO,-
600 Of treasury notes were issued and
made payable in coin on demand, but
they s0ere not made legal tender.
When these notes were issued the
banks declined to receive them, and
notwithstanding the faith of the gov
eminent was pledged to their redemp-
tiOn in what the Capital would term
'intrinsic value" on demand, they at
once deprecated and were every
where disCredited. Secretary Chase
Immediately telegraphed the assistant
treasurer in New York to receive the
notes in payment of customs, and