The state chronicle. [volume] (Raleigh, N.C.) 1891-1893, 1892-03-15
Price Five Cents.
Nothing Due.
Special CO.. State Chronicle.

LEWISTON, y. c., March I2.-
Judging from the resolutio IN intro
duced at the ST. Louis Conference
ID pay the soldiers the difference be-
tween The "gre-nbacks" and gold,
ore is APP to infer that the legal
tender notes were deprecated. Now
what arc the fac.s in the case? In
ali business trausaciicns, they
we're the representatives. OF value
and the money of ace Gnt since they
were irst issued. Thousands of
miles of railroad were built with
than. The manufacturing. mining
| anu all the immense bn-iresS Of the
country WAS transacted with them,
and it stands to-day Tor the three
hundred and forty-six million dol
lars that are uuretired) where il has
always stood, the representative of
| the faith. credit. and All the wealth
of the nation. and the only instance
in which they did not stand on par
with gold is where they were not
received in payment of certain dues,
and interest on the public debt.
True at one time, II required
$3.50 10 purchase one dollar in
gold. But il should be remembered
mat the law of Congress. requiring
that interest on the public debt and
customs dues should be paid in coin,
created an extraordinary demand
for II. and consequently caused il 10
Else IN the markets for that special
purpos- and no othtr-Yet il does
not follow thst the legal tender
notes, bad deprecated one mill on
the dollar. 1t was worth 100 cents
at thai very time TO nay debts, buy
land, and in all the commercial
: transactions between individuals,
/ which du;y il has fulfilled without
shadow of variation np TO the
. present time, and that is more than
5 can be said for either gold or silver.
| know that this proposition will
be denied, by those who argue, that
1t WAS on account of the large
I amount of these notes in circulation
at that time, that created d fear In
the minds OF the people, that the
:, government would be nnaole to re-
deem them which placed them at
= discount, instead Of gold having ad-
vanced in value. Now the history
e OF that time SLOWS conclusively that
|, the people had not lost faith in the
q government to redeem them. They
/ were willing to take them for
services or any Other marketable
d thing, and did not want them re-
e deemed in anything, only as they
IS were redeemed in each transaction
n as they passed from one to another
= in the commerce OF the country.
|. Gold had nothing to do with our
internal productive industries. 1t
was all measured by the legal tender
2, standard.
b Proof-A barrell Of flour in New
y York in 1861, before the legal
lie tenders were issued, is quoted at
g $3.50. In 1862, after they were
n issued, gold is quoted at 1874
t. and -four at s5 A. cents per barrell;
n in 1868 gold is quoted at l72a and
re -four at s5.874 cents; in 1864 gold
e. is quoted at 285 and -four at $3.50
T. cents; in 1865 gold is quoted al
1463 and -four at 1912 cents
showing conclusively that the pric,
OF the products Of he country va,
e. not measured by gold, but 10y th'
a legal tender notes.
ch Another important fact in con
Il. nection with this is that in 1864
be when gold commanded premium
at Of s. 65 cents, the amount Of green
of backs in circulation was si3l,l7o,
be 6l0.84. In 1865 the circulation
is had reached the sum Of s432,667,
re, $50, An increase Of over one and
x. halfmillion dollars andgold had drop
ped to 14ii. Was this depreciative
In the face Of these facts it is foil
for to say there is more due the soldier:
ain If the soldiers, then the railroa
am men, miners, farmers and nsnufa'