The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1893-10-07

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: ~ TOO main 70 no 70 heen n,isrndcrs,oo3. and
to have made them different would have been
marked departure from the policy Of the gov
eminent as fixed by that coinage act Of Feb
ruary 81, 1863, which decreased the quantity Of
metal In the subsidiary silver coins and
limited their legal tender character TO pay
mcnts Of IS and less. Hence, the act OF 1873
dropping the further mention of the silver dol
lar from the coinage OF the United States ex-
prcssly confines the use Of all silver coins OF
tho United States to payments not exceeding Is
In amount. The act OF June q, 1874, was strict
ly in consonance with that of 1879 1t had been
our previous policy since the foundation OF the
government to make foreign coins, of both gold
and silver, receivable for public dues. and also
between individuals The values fixed by law
for many Of these coins, especially those OF
silver, were already beyond their intrinsic
worth, and silver gave signs of continued de-
crease Hence the act Of 1874 declared nrst
that oil foreign coins should cease to be Q
legal tender; second, that the gold coins Of the
United States, when not reduced below the
weight Of tolerance. should be legal tender
for all debts; third, that the silver coins OF
the United States Qncluding, Of course. the
silver dollar) shall be o legal tender IT their
nominal value for any amount not exceeding
%" and fourth, that the minor coins 1.-THE
nickels and copper cents) shall DO legal
tender for only Is G ents-
u.n...a ru.-.,~x
~ was OBVIOUS 70 the ieast aiscern.ns nnan.
clers OF the country tnst the act Oh 1913 wouio
e'entusiy urlng ABOUT NOT uouoie stsnosro'
as pre- .enoco oy us ,rienos, out slns,e slsno-
ara Oh uepreciateo SILVER. hence, lrom tne oegin-
mug lnese ooiiArs were rccclseu Win great us
'rus1 Dus consress, nssins en.ereu upon tnis
strange scneme Oh cAPsnsion' oeter "inoo 70 use
INC pOWCE VI luC kOvcIumCut W lOISC TIC ClTs
culauon upon an unwllnne public Inc asso-
Sls'ea psnks oi New 10TH, nospon sno Fniis.
ueipnis aooptee ruies iorploainR the use OF
tnese oonsrs anu also Inc SILVER ceruncstes IN
ciesrinx osia nces among themselves ~ reany
seems 'nAt "nen pom oeptor ana creoitor agree
no. 10 use currency tnougnt 70 DC injurious 70
tnc pupio ~en&re 'ney ouent 70 DC anoWeo 70
re3ectit IN .neir own transactions without the
lear Oh punishment Inc nauonai pAnks' now
IA .ha a,.c,,,i,n. ~ sn,,-s. 80 80, hs-,,,,rt
to bear
at was decreed that no national bank shotid
belong to a clearing house that refused silver
certificates in payment of balances. When
bank charters had to be renewed the renewal
was conditioned on the receipt and circulation
Of a currency already bad and getting worse
day by day. The government now entered the
field as q common carrier and transported,
without charge, this unacceptable currency to
any part OF the country tQ3t WOulQ QcpO9ll 8OlO
for 1t In the subtreasurieA Thus the govern
f11cnt sowed the wind and now, by the Just law
of retribution; reaps the whiriwind The pub
lie demands that koid back and the government
must pay 1t or embark 1t once on the treachef-
Gus sea Of deprecated currency.
when pains and penalties failed to eoerce
the banks the persuasion of self-interest was
resorted to and they were offered the bribe
that silver certificates received by them might
be counted in their bank reserves Finally
when the banks remained obdurate against
threats and seduction It was thought the gen.
eral public might surrender to the temptation
of small notes. and to that end in 1885 II was
enacted that the secretary Of the treasury
should thereafter issue silver certificates in
denominati ons OF 81, 81 and IS and the larger
certificates already issued under the act of 1873
might be exchanged for the smaller dcnomina-
tons
tn. vviS.. f,cr-.s
grester expansion Oh the currency were
reaIy REQUIRED oy the ieeiumatc demands OF
business IL might nave oeen secured II seems
70 me- W INDUCING IN increase Oh ING nsuonsi
oank no'os' currency seoureu " oni'cu
states Donos payable IN goio ana always worm
premium Ins.eao OF tnis, tne contrary poncy
WAS most persistenuy pursued resulting IN
uec.easo Q. Specie paying Dana noses from
soSovOV,ooo III 1000 W sis@'ovo'voo IN low "niio
'lis ue.seI su,fenoy was Delns e."eu ous W
unirienoiy icgisisuon' ING cnsnneis o. ouslness
were oclng soFse o o Sy an an issue on sisU OF
and finally nnser the act ~ iaao nv the ts"ns
of SIS, 900 more Of treasury notes IN the
purchase OF silver bullion at an enormous loss
to the people and to the government.
"Of the 5000 900 or 6,0000 600 gold with which
we began in 1873 none can be found in circula-
ton What has not gone to foreign countries,
enjoying the blessings OF single standard,
has been boarded, not to rceppear until the
holders have some guarantee II loaned It will
be returned In money equally good The gold
certificates not already forced upon
the government for redemption are no
longer seen The United States notes,
for the redemption of which the t1o0,-
0o0,0 gold reserve is supposed to be held by
the government, constitute the best security of
the national banks and hence the greenback is
RAPIDLY disappearing. The national bank notes
necessarily held. II possible. Oy the banks