Alpena argus. [volume] (Alpena, Mich.) 1893-1909, 1893-01-25
The Treasury Note.

"A huhicci VI oho iecpuuiiC . ouu-
scribers assert with the emphasis of
long standing conviction that it is
absolutely necessary that Govern
ment Treasury note should be "a
legal tender"-that is, that the
Government should compel those
who do not want it to take it.
When country is in the midst
of doubtful war, on the result of
which will depend its ability to keep
its paper currency in use, the en-
ployment or the threat Of force to
give circulation to it's notes may be
excusable, but in time of peace the
freedom of bargain, which is a nat
ural right, should not be interfered
with.
This does not mean that the Re-
public has any objections to offer to
the circulation of the present green
backs. On the contrary, it would
resist any attempt to withdraw them
from circulation. AS long as they
remain at par, the fact that they
are a legal tender makes no differ
ence whatever. We believe, more
over, that the paper money of the
future is neither a State bank note
nor National bank note, but a
treasury note redeemable on demand
and receivable for all Government
dues of every kind.
1t is more important that the note
of the Treasury should be received
for all dues to the Treasury than
that it should be a legal tender
The fact that it is legal tender can
never have much if anything to do
with keeping it at par, but if it is
honest money, and not swindling
paper, it will be received everywhere
at par as long as the Government
itself gives it full credit by taking
it for all dues. The private individ-
ual who would issue his note paya-
bic on demand and then refuse to
honor it when offered in payment of
certain Of his debts would be right
ly considered a swindler, and the
same thing is not the less fraudu-
lent when the fraud is perpetrated by
the Government. But as long as
any paper, public or private, is ex-
changeable at par, or is taken in
payment of debts due the party is
suing it, such notes will need no
legal tender quality to make them
worth their face.
The Government collects over
$400,0OO,OO0 annually from the
people. This is about a third of the
total circulation of money of all
kinds. Since Harrison has been in
Office his administration has taken
from the people and spent in various
ways more money than there is
now in the whole country or than
there has ever been in it at any one
time. The Government is thus by
far the largest handler of money.
About once in every three years it
collects from the people all the
money there is in the country, or a
sum equal to all there has been at
any one time during the period of
collection. The fact that the Gov
eminent will receive a particular
kind of note in payment of any and
every part of the immense annual
indebtedness of the people to the
Treasury is enough to fix the
standing of the note and to make it
secure so long as such notes are not
issued with the fraudulent purpose
of finding new way to pay old
debts. When that is done-when
1t is attempted to create value out
of nothing, then the legal tender
quality is needed. But it never is
necessary to use or threaten force to
give circulation to a sound cur
rency of gold and silver coin and
of Treasury notes exchangeable on
demand for coin.-St. Louis Repub-
lie.