The midland journal. (Rising Sun, Md.) 1885-1947, 1894-08-31
QUESTIONS OF THE DAY.
Honey-lts Nature, Function and
Power.

| IlOH III AllltTlCd.
There are nine kinds of money in
existence.
Gold coin.
Silver dollar.
Gold certificates.
| Greenbacks.
| Treasury notes.
National bank notes.
Subsidiary silver, (halves, quar-
ters dimes).
Minor coins (nickelsand coppers. }
OF these the first alone, gold
coin, is a legal tender in payment
of all debts, public and private,
under all circumstances and con-
ditions.
Silver dollars are legal tender
except when there is contract to
the contracy.
Gold and silver certificates are
not a legal tender, but can be eX-
changed for gold coin or silver dol
lars, and therefore are usually
accepted as legal tender to the
same extent that gold and silver are.
Greenbacks are legal tender for
all debts, public and private, ex-
cept interest on the public debt
and duties on imports.
Treasury notes are a legal tender
to the same extent as silver dollars.
National bank notes are legal
tender in payment of taxes, and
dues to the United States except
duties on imports, and all dues
from the United States except
interest on the public debt. They
are not legal tender between indi-
viduals.
Subsidiary silver and minor coins
are legal tender only in small sums.
We see therefore that a limita-
tion greater or less is placed on the
legal tender quality of eight of
these kinds of money, and gold coin
alone is a full legal tender in pay
ment of all debts, public and
private.
This prepares us for one phase of
the power of money. Gold coin,
being the only money that will
meet all cases, enables those who
may at any time get control of the
gold coin to control all the other
money and all the property of the
nation.
What caused greenbacks to de-
preciate or gold to appreciate
during the war? Commonly said
to have been caused by the fear
that the government would not
stand. But there never was any
doubt in the mind of anyone
whether the United States govern
ment would stand. There was q
doubt whether the United States
could conquer the Confederate
States and force them to again be.
come a part of the United States
but there never was an hour wher
there was any doubt whether the
government of the United States as
it existed at the time the green
backs were issued would stand.
If it were the fear that the
United States would not be able t.
conquer the Confederate States
why did not gold and greenback'
come together the day that Lee
. yielded up his sword beneath thu
apple tree at Appomatox ? But il
August, 1868, nearly four years
after the war had closed, gold wa
at a premium of so per cent. Their
was no shadow of doubt then as t,
the result of the war, for the wa
had resulted.
Again, before the issue of tn
greenbacks the United States issuet
sixty million dollars in demand
notes, and there never was al
hour, during the darkest days o
the war, when these demandnote
were fraction of one per cen
below par with gold.
Why then did the greenbacl
depreciate as compared with gold
!, Simply because gold was lega
; tender for all debts and greenback
were not.
Whenever you make one class c
: money legal tender for all debt
e and another class of money lega
I tender for some debts, you give t
whoever can get control of tn
lmOney which is legal tender for a