The midland journal., 1894-01-05

|
which 1 have before me, procured from
the Census bureau, shows that the true
value of the property, real and personal
within the United States, is sixteen
billions, on hundred and fifty nine
millions, six hundred and sixteen
thousand and sixty eight dollars,
(Sl6,159,616,O68,) and the assessed
value to be $12,006.756,585.
This is the capital, 16,OO0,0O0,0OO
in amount, on which your Treasury
notes and bonds rest. This claim OF
Government, in the hands of Congress,
is direct and specific on the banks
throughout the United States, includ-
ing the gold and silver in their vaults;
on commerce on all kinds Of produc-
ton and business; on railroads, steam
boats, and their passengers, on gas
companies; on manufacturing COM
panies of all kinds; in short, all real
and personal estate Of every kind is
held subject TO the payment Of the
Treasury notes and bonds Issued by the
Government. Congress is clothed with
this mighty power to sustain the nation
at this time. Will you hesitate to do
you duty? This is what the people.
the capitalist, the merchant, and all
who confide in your demand notes, want
to know. IF they take these notes,
they want to know positively whether
YOU will enforce the claim of the
Government upon the property OF the
country, to the full extent necessary to
redeem the Treasury notes, and pay
punctually the interest on the bonds
which they take Of you to sustain the
government. Unless you are prepared
to satisfy the country on this point, it
is in vain to issue bonds or notes, and
expect them to pass currently among
the people. Unless this is done they
will deprecia,e, and they ought to
depreciate but with ample taxation.
cheerfully voted by Congress, they will
be the very best security in the
country, because the whole property of
the country is held for their redemp-
ton. Congress has plain duty to
perform. 1t has ample power. This
power should now be enforced. Will
Congress perform this duty?
The Government Of the United
States is not prohibited by the Consti--
tuition from issuing Treasury notes on
demand, and making them a legal
tender in payment Of all debts within
its Jurisdiction. The Constitution Art.
l, Sec. 10y prohibits the States from
making anything but gold and silver
coin a legal tender in payment of debts;
i but this does not at all restrict the
sovereign power Of the United States.
Congress has the power to eoia money.
CIRCULATE the value thereof, and of
foreign coin" Gold and silver by long
f practice practice that has continued
for centuries among all nations--has
become the legal money of the world in
all commercial transactions. It's real
, intrinsic value is not as great as that
fixed upon it by Governments. All
Governments fix the value of gold and
{ silver, and without the Government
stamp, gold and silver would be simply
commodity, like other things having
intrinsic value. Some Governments fix
the value of coin higher, aad some
lower, inst as each for itself chooses to
, determine. Any other metal or thing
that should be stamped. and its value
regulated by all the Governments of
the world, pass equally we'll in all com
8 mercial transactions as gold and silver.
| although act iptrncicalIy as valuable.
. Exchequer bills Or Treasury notes
r whose value is fixed by Government,
} and stamped as money, would pass as
t money in the payments of debts within
the jurisdiction of the Government
fixing such value.
In regulating the value of "coin,''
t either foreign or domestic, Congress
3 may provide that gold and silver shall
t be of no greater value in the payment
of debts within the United States than
the Treasury notes issued on the credit
$ of this Government, which stamps such
I coin and fixes its vaiue. These high
? powers Of Government have been
, frequeHtly exercised by Great Britain
! duriag her eentiHeBtal wars, in making
= the Bank of England aotes receivable
= for public dues, and virtually legal
! tender IN payment of debts, by sus-
f pending the statstsry clause requiring
/. specie payment ~ithin the United
s Kingdom and other Goyernmen, "'