The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-07-23
I A STUDY IN FINANCE.
COL. ROBERTSON ON DISCRIMINA-
TIONS or CERTAIN CURRENCY.
Responsibility for This Country's Financial
Legislation Rests on the Democrats,
and They Cannot Evade 1t.

y
issue of the 18th instant your Washington
correspondent informs us that the Judicial
nv committee of the house has made a re-
port recommending the passage of the
following bill: THAT all contracts for the
payment of any sum of money, whether
gold, silver or coin, may be discharged by
any money which is by law a legal tender
for the payment of debts when the con-
tract natures"
In the report of this committee recon-
mending the passage or TINS bill 1t is set
forth that one purpose OF the measure is
ito preserve the stability and uniformity
of the currency" In other words, the OBJ
iect of this proposed law is TO break UP
the coin gold contract business, which
discredits some of the paper currency Oh
this country and destroys the parity De
tween some of our several kinds of money.
The principle upon which the proposed law
rests is sound and purely democratic Tor
under the operations of such a law the
debtor and creditor will meet upon the
same terms of equal rights to each and
special privileges to neither.
Rut unfortunately, this proposed law
does not and cannot reach FAR enough 10
touch some other republican hnahclal leS-
islation which not only encourages the
Individual in discrediting some OF cur cur
rencv but does in itself not only dlScredll
if but absolutely destroys the parity De
+Uaen some classes of our money Wh1ch
is coined issued or backed by the gov
eminent
The majority of the people are possesseo
with the idea that all the currency OF the
country gold coin, silver dollafS or lheit
representa- tives-gold and silver certiilcates-
United States notes, treasury com hoteS
and national bank notes are on party
in their capacity to pay debts. inns luea 10
a popular delusion, for no money Wfllch mas
any exception as to its legal power TO dls-
charge debts, public Or private, can De
on q naritv with another money Wnlch mas
no exception as to it's legal capacity u
satisfy any and all debts. The truth OIL tl1i9
proposition is prirna facie
Several classes of our paper currency
have specific exceptions as to the1f oeo'
having powers. therefore cannot be on
naritv with gold coin or silver doiittrS'
which are a legal tender for all debts, pup
lie or private: and in some cases, these
executions even destroy the parity between
certain classes or the paper currency DIS
the exceptions are not Identical. rake the
treasury note issued under the sherman
act made payable in coin at the optloh Oh
the government On it's face it is stated
INi'N'NA
value in payment of debts public OF prl-
waite. except when otherwise expressly sup
,1Iated in the contract" While this eXcep-
tion NAV have been made in the interest
of the holders of United States polos YET
it certainly suggests encourages an" "p
holds the idea of a contract Whlch may
discredit this character of note as money
of final payment, and thus destroy l'9 p'i
itv with other classes of currency.
hat
present administration this coin note Is re-
deemed in gold but the administration may
find it necessary to change TINS poiicS on"
exercise the right of the government " i0
deem these notes in silver dollars; helice
the creditor, with this poSslple coiiui'i0i'
in view, may demand from the oepIor
contract that the DEBT shall not pe ul7-
cbarpad NV pavment of this class OF cur
rencv and such a contract would not oiily
discredit these notes, but destroy 'lieli
parity with a legal tender currency
Now. take the United States note, known
as the "greenback.' On the PACK Oh llllS
note it is stipulated that this note Is d le-
gal tender at its face value lor All ueo'a'
nublic and private, except duties on imports
and interest on the public debt Here the
Government forces the citizen to receive thlS
class of money at it's face value Tor all
debts the government may be Que the GU
izen excepting interest due the fortunate
holders Of United States bonds, out WIN
not receive this kind of money for certain
class OF debts due the government by me
citizan Though this United States n0te
is redeemed in gold, yet it's parity with
coin or silver dollars as a debt paying
money is destroyed by the exceptions
equal to gold, but not on parity Win
gold.
Now look at the national bank note. IhlS
class of currency is backed by the govern
oh Int 8
eminent bonds are at par yet this cur
rancy is not on q parity, as a DEBT paying
money with gold coin, United states notes
or even the much deSpised stanaaru ShNeI
dollar for this much Wanted currency Is
issued under the following stpuiat1ons, TO
be found printed ON each note 1llio
note is receivable at par in All PaitS u
the United States in payment Oh az 'aA
and excuses and all other dues Oh the ChitO
States except duties on imports anu 'l''
for all salaries and other oepIS an" uc
monds owing by the United States 20 'noi-
viduals corporations and assoclat lol's - -
in the United States, except interest on me
,,hI;o daht Here we have a CURRENCY
11,oa nv, the government and forced Upon
the citizen by the government lcI o. t ~
and demands owing the cilAeh W ~
Tinted States, excepting one-hltele'C ~"
the holders of government oViU0
a local tender for private debts OF iecei'"-
I,,a Nv the government for certain oueS
f,, tba citizen: hence it is currency not
an a n.1,itv with gold silver dollars Chlted
C+otac notes or treasury coin notes 1eI
this is the currency which is hghtlhg the
repeal of the prohibitory III per cent '"A
on state banks Of 1SSue.
WHY, Mr. Editor, under the present Con
s+itution of Georgia d state bank whose iS-
enc is based upon the bonds of such 1nuiilc-
ina1i+ies as Atlanta, Augusta, Macon, Sa-
vannah. Columbus, Albany and other cues
. of Georgia would give to Georgia as sane
and sound a local currency as the national
hank note for the first would rest upon
n foundation controlled by law, While the
second is based upon foundation OF 1d!th'
The payment of municipal bonds can De
forced while the payment of United ot2tes
bonds cannot and the values OF the latter
are subject to fluctuations from foreign COM
plications, which are at all times possible,
if not probable.
If the convenience of interstate commerce,
or that of the public, demands a national
bank currency, very good; then, let ne 10
per cent tax on the issues of state banks
remain in full force, but only against all
such issues when used as a currency out
side the state in which and by which the
bank of issue is chartered. With This re-
striction the issues of state banks Woul1 be
a purely local currency. and so lnuch the
better for local enterprises.
But we return to the question OF parity.
The governmental destruction of The Larty