New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-10
HONEST DOLLARS.
DOES CONGRESS LEGISLATE FOR THE
EAST ONLY?

ONE PARTY MAY BE "BREAKING UP" BUT IT is
NOT THE REPUBLICAN PARTY.
dGom The Weekly Tribune)
To the Editor of The Tribune. 49,,
Sir: We. are badly tangled up again and appeal
to The Tribune for light.
THE Republicans out West cry, Honest
Dollars. Did Congress ever make a dishonest
dollar? II so, please tell us when?
2-The Republicans also continually saying:
MAKE every dollar as good every other dol
lar" Does this mean that the Government must
keep on hand quantity Of all kinds OF dollars.
sufficient to exchange for all the other dollars In
circulation? or does it that Congress must
enlarge the silver dollar until it is equal in COM
mercal value to the gold dollar?
Would not that inure to the interests or bankers
and money-lenders alone?
We are told that the amount Of silver in the
American dollar has never been changed since
the first one was coined over hundred years ago,
but that the gold in the gold dollar has been
changed two three times. In 1884 Congress re-
duced the gold in the gold dollar over a grain and
a half. The small gold dollar was yet a legal
tender and the free coinage of both gold and silver
went right on and nobody was charged with dis
honesty Now why not do the same thing at the
present time" Help the poor. mortgaged- burdened
farmer instead of the millionaire banker 1t
would make difference with our foreign trade.
for other nations only take gold and silver by
weight.
9.--There is a growing feeling in the West that
Congress lesislates only in the interest of the
East. The old parties are breaking up as they
did in the ffties.s It would not be a surprise If
the entire country south and wesr OF the Ohio
should combine and fax justice out OF the favored
East. There will then be a sectional party as was
the Republican party at first. Had not the East
better soften little. for the West will surely
enforce its DEGREES just as the North did in the
sixties? Yours truly. II. w. HARDY
Lincoln Neb., October G. 1894.
The letter Of Mr.. Hardy was received two
months ago. 1t was laid aside fer future answer.
as containing questions Of Importance. and with
a purpose OF answering it after the campaign
should be ended. thinking that perhaps the re-
suit Of the elections might aid some in answer
ing the questions it contained.
His first question. Did Congress ever author
lie the making of a dshone:t dollar?' can only
be answered by stating just what Congress did
do, and the circumstances which led them to do
they did
81 know nothing Of the political notions of Mr..
Hardy. but take it for granted from the tenor OF
his letter that he is at heart a Populist. and
presume he affiliates with that party.
/ will state in the outset that do not believe
that up to the present moment the National
Government has ever issued dollar which the
lawmakers at the time Of such issue did not be-
This however, involves question about which
there has been much dispute
At the time Of the secession Of the Southern
States gold and silver dollars. Of very nearly the
same value in the markets of the whole world,
were the only lega-tender money in the United
States. During the war paper money was issued
and made legal-tender for al! debts public and
private, except customs duties. The first $780,
100000 of Treasury notes issued by the Govern
ment were not when issued legal-tender FOR
debts, and not made so until years after
their issue. They always al par with gold,
because they were received as gold by the Gov
eminent; and when the first legal-tender paper
money was issued. commonly known as green
backs. those Treasury notes were instantly
bought and sold at premium. the same as gold
WERE GREENBACKs HONEST?
When the "greenbacks' were issued the sus-
pension OF specie payments became general
throughout the United States. Cold instantly
brought premium. The domestic business OF
the United States at orce began to be done IN
3 paper dollars instead Of gold and silver dollars
d and those paper dollars were soon worth much
less than their face in gold II silver. The Gov
eminent compelled the people Of the United
States to receive such deprecated dollars in pay
ment of their debts which had been contracted
when the legal tender Of the Nation was at par.
The only excuse that could possibly be offered
for such a transaction was The fact that the
necessities of war requi I'd the proceeding. do
not think any one ever defended that action ex-
cept as a war measure. The reason given was
that it was the only method whereby the life Of
the Nation could be sNed. believed at the
time that the law proper and honest for
that reason alone. Such law IN time Of peace
would have beed thoroughly dishonest. do not
believe any nation on the face Of the earth ever
resorted to such legislation except in time %
great National distress. and as the only means
of preserving National existence.
Understand \ proceeding under certain
circumstances may be perfectly proper and
honest, when under other circumstances 1t would
be improper and dishonest The National Gov
eminent compelled people to cancel debts, when
money was rendered them not worth onc-half
as much as the money in which che debts had
been contracted The creditors at that time
many OF them, protested against the law as an
outrage; and the Democratic party or the couh-
try fought the law unjust and unconstltu-
tional. The leaders OF the Republican party de-
Tended the measure, so IA. as ! know. on one
ground md one ground only; as above set forth
That was a time OF mutual sacrifice. mill
ION and half OF American citizens. az great
sacrifice enlisted went TO the front, risked thcir
lives, and many of them lost their lives for the
same purpose for which the grecnbacks were
issued On the other hand. men who had loaned
money were no doubt great sufferers from the
legislation we are talk ng about, bur most OF
them stood up like men and sustained the loss
without complaint simply az their contribution
Of duty In those trying times.
That the leaders Of the Republican party TOOK
the View referred to concerning the Issue OF the
greenbacks is proved by (he fact that when
the war was over that party steadily lcgslated
so as to f-inp about the resumption of specie
WEST I4TH ST.