The comet. (Johnson City, Tenn.) 1884-1916, 1895-10-17

Treasury, and the certificates OF deposit
are used instead, then the loss does not
occur
silver Certificates,
These certificates are given by the gov
eminent fer silver dollars deposited in
the Treasury They call for so many
silver dollars on deposit, and when the
certificates are presented the government
delivers the silver dollars in satisfaction.
lie holder has no lawful right to demand
any other kind ot lawful money, as
shown Ivy :!.e face of the certificate.
thsse certificates are made receivable for
all public dues, and are made payable to
bearer
1hefe is one important fact connected
WIN them, and it Is that the people show
decided preference for them over the
sllNer dollars they represent While the
government has never been able to gel
more than fifty or sixty millions of silver
uollars IN circulation, notwithstanding it,
continued efforts to do 50 at considerable
cost TO the Treasury, it has received oil
deposit silver dollars and issued certif
Gates thereof amounting to $3.50, 200, 900
ms shows that the silver dollars are in
convenient to handle. and that the people
WIN prefer paper money to them.
On the contrary, the comparatively
small amount of god certificates cut
standing shows the reverse to be true il
RESPECT to gold coins
L. ;. Notes and Treasury Notes.
The United States notes are popularity
khowh as "grcenbacks, and they amount
to about $}46,0O00OV. They are simply
the demand notes of the government
/ payable to bearer, which are redeemed by
the government on presentation, and thel
must be ressucd by it. They are full
legal tender for all debts. public or pri
vate, except import duties. And since
the resumption of specie payments they
are now received in payment of all pub
lie dues.
The Treasury notes, amounting t
about Sl4TOOO.000, are also the govern
ments promises to pay on demand t
bearer, and after redemption they MAJ
J be relSsued. They are made legal tend
er for all debts and obligations. nubli
and private, including import duties, anC
/ were originally issued and paid out b,
/ the government in the purchase of silve
bullion under the Sherman law.
These United States notes and Treas
1 ury notes. amounting in round number
! To $JoO,OOO,OOO, cons -itute continuing
and immediate demand on the Treasur,
| for that amount of money 1t is an i'm
/ mense debt, the holders OF which have
lawful right daily and hourly to deman,
| payment
! There are two or three comment
which | desire to make in this connec
tion, and | would especially impress
them on my fellow Democrats:
1. These notes, hich are made to per
form the office of money, are merel
debts of the United States. They ar
precisely like the due bills of the citizen
with this exception: The citizen, wheI
ne pays his Dire bill, does not reissue il
ana neither does he take q club and fore
ms neighbor to receive it in payment 0
his debts In this case the government
mot only issues and reissues its deman
hotes, but it compes the citizen to aC
cept them If discharge of obligation
due him. | shall not here repeat tn
constitutional argument against the Il
gal tender act, but shall address mysel
to the common sense Of my fellow-DemC
Gratis. What right has the government t
compel its citizens to accept its debts i
payment of their own? Here is a not
given by the United States. payable o
demand, and it issues governments
nat compelling all its citizens to accen
that note whenever presented. in full dis
I charge OF debts due them. When tn
government redeen.s one of these notes
Immediately pays it out again, and it zoe
forth once again as full legal tende
money. 1t is clear, however il is not tn
legal tender quality which makes it go n
par, but the fact that =" government
makes out to redeem II whenever Drf
scented. The moment the government su.
penis redemption, that moment it woul
90 to a discount This. however. doe
not alter the principle that it is the wors
KIND OF paternalism and most undemt
cratic in principle for the government t
coerce its citizens to accept its deman
notes in payment of their honest dues.
= FROM time immemorial the Demo
cratic party has been hostile TO the GOV
erhment's engaging in the business q
banking. The greatest achievement q
Andrew Jackson was his successful oppc
sition to the United States Bank II
recognized it as an institution which WA
un-Amencan, and which could and woul
be prostitutcd to cypress the people an
debauch the government. Today til
United States is in the banking business,
and has been for many years. The Seer,
- of the Treasury is in truth til
Greatest banker in the world, and he
doing business on most precarious foo
lng. Suppose private banking institl
ton with 100000 of capital had $500
OOo OF bank issues outstanding; woul
that be regarded as a safe institution
And yet this is precisely the ease wit
the government. 1t has reserve {
$l0OOO0O0O with which to redeem il
outstanding notes amounting to $500, 600
600. Like bank Of issue, it redeems an
pays out its notes in due course of bus
ness. The process has been likened
an endless chain, The holders of thes
notes have the lawful right to preser
them for payment at any time and in an
quantity up to the full amount, and d
fast as they are redeemed the governmer
pays them out again in due course of bu
mess, and they may be presented agai
for payment and so ON in endless SUI
cession. 1t is the policy of the govern
ment to pay these notes in gold. and til
reserve is required by law to Ike kept
gold. The truth is, if the governmel
should redeem these notes in anythin
but standard money, gold would at one
go to Il premium. 1t is very plain thu
to redeem them in silver. which we no
hold on q parity with gold. and which h.