The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-05-24

| - 81 t'Nibist W Jay ututNs ~ DfutllS
to pay dollar Is not a dollar. no matte
| VINO nttcrs 1t or IN what capacity. II i
e., me deed to a dollar; like bank check
nu, dollar r. something ac,ual--a dcii
| htc measurable and measured piece q
| property of measurable marko, value. 10
winch You are willing to exchange YOU
properly: To call anything else dolla
simply it's obisaticn to do precisely whu
| II nus agreed IL dc and the belief o, ~
, NiTdNors that II either freely viii or els,
| gan certainly be made to do go. That he
nei gone, the Faith OF the nation" VII
buy nothing.
a mos, misleading and dangerous COM
pitcatton IN the case OF the sreenhacks
a. !, stands in the general apr, hrnsioh,
IS the
LEGAL TENDER FUNCTION
given II ny congress. regret that time
ana snacc forhlds complete review of
the political and judicial history OF this
suhlert which is on. OF the most singular
~ the annals OF our country. The false
seIuent legislative aud judicial treatment
of the gr.enback debt and thereby tvs-
tered In the minds of the people have by
no means disappeared There is probably
no longer "A serious danger OF the return
81 grconhacklsm as such. hu, IT. cniir,
Ideas and arguments aud. its whole corps
oi champions have found their way into
tue 70 10 J free silver coinage camp. From
What we know Nf the history OF the tnst,a
states finance II Is evident that ihe green
back is makeshif, in finance originally
issued for the purpose of paying govern
ment obligations incurred In an Expensive
and tremendous war. by means of forced
loan from citizens OF the United States
without Interest.
The sherman treasury uotc Of isao IL
more nearly like the rrecnbatk than any
other cNisting species OF papnr money is
sued by the Federal government 1t IS
evidence OF II debt by tho United states to
the holder, and II represents loan with
on' interest. The sherman net, undor
which a tremendous mass OF bullion was
accumulated m the vaults Of the treas
ury at net loss OF between So, ooN 0oo nnl
No0npN to the government incident t.
the steady decrease IN the v1luo OF silver.
ana by the provisions Of which legal tcn-
der treasury notes to the amount Of moro
ihnn SNhnM.mo were nut N circulation.
based on the dcprcrntcA silver bullion. H.
believed lay many hnnncicrS ana mon OF
affairs to have contributed largely to- the
pre- r'iiiaiion of the panic of 1879 There
fore the sherman treasury note ~ based
in part ON the credit of The sovcrnmsut
and In part on mass Of silver bullion
stored az Washington It's lssu" against
this bullion Is upon a ratio " hich great
~ ovorvplurs that metal n- compared Win
the standard unit of value N this and
other principal commorcal countries
Trom report OF secreintN al III" ircnmrv.
issN. Ms circulation AT par is maintained
like that II the rreorhaok. bN force OF
It's legal tender feature and of tile stn'u-
tory declaration by congress to the
eovernment's financial nolicv which is 40
construed by the treasury officials ne thnt.
without express direction Of law. they are
IN 'he habit Of redeeminE, the treasury
notc AZ w"ll rs the erconnaeh on prcsenta-
ton with gold
The wreenbac, aud sherman 'rensury
note as a circulating medium represent
the cntrn l,sa. teudor paper curroncy N
existence IN the United stntos. Az has
been stated chev are IN forced circulation,
md th,ir capa lily to- circulate rests Inv no
small degree upon the lrgai tender at
tribute conferred upon them hy the gov
nrnment-a quaiiiy Of currency that docs
not oSlsi N the media Of International
exchanges whch are mndc In gold ana
silver. ~ weight and hnencss withou, ref
oroncr to an, peculiar attribute TINT may
ho sought 20 br nffNod 10 them by i.gie
laliou. This legal toudcr ntiributo AT
fixed In 1870 To the sherman note was
worse perhaps, than cnactlug free coinage
AZ that tim" would have been During
lion ~ eonercSs. resulting IN the pasasge
III the Band-Allison act. the senate passed
resolution declaring maj ~. mnii.a
- bonds in liver dollars.
E1ropein holders bryan theroupon to |
throw their bonds on the market; and !
from datH 10 the nrt Sent tinfe Tho silver |
schre" has seldom liul,1 To prCcini,atc |
1n 'unloalng' Of American erruritiNs !
by foreign holders aud a run on me
treasury gold reserve TIN sllN"r .oIa's
coined under the Bland AiliHou AIT wore !
mt uulul,tt. The cl-aiue lpusrs refused |
'r accent them in settitmcrt Of bniauco- |
iueh Acceptance has been sirn'lv ignored
~ disrrsariod. In orlcr 10 nr0motc ihrlr
circulation tho goscrnmrnt prpNli- ID fr e
TRANSFORMATION OF thc siv"r dollars II
'eas.d reissu3ue gfreuud,lNH In SUMS OF
i So than 81, ANA II reduced III dsnpmlra-
tons of ihp silver c,rIihca,es TO ON two
ions of ecrtillratch proved equally ace
'np'anlc 10 the people ~ any other paper