The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-12-15

later, February IL. 1862, an act was passed
making these demand notes. full legal ten
der for ali debts and dues, public and private,
ana authorized "the issue of like notes TO the
amount OF $4,000 600 additional, said notes
to be deemed part of the loan of $3.50. 600 600
authorized by act of July IL, 1861"
Does any reader of The CALL, except the
bankers, know the history of these ssdemapd
notes. from that date? President Cleveland
ana the bankers know. 1t is the one form of
uovernment money they most of all abomi-
nate. Those demand notes. went instantly
to par with gold February II, 1862, on the
passage OF the act making them full legal ten
der for all debts and dues, and there they re-
NAMED absolutely at par with gold when
green backs were worth" but 50 cents on the
dollar measured in gold, because they per-
formed all the functions of gold itself in the
citizens, aud hence they could not deprecia te
below the par of gold. The reader can we'll
Imagine the CONSERVATION created bv these
dealers in gold.
In two weeks alter the passage of this act of
FEBRUARY IL, clothing the demand notes.
with the full legal tender function, the bank
ers OF Boston, New York and Philadelphia
gathered in Washington to deal deathblow
TO this new National money, and another act
was passed February 25, 1862, authorizing
OF $l5O,0OO. 600 of United States notes H. e.
greenbacksl, not bearing interest, not less
than 30 eacn, divided that $50 900, 900 OF said
notes shall be in lieu of the demand treasury
notes, authorized to be issued by the act of
July IL, 1861, which said demand notes
s 81 De taken up as rapidly as possible and
the notes herein provided for substituted Tor
them and such notes herein auth orized
shall be receivable in payment of taxes. inter
nal duties, excuses, debts and demands OF
every kind due to the United States except
duties on imports, and of ali claims and de.
mands against the United States of every kind
whatsoever, except for interest upon bonds
and ana notes. notes. which shall be paid in coin, and
said United States notes II. e. green backsl shall
also De lawful money and legal tender In the
payment Of all debts in the United States, ex
cept duties on imports and interest as afore-
There you have the two Infamous stabs in the
back on the greenback, the Except for inter-
est on bonds" and except duties on imports"
the Government itself repudiating its own
money wherein 1t favored bondhoiders and
dealers in gold, which importers had to buy to
pay duties with, and this alone made ii posi-
bic, with the demand notes" called in and
exchanged for these Except greenbacks, TO
force them down below par with gold. But the
people chung to the demand notes" and
would not exchange them for the poor crippled
green backs, and SO IL became necessary to try
SO force them to give up the demand notes by
another act of Congress passed a year later
March 3, 1868 (section 10 Withdrawing the
privilege OF exchanging them for interest
bearing bonds by July l thereafter In fact.
there was the most determined effort made to
get these demand notes" out of the hands of
business men, who found them as good as gold
in paying import duties or for any other mr.
pose which gold could ccomplish.
Here is way out for President Cleveland
without destroying single dollar of Govern
ment money. Let him call for an issue OF ant
fclent treasury demand notes to redeem these
crippled green backs or simply get the law re-
pealed which contains the two exception
clauses, ana then these green backs will DO all
that gold can do, and that will end the raid on
the gold reserve; but it will spoil the game Of
the money m ongers. u
Other me thods of saving the Governments
money from "retlrementn and eancaila ~
are reserved for future communication
JOSEPH ASBURY JOHNSON
IL Essex street, December g. 1896