The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-15
NOT FULL LEGAL TENDER.
reason Advanced why Greenbacks
Are Inclined to Depreciate.

10 the Editor of the Globe
see that the G o b 9 from Feb. 1 answered
my correspondence Of Jan. q. Please accept
tnanKs: You stated that the Union sold their
bonds during the last civil war on the public
market, and those bonds were sold on the
casls OF the gold standard, and it was pre-
clsely the same thing whether they were paid
1or with one dollar in gold or two dollars in
greenD S9 Now. if that would be the case
opJectlon or paying those bonds in gold or its
equivalent, but anybody who is little ia
mliiar with the financial conditions of our
country knows that it is not true Read the
stipulation on the back of the greenback dol
lar from the act of March, 1853. You will
see that 1t reads This note is a legal tender
dL us lace value for all debts, public and pri-
duties OF imports, and is receivable for ali
loans made to the United States
was mere we nave IT. The greenback dollar
Mas regal tender for all debts "except"
When the government does not take it's own
notes lot duties Of import land interest on
r nu1iGsI naturally depreciates; it is no
money, and nobody wants it. The exception
S1duse mas been forced on the greenback
uoliaF by the banks 10 depreciate that dollar
a1tu 70 make market for their gold. This
u MADE money for the poor and money for
lne neh; But read further on that green
al enck Ho oollar 1t reads and is receivable for
more do you want? good dollar In Inv
PONDS; and they have been bought with that
ssreen PACK dollar at their face value In my
oro 80 S:aseu tnat all the coin the gov
eminent received during the civil war
amounted to $3.50, 0O0 600, while the truth is
tne government received only 500 600 con in
o co. ana the war Zdebt amounted to 81 800
Uov,OOU. NOW; what kind Of law did congress
PASS IN 1868? They called it the credit
strSsngthenlng act to pay the bonds in coin.
@nu merely strengthening the credit of the
government. Was there any necessity that
tHe cre1lt OF the government needed streneth
eLulns HVe years after the war was over and
rne necessity for borrowing money had
p paoS Did the credit of the government
selling in New York market from IN =" ie
tents on the dollar above their face value
them? Yt 'n@' purchased
The same timesthe credit STRENGTHENING
acI OF 1863 passed congress as a law. the
greenback dollar rose from so cents "n the the
uoIlar IN gold to Is cents on the dollar in
eoiu. NOW If the bondholder would have heen
PAU WIN greenbacks, the same kind of
rnoney ne purchased the bonds with, he
YOU'D nave gained Is cents on every dollar
he invested in bonds. If the bonds were
issued payable in gold in the flrst pLace
why uld they pass the credit STRENGTHENING
acC! me very fact that they passed that
Jaw is proof positive that. before that time,
tne ponds were payable in greenbacks else
meaningless. ~ ~
Why did John Sherman say in 1858 ''The
bondholder can demand only the kind Of mon
ey he paid. He is a repudiator and extor-
tloner 10 demand money more valuable than
he gave?"
But the banks and bondholdera are still
clamoring for more and better laws in their
favor; they not satisfied with the pound
OF flesh; they want the last drop Of blood
Hoping you will give these few lines place
IN the OBJ e, 1 remain, yours truly.
Fountain City Wis