The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1897-09-21
Is Il Ignorance Or -

A New York city publication
named .Horper's Weekly, which
styles itself "a nonpartizan" paper
and "a Journal of Civilization" In
its issue of the inst undertakes
the discussion of the financial
question from the "non-partizan
and civilization point Of visw. 1t
says
"Under the law the country has
seven kinds Of paper, all but the
silver certificates, being full legal
tender for all debts public and pri-
vate."
What seven kinds? We are un-
able TO find 80 many enumerated
by the Secretary Of the Treasury.
Let us enumerate:
First. United States notes, ,(green-
backs) Of which the Secretary say 8
there was outstanding June 30th,
1896, $S46,6s 1915. These notes are
legal tender for all dues, public and
private, egcept duties on imports
and interest on the public debt.
This then cannot be one OF the
seven referred to by the Weekly
for it says that six Of the seven are
"full legal tender for all debts pub
lie and private.
Second. The Gold certificates is
the second kind Of paper, enumer-
ated by the Secretary, the amount
out standing June 3Oth, 1896 be-
ing $42,32O,759. The act Of July IL,
1882, made these receivable for
customs, taxes and all public dues.
These Gold certificates, however,
are not now, and never were legal
tender for private debts; and so
cannot be one Of Mr.. Harper's six.
Third. The next kind mentioned
in the Secretaries report is the
Silver Certificates, Of which there
were outstanding June 80, 1896,
1891 ,259 500. This issue is one Of
Mr.. Harper's seven, and acknowl-
edged by the article not legal
tender, although the law makes 1t
in this regard the full equal of the
Gold Certificate.
The fourth class mentioned in the
report Of the Secretary are Treas
ury notes authorised by &C. of July
IA, 1890, better known as the Sher-
man Law. or these there was out
standing June 80, 1896, $129,6 $50, ,2s0.
BY the law they were made legal
tender for all debts public and pri-
vate, egcept where otherwise ex-
pressly stipulated in the contract.
Here then is another, that cannot
be one OF the designated six as "be-
ing a JuU legal tender for all debts
public and private" The exception
in the law creating them, spoils the
whole legal tender quality, II either
party desires so to do ut the time
the contract is made.
y =
A fifth kind is mentioned in the
Secretaries report is the "Fraction-
al Currency" (Shin plasters) of
which the amount outstanding
June 80, 1896, was $l5,267,l22.47 Of
this amount $s,375,93i is estimated
to have been destroyed, leaving
$6, ,s91, ,1Ss.47, which is held as curl
osities and does not circulate as
money.
AS these were never a "full legal
tender" they can not be classed as
one OF the six mentioned In Harp
er's "Journal OF Civilization" The
includes all the kinds OF
paper issued directly by the gov
ernment OF the United States, and
all the paper which the government
Is directly responsible for.
s##
Another kind Of paper in circula-
ton, is the National Bank Notes
(Black Backs), These cannot be
classed in the list OF those mention
ed in the article In Harper's, for
they are not, and never were le-
gal tender. The government re-
ceives them In payment OF all dues
except duties on imports; and pays
them out again for all uses except
interest and redemption Of curren-
~. This ends the list OF paper for
the redemption OF which the gov.
ernment Is either directly or indi-
rectly responsible, and In fact all
that have any OF the real functions
If money, and not one OF them la a
full legal tender" as is so vaunt-
ngly stated 10 the Weekly.
Where then Is Harper's seven
xinds, six OF which are "full legal