Year: 1879

WHAT SHALL BE DoNEWITH THE La
GAL TENDERS ?-The New York World |
Is now pushing another question into poll |
tics that it would seem ought 20 be dealt |
with as purely business matter. The
redemption and withdrawal of the legal
tender issues, it is presumed, is only a
matter of time. But whether it is adj
visable to use the specie now in the
Treasury to redeem them may become
question over which Congressman and
the newspapers may occupy great deal
of time in coming TO conclusion. A
part of the gold in the Treasury was
purchased by the sale Of bonds and it
would seem to be tue part OF wisdom to
redeem such bonds. 1t is presumed the
legal tender quality of the notes will be
settled by a decision of the United
States Court at some day not very re-
accordance with the Constitution of the
United States which recognizes only
gold and silver as legal tenders. When
this decision is rendered the legal tenders
will be worth just so much as other
bank notes, and the banks will be re-
quired we presume to redeem their issues
in gold and silver, as they were anterior
to 1852. OF course matters will have to
be adjusted upon some fair and equitable
ha doh
Of the government resting upon the
faith Of the people aud the government
pays no interest upon it. If it is des.ra
BILE to pay this debt in preference to
portion of the bonded debt for which in
terest is paid, Congress may SO direct i
to be dene. The World argues tba
paper currency for the internal trad
and traffic of the country should b
based on merchandise or on property
just as foreign bills of exchange al
based on merchandise and tied TO bill
lading. 1t says:


"There are wise students of finauC
who think they see possible peril I,
us iu the existing speculative dealing
all kinds of railway shares and bond
If so, the peril largely comes of the on
standing legal-tender greenback de
which circulates as money, i'll associ
tion with the sudden increase of co
circulation. Congress, when it assel
bles, must take up the consider alton
these things and 'wipe out" all "w
legislation" which tends to produce
New York or anywhere else in IL
country congestion in our currency
money circulation. If every Weste
member of Congress would pass throu
New York OH his way to Washingt
and take look at the trans actions


the New York Clearing House, VIII
the morning exchanges of the banks


the previous day are going on, he wol
see exchanged in ten minutes, throt
the hands of bank messengers, ba
checks representing little less Than $l(
100000 as the result of exchanging &C
modities and things during the previ
day IN this city alone. Not penn.
money, not a legal tender, not b;
note can be seen. The difference
tween the debtor banks and the cred


banks on that morning probably wo


De not over $5,0OO,0 900, and for this s


alone, IN the end, money is requile e.


enect the adjustment. The same III


per OF Congress, if he visited the sew


Dahks during the day, would find I


livery little money and few legal


oers OF bank notes used in the trem


Gus volume Of exchanges there re


sented. lie would see nearly ey


thing done with internal bills of


change, or bank checks. When


member of Congress who had seel


this applied his own intelligence te