Conservative *
nn example , of all others , it would bo
supposed that legal money would be
evaoted. But even here , the . judgment
, oiild most probably bo satisfied by the
attorney's check , or at most by a certi
fied check. If such media of exchange
are of common usage in the community
they will be resorted to in practice even
for legal-tender payments.
The necessity of paying that which
would be mutually satisfactory to payer
and payee also makes clear why the ex
istence of a legal-tender money does not
necessarily cause its actual use in pay
ments. The business habits of the com
munity are stronger than legislative
powers. Business men will not as a
rule take advantage of a legal-tender act
to pay debts in a cheaper money , if they
look forward to remaining in bxisiness.
For , if , by talcing advantage of legal
devices , they defraud the creditor , they
cannot expect credit again from the
same source ; and since loans are a ne
cessity of legitimate modern trade such
action would ruin their credit and cut
them off from business activity in the
future. Gold was not driven out of cir
culation by paper money during the
years of 1862-1879 in California , because
the sentiment of the business public was
against the use of our depreciated green
back currency ; and a discrimination
was made against merchants who re
sorted to the use of paper.
Explanation has been given of the prin
ciples according to which legal-tender
laws should be applied , if at all. It
is not wholly clear that there is any
reason for their existence. It may now
be well to indicate briefly the origin of
legal-tender provisions. It can scarcely
bo doubted that their use arose from
the desire of defaulting monarchs to
ease their indebtedness by forcing upon
creditors a debased coinage. Having
possession of the mints , the right of
coinage vesting in the lord , the rulers of
previous centuries have covered the
pages of history with the records of suc
cessive debasements of the money of
nccouut. The legal-tender enactment
was the instrument by which the full
payment of debts was evaded. There
would have been no reason for debasing
coins , if they could not be forced upon
unwilling creditors. It is , therefore ,
strange indeed that , in imitation of the
monarchical morals of a past day , re
publican countries should have thought
it a wise policy to clothe depreciated
money with a nominal value for paying
debts. Although the people are now
sovereign , they should not embrace the
vices of medireval sovereignty for theii
own dishonest gain in scaling debts.
10 TO i. In the conglom
erate state conventions of Nebraska the
rule is : Nominate sixteen populists to
one democrat , or sixteen populists to
one silver republican. The ratio of 1 (
to 1 is changed after nominations and
there are sixteen democrats and silver re
publicans to one populist among the
voters.
CUKKKNCY Unabated inter-
CONVENTION. Cst is manifested
.11 the National Currency Convention
: o be held at the Trans-Mississippi
Exposition in Omaha on September liJ ,
14 and 15. All regions of this vast
country will be represented at this im
portant assemblage , the first of its kind
in American history.
The conviction that the monetary
question is still unsettled imparts im
portance to the coming convention.
While people differ as to standards there
is a general agreement that the cur
rency question is a matter of vital con
cern to the national welfare. Hence ,
amid the din of arms and other distrac
tions , it is certain that many powerful
speakers will attend the convention and
that the audience will bo largo.
The failure of congress to act on the
McCleary currency bill will impel many
persons to attend the convention. They
will go there for the most part to rebuke
congress as well as to make known their
firm intention to maintain agitation
until the problems connected with our
lame and * iiiadeqxiato currency system
are settled.
The exposition management writes
that no event connected with the fair
is attracting so much attention.
The silver men appear to desire to re
state their position and to reaffirm their
faith in the white metal.
The old greeiibackers think that this
is a good time to sound their ancient
slogan about the superiority of govern
ment paper money over money issued
by banks , and about the duty of the
government to supply the people with
all the currency they need.
The gold standard men feel that they
are challenged to maintain their ground
with fresh arguments , and believe that
the progress of events since 189(5 ( has
furnished them with a good deal of now
matter for discussion.
The confidence of the silver men that
they will bo given a fair showing in the
discussion has been gained by placing
the debate on their side in charge of one
of their ablest leaders , ox-Congressman
Charles A. Towiie , of Duluth , and ask
ing him to designate his associates.
Other prominent silver men who will
take part'in the debate arc Senator Jones
of Arkansas , Congressman Hartman of
Montana , and H. F. Bartine , editor of
The National Bimctallist. The green
back contention will bo opened up by
ex-Congressman A. J. Warner of Ohio.
A committee has been created in Chicago
cage to co-operate with Mi * . Towne in
securing silver speakers.
There is also at work a committee of
the National Reform Press Association ,
an organization which makes govern
ment paper money its leading financial
doctrine.
George H. Shibloy of the American
Institute of Money and Prices will been
on hand to advocate what he calls
"stable money , " which means govern
- III
ment paper with a unit of value ob
tained by taking the prices of the lead
ing products of the country and finding
a common denominator.
Ex-Governor Boies of Iowa will advo
cate his peculiar theory of a variable
ratio.
On the side of the single gold stand
ard and of bank notes as against gov
ernment paper money the speakers will
be Congressmen McCleary of Minnesota
seta , Fowler of New Jersey , and Walker
of Massachusets , Governor Leslie M.
Shaw of Iowa , ex-Senator J. M. Carey
of Wyoming , Platt Rogers and Loiiis
R. Ehrich of Colorado ; Lyman J. Gage ,
secretary of the Treasury ; Horace ,
White , George Poster Peabody , C. S.
Fairchild , and William Dodsworth of
Now York ; W. C. Coniwell of Buffalo ;
Edward Atkinson and Henry W. Peabody -
body of Boston ; Professor J. Laurence
Laughlin , Edwin Burritt Smith , H. P.
Robinson , and James H. Eckels of Chicago
cage ; M.E. Ingalls of Cincinnatti ; John
P. Irish of San Francisco ; Judge M. L.
Crawford , of Dallas , Texas , and J.
Adam Bedo of Duluth.
As has been already announced , the
convention will be in charge of the
National Sound Money League , and the
members of this organisation intend to
put to the severest test of historical ex
perience and of common sense all the
statements and arguments which may
be advanced by the advocates of a
cheaper form of money than gold , and
of any kind of currency not resting di
rectly 011 the firm basis of the world's
accepted money of exchange and meas
ure of value.
It is likely that the most interesting
phase of the meeting will bo the gen
eral debate , in short speeches , which
will follow the formal addresses on
each day. Whoever expects to take
part in this debate had better equip
himself carefully with facts , or he will
bo likely to bo tripped lip by some ready
antagonist.
A inSTOKTiON Inarecontnum-
OF HISTORY. ber of a Nebraska <
newspaper an attempt is made to give a
history of "fusion" in this state. The
effort is a total failure , however , be
cause the amateur historian sees no dif
ference between swallowing and being
swallowed.
The populists and democrats in Ala
bama fight each other with savage hat
red. At the recent election in that state
the democrats whipped the populists in
all the counties except seven and in the
state senate there are sixteen democrats
to one populist returned. But in Ne
braska the populists do not war upon
democrats in elections only in nomin
ations. And at Lincoln the other day
the democrats were awarded one candi
date on the populist state ticket , thus
going , as a political factor in Nebraska ,
to a parity with the silver republican