GREENBACKS AND BONDS. 545 



"Resolved, etc., that from and after the passage of 

 this resolution, the treasury notes of the United States 

 shall be receivable for all dues to the United States, 

 excepting duties on imports, and shall not be otherwise a 

 legal tender; and any of said notes hereafter issued shall 

 bear this inscription." yw whor^y pu^y 



In 1880, Mr. Bayard said, in a speech in New York: 

 "I am now for resumption, and the Democratic can- 

 didates for President and Vice-President want the same 

 kind of resumption that I do a real and not a sham 

 resumption. We want the resumption intended to be 

 secured by the resolution I offered in the Senate last 

 December. It was a resolution right on the ancient path- 

 way of constitutional democracy, withdrawing from the 

 treasury notes when paid and redeemed at the treasury any 

 power of enforced legal tender when reissued. There is 

 great danger to us, and our posterity is, and will be, in 

 great jeopardy, so long as the legal tender credit currency 

 is in existence." 



Thus talked the secretary of state under President 

 Cleveland in 1880. We ask the question in all candor, 

 can we reasonably expect reform in financial matters so 

 long as such men are kept in the highest and most import- 

 ant offices in the land? ' 



Again, hear what Wade Hampton has to say: "It 

 would be sound policy, therefore, for us to do our duty and 

 wipe out the greenbacks. But whether we should succeed 

 or fail, whether it is expedient or not, I would make the 

 fight on this issue and on this line. It is the line of con- 

 sistency and principle, and we had better be whipped 

 fighting for the right than to win upon any other ground." 

 In 1881, $782,000,000 of the bonds fell due, or came within 

 the option of the government to pay. The resources of 

 the government to pay the debt were rapidly increasing. 



