I have given Mr. Benton his corner, and I think he will have difficulty in getting out of it. Let me suppose a case for him. A is a farmer, and owns a farm worth five thousand dollars. B keeps a bank of issue, and is known far and wide as a cautious and honest business man. C, D, E, etc., down to Z are each engaged in some one of the various pursuits of civilized life. A needs ready money. He mortgages his farm to B, and receives in return B’s notes, in various denominations, to the amount of five thousand dollars, for which B charges A this transaction’s just proportion of the expenses of running the bank, which would be a little less than one-half of one per cent. With these notes A buys various products which he needs of C, D, E, etc., down to Z, who in turn with the same notes buy products of each other, and in course of time come back to A with them to buy his farm produce. A, thus regaining possession of B’s notes, returns them to B, who then cancels his mortgage on A’s farm. All these parties, from A to Z, have been using for the performance of innumerable transactions B’s notes based on A’s farm,—that is, a currency based on some security other than its inherent function and non-discountableness. They were able to perform them only because they all knew that the notes were thus secured. A knew it because he gave the mortgage; B knew it because he took the mortgage; C D, E, etc., down to Z knew it because they knew that B never issued notes unless they were secured in this or some similar way. Now, Liberty is ready to see, as Mr. Benton says it ought to see, that any or all of these parties have been robbed by the use of this money when Mr. Benton shall demonstrate it by valid fact and argument. Until then he must stay in his corner.(93 ¶ 9)

A word as to the phrase legal tender. That only is legal tender which the government prescribes as valid for the discharge of debt. Any currency not so prescribed is not legal tender, no matter how universal its use or how unlimited its issue, and to label it so is a confusion of terms.(93 ¶ 10)

Another word as to the term Greenbacker. He is a Greenbacker who subscribes to the platform of the Greenback party. The cardinal principle of that platform is that the government shall monopolize the manufacture of money, and that any one who, in rebellion against that sacred prerogative, may presume to issue currency on his own account shall therefor be taxed, or fined, or imprisoned, or hanged, or drawn and quartered, or submitted to any other punishment or torture which the government, in pursuit and exercise of its good pleasure, may see fit to impose upon him. Unless Mr. Benton believes in that, he is not a Greenbacker, and I am sure I am not, although, with Mr. Benton, I believe in a non-interest-bearing currency.(93 ¶ 11)