Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-02-07
SATURDAY, FEBRU AIRY 7. 1863.
" GreenhackS."

"GreenbackS."
"Grcenbacks" have become the universal
topic of conversation. 1t is as natural for
man to ask the price Of "greenbacks" when
h. meets you on the streets as it is for him to
inquire of your health, or that Of your family.
Your neighbor no longer informs you that the
weather is very fine, or that we are likely to
have an early spring. but pou''ces upon you
with the cheering intelligence that 'green-
backs is yi=." And, rice rersd, the rain may
latter from dawn until shutdown, and from
shutdown till dawn again, and no note is taken
of the weather, but the universal cry is
grrenbacks are going down." Who says We
don't live in an age Of progress, an ags when
even the hackneyed aud tims-honored forms
Of greeting are ignored. and "grernbacks" are
the universal theme. They are upon every
body's tongue, and find place in everybody's
pocket, and, when they arc "goiug down." al
though your pockets may be stuffed to the ut.
most limit Of plethoric repletion. they only
go to coin new adage: aGght pocket makes
heavy heart.
But to b. serious, we believe that "green.
backs" will shortly BE- blocking up; that be-.
fore many months they will b. worth almost
if not quite their legal value. A false i'm
preston prevails to a great extent. that the
present depreciation on legal tender notes is
due to supposed imperfection Of the law
creating them.-in not making legal tenders
receivable for duties and interest on the public
debt. This appears plausible at first blush,
but upon reflection the fallacy is at once ap-
parent. The Government has been compelled
to borrow much money, the interest upon
which, has to BE- paid in specie. To obtain
this specie Government is compelled to make
duties payable in coin. Should this provis-
ion not have been made Government would
have had to rely upon paper currency entirely.
and to have paid the interest on the public
debt in paper. notwithstanding the pledge to
pay in coin and all faith in her promises for the
future, would have been blasted.
The true cause Of the depreciation ia attrib-
utable to another source,-the operations Of
bankers and Spectators. The "grecnbacks"
have opened fruitful field for these "sl,rewd''
spectators, by which to speedily amass
great wealth. The law makes legal tender
exchangeable for U. s. six per cent. bonds in
sums. We believe, Of not less thsn fifty dol
lars. These bonds have been and are worth
their expressed valuation 1t all times. The
plan upon which these blood-leeches operate
is apparent. They govern the Eastern quota.
tons, and it only requires their announcement,
made through the leading daily press. that le.
gal tenders to-day shall pass at a certain spec
flied sum, to cause them at once to pass for
just that amount. BY the transmission Of
ingeniously-worded dispatches detailing .
Federal defeat, npon the heels Of which,
sometimes in the same paragraphs follows
the startling announcement that gold is 4s.
SO or 50 per cent. premium and "still going
up" a panic is created on this coast, down 70
the greenbacks," and the next steamer car
ries away al that can be raked and scraped
together. Then commence the harvest Of
the Spectator. Thousands upon thousands
Of dollars in legal tender notes, find their way
into his mpacious nav At from 20 to IS per
cent. discount, which are invested, probably
tho same day, dollar for dollar in the best
stock in the United States. public or private.
bringing ths highest rate Of interest payable
in coin.
We arc pleased to observe by tho tele-
grapic dispatches hat tho committee on Ways
and Means have recommended the repeal Of
that portion Of the law Of Congress making
legal tenders exchangeable for six per cent.
bonds. Let us hope that this will have the
desired effect. aud put q stop to the Wholesale
operations Of Wall street lsecAes. Then will
greenbacks" pass At something near their
legal value. :: .-, IA t.
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