The Alleghanian. [volume] (Ebensburg, Pa.) 1859-1865, 1864-12-15
NUMBER Il.
2eDbaCsks.,,

In speech recently delivered at St
Louis, ex-Secretary Chase gave the follow
ing definition OF -1greenback ~ bo-~ss
Il have been called the father of green
backs what Is greenback2 Did you
ever think what it was? Why, it is sim
! ply the credit of this great American
/ people put In the form of money, to circn-
iaie amoug the very people whose credit
makes 1t worth anythi.g. When l was
/ Secretary Of the Treasury, the question
arose, how should these vast armies and
na'ies be supplied? How should the
boys be fed IN the field, the sailors in
ships, and provision made for their sup
porF, for their clothing, their food and
tran porta;ion [ found the banks of the
country had suspended specie pavments.
| What was [ to bo The banks wanted
ME to borrow their credit, or pay them
interest IN gold apon their credit. They
did not pay any gold, or propose to pay
any themselves, but they wanted me %
borrow their notes. | said, NO, gentlemen,
this great American people is worth all of
you put together, azd [ viii take tie
cfedU OF these people aud cut it u9 ia he
form OF llttle bits o: paper, aud we will
circulate that paper, and We viii receive
that paper Tor bonds, upon which We viii
punctualiy pay the ibiercst in god And
then; IN order that the natiopai currency
might be permanent, and that nobody
could have just cause to complain, called
the national bapkiug system into existence,
and pledged every bank to redeem it's cur
rency In 2Feeubacks, aud the government
pledged that every dollar should be re-
deemed III the end-the securities to be
pledged and provided-that ia the end
everything should be made equivalent in
gold. -
Il think this is the true idea of green
backs 1t IS the credit aud properly of
the American people-madc' TO serve the
purpose o. money in the midst Of great
StFrte; when we must have everything we
can gel. And, fellow-citizens, in my
humble judgment, if out of this war this
national currency CONES as is provided for
IN our platform, so taat no Western farmer
or merchant Will be Obliged to pay tribute
10 the East IN his exchange, 50 that we
snail not lose upoa exchange so large a
proht upon our industry; so that the labor.
er receives his dollar or two dollars, or
dozen dollars at the nights or the weeks
enu-Shali oe perfectly sure that 1t won't
turn to dust aud ashes before the morniuc,
sun rises. [ say if we can get such 4
sonnd currency as this, Their This country
Will not at least have been without one.of
the collateral benefits Of this war; if you
can take your money on the Atlantic and
20 10 the Pacific and pay your bills all the
way, without having to change the cur
rency at every tavern you stop at.
Il say IT the government is administer
ed as 1t should be, with proper vigor and
economy, every dollar in greenbacks wod
be as good as dollar In gold. NVhv,
eight months ago, If | could have had the
assurance that [ would not have been
troubled with any other iSsuc-if I could
have been assured that there should be no
trouble from any unauti,nrizcd currency
by any but the nation itself, would have
undertaken to resume specie payment in
a week, if any body wanted it; ard | say
now, II the var Is prosecuted as it ought
70 be, and tie government is administered
with the economy and prudence that1E
trust it will be, then there is no n Jre-
danger OF that currency than there is that
the Americap people will fail"