Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1867-11-07
More Greenbacks.


have, during the late political cam
paign, in order to make votes, advo-
Gated peculiar financial theories, all
of which are liberal in their premises
of enriching. the people. These
schemes are as various as their ad
vocates, but they all look to further
increase of paper money, as a remedy
for our present financial condition,
only differing in degree, from an i'm
mediate payment of the whole debt
i by the issue of greenbacks, down TO
the substitution of greenbacks for the
National Bank currency. Without
noticing the breach of public faith
proposed in cheating the Nations
creditors, who gave their money in
her hour of peril, and without going
into the details of these different
theories, we only wish to direct the
minds of the people to the evils, that
will result to their real prosperity
from any plan that advocates an in.
crease of paper money, at the pres
ent. To some, who, without
thought of the cause or effect, saw the
business activity, and the ease with
which fortunes were made during
the war, and now feel the legitimate
results of that period in the COM
parative business depression of the
present, any scheme, that promises
a change, have charm. They rea-
son, that, if fortunes could be made
SO easily then, when greenbacks
were issued as fast as Government
could print them, by further issue
now we will see return of those
halcyon days, and the present state
of affairs will be done away with.
History has always taught that
large issue of irredeemable paper
money is ruinous to a country, and
not to be tolerated except in cases
of political extremity, such as our
late civil war. Its inevitable effect
is to depreciate the currency, initiate
prices, stimulate speculation, and
arouse an unhealthy business ac
tivity. A false prosperity is the
result for the time being. We have
all seen this in our own experience
during the late war. But reaction
must take place, and such an unnat-
ural state of affairs must end in a
commercial crisis, more or less se-
we're, according to the amount of
currency, and the means taken to
diminish the evil. When the reac-
ton occurs, the wisest craftsmanship
is required to tide over the crisis,
save the people from general loss,
and restore business to its normal
condition.
Such an unnatural activity as that
seen during the rebellion is no more
real prosperity, than the burning
fever. that riots in the veins of the
sick man, and gives him supernatural
power, is proof of q high state of
health and bodily vigor; and, as the
departure of the fever leaves its
victim utterly PROSTATE, so is coun-
try prostrated. by such q financial
charge. Would it be wisdom to
force upon the weak and convalescent
patient return Of the fever, and /
that, too, in more violent form?
Yet this is just what these political
demagogues propose to do, when
they advocate the payment of bonds
in Greenbacks, and large increase
of paper money, to add to the weight
we are already struggling under.
The result of such a course would
be fearful upon the real prosperity
of the country, and would appal even
the reckless demagogues, who advo |
cate it. Speculation would be rife,
greenbacks would become almost
worthless; in reality, what Thurman
calls them, "rags," and the crash
when it came would be all the more
ruinous.
We do not think these schemes
will meet with any. favor among the |
people, even if their advocates really |
believe in them, which we very much
doubt. We have too much faith in
the honesty and common sense of the |
people, to think they will commit
themselves to any plan to repudiate
the Government debt, or postpone
the return of real prosperity to the
country. We are now feeling the
evil effects Of the financial system
forced upon US by the rebellion, and
yet are passing through the crisis
with remarkable freedom from loss
and distress to the country. Let us
not. then, when almost ont of the
woods. again bring the evil upon us
in aggravated form.
R- A comparison of the vote on
the State ticket shows that Gen. HAYES
received the largest vote Of any can