The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-02-12
GREENBACKs AND THE F1vE-rwENrIEs.

There are two points of view from which the |
proposal to redeem the fve-twenty bonds In
treasury notes may be considered-one IN
wolves the question of the financial effect OF
contraction or expansion Of the currency on
the industry and commerce Of the country
the other the question of governmental faith
II is proper to state that mir. Pendleton, to
whom the origin of this idea has been
ascribed, declares that his project is not ne
cessarily attended with imitation 5; but that, on
the contrary, it may be consummated without
producing any material expansion of the cur
rency. Leaving this branch of the discussion
out Of view, there would remain only the
question Of faith and it is on this point that
the proposal to redeem the five twenties in
treasury notes, has been most fiercely as
sailed. If the scheme really involved what is
called reputation in an unquestionable form,
it would not command moments attention
in the so-called loyal States, nor would the
distinguished Democratic statesman who is
its putative father, have risked his reputation
by proposing it. Ultimately, impotence of
taxation may bring the popular mind to tole-
rate what an assumed sense Of national honor
now rejects but that time has not arrived. 1t
is still wrapped in the intricate mazes of an
unknown future. 1t is potentially remote 1t
may be positively near. But as yet no
politician has been bold enough to
utter the word reputation. The fact
that the unpopularity of that word, and of the
idea which it expresses, has not deferred the
people Of the Northwest, and the political
leaders who rely on popular favor, from
adopting the plan of paying off the FIVE
twenties in greenbacks, shows that, at least
in the opinion Of the public. this project is
not Synonymous with reputation. On the
contrary, there is a captivating idea of justice
and equality in the phrase Of Zone currency
for the bondholders and the people," as the
antithesis of the imputetion cast upon the
other party in the cry of "gold for the bond
holders, and deprecated currency for the
people" The party opposed to Mr.. Pendle-
toms views already find that the effect of these
sententious but damaging colloquialisms can
not be averted by the cry of bad faith and
reputation.
The New York Times, in an elaborate ar
tcle, attempts to meet the case by defining
the meaning Of the word "dollar," in regard
to which it says there has been q great
amount of misconception. That paper de-
clares that, under any and all circumstances,
the word dollar signifies a certain silver coin
weighing 412l grains of standard silver. AS
it finds that the fve-twenties promise to pay
so many dollars at such a time, it assumes that
! they must be redeemed in silver dollars or the
equivalent in gold coin. Now this is simply
| begging the question, which is whether or not
the word "dollars" ON the face of the FIVE
twenties means coined dollars or paper dol
lars, or either at the option of the govern
ment. The Times goes on to say that the
- dollar named on the face of the treasury
note, is, likewise, silver coin, weighing
412k grains Of standard silver, oEits equiva-
lent in gold. "No other idea can be formed
of it." says the Times; and the proposition is
strictly true. The treasury notes are issued
as the equivalent of coin, dollar for dollar,
and if they were thus practically equivalent,
they would serve for the redemption of the five.
twenties just as well as gold or silver. 1t was
on the presumption that Legislation could force
a practical equivalent, that greenbacks were
made legal tender in the payment of private
debts But, on the theory Of the Times thai
this equivalence exists practically, as well a:
alphabetically, greenbacks would now be a
par, private debts would be paid, indiffer
emily, in coin or paper, and the whole discus
sion as to the five-twenties would be super
fuous and proftless.
On the ether hand, how can it be con
tended that the faith of the government j
pledged any more deeply to the holders o
the fye-twenties than TO the holders of trea
sury notes? On its face the one dollar trea
f sury note bears these words: Il" The Unite,
States will pay one dollar, at the treasury i
New York" This is an obligation payabl
, on demand. If the note is presented 70
( payment, the claimant will receive, not
/, silver or gold dollar, but simply anothe
-: paper dollar. Yet the faith of the govern
ment is pledged to pay one dollar-precisel
: that dollar of 4l2l grains of standard silye
3 to which the Times refers If there is repu
diation anywhere, it is in the refusal to pa
( this obligation when due-that is to say o
r demand. But, in the case of the five
!, twenties, there is this difference: when the
were issued the greenbacks were in exis
2 ence they were the recognized and leg
currency Of the country; they were used
/ the payment Of private debts and Of loans
!. the government. But, in the popular lal
d guage and in the language Of the law, whe
I. the word dollar" was used, it signifed I'll
paper dollar, and not the silver or gold dolla
!, Why does not the word "dollar on the ia,
/, of the fiye-twenties mean precisely the doll
meant in all other cases except those in while
a gold or silver is expressly named? This
a the whole point; and in this lies the ditfe
7, ence between the fve-twenties and gree
e backs; the former are supposed to be redeem
- able in the currency in use when they wa
- issued, and the latter are, clearly, redeemab
e in silver or gold.
u An AFFLIcTING OccURRENCE AS SEEN by = u
\. DAM In returning from my round Of unsatisfa