The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1869-12-16
FINANCIAL QUACKERY.


There has been considerable talk in
Washington and New York about plan,
bywhich our Secretary ofthe Treasury will
be ready to reinstats the Gold currency,
that is to redeem Greenbacks in Gold on
the first o. July 1871 at ~ o'clock NJ.
sharp This plan-in fact euery plan
which fixes the commencement of the
Gold currency on certain day-gives US
about as much confidence, as the prom
ises of some Quack doctors who guaran-
tee to restore their patients with their
pills within eight days. to perfect
health-or as the announcements of some
professors of languages who promise to
''teach reading, writing and speaking
French completely in "a lessons"
To give to the Greenbacks Govern
ment due-bills payable at sight their full
value in Gold. is simply bringing back
the national credit to healthy normal
state; but this cannot be accomplished
BY quackery, but only by healthy diet
the former will generally increase the
evil instead of removing it.
IF the Greenbacks were only evidences
Of indebtedness of the Government, the
matter might be easily settled by fund
ing them, converting them into inter-
est bearing bonds). For if Government
would offer even only q per cent bonds
to the holders Of Greenbacks, they would
be taken very willingly and the matter
would be settled. But this cannot be
done because these Greenbacks, besides
being protested bills of exchange of the
Government, are also means of &C.
change (money) and as such have GER
tain value and are at the present time
indispensable.
This being so, and as Illumination
of the existing mass Of paper money can
not be thought of at present, there is
nothing left to US, but the slow and sure
way, to raise by degrees the value of the
Greenbacks as eUidences Of debt in such a
manner. that they become at par with
Gold that is to reduce the premium on
Gold by improving our national credit,
which can only be done by retrenchment,
honesty in the Administration and a
speedy, well regulated application of the
surplus receipts from our revenues, to
the cancellations of our national liabilities.
A socalled resumption of specie pay
ment' is only possible land then it
need not even be expressly declared when
everybody is equally satisfied whether he
has paper-or gold dollar in his peck
ct, because he can exchange the former
for the latter whenever he pleases and
without any discount. If our Secretary
of the Treasury before the premium
OF gold has ceased should give notice,
that be would redeem the greenbacks
IN Gold, the Gold would be drawn
fon his Treasury to the last dollar, and
then one half or more of the Greenbacks
would not only remain unredesmed, but
W tnen be 5Jredeemabie.
Any solvent Bank can set afoat four
paper dollars with one gold dollar, because
al its other securities are equally holden,
and 1t only wants gold sufficient to meet
any sudden calls or emergencies, but Gov
ernment cannot act in the same manner,
it must be able to either redeem all its
paper money In gold or its equivalent (by
fundingl, or it must wait, until no one
has any further interest in changing paper
into gold, before it can declare itself ready
for redemption that is resumption IF
specie payment"