Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1869-02-16
Greenbacks versus Cold


Inseems thai the Boards Of Trad,
in al the commercial cities, and Fl.
nancial commit oes of Congress, anC
even Of State legislatures, almost
everybody but old Ben. Butler and
ourselves, are elamoring for q gold
currency-tha age of gold must be
restored. The golden image is about
to be set up, and Shadrach, Meschak
and Abednego must fall down and
worship it. 1t is perhaps in vain for
us to utter our feeble protest, but we
are satisfied that the time will como
when men will concede that the bust.
ness of the world is too vast and
multifarious any longer 10 be carried
on, on a gold basis. Let Congress as
it will do, pass law declaring national
currency incapable of discharging a
contract made payable in gold by
the agreement Of the parties, and
such disaster will follow as will cause
us to hate gold as the devil hates holy
water. The national currency was
forced into circulation by declaring
it to be legal tender for all debts
past, present or future, whether pay
able in gold or not. Unsupported
by such o law, it never could have be-
come an universal currency, and
when that law is repealed or modified,
its value will be almost destroyed,
unless Congress authorize it to be
exchanged for an issue of govern,
ment bonds, drawing interest. Sup
pose that the act that first authorized
the issue of greenb backs had curtailed
their power by declaring that they
should not be capable of paying a
debt (which the parties had agreed
should be paid in gold; will any one
contend that they could have become
an universal currency when thus dis
honored by the government itself?
Everything that mankind uses
horses, oxen, and implements of
trade derives its value from what it
is capable of doing. If the national
currency can do whatever gold can
do, we will value it just as highly.
But if there are an infinite number of
debts which by the contract of the
parties, national currency cannot
discharge, to that extent it is shorn
Of its value, and it may yet be thrown
into the same waste box as the con-
federate rags. Who will receive
greenbacks, if heshas the option to
enforce the payment Of gold, for any
sale of land, merchandise or labor, if
credit is allowed for the payment of
gold? No financial prophet could
predict what dollar OF national cur
rency would be worth, week hence
under the operation of such a law or
whether it would any thing or not.
The tiuctuation at present is not
great or instantaneous. But the
worth of national currency under
such law, would depend upon the
number of debts which were agreed
to be paid in gold, and no man could
tell or guess their number or amount.
A paper commodity so variable would
instantly cease to act as money, and
become an article of traffic. Our
merchants could not buy goods in
Chicago or New York, unless they
agreed to make payment in gold, and
their home customers here would be
required to make their payments in
gold. Taking into view that the
reaction requires q revenue OF near
a millions of dollar per day and the
State of Wisconsin eXacts u revenue
of over half million year add to
this what counties, towns and school
districts require, and what the gi-
gantic railroad enterprises require,
and the debts incurred by private cor.
porations and individuals in carrying
on enterprises whose magnitude finds
no parallel in our previous history,
and it may be a matter of solicitude
where the gold is to come from, to
make all these payments. We know
that particular dollar may pay
great many debts, but when hundreds
and thousands of debts are to be paid
at the same moment, that dollar cam
not be omnipresent. We denounce
with all our heart and reason, the
detestable and barbarous notion that
only gold and silver should be legally
capable of paying all debts whatso>
ever. The consequences are as dis
astrous as the notion is absurd
Everybody knows that at no mo-
ment, is there gold enough in the
globe or out Of it. to pay all the debts
of every sort due and owing in the
United States at that moment, if
payment of all dues was required to
be made at the same time. Yet this
is exactly what is required to be done
when q panic occurs. Creditors in
order TO meet their debts, simulta-
neously clamor for payment-they
are entitled to gold, but its aggregate
amount in proportion to the demand
is but drop to the ocean. 1t is inns
mediately retired and locked up by
its possessors, and all property sud-
denly Halls, and all business is sus-
pended. But the owners Of the ma
tional currency will ever be ready 10
exchange it for other values hence
no panic can check its circulation.
But to escape the gentle undulations
in value incident to this currency,
Congress is now about to expose us to
the cataracts, commissions and earth
quakes of q gold era. We prefer the
| former.
Canadian clergymen want pro.
/ %Ia n