New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-12-27
A PLEA roh GREENBACKS.


an intelligent and enlightened people.
4 PLEA f0k GREENBACKs.
The self-mads man, who. by his own
exertions. has acquired wealth. regards
with scorn all financial theories that do
no: emanate from wealthy men. To him
acquisition means financial ability. and
the lucky Spectator shrewd business
man. In his estimation the merchant
who fails. no matter under what circum.
stances. is a fool. and thu impecunious
toiles against obstacles and seyerses .
wretch unworthy of notice.
For such financial magnates and purse.
proud wiseacres this article is not written.
The oryamen.um al foaainenn being the
only logic which they understand. the
discussion Of nationa! subject possesses
for them 20 interas: save that which
directly affects themselves. Laborers.
mechanics. clerks, farmers. in word, the
great masses of the nation take deep
interest in the solution Of our present
financial problem.
Congress has before i: for consideration
the currency question. Ignoring side
issues and variations. the whole matter
must resolve itself into return to the old
system Of hard money as the only legal cir.
culating medium or the retention Of the
present legal tender issues.
The most strenuous advocates OF the
adoption Of coin as the national circulat-
ing medium. are among the wealthy
classes. the great moneyed spectators.
The cause of this is obvious. As soon as
greenbacks shall have been deprived Of
their legal status and gold and silver
placed in their stead as the only legal
medium by which debts may be discharg-
ed. it will be an easy matter for these
great capitalists at any time to control
the coin Of the country and dictate prices
or create panics at will. The whole
amount of coin in the United States and
the Canadas would not suffice to move
one-half Of the cotton crop. It is within
the recollection Of every man that fifteen
years ago. when specie was the basis Of
value and the only money recognized by
the constitution. it was found necessary
to create local banks and empower them
by State laws to issue bank bills. These
bank notes, it will be remembered. were
in many cases. preferred to gold. and
almost invariably commanded premium
over silver. And the demands Of our com.
merce at that period. were fraction of
what they are now. While it is admitted
that paper dollar depends for its value
almost as much upon tie confidence Of
the holder as apon the solvency of the
makes: it is contended that with national
paper money i. would require national
revolution to disturb the public confidence
and impair the value Of the currency. OF
course it must be understood tina: the
volume of the national circulating me.
dunn should at no time exceed more than
three-fourtLs of the material means and
resources OF the nation. Then, again,
this currency should bo receivable for all |
dues and duties. The present holders of
coin might be protected by grading the !
valuation il the collection Of customs
duties.
Those who oppose the adoption Of the !
yreenback dollar as the national standard |
denounce the theory set forth |
above as imitation. Perhaps, to certain !
extent it may lead to initiation. because as
The population increases and the country
grows richer. the genera! govesnm ent will
ssue more money.
The arguments Of the opponents Of
paper currency may be summed up as
follows:
First. the paper dollar has no in.
rinsic value: second. if it has value it !
s simply derived from the fact that it is a |
mortgage On the wealth Of the nation;
md third. such mortgage could never
De foreclosed with any palpable result.
The first objection is killed by the second.
md the third is swallowed up by the pre-.
.equisite of national insolvency and bank.
:uptcy, which could not occur. since the
government is powerless to issue more
money than its resources will warrant.
The second objection. therefore. only
emains. namely, that paper dollar
ssued by the government is simply
mortgage on the national wealth and re-
ources. Well, what citizen would desire
,etter money than that: Is gold worth
Of itself. save that, by its
carcity, it has had value placed upon
t: ANY argument based on the second
bjection is mere casuistry, and will, when
nalyzed, only strengthen the proposition
hat the supply of currency must meet the
emand. Since all gold and silver in the
World would be inadequate to do. this,
i've US the national mortgages. 70. we
elieve in the security. /
The FARMER. NOT THE PLANTER.
It does not appear that there should be
s.ls, q I