New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-03
GREENBACKS NOT MONEY.
ADDRESS BY PROF. JULIUS H. sEELYE AT
AMHERST.

DUTY.
lrRoM AN OCCASIONAL CORRESPONDENT or THE TRIBUNE
AMHERST. Mass, Sept. 29-Prof. Julius IL.
seelye Of Amherst College delivered an ADDRESS on
Monevr hare TODAY before the Hampshire County Agr-
cultural Society of which the following is very full
abstract:
Am money Is wealth, but all wealth is not money
Money standard Of value ana an ,us mat "a
mnst he nm object OF desire, and cost labor Dnerent
articles have been used for money Dut gola anu st
are the most desirable and the only money curent
Gil ovsr the world No nation which these for lts
current money have for any lenRn OF e ~ t ,nev
~ 700 itfIa redundancy q str1ngency OF tine money
market must regulate itself in any such community 10
little while. Financial pan,S,s ana Ssn we have
u, onethinS in the place Of money which Is moi
money and have tried to make the SHADOW 0, ,o
tWo n, NJ ali these monetary disturbances Ana
this brings TO notice the difference setween our
and money us CURRENCY money but is
money. In the first place. we nave o. 90 seen coa,
That nS %Hs nays Itself But this paper
we call greenback has neither OF these quasi "'
therefore it cannot pSsiDi, Nat o Which ia changing ali
the while at the will Of Congress or the VIII an ~
Feb 1882 Congress 81 ft The same yeaT SS
600 900 more. On this same date Juiy H. iooI ,0
decreed that nores should pe issued Ug ,sss naed
declaring that fractional notes Of dollar should ne
issued ooc Of these have been ae tarieG
authorizing these banks to issue notes TOT
and then week aterward March D. ls63 Gongress Sov
out tIooOOOCOO more Of greenbacks Besides this, Jny
H. 1870 further issue OF 90 bank currency was
authorized. And then our present Sc j., fov
would be hard to find added SO 100000 more
legal tenders What sort OF standard 40 you can tha
be which the Government could stretch aiter inns
fashion. and then force the people TO use Sr te SAME
money and great delusion to call them So Ahey
not q standard OF value
c,rrxy,cvc Sor . upnY,ru or rxCU,NGE
""i ~ - 80. 49,. 60, i,,, ,ho, 4,
But some one ASKS CANNOT We ou' '"inS' WIN 'no.'
-, 49, -, -. at, rhor ia oxoba,oe amono
siiVerf het Us LOOK AT ,nis' i"ey ,n,rs
u.s. We do buy things with them; this everybody knows
Rut evervbodv knows also that the piece of paper
oa,,ed doI,ar docs not nv "a much as gold or silver
dollar would. and that it does not buy anything abroad
United States promise to pay viii not be received 0r
tent in Canada and the reason for TINS ls that u Is
aisn0noieu S l., 20 n;sc Evrrv one Of those
reenbachs note Of national dishonor But no. saws
a distinguished Senator and late Secretary OF the
Treasury OF tne ohteu uso a n J t"r
rrcSemn,ion No definite time specified! But what
kind of transaction would this be among private par
tesl Suppose should borrow some money VI you anu
give You nole pIoms.rs 20 pay, o.t nH ,yhoadiio
ing any time for payment ann SUPPOSE con wnedue
you into the accordance Oh urh noe, anu no mnux
you came ioi Y n,st NOT demand PAYMENT for Il
mean to pay at some Time am go2d lor tm,s ,
sum- uoh you soc az ~, Ia I don;t mean 10 nav
I'LL get ready Now II you SHOULD zee, snat you n aa
been ioo 10 ,e n ai me- II shouiI take such
Sronndi
,aIs " are nor medium of exchange ard thus not
money because they will circulate outside Dor
uS >, auu ,, ,ov Iiei nv onght IN nurchase
and would purchase II we had dnen rny are ,e cur
rency Oh our @ a U ,G M ibn acts of Congress-
calling them money coaa no more maze tc suo nn
acts OF cu h, =, IN vnivns The Act
the erealest ~ ,e va ,ii ~ do,Iors ioroer than n
would otherwise have been It has vastly Increased our
SAT- n nmy tavaton II has augmented the cost of
living IL has led 10 n arse aSan
luihess on te par. NJ ,o the nnI NJ tSe nco
pie with the notion that dishonest promise p romse
when he party Pron,isIpx uors ~. MANI or! IanJ
to keep, may still DC lawful ana may even DC neelarea
by our Supreme Court TO DO the nighes' Ia" oi inc u
THE BURDENS WITH WHICH THE FARMER Is sADDLED
.n. ,,o hurdo,s y, this ,o.,iynan, measure mo-
AhohS 'no Dui"ons " 49, ,' - =, 1870,
tice some oi 'hoSe Win "hon '"o i"iie' 80 '"u"u'
When we have certain products part OF which ex
port and part consume home, the price Of what
consume at home depends exactly the price Of what
we send abroad The price OF breadstufs here. g. de-
ponds upon their pflc' n % hoaom 'no , con
r for his wheat or corn IN Massachusetts or Mime
sofa than will fetch Mark lane, minus the cost OF
taking there an or wncn we ' sn% m 70 DE
esiinaleu III sou, C .,, al ra ~ So
which none are exporieu put an are b ,h h nrt
are uetei ~ o 60 tI,t Tor NH t" Ter
ou vi. 80 he mice o, Gold has
mer sells lie gets us price On e1iu pas "o ioi ~aa
ne puSs ne paso % 49, ox,or,s ara hosdas col, aDT
Tn a11ects nlln Ou Snei GA die SDi anu
bonds, COTTON petroleum' grn anu nur pee,. pu'ter
cheese lard pork ana loDaSeomtno great ooHy Oh our
exports being thus asfcuItursi Pfouucts VOW you
must remember tnat the pce vi an 'aese
in so far as they are sou At T W se
price OF NOSE wncn aIs me eeP H prce
VIII always d tne @ co. :, p ,mo @
price Is ra,en IN Eou au ~, "" obo one do we
have one douar III eoiu e!u W a one % anu Yen
cents IN currency; no" tne seat y, ,o
department AZ h T a teen S ,S % ~
procedure nas seg ~ auop mo" ,e plee oI
gold ana inns mas successfully oeen uoe' put we nave
lot been able 10 Keep uoWm tne prce vi oner thngs
These have risen accordhe 10 thc lheAoapie law OF
expanded currency. COTTON Roous' woolen goods.
boots and Shoes house FURNITURE aDor-hese nave ad-
vaneed 10 price because OF our eHpahueu currency:
And certainly state ~ W,.n potS "cn say tnat
TINS advance Is AT ieaso my poi Put tnese
facts together anu YOU nne ho nm VI ~ peiore,
1T Will make you open Wudt Tue FARMER