Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-27
A Talk About Greenbacks.

There are few simple facts about the
greenback" which cannot be denied, but
which are often overlooked. We group
here some of these facts-the A, B, g of
the financial question:
A greenback" contains the following
promise: 1.-THE United States will pay
the bearer - dollars" What does this
promise of the National Government
meanY The only word in the sentence
about which there can be any question is
the last. What is a dollarrH The an.
swer is not difficult, for the "dollar" ex-
listed before the greenback, and will exist
long after this sort OF promise-to- pay has
been retired. Whatever, therefore, con.
stituted q dollar before the greenback law
was passed is the quantity of value prom
ised to be paid in redemption of the green
back. The laws Of the United StateaAae
fine the word dollar" 1t means, ac.'
cording to them, 49, a grains of gold made
into coin and stamped at the mint of the
United States, or an equivalent value of
silver treated in the same way This dol
lar is recognized the world over. 1t passes
anywhere in Christendom at its face value.
A bit of green paper, on the other hand,
though stamped a thousand times over
with the Word dollar" does not become
the hSng. 1t merely represents the
thing, and does this SO imperfectly
that 1t is worth, not dollar, not 100 cents,
but varying number of cents-60, 70 80
or 9O-accOrding to certain circumstances
and the confidence felt in its redemption
in actual dollars within reasonable time.
1t is now worth about SO to 81 cents. 1t
has been worth only 38, and not long after
il jumped to 80 cents and then tumbled
down to co. then up, next down, and so
on. If the initiation programme were to
be fully carried out it would be worth 10
cents or 5 or 0 cents, like the French as
signats, the rebel graybacks and other
shinplaster scrip. 1t is not strange, per-
haps, that the American people have for
gotten what "dOllar" is, since there has
not been real dollar seen in general cir
culation east OF the Rocky Mountains since
1861. Persons who wish to refresh their
memory can do so by taking trip to
Nevada or California, where they will
find real dollars circulating, and Federal
scrip called greenbacks" bought and
sold like any other sort of dubious paper.
Since dollar" means minted coin Of
2315 grains of gold, the promise printed
on every greenback means that the United
States will pay the bearer thereof As many
gold dollars of 2319 grains weight each
as the paper calls for.
The demonstration can be thrown into
the form of syHogism. Major premise ::
A dollar is 2315 grains of gold, made into
coin and stamped at the mint of the
United States; minor premise; A green
back is promise to pay so many dollars
conclusion: Therefore, greenback is a
promise to pay so many minted coins con-
tanning 2315 grains of gold each
The only question lett an honest man or
an honest nation to consider, under these
circumstances, is, how shall this promise
be kept' The best thing to do would be
to redeem these green promises on demand
at the Treasury and the Sub Treasures. II
this is impracticable, the next most honest
thing to do would be for the Government
to offer to pay interest on them in the
shape of gold bond, into which the peo-
pie should have the right TO fund them.
| When they were first issued the holders
had this right aud 1t should not have been
taken away. Those who prefer to keep
the greenbacks would have the privilege
TO do so, but those who preferred bond for
them should not be deprived of that option.
1t is not improbable that a bond paya-
bic in gold and bearing 1865 gold interest
would be satisfactory TO the American
people. 1t would be absurd 10 make the
note payable, principal or interest, in
another note of the maker This would
be like Micawber, who paid his note by
giving another for it, The obligation
would still continue. Only the form Of 1t
would be changed, AS long as the
United States merely gives paper promise
for paper promise it will always owe the
original debt. To bol out of II, Il must
give what II promised gold dollars. II
must hand over real dollars In exchange
for its rag dollars. If not ready, then IL
should gFe a time-nOte, drawing interest,
and payable when due in real dollars
ChieagO Tribune. R.a au..r