Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1875-08-26
the MONEY QUESTION.
A short Lesson for Ohio Farmers.
[From the New York Herald

SNORT Lesson Tor Ohio E2fMsCFss
tFrom the New York Herald
| The Democratic speakers in Ohio arc making
= wonderful muddle Of the financial question
They tell the people that the government STAMP
ID the only thing that makes money, and that il
it stamps paper that makes it dollars Just a,
good ~ gold. Bnt il that is true, why il it, VIII,
las it never been, since the government begar
| to stamp paper with dollar marks, ~ good a,
gold At the moment when Gov. Allen uttered
this piece OF nonsense every farmer who heard
him knew that the whole power OF the stronges
| government III the world, fully exercised wa,
then insufficient to make the paper dollar In his
pocket equal TO gold.
Mr.. Pendleton tells his hearers that coin il
best but that We have now paper, and It would
be well to have more paper for . while before
paper! Mr.. Pendleton is said to be : man OF
brains. Why did he not tell his audience that
more paper III an absolute impossibility unless
tie government is 30 exponsvely run that its
receipts IN taxes would not pay its expenses,
when IT might either borrow on bonds or issue
more irredsemAble promises to pay, called
These Ohio 3Dlz.oorats are dealing dis
honestly with the people that is the plain
truth, and it iH about time to tell it plainly
There is no excuse for what Pendleton and
Allen are doing, for they know better. What
is a greenback2 In what follows we promise
tho Ohio farmer who may read 1t to tell
him nothing but what Mr.. Pendleton, Gov
Allen. and every Democratic leader in Ohio,
except Carey knows perfectly we'll Az for
Carey, he is what he always was. Know Moth
ing and, like all Of that kind, his contempt
for the "foreign vote" leads him to impose
upon what he suppeses its ignorance
What, then, is greenback3 1t il all ire
deemable promise to pay money. 1t does not
even pretend to be money. No Congress, no
Atpt-I rFf NRnu I..l Al
to declare it money. Look at fve.dollsr
green-back and you will see that il is not de.
clared to be five dollars on the contrary, in
rs plain language AZ can be used, the govern
ment asserts that this piece Of paper is not five
dollars, for it declares, on it's face, 'The United
States will pay the bearer five dollars" 1t
seems, however, that Governor Allen would
change all this, and make the bill read, 'Ths
is five dollars What genius for finance he
he has
We'll. how came greenbacks to be rsued? We
were in the midst OF a great war, which, it il
plain truth to say, the Southern people would
not have ventured on had it not been for the
encouragement they received in the fall and
winter Of 1850 from just such men AZ Governor
Allen and MIR. Pendleton, Northern Democrats.
who loudly promised to stand by the South"
but left it in the lurch soon as the deluded
southern people were too far in the mire to draw
out without an actual and brave fight. So gal
liant and vigorous was the fight made by the
South that the government was forced to spend
vast sums of money in maintaining armies and
navies. In fact it sometimes spent more in
week than it could collect in taxes in q year
without running the people. But when q man or
government must spend more than it has he
or it must borrow. The government borrowed
many millions, for which it gave the lenders az
security its bonds, which are promises to pay in
fixed number Of years, with annual interest
meantime. But finding it difficult to borrow
money on bonds, because the Southern men
made 30 gallant fight that people doubted il
they would not win, tho government began to
bills called "greenbacks." As it needed more
money to buy supplies and pay the soldiers, it
issued more Of these. II the taxes had been
sufficient to pay the current expenses, it could
Of course, have issued no greenbsoks at all.
Now greenback is promise to pay money,
give the holder any interest for his loan. II any
farmer who hears Mr. Pendleton should sell him
his farm, he would hardly take in payment a
note of Pendleton's merely promising to pay him
the purchase money at the indefinite time
whenever it might suit Mr.. Pendeton's pleasure
and with no interest in the meantime. That
would not be business transaction, and il Mr..
Pentleton proposed it the farmer would think
him fool. But men deal with government Just
~ they deal with Iiois, ,.ibor, and the govern
ment saw that its promises to pay. five dollars at
some indefinite future time without interest,
would be refused. 1t therefore used doubtful
power, and declared them a legal tender, which
means only that it forced us all to take these
greenoacks, these prsmises to pay money, and
give for them our services or our goods; and as
nobody would have dealt with the government il
it had forced .only him to take these promises,
1T went step further and forced everybody
to take them of everybody else.
Now two things are plain First-That il the
taxes had then been sufficient to pay the govern
ment's expenses it would not have issued green
bAckA. Jt Nnul1 m fart IL xrnu1d hpya
had no use for them. 1t would simply have paid
its debts in money. How, then, can we have
=" more greenbacks' now, when the taxes do pay
the expenses?
But, second, IL a merchant or farmer who had
been obliged to borrow money found, when his
necessities ceased, that he had given two sets Of
notes. one promising to pay in thirty years and
one promising to pay at any time-thst is to say,
he could-he would, as an honest man,
take up first the last named notes-his green
backs, 30 to speak. This he would do not only
~ an honest man, but az shrewd man, desirous
OF improving his credit and securing good
character among his neighbors. The great fl
nancal fault and blunder Of the Republicans
since the war has been that they do not do this.
Had they done 30 we should not have had the
panic Of 1873, nor the hard times which have
followed since. We owe this blunder to the lg-
norance Of Gen. Grant ana Of his favorite Sec
retsry Of the Treasury, Mr.. Boutwell,. but it is
fair to say that they were encouraged by large
uutHuoI VI OcuioCEAtlc hliu bOue NopuUllCAn
leaders, who united In a howl for ''nore green
backs, and succeeded in forming public opin-
ion opposed to an honest and wise financial
policy.
Now, all this is known to Mr.. Pendleton, to
Governor Allen, to every Democratic leader who
has brains enough to understand the L @ of
finance. 1t is Ineligible to every farmer in
Ohio Tho Democratic party pretends to be
reform party, and we really need reform. But
what do We see? Instead Of explaining to their
people the real history and nature Of the green
back, and show them what both honesty and
good policy demand. they pettifog in ponderous
speeches and muddle the minds OF the honest
farmers as far az they can.
Why do they do this? 1t is because they have
no confidence in the honor or honesty of tho
American people, That is the only reason.
Allen, Carey, and all that set, believe
the people to be at heart rascas and wishing to
rule they appeal to what they belle ye to bs q
general desire among their hearers to swindle
their creditors. There is not one OF them who,
II he believed that the farmers OF Ohio were
honest. would not gladly and vigorously oppose
initiation and advocate an honest policy, which
alone can lead us to prosperity.
san Sn0r A hOut f:ny. Allan