, 1875-08-08
4 TALK ABOUT GREENBACK8.

exception. IL 1s gnasLy erTDr WHICH, "olu'
| are inadequate to paint.
4 TALK ABOUT GREENBACKs.
There are q few simple facts about thu
"greenback which cannot be denied, bu
| which are often overlooked. We group here
some of these facts,-the 4, B, G Of the
financial question:
a SSgreenback" contains tie following
promise: "The United States will pay the
bearer - dollars" What does this prom.
Use Of the National Government mean? The
only word in the sentence about which there
can be any question is the Inst What is q
dollar y? The answer is not difficult. fol
the "dollar" existed before the greenback,
and will exist long after this sort Of promise
to-pay has been retired Whatever, there
fore, constituted dollar before the green
back law was passed, is the quantity OF
value promised to be paid in redemp-
ton Of the greenback- The laws Of
the United States define the word Adol-
lar" It means, according to them,
233 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 dollar is recognized the
world over. 1t passes anywhere in Christen-
dom at its face value. A bit Of green paper,
on the other hand, though stamped thou
sand times oves with the cord "dollar, :"
does not become the thing: It merely repre-
sents the thing, and does this so mperfect]y
that it is worth, not dollar, not 100 cents,
but varying number Of cents,-G0, 70, so,
OF 90,-according to certain circumstances
and the confidence felt in its redemption in
actual dollars within reasonable time. It is
now worth about Sc to 81 cents. It has been
worth only SO, and not long after it jumped
to 80 cents, and then tumb1ed down to GO,
then up, next down, and so On. # the inde-
ton programme were to be fully carried out,
it would be worth 10 cents or or cents,
like the French assignats, the Rebel gray
backs, and other ahinp1aster scrip. Il
is not strange, perhaps, that the
American people have forgotten what
"dollar" is, since there has not been
real dollar seen in general circulation 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 Lie any other sort Of dubious
paper.
Since "dollar" mems q minted coin Of
% 1-3 grains Of gold, the promise printed On
every greenback means that the United
States will pay the bearer thereof as many
gold dollars of % Is grains weight each as
the paper calls for.
The demonstration can be thrown into the
form Of q syl1ogism. Major premise: 4
dollar is % 1-3 grains Of gold, made into
coin and stamped at the Mint Of the United
States MINOR premise: A greenback is a
promise to pay so many dollars; conclusion:
many minted coins containing % 1-s grains
Of gold each
The only question left an honest man or
an honest nation to consider, under these
is, how shall this promise be
kept? The best thing to do would be to re-
deem these green promises On demand at the
Treasury and the Sub Treasures. II this is in
practicable, 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 people should have the right |
to fund them When they were first issued |
the holders had this right, and it should not |
have been taken away. Those who prefer to |
keep the greenbacks would have the privilege |
to do so, but those who preferred q bond for
them should not be deprived Of that option
It is not improbable that bond payable in
gold and bearing 3.65 gold-interest would be
to the American people. It
wou1d be absurd to make the note payable,
principal or interest, in another note Of the |
maker, This would be like Mcawber, who |
paid his note by giving another for it. The
obligation would still continue. Only the
'orm of it would be changed As long as the
United States merely gives paper promise
'or paper promise it will always owe the
original debt To be out Of it, it must give
What it promised-gold dollars. It must
land over real dollars in exchange for its rag
lolars. II not ready, then it should give
drawing intarest, and payable
when duo in real dollars.
]
Dignees and greatness are two different things, |
Is the English discovered when they built the
treat Eastern. 1he Lesson taught by that
aonstroas failure vas severe enough. one would
Link. to prevent the repetition OF the mistake
or many yea1s to come. Jet it appears that 4
imilar blunder is just about being consummated.
hen il was shirs that allied the British now it is
uns- Tue War Office has just completed N 8l-ton
un, and. without waiting Tor tho results Of it's
roof, has ordered the construction Of another
ke it. Tho biggest gun the artillerYmen have
ct had to tieal With 4eigha hnt 80 tnns or lesa