The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-27
THE GREENBAOK PARTY.

such times, as sailors relate, the huge beast
tic impatient with the monotonous stillnes
Of begin to sway their ponderous bodies fro
zee side to side, or fore and aft. When sever
We are on the same ship, they do this in concer
its giving the ship rolling and pitching motto
cy as If in seaway. This elepantine pastime
ey kept up hour after hour until the restlel
lie monsters are tired.
IN Somewhat after the same manner in pr
" found political calm the greater animals
political menagerie will sometimes wor
D. themselves into state of excitement simila
d to what is shown by them in genuine poll
b teal storm. They delight in the temporar
.. mock agitation which they produce at til
10 cost of no small amount of oratorical pitching
n and rolling.
J. The latest exhibition of the kind was a
/ Detroit where, on the 25th inst, were gath
J. cred a few statesmen in called convention, t.
j inaugurate new party, based on nationa
: paper money. The chief orator of the occa
I sion was Judge VIM. d. Kelly, of Philadel
8 phia, known in the East by the suggestive
I soubriquet of "Pig-Iron Kelly" Thomas J.
Durant, who presided, was formerly citi-
} zen of New Orleans, but more recently Of
{ Washington, D. c., and is we'll known in
legal circles. The managers of the flair were
not fattered by the numbers attracted, and it
is presum able that the popular reception of
their declaration Of principles and purposes
will please them still less.
The first article of faith is that the people
owe the government just as much money as it
wants at any time, and must supply that mon
ey at a very low rate Of interest. Precisely
what this first resolution means will be hard
to tell. That the people are in duty bound to
support their true government at all times,
when honest, right and wise is not to be dis
puted; but that they must do this always by
means of loan of money or property is a
proposition that few will accept.
The second greenbaok dogms, that the gov.
eminent Owes to the people good, safe and
unif':4n currency really, by ITSELF means
nothing, not even leading to the inquiry as to
what such currency is. If by such currency
they mean coined gold and silver their propo-
sition is very far from being admissible.
The duty of the government res pecting
currency being neither more nor less than is
set forth in the Constitution. The government
must coin currency not create it or eur
nlsh' it otherwise than in exchange for
bullion or foreign coin, or in payment for in
terest, services or supplies, or for other ex-
penses 1t is not one Of the lawful functions
OF our Congress to make money scarce or
plenty. Congress is not mpowered to tam
per with the great selfregulating m achine of
finance. 1t cannot rightfully "farnish the
public an amount of currency adequate to the
business requirements of the country"
Whatever authority foolish or arbitrary
sovereigns may have employed to mar the
commerce and hamper the business Of their
subjects, our government has no such "attri-
butte of sovereignty"
The fourth article is q protest against repu- {
1latlon on one hand and imitation on the t
'ther, linked with promise to redeem green q
packs with bonds and bonds with greenbacks,
'lther at the pleasure of the holder. G
The greenback is a promise to convert into f
bond and the bond is a promise to convert t
INTO other greenbac1s. That is to say, the
overnment will issue four or five or six s
hundred millions Of promises, and each one
7lll be redeemable in another promise, and :
0 on dd iyini!un. The Governments words T
are to be as good as its bonds, N
nd the holders of both are to have an un- ia
mited mortgage on the faith of the nation, =
le mortgage being conditioned not for the u
ayment of either the bonds or the notes, but al
n the exchange of each for the other on de- NJ
and. The bonds are to run for ever, or as % =:
ng as the holders see fit to retain them.
his Is all the new party promises as an abso-
tely safe and uniform currency. Two classes of
promises based on nothing but faith, and in
yable in nothing but other promises ri
In their fifth resolution they propose to s su'
sue United States bonds for an amount w.
ual to the total government debt, bearing nj
terest at the rate of one cent day on VIC
ndred dollars, exchangeable for greenbacks
par on demand. This would call for over mt
o thousand millions in bonds and give tel
arly as great margin for alternate increase thu
decrease Of the amount OF paper at any on
,e afoat. the
IN the sixth resolution they propose to :
Ike their greenbacks legal tender, "en- oat
we'd with power to pay all debts public or At
waite" except when gold has been Ga,
,mised. hoe
They next call for repeal of the act fixing do,
time of resumption of specie payments. Z
conclude with eulogy on their new plan was
saving the country.
'hese absurdities we're unanimously in. emil
sed, and the people of the several States the
invited to organize at once in greenback tier
cs. Speaking for some millions of citi- "a,
s, we respectfully decline the invitation to ESQ
in the apotheosls of rag money. There OF
7 be found many thousands of agitators req q
culators, demagogues and discontented enit
'e-hunters, to join in initiating and sending thos
this double bodied balloon of notes and that