Wilmington daily commercial., 1875-08-20

Well how came greenhacks to be issued? We
were in the midst of q great war, which, 1t Is
plain truth to say, tho 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 as Governor
Allen and Mr.. Pendleton, Northern Democrats,
who londly promised to I" stand by the South, y
but left it in the lurch as 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
nayies In fact it sometimes spent moro in q
week than it could collect in taxes in year
without ruining,the people. But whena mau or
government must spend mote than it has he
or it must borrow The government borrowed
many millions. for which Ii gave the lenders as
security its bonds, which are premises to pay in
fixed number of years, with annual interest
meantlme. But finding it difficult to borrow
money on bonds becauso tho Southern men
made 80 gallant fight that people doubted il
they would not win, the government began to
borrow in smother way--nsmcy, by the tissue OF
| bills called "greenbscks." As it needed more
money to buy supplies and pay tile soldiers, 1t
| issued more Of these. If the taxes had been
| sufficient to pay the current expenses. 1t could,
| OF course, have issued no greenbacks at all.
| Now grsenback is promise to pay money,
| which does not specify any day of payment NOR
give the hclder any interest for his loan. II any
| farmer who hears Mr. Pendeton should sell him
| his farm, he would lHfuly take III payment 4
| noto of Pendetons merely promising to pay him
\ the purchase money at the indefinite time
| whenever it might suit Mr. pendleton's pleasure
and with no interest in the meantime. That
| would not be business transaction, and ii Mr..
| Pentleton proposed it the farmer would think
| him fool. But men deal with government just
| as they deal with neighbor. and the govern
| ment saw that its promises 30 pay five dollars at
| some indefinite future time without interest,"
| would be refused 1t therefore used doubtful
= 4 dan l.ts,h
| means only that it forced us all to take these
greenpaeks, these prsmises to pay money, and
| give for them our services or our goods; and as
| nobody would have dealt with the government if
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 thcn been sufficient to pay the govern
| ment's expenses it would not have Issued green
| backs. 1t could not, in fact, for it would have
had no use for them. IL would simply have paid
it's debts in money. How, then, we have
"more greenbacks' now, when the taxes do pay
the expenses
But, second, if 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-that is to say,
whenever he could-he would, as an honest man,
| take up first the last named notes-his green
backs, go to speak. This he would do not only
|
OF improving his credit and securing good
character among his neighbors. The great IL
nancial fault and blunder of the Republicans
since the war has been that they do not do this.
Had they done 80 we should not have had the
panic OF 1873, nor the hard times which have
followed since. We owe this blunder to the ig
norance of Gen. Grant and of his fayorite Sec
retary Of the Treasury, Mr.. Boutwell,, but it ie
fair to say that they were encouraged by a large
number of Democratic and come Republican
| w n
backs, and succeeded in forming public opn-
ion opposed to an honest and wise financial
policy
Now all this is known to Mr.. Pepdleton. to
| Governor Allen, to every Democratic leader who
has brains enough to understand the b C OF
| finance. II il intelligible to every farmer in
Ohio. The Democratic party pretends to be a
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 al they can.
Why do they do this? 1t is because they have
no confidence in the honor or honesty of the
American people. That is the only reason.
Pendleton, Allen, Carey and all that set, believe
the people to he at heart rascals aud wishing to
rule they appeal to what they belle We to be a
general desire among their hearers TO swindlo
their creditors. There ii not one of them, who,
if he believed that the farmers OF OHIO were
honest, would not gladly and vigorously oppose
initiation and advocate an honest pohcv, Nhicl
alone can lead u to prosperity.