The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-12-03
Greenbacks and United States Bonds.

GreenbaCkS ana united 0taCeS 6OlioS.
In answer to point made by some of the
financial writer's on the 4" hard.money side,
we some time ago called attention to the
fact that the greenback circulation had the
same paternity with the Government bonds,
and we assumed that the circulation had
been deprecated In spite of this similarity
OF paternity by the unwise act which mace
it unavailable for the payment to the Gov
eminent Of duties on imports. But for that
the greenback circulation would be at par
with bonds less what The latter might COM
mand as an investment. 1t Is not at all won.
derful that currency rejected by the Gov
erpinent that issued it should be deprecated
It is, therefore, on general principles, not a
good argument save to show that the Gov
eminent could lift 1t up from depreciation by
treating it as her own paper, as solvent and
as certain of payment as her bonds, by
making the greenbacks receivable for all
debts due the Government itself.
We find this point quite vigorously ex-
pressed in financial essay from the pen OF
ALFRED F. JONES, NJ. D., of New York. We
extrae: this paragraph, and give 1t place,
as follows :---.---..-..
"Our currency not having the standard
value of dollar for dollar, caused by the de-
preciating enacting clause passed by Con-
gress makingan exception ia its value to the
General Government, it was not good enough
for the Government, but was good enough
for the people. The Government would not
receive 'greenbacks' for duties on imports,
but the citizen is compelled to receive
sgreenbacks for all dues to him. The eX-
ception made by the General Government in
not receiving 'greenbacks for all her dues,
discriminating against the citizen, depreci-
ated our currency, and it can never be at
coin.value while that discrimination remains.
Should the Government reduce her circu!a-
ting medium to one hundred million of dol.
lars, and still refuse to receive it in pay
ment for duties on imports, our cur
rency would remain deprecated. But should
The people of the United States demand of
their representatives in Congress to create
circulating medium of four hundred mil.
lions of dollars as currency payable to the
Government as well as TO the people for all
dues, it would not only be in appreciation
with coin, but would command premium
uOL Ohiy III Iulss uut aloV III Soub7
tries. How ridicuIously absurd it is to deery
the credit Of the United States as not being
capable Of paying 'three hundred and fifty
millions Of dollars while she is in debt two
thousand millions of dollars all of which
is in Government bonds (Which are eagerly
sought after and taken by capitalists because
the United States bonds are considered better
and safer than any other investment) except
three hundred and fifty millions Of dollars In
'greenbaeks.' All these bonds are at pre-
MUM, and bearing an interest at from four
and half TO seven per cent. in gold. II the
Government be able to pay her bonds she
surely can pay for or redeem her green
backs.' Should the Government reduce the
volume of her circulating medium, reducing
in the mean time employment and wages,
which would be the inevitable consequence
owing two thousand millions Of dollars, and
paying an annual interest on the national
debt OF ninety.five millions of dollars In
gold-the taxes, being high, could not be
paid, as majority Of the people would have
no money to pay with hence confscation of
property would follow with all its attendant
evils"