, 1876-03-13

u0A eA%AoA VI t44AAR4A6 4AIAt eA>A A~fH t4Ao" w
compare such history with TINT which Is
proposed in tho United states,-tl,o exclusion
Of NIL metallic money, md tho substitution Of
"pnpor dollass."
suA1L WE HAVE npEclE-PAY1No BANKa
A sterootyped resolution adopted ut all tho
meetings Of all the inaationists, whethor III
| State conventions OF at wa1d clubs, ia to tho
effect that tho notes OF tho National Banks
shall bo Withdrawn, and legal-toudcr green
backs issued in thcireplace. That is q funla-
mental principle in that party, on which there
Is no di0oronco in sentiment. Has the propo-
Rition any substantial basis Of justice, and to
whnt axtent2
If tho National Banks are to DO allowed
Prominently to iBsuo bank-notes 1edecmable
in Government 1eknl.tondor notes which nre
| rodeemablo In nothing, thon there is show
Of good sonRo md sound policy in having MI
tho currency issued directly by tho Govern
| ment. II tho United 4tates are to have
permanent paper money, redeemablo at no
time or place or in any form, and such paper
| is to DO legal-tendor, thoro can be but littlo
occasion or propricty In having tho banks
issue papor money redeemablo in the irro-
] deomable legal-tendora.
Tho whole business OF having bau1s isau-
ing their paper to the extent OF $500 900, 900,
or to my extent, with no other redemption
than oshcr paper irrodeomable in anything, Is
i1legitimato. It is bastard kind Of banking;
an entire departure from all tho principles of
responsibility, Of stability, and Of directnosa
System Of paper drawn in the naua Of fctf-
tious persons, and passing on tho credit Of
tho indorsera.
The greenback party, however, demand tho
retirement Of tho bank-notea in order to have
| protcxt for issuing gEeonbacks to fill their
p1ace; they propose to have greenbacls tho
exclusive money Of the country, and to mako
them not mere notes Of promises to pay mon-
| oy, but absolute money dollars, requiring no
resumption in any form, but to DO final pay
ment in itself. It is hardly necessary to point
out to any thinking man tho impo1icy at this
late day, In this country, Of a resort to sys-
tom which, wherever tried, has resulted in
financial ruin, and which has boon abandoned
by every Government, including oven des-
potic md absolute Russia. When Congress-
Issued $3.50, ,ooo, 900 Of 1ega1-tondar notes,
they had purchasing power, or were e1-
chaugeablo for as much coin, as some years
later tho whole outstanding issue Of nearly
$ioo,00o,oo0 Tho increase Of the amount
had added nothing to tho purchasing value Of
the whole. So in caso the aggregate amount
of groonbacks bo increased to 800, ,000, 600, tho
va1uo Of tho wholo will not increase in pro
portion to tho amount Within year tho
purchasing capacity Of tho groonbacks
will have contracted largely, operating
as contraction Of tho currency, and
as contraction not to DO remediod
by furthor iasue. Tho effect Of suoh
an incroaso Of 1egnl-tender notes, excluding
as.sit would tho whole theory OF redemption,
md Indicating that tho business Of the Gov
ernmont and OF tho country is to rest perma-
ncntly on d paper basis, would bo to instantly
dopress tho valuo Of the notes. 4 decline Of
| 10 cents on tho dollnr would roduco tho valuo
Of the thousand millions Of dollass in tho
savings banks, orery dollar Of which repre-
Bcnts hourH Of toll md weolla of self-donial,
one hundred millions Of dollarB It would in
like manner reduce tho valueot all the money
on deposit in ali tho other banks, would re-
duce tho value OF wages and Of salaries. But
tna aor1'ne %uuio ~, HUI STOP WIN ~ eonn On
the dollar. There ara two hundred md fifty
!nlnons u go'o Annaany 9equnoo 10 pay
iofs'en ou,a''cea a'ia ~ 'nees el,o logn! oonga-
.'ons u lne aoSe.n1aent- tms gola must
90 nau' aao tn" on'y means OF optain1ng ltfa
10 10 p"5cnuso 1t WILL s1eehoacRs OF tne ofoKors.
There is no power to compel man to give
eo'o " oeot, OF nous iof paper money; anu
1os .n'a goa muss 90 gwen so muoh paper
as WI. W aenaanueu. "hen eFeehoaesa ahMl
hn7o oepreeiatoos 70 AZ eehts On tho dollar, tho
"holo lssue OK S'oo'ooo'0oo WILL noe purchase
oa muoh gold' or aa much OF any other. CON-
moa1'y' @' oho-nal1 I'm. sum Of 1eGal.tendera