Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-11-09
GrsenbaeRfsm.

TIE sabjoinei letter from Wallace P.
Groom, the able editor Of the New York
Mercantile Journal, we think, fairly sets
forth the principles upon which all active.
intelligent advocates Of " Currency re.
form and industrial emancipation" who
have 8 right to be known as G~resnback-
ere, rest their claims for aa impartial
hearing:
NV YORK. October, 1871.
To the Earnest. Thinking Patriotic People:
as il is fact, much to be regretted.
that there is q comparatively large mum.
Der Of peTsons VINO lsither through a
serious lack Of intelligence or through
90 uugorthy desire TO appear TO Be what
they are not cause more or less Of Oh.
loqgy uDjusily 10 fall upon intelligent
and true Greenbackers, we fell con.
strained to make 9 plain statement as 20
ihe objects earnestly sooght 70 be OBJ
tanned By intelligent and true men who
advocate national paper money.
TEE IkDE GkEkABACKER
sincerely desires that the highest welfare
Of all classes shall be the sole object OF
al legislation, whether State or national
and, If he is intelligent, be believes that
toe production Of useful commodities
should be stimulated 10 the fullest ex.
tent, and also that those products should
be equitsbly distributed. He IL. there.
fore, most bitterly opposed to ali elags
legislation, for thereby equitable distri.
button is prevented and many are wrong
ed by giving to the few control oyer more
than their just and proper share Of bro.
d%uction. The presence Of only moderate
intelligence and the absence Of binding
prejuoics will allow an honest iryestiga.
tor TO perceive promptly that.
AMEDluM or EXCHANGE.
which ohsll properly meet TIE REQUIRE.
menta Of trade, nust be Of uniform mr..
chaiing power, and that this require
ment cannot be met by any article Of
merchandise, for the reason that the in
talhbie law Of supply and demand regu
iates values according 10 circumstance,
and conditions which are constant,
changing aud which, at best, make al
values only relative. all merchandise
because Of fluctuations in value. bein,
thus ruled cut as unfit for use as none,
with which TO make payments, it il
/ plain that the government must, BY II
simple declaration, make tho money o
the realm which alone can Justly dis
charge debt, whether it arises from taxa
ton or otherwise. Then it naturally fol
lows that in coming money, as in al
8 other matters, government should Ia.
the least possible burden upon the peo
pls-for each individual is part Of iteell
Z IL should, therefore, impress its sovereign
: ediet upon the most suitable and eco
nomical thing. This requirement expe
3 rienee plainly shows is fully and mos
satisfactorily met by
THE USE OF PAPER MONEY.
/ The intelligent and true Greenbaeke
= advocates this policy, claiming that a
d appropriations proper to be made BY cor
gress should be paid in national pape
\ money, the ultimate proper redemption
Of which is through taxation. And /
order uniformly to give a just ~ciroulatin
medium for all purposes the %levying {
taxes should be so far delayed as to Der
r NIT OF a sufficient volume Of money. n
further claims hat the only method .
determining what constitutes a suficion
volume 70 through an automatic adius
a ment Of the same by means of i1leI
ehangeability of this carrenoy-at Mold
er's option-with bonds Of the govern
y ment bearing au
EQUITABLE RATE OF INTEREST
p A true and Intelligent Grsenback,