The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-18
THE GREENBAcK PROBLEM.
AN EXPOSITION or THE VIEWS OF THE GREEN
BACK PARrY--spEEcH OF MR. L. p. ALLIs.
oREENBAcK CANDIDATE FOR GOVERNOR OF

BACK PARrY--sPEEcH OF Mr.. Z. P. AI.IIs.
onEENBAcK CANDIDATE FOR GOVERNOR OF
WISCONSIN.
LBY TELEGRAPH TO THE HERALD.
MILWAUKEE, Wis.,, August 10, 1877
| The large and commodous Academy OF Music IN tails
city was filled tonight to hear the greenbacK candi-
date for Governor, Mr.. f. p ANS discuss the imam
cial question Although the adherents OF the green
back party in this city few in number Mr.. Als was
accorded iattering reception, aud his tpeech was
generally regarded In every way worthy Of the re-
markabe campaign to which 1t is the pre-
| ludc AT the outset Of his argument the
greenback advocate laid down the principles
| which guide the greenback party. The demand for
conversion iuto something we have not got he char
acterzed sublerfuge fraud not TO DO tolerated;
tho demonstration OF silver was San unparalleled
blow ut the already declining prosperity oil tho peo-
| pe" Money Is not wealth, but simply the medium
OF exchange; greenbacks to the poor only what
checks bills Of exchange 10 the larger dealer
and finally, II nation has advance need OF tho ma
terial ana services Of It's people, or rather, II the
future OF a nation has need OF the services of the
present. that the satisfying such need Is the legitimate
junction ana property of all the people, and that the
tullment OF such need should be exchanged in paper
and that such paper should not be used to borrow
money, but that Of itself 1t is money.
GoLp--THgIR VALUE
ltwould seem superfuous, Mr.. Allis said to detail
tho great degree in which tho precious metals fall
short in volume OF the ability to perform the ex-
changes OF tho world but 1t 10 30 small In comparison
as be almost insignificant The loanable capital of
Great Britain alone is greater than all the gold the
universe and yet that loanabe capital is all claimed
to be gold, Is also the oanabe capital of other ma
tions of the earth The public debts OF tho principal
| civilized nations OF the earth, all payable gold,
are two times over all the gold IN tho world.
Mankind have seen the necessity OF more oil Tho
precious metals til the world had or could produce,
and instead OF boldly meeting this want ny truth have
permitted the fact TO used Tor individual pront and
| have permitted their volume 10 be iictliousy
creased. An increase was certainly needed but he
means OF increasing tho volume of the precious metals
III our country, you will remember, was the so called
specie Paying bank was oapsr
every 81 in coin 1t possessed, promising to
redeem IL all In coin demand. In TINS way The
volume OF coin for practical purposes was largely null
tiped such banks great aids to business and
progress IN their days and while they prospcrcd
coin but the promise was com, aud 1t evident that
their aoty redeem the promise only lasted whllo
they called upon TO Wherever people
have attempted to supplement tho volume OF gold 1t
has been w debt, and they have called the
debt gold aud the enduring quality OF the substitute
depended upon tho character oil The debt
-t EULoGY ON DEBT s.t lz
Commencing with individual obligation OF the slight
form, has been present and increasing
and is to-day the largest ana most inportan siruc
caused by deUt Why did you get IN doDt? Pay your
debts &c. Our debts only be paid in barDarsm.
DeDtl 1t is debt everywhere. Debt above US, debt
around and debt beneath Our progress Is DEBT
To the past and our civilization debt to the future.
The millions piled up in your insurance companies is
bank are all made up OF debt The inventory
OF your every merchant Is largely made up OF debt.
The savings OF this great people Tor the last century,
piled up by millions in savings banks, arc all debts
The rich man counts MS thousands in debts, ana the
poor receives his days wages In debt The widow
drops her mite in debt robbers burst vaults and
carry off hundreds Of thousands IN debts II is debt
everywhere ana III everything and s true measure Is
not numbers but wisdom.
Debt TO the front d us.
Debt to the re AZ o us, a
Thunders and bellows;
p bsSs !. TO the the s'sh # o. us u.s.
Pleasant yoks-iellows! .ft
TaE REFINEMENT OF DEBr--A NATIONAL DEBT
The highest Of pny aca debt and conseq tly
OF value, known is that of a nation TO
ina I" NV debt to his ne,shnor or his creator:
State may tail TO pay Ills debt TO foreign State, and
aa TO- M own peops a The psope havs
hal the value OF tho debt and they cannot be de-
prved Of 1t, and tho only question is the just dislrDu
ton OF its benefits ana burthens, which Is purely
! question OF method. hot oil value national
debt its own people. therefore, is the
nnement OF debt, the very height OF value. IL
be lost We have IN our national debt what
is either a mine Of wealth far exceeding ali the gold
mines of the land, or deadly incubus dragging
deeper and deeper into ruin, just as we see it. An
abundant currency Is an acknowledged necessity to
national prosperity, and gold nave aud can't
get and only hope Tor adequate currency is
our national deo. There 1t is, 81, 900 100000 OF It
ready TO our baud, worth in the market to-day from
i've per cent less than sod to twenty per cent more
than goa. and all OF which can be made OF equal value
with goa ana DO avaian,e U W currency WY VIII We
his country aud his fellow man ut heart can object to
ity The only possible objection made, that be
made Is that the greenbaCk is not good GOLD lis
| at a discount
GREEsBAcKs ARE NOT AS GOOD AS GOLD.
Please let us look at this matter Of discount on
grecpbacks IN simple business way and see II 1t is
very Intricate matter. We have TWO kinds OF legal
tender Tor everything GreeDbacks are legal tenders
Tor everything except dutics imports and interest
portant things that gold will do that greenbacks Will
mol do. Does need anything more than that 70 show
! ON "A par? Would not ordinary and dlsinterestcd
merchant, manufacturer, lnccuanc or laborer
been apt to say That the.way to make ereoubucKs
as good god 10 let them DO the same work
Woud not an honest grocer think the proper way
to make caddy OF tea worth as much as
chest OF lea would be 10 pui the same amount VI tea
with IL rather than to mako ctdaies oil tea scarce
Our government pave been trying 10 make our people
tiuK part vi u loaf was a. good rs wnoe loaf by
starving the people to It, Even the American govern
ment powerful as II is, can never make two unequal
things equal while leaving them Unequal TO settle
| TINS simple question 0i now 10 make greeDbacks as
good as gold mas been the subject of DISCUSSION and
conventions by tinsncers and by statesmen and the
result reached and the plan pursued based TINS
proposition. AS we have 10 gold and cannot get II,
viii Keen backs inferior ~ working power untll
we deprive Ourselves OF them also; then we can de-
clare two Things we haven't got convertible into each
o,ner and they Will be equal
MISSION OF Tux GREENBAoKERs.
SIN conclusion" SAID Mr.. Allls, =" wish to say that
long doubt as to the proprety OF making TINS
political question IL has seemed TO sacred
ana essential US religion our family relations,
and certain TO be finally acknowledged by all
parties and all classes. But there seemed longer
escape other party issues there and
country is on downward road at rate OF speed
fearful 10 contemplate, ana IL is country before party
Tins ruin must be arrested or consequences dare not
depict To you VII! surely resell. Your form OF gov
ernment itself Is at stake for at the bottom
potlsm anarchy Unless the coming session OF
Congress passes measures OF roliei, Mother you nor
w spend much time either republican demo-
cratic parties Tor such commercial rum Will prevail
Will shake our government from centre 10 circuncr-
enCe II, indeed, IL survives the shock. IL rs The hope
may degree be trumontai In avcrting
tins dire calamity that have accepted tie position
now occupy There are as extreme advocates OF only
ununr money Oh ono SIDE there arc pnllionsts