, 1877-10-19

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GnEENBACKs AND THE DEBTOR CLASS
| We have heretofore pointed out the probn
bio effects Of the passage by Congress Of a,
act authorizing the issue Of $5O, 900, 600 ad
ditiona1 greenbacks annually for nyo years
md cousrastcd them with the probable IT
fccts Of law authorizing the coiuago by ths
minta Of like amount OF silver dollnrs m
nually for the same number of years. In ths
ono caso VIC would have imitation md tlepre
chiffon of paper currency; in tho other VI
would have stable currency Of gold, silver,
and paper interchangeable at par.
Tho dcmanl for paper imitation, how.
ever, Is persistent. It Ia not based upon any
hope or t1osfre for improvement Of the cur.
roncy, or any wish to give it stnbilisy. II
does not want greonbacks to become as vnlu-
ab1o as gold, nor docs 1t want silver made
equivalent to gold. It's ain is to exclude
metallic currency altogether. It does not
want redecnlablo paper currency. It neoka
mn exclusive paper money, and wants TINT
paper money tlepreciateil to the lowest point
Of yaluo. Tho lower lis valuo, tho moro &C.
ceptablo would bo tho piper currency. OF
necessity, the man who wnnts imitation
mil choap grconbacks il as much op-
posed to tho silver dollar M he is to tho
gold dollar, aud n greonbach worth 100 cents
on tho t1oliar Auls no moro favor from him
than tie coin. Tho object OF a tleprociatcd
currency IL aa OBVIOUS Quo 1t u not politlo
.of tno '.'o''.oaa 70 confess IT, Traced to Its
.nsl'la''ot, II VIII DO round TO rest on tho
'al'ac,ous 'dea t'at II Will heip tho dobsor
c.aas " oa"p!'ug 1aehi 10 pay sheir doots At
,to fas" OF oo w. w. or ~ cents on tho dol
.u' , 1ne.' Is no occasion Tor deny'ng 8 tho
ttulu' 'hat tno emu sought aud tho only end
so"ent' u INC oeonaomont OF the currency
1oF Ing purpose OF paying dobta with as few
cents o. salso IN tho doilar as possible.
Leaving ont o1 discussion tho morality Of
snis hsot'so' let us SEQ IT this plan OF paying
ocp's o9 shortcut e1ped'onea is any moro
promising o, success ulan any Other inyen-
1ion W ll'"' A'ne'' 'a'a "ae'ner tho invention
a"s nus' u'otac'"ne aashlon' return TO
plague the lnSehtora' Iho greenbacks arc
no" "of,h " conts on 1ho do'iar' one thou
Hana oo1'ass u tnat currency will pur-
ch0ao Fv'v ~ gola' 10 enact o
" Ia" rfovaa1ne iof an increase Of thts onr-
fcncS 10 .ao extent o. threo OF four hum
aFoa n''1ons OF uol"fs' II that were
eonatltut!on@' "ou'a haso tue eloos, oven
pe'ofe the notes were issued, OF depre-
olot1ng tho Salue OF tAo present out
s1anan8 1lotea 10 oo cents on the dollar, and,
aa the @am5'ona1 notes wero tssued, that
sa'"e "oa.o 'all 1o~er and lower. such a
law cona not 10 passed. without trelnon-
aous a'rugsle, ag'tauon' and alarm. Such
agitation wonla lmpeF1l tue whole credit
sys1em' IN antlc'pataon OF such q Law, and
Mter 'ts ehaettnent, thofo wonld be no cred
'ts g'Ven payao1a IN 'he uncertain currency
OF sno ta1nFe. tao man IN dobs would b
no oo1'of VI taAn ooaole. Ills application
toF 3eao"n Or extension OF . mortgage or
LEO sone"a9 o. note would bo met by
point" blank retusal' Ihe alternative would
% payment OF foreclosure Or suit, judg-
ment' anu execution. 1he only terms upon
WHICH any efooitos would extend
an o1a oeot OF make q new
loan would oe undor contract
shat principal and interest shall DO
payaole III eoio. Iae man who ahould have
the gFeonoaeks might pay his dobts. but un-
lesa no Aa' 1he whole sum needed hs could
not borrow tue gFoenoaeks' nor obtain an OK
teusloa or Eeho"M OF Tue debt, except by
,nanng new contract payable IN gold
no" many debtors, who need cheap money
aolsfs worth 90 centa oach-to enable them
70 pay the's debts, are now prepared to pay
what shsy owe, or aro prepared to pay Of
Their mortgages, or will bo able to eccumu-
'a9e "stnia ti'o lietime OF these mortgages
H.1oasn OF groenoaeka 70 pay on the whole
d toe's debsss Ihe serious result OF the
paaSaeo OF SUCH 10" would 10 that It would
practically suspend credit, except on tho
gold hasts. No man could get credit on
mortgage, or noee' or bank account, except
on contract TO pay IN gold, and with tho