, 1877-09-16

footed advocacy of the sjmon~puro green
| back paper-money doctrine; and SAM CARY
| speech, though old mud familiar, was relic
to tho fner-snun, though hardly less IRA
tional, doctrine of tie iatter-dey parents o
the rag baby. The fact that this venerable
humbug chi earn living as itinerant oratoI
on this subject is evidence that there is still
large body of people who agree, or tlin1
they agree, with him in the financial policy
lie ndrocates; and because Of this re agai1
ask attention to 8 subject on which so many
people think deeply and, though honestly
mistakenly.
The doctrine taught by CAnT and bis
school proceeds upon the theory that money
is mere legal creation; that it is moi
essential that money shnn have any in
trinsic value; that all TINT is necessary to
create money is for the Governmentto to stamp
any material, declare it to be money, and it
becomes money; that this legal money,
whether it be Of paper, leather, gold, or
silver, can have no greater value than the
Government places on it, but that it must
have that value under all circumstances
The ecustom-uniyersal, We believe-has been
in the issuo Of paper money to recite thereon
"promise to pay" certain sum; the
greenback, for instance, is a "promise to
pay" n stated number Of dollars, supposed
or assumed to be coin dollars. OF course.
if the Government by mere force Of law can
create dollars, then the process of issuing
promises to pay dollars is useless. Why
not issue the paper dollars direct? MIR.
Cary took the plain position that "a promise
to pay debts in gold when there was no
gold was cheat, q delusion, and snare"
"n there wasn't gold and silver to
transact the business of the country,
promises to pay gold and silver were
q cheat and swind1e, he didn't care who is
sued those promises" Nobody wanted
gold at all it was the most utterly valueless
metal ever dug ont Of the earth, and fit only
to make tr1nkets, idols for the heathcn, and
to fill teeth" Instead Of issuing promises
to pay in gold, let the Government issue this
formula: This note is o legal tender for
debts and taxes within the limits Of the
United States.'" Instead Of tho greonback
to pay ten dollars, it should recite,
' This is ten dollars" with the addition Of
being legal tender. This is the currency
which, being thus stamped by the Treasury,
would have the value Of ten dollars, would
never have to be redeemed, would be
's money" capable of being manufactured
without limit, and be abundant md
;heap. Having discarded metallic money
Is wholly useless, md asserted the
Of paper dollars, which are their
own payment. and reon'-~" "- --s*1en'ptiun,-ne
cry clearly illustrated how abundant money
would become and how cheap it could be
lad. In all this kind of argument the point
5 carefully ignored that, whils Govern |
nent may, under certain circumstances. |
make its own promises to pay legal tender
I the payment of debts, there is no power
, compel q man to take such money
! exchange for labor or merchandise. While |
man may be compelled to accept the paper
/ payment of q debt, and while workman
my be compelled to accept such paper at its
Ice value in payment Of weeks or a
lonth's wages dne him, there is no power to
ompel the butcher or the grocer to take the
loney in exchange for meat, OF broad, or
,oceries. While the workman is compelled
take these " dollars at full valuation. he
'nnot compel any man to take them in ex-
lapge for goods except at whatever value
10 grocer may choose to give them. While
10 paper dollars may be forced upon
'rsons in payment Of debts at 100 cents,
ey may be available only to purchase food
clothing at Is, so, or even 25 cents.
long, then, rs paper money cannot be
ade exchangeeble for merchandise except
just SO much as man chooses to give for
the Government stump and the law max
; it legal tender must fail to give to it
g least purchasing power
Ill the Greenbackers profess to favor ]
, reconciliation Of silver, and CAnr ]
3es that greenback dollars 10 issued; that s
yer be purchased by the ton, then coined, s
I all the bonds paid of. Silver has a /
ne in gold; greenback dollnrs (not prom t
> would buy no mora silver than could be j,
1ght with the gold TINT could be obtained f
the greenbacks. If greenbacks were C.
Fth 30 cents in gold, they would purchase c
more silver than could be purchased with q
cents in gold. II silver dollar was wortl, Al
cents in gold, and greenbacks were worth s,
cents, it would take two paper dol IL
to purchase one silver dollar. But a,
paper dollars having 10 future value, Il
ing no future redemption in coin,
LID not purchase silver or anything else. m
Empire Of Hnyti is the only country e.,
has paper money such as is advocated ca
CARY. They discard gold and silver, pt
have paper dollars created by law. It d.
's $4,000 of that currency to purchase a 10
OF shoes, and an American recently ca
o was offered package OF cigars for co
100 Haytien dollars, or d silver half-do ollar ri
10 United States. Money in Hayti is a at,
tender, is abundant, and 50 cheap that be
q be borrowed without interest, III,
ae Issue of any such money would have he
affect OF driving out of circulation every IVA
Of metallic currency; the silver, if th.
ed at all, would be exported rs bullion, ree
though men might get SO, $40, or $40 bal
3 wages, the currency would not pur-
as much food Or clothing as single sol
dollar. Chsauening the money does inc
Increase wages; pairing man three cor