The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1878-06-22

The Finances.
EDITOR CARBoN ADVOCATE: The reply Of
=" American" to our article Is not what we
term an answer. We did not attempt an
argument, but simply asked a few questions.
The national bank question, the amount of
money in circulation, remain unanswered
also, the question as to bonds. We are
ready at all times to sustain and defend the
true greenback doctrine, and, while we are
willing to admit that there are many ADLER
men In the country than Anon" yet we
don't propose to submit every thing to
them, and do no thinking or acting our
selves. There has been too much of this
letting certain leaders (wise in their own
conceit) do our thinking The result has
been that they thought well for themselves,
and we the people have had to suffer. Does
not american" know this TO be so? We
do not pretend to thoroughly understand
the present financial question, the Sherman
idea but of all schemes to defraud, where
by the few are enabled to rob the many, we
recommend this; policy which will bank
rupt as nation and pauperize us as peo-
pie. ,....,
The quotations of " American" are not to
the point on the question of absolute green
backs. We have profound respect for the
opinions of Washington, Adams, Jefferson,
&C., but they had reference to paper prom
Use issued by States, the old State bank sys-
tenn; no reference whatever to q govern
ment paper issue. We do not advocate
such money. We are not in favor of an ir-
redeemaGle paper money, and why will
American" persist in showing the folly of
such an issue when no one advocates it.
What we want is an absolute money issued
by the government TO pay all debts, no eX-
ception, redeeming itself every time it pays
a debt. ..7
The government of the United States has
the absolute right to create money; never
had any need to borrow money; it did ere
ate nearly every dollar that was used to pay
the soldier and create the munitions Of war.
If that money was honest land no one dis
putes it), will 1t be dishonest to call in every
bond that is due and pay them off in this
absolute money2 For years our present
greenback, though not an absolute legal
tender, has paid debts, has been decided by
the supreme courts of some States TO be a
legal tender, even when the contract speci-
fed gold. Now, if the law forces its paper
money on one, and compels him to take it
as payment in full, that law shall force the
same money upon the bondholder, and it
Shall be as full and final payment to one
class of creditors as another The time is
not far distant, either. And is there one
who says it would be dishonest? Is there
one who contends that they must be paid in
gold? There is not bond in existence to-
day that requires the principal to be paid in
gold, And what folly to talk of this money
being rredeemable. 1t is the stamp of the
government that fixes the value of the piece
of metal or paper. The law declares it to
be money. If we owe a man $4,000, we
can pay him in greenbacks, which are
money, because the law says so, and now
why not pay off every United States bond
in this greenback, lawful money? Gold
and silver can not be money till the law
says so. When it says they are not money,
then they are not; therefore, the law can
create and destroy money, as men can Gre
ate and destroy wealth. Millions upon
millions of these bonds are already past
due, as they say on their face--can be re-
deemed at any time after $40, at the plea
sure of the government; therefore, let the
government issue an absolute greenbaclS
money and pay them oil, and stop this ac-
cursed drain of nearly one hundred mill
ion year interest, which absorbs the profit
of labor, giving it to untaxed bondholders.
Away with the theory of its being want of
confidence, over production, too many peo-
pie, &c, that causes the hard times. No,
make the money of our country, which
should hold due proportion to the business
of the country and its rapidly increasing
population, conform TO the small amount of
gold and silver in the country. Ills like
the Chinese mother, who places the tender
feet of her little child in wooden shoes,
thereby preventing agrowth proportonate
to the growth of the body Not only are
the feet deformed, but the whole body is
crippled: the victim of an ancient and
abused theory. American is slightly
mistaken in saying that our present green
back is a full legal tender. 1t will not pay
interest on the public. debt, nor will it be-
taken for customs till after October 1st,
| 1878. But the elections to be held this Fall
will demonstrate to our law-making power
that nothing short of an absolute greenback
money, the cancellation of bonds with this
money, and the issuing of no more bonds,
will satisfy the people, and those who are
wise will adopt these views if they expect
| political preierment. Yours, Anon.
| PAcKERToN, June Is, 1878.