Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1878-09-21
GREENBACKs AND FIAT.

prOpOSeu ha's stiu atii'cS Nv tnc COuCAu-
sion that they are all essentials the same.
lie says:
"The Republican purity chiefs issue Il
piece of paper. representing not worth
but the absence of worth, and by fiat of
the war power made them legal tender
for the purposes Of money. They were
styled lawful money" but they were
not real money. They We're made money
only by the fiat of the war power. The
fiatists now propose to exercise again the
war power which the Republican dadies
of the fiat greenbacks exercised In 1862,
by issuing more fsas money. The Re-
publican ''press and orators only say 10
this proposition: mo; let US not use
the war power TO issue more fiat money;
but let us use the war power to reissue
and keep up the supply of fiat money to
the full amount already issued" This is
no opposition to the fiatist project OF us
ing the war power to make fiat money,
it is only opposition to using it so extern
s.vely rs the fiaiists think they would
like. 1t makes no issue between the Re-
publican party snd the Fiat party upon
the principals at She foundation of the
fiat money scheme. 1t only raises ques-
tion as to the amount of the fiat money
which the war power shall issue and
keep in circulation. 1t is only the old
question of initiating or not initiating the
volume of fiat money by the war power.
Pc ween the Republican party spokes-
men and the fiat money spokesman.
there is do other sucstioE i'm controversy.
Tie question in controversy between
the Republican spokesman and the Fiat
spokesmen is very great one; it would
be difficult to imagine a greater. 1t is
the difference between gold and gas; be-
tween aciuil values and fiction. The
professor OF the Times processes to sec
10 distinction of iiEa ca fact, but there
are none SO blind rs those who refuse to
see.
Most people suppose there Is an essen
tiil difference between Issuing legal ten
der notes i'm time OF war under war
power, and Issuing fiat scrip in time OF
peace without any war power authority.
Most people find it impossible to compre-
hend how "war power" can be employ
ell i'll time of peace TO perform an act
which is unconstitutional if done in time
OF peace. If fiat scrip can be issued and
made a legal tender i'm time OF peace,
then it was not Aeces alry to issue legal
tender paper.
For the purpose of saving the Union
and the constitution from destruction,
Congress issued four hundred millions of
forced notes, and declared them legal
tender, and ut the same time made a
solemn promise to the public creditors
and the people that the nOh-intere t :egal-
tender Lotcs should not exceed the limit
named, except by fifty millions for tenn
poraiy purposes, which we're to be and
we're speedily returned.
Congress Issued those legal. tenders in
fhe form of promise to pay the bearer
dollar" meaning coin money. 1t was
impossible to redeem the note while the
War progress Ell, and therefore no day GER
tain was fixed for their redemption, but
good ia ia rec u red that it be done as
soon as possible.
An act was passed by Congress, March
Is, 1863, which reads: sand the United
StatesNalso solemnly pledges its faith to
make provision at the earliest possible
period for the redemption OF the United
States notes (grt enbacks) i'm COIN" On
the l4th of JahuaLy. 1875, another act
was passed that "On and after the LIST day
OF J~nuary, 1879, the Secretary of the
Treasury shall redeem in coin. the United
States legal-tender notes thea outstand-
lug. Oh their presentation for redemp-
tion At the office of the Assistant Treas
urer of the United States, in the city of
New York, in sums of not less than $50.
Such Is the character and limit of the
war notes issued by the Republicans. But
the fiat party have ano. her kind of money
in view. They propose to issue unlimited
quantities of fiat scrip, never to be redeem
sd,.never 10 promise redemption. The
scrip Is not to be Of the nature of notes at
all. Nores ale promises to pay money. The
1ialists call their scrip money itself that
needs no redemption any more than a
gold dollar. 1t is not to be issued. only
in time of waror by virtue of any war
power of Congress, but i'm time pc: ce,
regardless of The constitution or the de-
ere : of the u lreme Curt, and witht ut
any other,limIt as 10 quantity than the
discretion OF the fiat demagogues who
may be running for Congress and fishing
for popularity among the communist,
rabble who will be braM1 ng Tor "more
tiat" as long as it is wor.h cent ream
The diff, renee e.w!el gIee.Ib; cks and
tk.t ii As wiGe asunder as the p' les. Tie
one Is cGuiva ent 10 C ish; the other Of
chimera. The one is redeemable III rea
money; the other not even in moon
beams.
A NUMBER of cases of leprosy amons
the Chinese have bean discovered in Sal
francisco, and hospital for their issola