The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1878-10-03
HARD MONEY AND SOFT.

People are, III many instances favorable |
to the greenbackers without at all under !
standing their doctrine. The name
''greenback. . the general willingness to !
have the greenback continue as the cur
rency of the country and the fear of the
establishment Of state banks of issue,
furnish many with the faith which joins |
them to the greenbackers. The point /
of difference between those who advocate
honest money and those who are green
hackers, is not the retirement Of green (
backs as a currency, but the value to be
put upon them. Honest money men are
anxious to have the greenback circulate
as currency, but representative of value.
They wish to have the greenback dollar
50 made that when the holder wishes to /,
obtain gold for it, the government stands
ready to give him one dollar IN gold III
exchange for MS one dollar greenback.
This is what is meant by hard money.
This is the view on finance entertained
by hard money democrats. Most OF the
farmers and iGborers of Manitowoc
county know that during the existence
Of the state banks, bills were always
good for their face if the banks which
issued them were able and willing to
redeem when presented. They also
know that the bills of those banks which
were unable to pay 100 cents on the dol
lar for their issue, we're not taken 10y
business men for their face. They re-
member that the bills of poor banks
sometimes were worth only 70 cents on
the dollar and SO on up to 90 cents.
They know, too that the bills of banks
which were ''broken down." were posi-
lively worthless. Hard money men
wish to make the greenbacks as valuable
as the bills of those banks which were
able to pay 100 cents for every dollar
they issued. They do not want to force
the greenback out of circulation and re-
store the state banks which had a ruin
.ous habit of ''breaking down." They
do not want to force people to burden
themselves with silver and gold when
they can carry the same value by means
of the greenback. But they want to
make the government stand readyto full
fill its promise to pay 100 cents on every
dollar. which it has issued. Now far
mers and laborers of Manitowoc county,
does it not seem to you that the 'hard
money doctrine" is wise one.
Let Us now examine the soft money
| doctrine. GreeDbackers want the gov
eminent to issue greenback dollars, which
| do not contain promise to pay. Their
ereenback dollar says This is dollar. :"
Like the ''broken down" banks, govern
ment is not required to keep one cent III
the treasury to redeem them. You cay
not get 100 cents in gold, in silver or in
copper for the greenbacaers, dollar.
When you get the piece of paper which
says ''this is one dollar, you have what
they call money, but for which you can
get no value. You can pay debt for it.,
that is all. II is like the note of a man
who is not worth one cent In property,
who never will be able to pay, and who
note, you do not value the paper he
gives you, but the promise in the paper
But greenbackers put tho value in the
paper, and it makes no promise to pay.
We make no reference to bonds nor
do we attempt to give any definition of
money" We have stated the issues
between the advocates of hard money
and soft money Invested Of all those alb
stractions which make the question OBJ
scure, and difficult of comprehension.