The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-11-21
CREENBACKS.


loans of money strenuously opposed
the project. and urgently advocated
the continued issue of greenbacks. l
pointed out to them, as l do now, that
q greenback is non-interest bearing
greenbacks; that as it would be the
aim Of government, like all others to
nav as little interest as possible on its
bonds. it could not do better than
issue bonds on which no interest
whatever need be paid; or in other
words, conine itself to pntting out
non-interest bonds known as the
greenback currency; that excepting
the distinction of interest, of usury.
there was no difference between the
two obligations; that if the nation
could pay off the Understanding
greenbacks (alias bonds), principal
and usury combined. it would be still
better able to pay off a non interest
bearing greenback debt. VIII
principal alone need be provided for;
that thousand or fifteen hundr ed
millions Of greenbacks would
ultimately prove a much smaller
debt than an equal amount
Of bonds, while the latter
would, within sixteen years, exact IN
the shape of usury Il tribute from the
earnings Of the people equal to the
entire bond debt, and we would still
owe the debt; that the non-interest
bearing greenback would ultimately
not be a national debt, but like gold
and silver, would become a currency,
carrying with it SO many blessings
that the community would sternly
forbid its withdrawal, even though
the Washington treasury were filled
with gold; and that If the nation did
wish to regard the greenback5 as
debt, and desired to pay it Off, the
feat could be much more easily and
speedily accomplished than if it were
a bonded debt. since the usury exacted
by the latter would IN sixteen years
suffice to retire every greenback
dollar.
A few leading Journals Of the day
goOd-naturedly opened their columeS
to the ventilation OF my heretrOdoX
and bizarre opinions, as they were
then demanded, more however, as Il
source Of amusement to their readers
than with any idea that even the
writer could seriously entertain such
notions in view Of the fate which had
Overtake1 our Continental money and
the French aSSignatS.
Whenever the advocates of an eX-
cluSiVely metallic currency are hard
pressed by the adherentS Of Il national
greenback currency, they retire upon
the Continental money and French
10 tNUn NJ 8
fortreSses, whence they may assail
their foe with impunity and in per
feet safety. They can do this because
the upholders Of Il greonback cur
rency are obliged to admit that both
the American and French paper
money came to grief-an admission
which seems to carry with 1t an
acknowledgment that the geeenbach
currency they SO ardently advocate
is opened to Il similar disastrous eX
perience. Both sides are led astray
by Il colMmon error; the one openly
'procaims and the other secretly
believes that the Continental money
and French aSSlgnatS came to naughl
because they were paper money
hence the hard money side confidently
ilourished the lamentable financial
experience of our forefatherS ant
their good allies in the faces of theil
opponent as Il final unanswerabl,
argument; while the latter, more THAI
half asserting to what seems an in
conteStable historical truth, evade thu
issue by falling back upon the ia
greater intrinsic merits of the green
back over its earlier prototypes
Now, neither the Continental none.
nor the French a signats taile,
because they We're paper money, fo
had they been gold and silver, Will
the rest of the world recognize
nothing but paper money, the resul
would have been The same they faile
because neither nation was in tina
condition OF social, mental and polit
cal industry anu commercial develol
ment which is essential to the pr,
ttANle utilization Of such 4 currency
" hat currency Of cowry shells
10 simple barter. and what i metalll
currency is 10 one Of cowry shells, 5
is a paper currency To metallic one
each marks 4 higher grade Of civiliz.
tion in the masses of the people owe
those who are confined TO the earlier
w WV AtAtt II tAtttttN < i+iN lAtNNkH =
representing values and of effectin
exchanges. Thus it is evident tina
those who support the grcenbac
csrreney on the ground that it
intriusicaly superior 10 the govern
ment paper money referred to. or /
hy other government paper money
alsK4He an unstable position whic
exposes them TO attacks not easil
PARKED; for really there is very httl
distinction between them, certa.nl
not enough 10 warrant the SubStiIs
ton fes metallic currency of
graanh;.ch one in preference to an
other government paper currency.
I'm the other hand, the greenbac
supporters will intrench themselve
inshn impgegnable position by takin
the ground that the super;orit
resides. rot in the currency. but i
theNiy 4li4ation--in the mental. socia
and political progress OF the people
who, because of their progress, It
quiye .Saeh currency. This will 4
once transfer the discussion from
what is Niue better than Il squabbl
about the relative merits OF the cul
rencias on the score of the material