Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-09-21
The Meaning of Greenbackism.


The Meaning of Greenbackism.
What does greenbackism. as distinct
POLITICAL force, mean Not merely pre-
serving and maintaining the greenback
a. our daily currency, for this the coun'
try already has aad is sure of. Not
making it the best greenback, for this is
accomplished by resumption, which
makes II as good as the best coin. Not
making il worth all it processes to be
worth and giving it a fixed and un-
changing .valss., for-this- is secured by
assuring its redeemability.
If greenbaekism meant this. II it meant
support of the true and best greenback,
there would be no call for any distinct
greenback party. There is no opposition
to such greenbackism. The greenback
is the nations promise of a dollar. 1t is
a sound. true greenback when it is as
good as the real dollar. 1t has been
deprecated and uncertain, shifting about
10 value and disturbing all business cal
cul atoms, because it, redeemabili,y was
not secure. To say that greenback
which Is worth only eighty or ninety
cents. and which goes up to-day and
down tomorrow is as good as the green
back which IL worth hundred cents
and which is a. steady as the coin itself
10 to say what is paipably absurd. We
would make 10 worth all it claims to be
worth. II what 10 wanted is the bes'
currency and plenty of it. the true thing
to do is TO make the greenback the full
equivalent Of coin, and add the coin as
we'll as the paper to the volume of circu-
lation. Under republican management.
the country has steadily advanced towards
this result. The greenback is better to
day than ever before. The whole volume
of currency has largely increased in val
ne. Republican policy would make it the
very Sest dollar for dollar every where.
and As full Is paper and coin could make
il.
This is intelligent. rational and sound
greenbackism but that which assumes
the name and misleads men means some
thing entirely different. 1t means that.
without being made good at all, the
greenback shall be poured forth in un-
limited Issue. It means that all idea of
making it redeemable shall be discarded.
It means that instead of becoming equiv
alent to coin 1t shall be deprecated and
deprived of all stability. 1t feeds itself
upon the vain hope that the reality of
money can be counted out OF the fiction
Of an irredeemsble promise. and that
solid prosperity can be built upon the
airy foundation of broken pledge. IF
greenbackism signIfied simply the best
use of the greenback, there would be no
need Of a distinct party, for republi.
can party assures it. 1t can mean moth
ing else but an unlimited issue without
provision. for redemption. In other words.
1t means inaation and reputation. and
they mean untold disgrace and dis
aster. -,.. a.t.
This broad distinction between the
true and the false. this plain exhibit Of
what the false involves. needs TO be
strongly and constantly enforced. There
H. unquestionably a wide delusion on the
subject. Many honest men do not realize
the full import and dangers of course
which presents its fascination. But with
brave, earnest, intelligent, honest dis
eussion the appeal to public honesty can
not be Ia vain.--Ai6dny Journal.