Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1878-10-02

varieties OF notes and bonds were authorized
and Issued, PAYABLE at different times and at
different rates of interest: and the State hanks
were all superseded aud national banks author
ized to take their places. Prominent among
these obligations We're what are now called
National greenbacks and National bank notes.
Our Democratic friends denounced the green
oScks from the start, and during the whole
war, and until recently. Now they have
changed their tune, aud claim to be the special
irlenGs OF the greeDback, aud dems nd the de-
struction OF the national banks. The green
backs have answered their purpose, and an
swered it well, because they were made legal
tender; were limited in amount under the laws
OF their creation SO as never to exceed 500 =
OOO,OOO, and the faith OF the nation was solemn
iy pledged again and again for their redemp-
ton. Peace having been established aud about
thousand millions, or one-third of the ma
uonsl debt, having since been paid of, the as
surances of payment of the greeubacks in gold
are aboutto be made good. The premium on gold
Is only one-iourth of one per cent, so that
SluO.25 Of greenbacks will buy Sl00 of gold:
and the notes Of the national banks are prac-
ucallN OF the same value as the greenback, and
are all convertible the one into the other al
par, at the option Of the holder. WHAT more
eau any reasonable man aski There is no
better, and can be no better currency in the
world. Every holder of the Government money
can have, at pleasure, gold, silver, or paper,
aud any one variety convertible into the other
whenever he pleases. There is wisdom in the
oic adage, Let well enough alone;" and We
demand, and have right 10 demand, that Mr.
Speer, anI all such chronic grUmblers hold
their peace and cease their petty ratings, and
save. their wind for some more honest aud
profitable purpose. But, say they, s'if green
backs are now so good, why NOS issue more of
them, and make money pleutys" The an
swers to this question are plain. In tLe frs,
Wsrn Il. mad n
TO save the life Of the Nation when threatened
by war; aud the Supreme Court OF the United
States sanctioned this money as constitutional
because its issue was the exercise of a war
power by Congress. There being no longer
any war ia existence, it would be uncons,itu-
iouai TO issue any more legal-tender green
backs. This ought to be reason enough to auy
man, or any party, who has any respect for the
Constitution under which We live. In the next
place, we 10 not need any more paper money.
The Hon. James A. Bayard, Democratic Uuited
States Senator, OF Delaware. in a speech made
al Wilmington, on the 29th Of Angus, last, de-
cIAred that, In this country, al present, there
Is really 10 scarcity Of paper money, nor is
there any actual need for mUre money!" The
banks OF the great money centres are iul of IL,
and it can be had in abundance aud at moder-
ate rates; and if more should at any time be
wanted, the National banks are authorized to
issue to any amounl required by the business
wants OF the country.
Moreover, another issue could not possibly be
as good as the old. This, because capital and
capitalists are tiHd; aud lie doubt on the con-
stitutiOnality of any new issue would diminish
their value. Then, again, any new issue would
oe hagrant violation of the oft-repeated and
solemn pledge OF the Government 10 the holders
that the total amount should never exceed
si,OOO,O0O, 900. TGat pledge was aud is as fol-
lows:
BE Il enacted, etc., That the faith of the United
States is sOlennly pledged to the payment of
cola, or its equivalent, all OF the obligations Of
the Utited States, not bearing interest. known
rs United States uoteS. Aud the United States
also solemuly pledges its latin to make proyi-
sion, At the earliest practicable period, for the
redemption OF the United States notes in
coin.
Surely, any Government which would yolun-
tSrily break SO solemn pledge as this, could
rot nave, and would not deserve To have the
confidence Of its own citizens, or of ANYBODY
else How can an honest man ask his Govern
ment 20 stultiiy Itself By Reputation OF the
solemn pledges on which the notes were issued
and psid out Where is the Democrat, Green
hacker, or anybody else, shameless enough to
seriously advocate so dishoaOrlble q course as
this! Aav Ereeubacks issued hereafter, there
fore, would De a bastard Issue, unconstitutional,
dishonest and bogus, aud never could take rank
or value with those heretofore cOnstilutioaalIy
issued.
But, says some Greenbacker or Democrat
why not issue absolute" or fiat money!
without any promise ever TO redeem, aud make
currency on the mere fiat Of Congress. Way,
my good friend, allow me TO say this would ue
no money At all, aud would have none OF the
essential elements OF money. There some
things that Congress cannot do. Ii reminds me
OF e resolution recently passed AZ a county con-
veutioB OF GrernoACkers or Nationals in Dau-
phin county, declaring in favor of more shai in
=. ham ar
surdIty 10 illustrate another The question is
can snad be made 10y act OF Congress or Jy act
OF the Legislatures
Suppose Congress should pass al act de-
claF!Lg sbsd To be in the river. Would that
put them therei Suppose it passes an act de-
claring that certain sips Of paper shall be cut
III the shape Of shAd, vita the name shad
printed upon each. Does that make the piece
ol paper siIad, or give il any OF the valuable
properties oil 4 shad! Why. maniiestly, such
snad would not do to roast, to fry, OF to brOil,
and much less would they be good TO eat.
just with any ''Hai money" which Congress
could create ihey might provide the requisite
sips Of paper and pEiuJ upon yhem ali the
numerals IN the multiplication table and all the
letters IN the alphabet, aud exc them out with
the pretLiest busfs OF women AID grandest
spread eagles the skill of the artist could de-
wise. After all it would not DC money, or have
any OF the essentials OF money any more than
Green back and National Democratic saai aud
mouey would Ue tHe laughing stock of the
world. Why. Because real sAad must have
edible hesh, aud real mOhey must nave intrinsic
value. \ promise to pay Il one tuiug, and
actual money Is another. This greenback
hold in nv nund Is a mere promise to pay, and
il does not pUrpOrt 10 be anything else. 1h:s
coin Is money, and has Eo PROMISE TO pay on
IL HE iOr:uer Is only ae good as the latter
because lawfully issued III limited quantities,
and under sucn Conditions and pledges as al
InAte.E 10 naNe the promise good aGd the one
convertible into the other al the pleasure OF the
hoiUer. Take away The conditions aud limiia-
tioUs, anc the promise Is gOOd-iOr nothing;
while the coin Is good ~ si times because oi
Is intrinsic value aEd irrespective OF conGl-
;iOns. suppose the late Democratic SOu.her
Coniejeracy, instead OF those paper promises To
paw, ai;er their independence should be Sc
cured, had issued COLA aud silver coins OF the
same weight aud fiueness OF the lawful coins
OF Ehe Uuiled States. Tnen sucn coins would