The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-10

especially the lazy and overreaching
class. He said il he had been secre-
tary in John Sherman's place, he
would call in the geo bonds which
were originally payable Che said) in
greenbacks TO the holders. and COM
pei them To surrender the bonds or
have the interest stopped. The am
cunt of these 5-20's is now only 1884,
000, 900. After these were paid of (as
Cary would call it) the holders OF the
bonds would take their money and
spend il for their living. or convert il
into property, or loan 1t out a seccn1
time. This sum would only amount To
Sl2 per head for all the people of the
United States, not enough to keep
an average poor family three months,
II distributed pro rata. But how ate
the poor families 90 get any OF it?--
wall the bond holders set them at work
and pay them wages2 Not much. Az
ter these bonds are wiped out, all the
other interest-bearing obligations OF
the government are payable in coin by
the terms Of law and the face of the
bonds. How il Cary going to get any
more OF his new, Gorgeous, irredeema-
BILE greenbacks out among the people?
His expedient with the 5-20's will end
that game. unless he practices repudi-
alton; and that il really the next step
in the programme. Reputation is the
root OF all this irredeemable agitation
Gary is stepped in the rascally idea un-
tai II quivers IN his sncerlng lips aud
flashes from his knayish eyes.
What would be your next step 20 get
yOur greenbacks into circulation, Mr..
Cary? You provide for less than one
third of the national debt. and after
that, the government promises and the
government credit would sink 80 low,
by an act of bad faith. that n months
wages for n soldier would not buy him
a pair OF shoes.
Cary says: Compel the national
banks 10 surrender their bonds, aud
take greenbacks for them, and then
the banks will have TO circulate the
greenbacks. According TO the report
of the controller OF the currency for
1877, page Xxx, the national banks only
held Sl3, 900, 900 of the 5-20's about
which there is any dispute as to the
principal in coin. All their own bonds
deposited for circulation, amounting 10
1880, 900, 900, are expressly payable in
coin. How are you going 10 get them
for greenbacks? Do you harbor an-
other scheme for reputation, Sam
Cary, in the depth Of your dishonest
heart? And even if the banks should
have their bonds wiped ont with green
backs, they will have just the same (or
more) currency 10 lend then as they had
before, and will ask higher interest for
il because OF the loss of slight profit
on their circulation. How are poor
men to get hold Of money from these
banks, unless they have good security
10 offer for loans?
THE GUERNSEY NOTES.
That liz lie story about the notes OF
the governor Of Guernsey, which were
issued 90 build a market-house, was
told with some effect by Cary. III he
had added the historic truth that the
notes were never reissued. but were
such as nlmest every business man
makes at some time or other 10y giving
his note, the story would have no
points in Cary's favor. The Guernsey
notes were exactly like the original
gfeenbacks or demand notes OF our
government. They did not fall below
par. and they answered q useful pur-
pose because they were in effect a tenn
porary loan. and that is the only form
Of government paper money which
Guernsey or England ever issued, or
which should ever be tolerated. III the
government in time Of peace will meet
their expenses 10y Legitimate taxation,
the people will watch their servants
more closely aud restrain public ex-
trayagance. But every paper money
imitation breeds more or less fraud
and waste, and infiicts more or less
loss on the productive class. The
Guernsey notes 10 not help Cary s
theory a particle, for they were retired
years ago, and the people Of Guernsey
now use only specie and the notes Of
spccie.pnying banks.
UNIVERSAL LEGAL-TENDrB.
Cary complains that government has
discTedited its own greenbacks bv re-
fusing 90 take them for tariff dut es
This WAS a bargain made in the exigen-
cies Of the war, when no tonds could
be sold without the interest and prin-
cipal were payable in coin, as had al
ways been the case The government
was hard mp, the rebels were victorious
in some part of the country, secession
had many sympathiZcrs IN the north.
carrying the elections in several States.
This issue OF limited treasury notes,
which has turned out we'll for tho gov
ernment, involved great risks 90 the
sellers Of property or lenders Of money
on the government bonds. It is only
suitable in a repndiator, a communist,
and thief at heart, 10 raise a question
at this late day as TO the pledges at
tending that early issue OF greenbacks.
Had the government kept one OF its
pledges, shat which made them con-
vertible into interest-bearing bonds. -
there would have been no Carys or 9TH
er inhamatory spouters against capital,
because we should have returned to
tho specie basis II years ago.
Cary now wants greenbacks which
will pay taxes anywhere; but he cannot
have them from the general govern
ment, for each State has the power to
prescribe that tax within its borders
shall be paid in coin. This has been
done in Oregon, and the action Of that
State sustained a decision Of the L. $.
supreme court. With all Cary's impu-
dence, he dare not assail a settled rule
Of the government, like this. His tax
paying qualities in the greenback Is
therefore knocked in the head, unless
he can recognize the supreme court 10y
hanging tho justices, those "pimps Of
the money power" and appointing a
new batch OF lawyers like Frank Du-
mont, y. T.. Nichols, and j. Il. Judson,
men who are net lawyers enough to
hurt.
THE LEGAL-TENDzR FALLACY.
Cary and his followers make n great
handle Of the legal-tender idea as con-
nected with the greenback. They don't
want promises 10 pay; they don't want
them convertible into coin; they say
tho legal-iender currency is good
enough, and will answer every purpose.
We have shown that IL will not answer
10 pay taxes with in some states of the
union. We know IL will not answer TO
trade with in the Pacific coast States.
We know IL will not answer in our i'm.
mense commerce with foreign nations.
and the greenbacks must he converted
into money like theirs before business
can be transacted with them. This in
wolves ''shave" every time 10 is done.
Cary says his gold dollar would bo
shaved down 10 36 cents i'm going once
around the world; and although he lies
outrageously, yet there is always a
shave in converting an irredeemable
paper currency into currency that is