The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-29


N0ND = ~, ~
III STATE Il, & J, p 81 8 snraise
rhe reaa,usiess are led s e ZEE sal1s
soS. AS ae is q Greenb ker, We MAJ assuneE
iossthe present that They are Greenpacke rs !.
: iso what Mr.. FuLTSRsos's parts desires,
then. IS, frst, d gTeeabsck currency, TO-
sarrmsa,ia III snosning; ufIdd, secondly, re-
adjustment 81 the Htsse deb. As the most:
at stbe readiastsfs Indignantly dsny chat
they are repuii ators, and eelare that they
are Wiling tospay as much OF the State debt
q Tue people are able 70 pay, 4 may e as-5
saaussli further that * they can pay tue cosi-
pons ef the State bonds by carrying their their
own Ideas into eject, they would pc wslslng
rs do So I. j. " B.
we propose, therefore, too satisfy the
arsenbackers or rezdi busters, that the cou-
IONS or the State bonds be printed 10 the
form and s1miIitnde Of bank or green
hacks instead Of as ut present: They VIII
then be genuine, unadulterated greenbacks.
The Commonwealth will, In the language
of the platform Of The New York and other
Green6ackers. 4. issue, protect. and receive"
them for taxes. They will DE all the more
acceptable to the Greenbackers and read
iusters for the reason that they VIII De IRE
deemable. The greenbacks now extant
promise that the United States. twill pay on
demand tn bearer, so manytdollsrs. The
new Virginia greenbacks viii not be obs
noxious to this objection. They Will pc
.absoiute money" g fiat money, . ana VIII
need no redemption. They will u be- de-
clared q by law y to be as good as gold and
silver; and Of course they aeiA be as good
as those metals. The Lawmakers OF the re-
adiuster stripe will see to it that no person
shall dare to question the claim that these
Virginia ereenbacks are as good as gold.
slnasmuch as the new greenbacks pro-
posed to be issued sly the Federal Govern dl
ment would be. SO numerous that they
would equal the amount Of the taxes Of the
Federal Government for eight years. and as
our Virginia 1greenbacks. would equal rtn
amount only one third OF Virginia. taxes 8
for. one year, it must be apparent. that the
proposed Virginia gTeenbacks would really
besmore valuable than the proposed ma
tional ereenbaeks. Neither Government, it's
ofSourse understood, viii think Oh 50 ifools
ISL q thing as promising toredeem these new
issues. They are to- be sent forth marked
each dis 50 many dollars, and with no promise
whatever to- redeem them at any time. In
deed, they are not be redeemed of all. That
is tie condition OF their .utterance. They
are TO be redeemablein nothing. The legis-
l atures, State and national, will each declare
the pieces OF paper to be- so many dollars !;
and So many dollars they willibe. We re-
peat, then, that the Virginia greenback
would certainly be the preferable money,
seeing that they would equal in amount only
one-thIrd Of the. States taxes. whereas the
national greenbacks would exceed the ma
tional taxes eight fold. 80 tsa.i j, !, -:
Now, wilr.some Green hacker tell Us what
possible objection he can make to this
scheme? Why would not the Virginia
coupons or greenbacks abe rs good as the
new natioaal greenbacks? Or, suppose we
ask why they are not as, good as the present
greenbacks? Nobody can tell why the State
coupons would not be as valuable as the
misunderstanding green backs proposed by
the Greenback party, but anybody can an a:
swer that they are not as good as the pre-
sent greenbacks because these latter, are rec
deemable in gold and silver. They. do not
purport to be /" dollars b but only Q promise
to pay so many dollars on demand. And
In this difference lies. the whole secret OF
the value OF any paper. currency. A paper
currency that is not redeemable in money is
necessarily bogus money.
The State debt will of course cease to be
q burden when it can be paid off with
greenbacks. The Greenbackers want five
times as much OF this fiat money rs would,
be in circulation il the entire State debt
were paid off, . with Virginia green backs,
asathe Greenbackers propose to pay of the
debt OF the United States. is to be pre-
sumed that the g bloated bondholders,"
capitalists and "caifites," would dis
like to receive such money as equal to spe-
Gle !; but none of the Greenbackers could
raise On objection. They would OF course
prefer the. paper-money, and would take
delight in paying it out to the capitalists.
Being redeemable in nothing, it would be
the very article for which they ,clamor in
their speeches and platforms.
What say the Greenbackers =. 8
.ys,,f IT