The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-08-21
The Greenback Craze.

In talking with a''Greenbacker" a day or two
since, asked him: "How do you propose to
have your absolute money distributed among
the people by the Government? At present.
the only way in which the Government distrib-
utes money, is to pay it out for its indebted
ness, but all this amount flows back again into
the Treasury in various ways, in payment By
the people of daes to the Government II Is
manifest, therefore, that there must be some
other way made by which the Governmens
shall scatter money among the people. What
plan have you for tbs ~
"We think there should be Government
office iu every large city sAd considerable town,
perhaps in every county for this purpose
''very well, how should the people obtain
money there?'
"Farmers could have it on mortgage of their
farms,-anyone shouh have it on mortgage Of
houses lands, factories, or on securities Of
stocks. This should be at a very low rate Of
interest, just little enough to cover expenses,
or little more. In that way almost everybody
could obtain money to help in his business, and
the Government would not lose anything
SLOW is it that Government would not lose,
if these thousands of agents should loan on
Men now do that every day with their own
money, when they have direct personal inter-
est in looking sharply after good security; they
misiudge the value of the securities. or the val
ne suddenly changes. Now these Governments
agents would have no direct personal interest
10 requiring undoubted security, aud would
have the strongest interest in fayoring aud
oblging relations and personal or political
friends. Now how is it, that Government is
70 be secured against losses in that way and on
a vast scale?'
at tisin.this way the Cover ment cannot lose
Thi 3 absolute money is never to be paid by the
Gov. rnment in gold and silver; it is to be ire
DEEM yble: that Is a fundamental part of the
system So you can see that Government cam
not lose in any event.
eyes, ,ow 4 see how it is to be; but this
occurs to L Lne-why should the people mortgage
their nrope. -ty to the Government as security
for "money" which costs the Govern ment
nothing to pr, 'duce, and for which the GoyerIy
ment is in no way responsibility Let me state
the matter as it seems to me. L know of cases
in which men torrow a promissory note OF o
friend and give securty for it; it is very COM
mon to honor en- dOrsements on notes, giving
security against 10 ss. But ii the note so bor-
rowed, or the note s,9i endorsed contains q spe-
cifc clause that it Is never to be paid, why
should any security be given? Security is only
a guaranty against loss, but II there be no pos
sibility of loss in the Casel you suppose, why
should the people give sacurity TO the Govern
ment, more than to an lndividu2a in q case
Wner6 tler0 can Dc no loss! OO you SEQ al Idct,
your plan comes to this: that Government is to
print an indefinite amount OF irredeemabls
pa ,er money, and Through many thousands,of
agents, is to distribute il freely among the peo-
Die. nd in fact without security for its repay
ment. Why should it be rep aid? since it would
be perfectly Indifferent to the Government. as
a matter of interest, whether it be repaid or
not But even If there were value in the
money. and if it were important to the Gov
ernment that it shOQld be repaid, how long
would it be beft re party would be formed for
the purpose of vipng out the indebtednessp
My friend made no reply; he Is an honsst
man: a farmer in a moderate way, making
good living by his in, tustry. prudence and good
management. He knC ws nothing whatever y
financial matters and 'uld not know without
advice how to invest a th, wsann uoua.s saIe'y.
Aud yet he has been mis tea oy CRAFTY men ~
ignorant of finance as he /. no tne peneI tnas
irredeemable paper money ~ the cartioad
dumped down at every mans oor wouId maze
everything Lovely and set the .agsinS wneen
of industry into active OPERATOR Das wny
any industry? If every man is 70 nave nus
pockets full of money, why shouiu apyoooy
work? And why shouldn't every man nave -
much money as he can carry, sin CO IL W.u COS.
the Government nothing in any way nor at az
time? Can't ievery body see that scch money
would be of no value? 1t would be mere trash
with no purchasing power. N. ID.