The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-06-20
Greeubacks and Dinners.


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Gresnbacks and Dinners.
The able tinancier Of the Wig, who
wishes to see grcenbacks issued by the
Government until they are two-feet deep
upon the surface Of the whole country,
thus gives reason for the faith that is in
him:
ssThc landlords ticket is said to be good
for a dinner, and the Governments note is
not, simply because The first is redeemable
in bacon and greens, and the latter in the
money. Suppose the Government should
have as much sense as the landlord, ana
make its note redeemab!e in dinners. or,
better still, redeemabIe in nothing, but te
legal tender and cXcbangeablc for ali
things! Wouldn't that do"
II the landlord issues no more tickets than
he can redeem in dinners, his tickets will
be good for their face. But II he issues 2
thousand tickets and can feed only hun
dred men-that is, can redeem only hun
dred OF thcm-tliey will be worth not more
than onc-tcntn OF Il dinner each. The
paper-ticket has no value in ITSELF; and
therefore if it fails TO secure for its owner
dinner, it is absolutely worthless.
Just so with ereenbacks. II The Govern
ment issues only few hundred millions OF
them, and holds itself ready to redeem them
in specie, they will be worth their face.
value. This it is that gives them value or
currency. In themselves they arc worth no
more than dinner.tlckcts. 70 make them
tfeo and pbnr fra
things" would not help the matter ut all.
For if the Government could by law impa"t
value 10 them, it could OF course make
people receive them at par III payment lor
gold and silver. Can it do this No. why
not? Because it is beyond the power OF
any Government to enforce such la" SO
as to make it eiicctual. The Government
can make the greenbacks legal tender 1ol
gold and silver, but the owners OF the goia
aud silver will still have the right. and will
always exercise the power, Of deciding Tor
themselves hoao much gold Or silver they Will
give for Il so-called paper dollar. And so
it would be as TO all commodities. Let the
GoYcrnme mt issue greenbacks "redeemable
in nothing" and atwo-foot stratum OF them
will be worth nothing. AS no man can be
forced to sell his gold and silver, dollar for
dollar for greenbackS, so no man can be
forced to sell his corn, wheat, or tobacco,
for any less sum in greenbacks than the
specie would buy which the corn, wheat, or
tobacco would sell for. That is to say II
the money-rings" and bondholders I"
and usurcrs," or whatever you choose to
term the men who carry OH the commerce
and banking OF the country, should hold
the gold dollar to be worth two unredeem-
able greenback- dollars, then the owner OF
the wheat, or corn, or tobacco, could not
be forced by any law to sell bis products
for less in greenbacks than their value IN
specie would bring in greenbacks. lie
would demand and receive just such prices
as the sold-owncrs would demand and re-
ceive-prices fixed and determined by
things OF actual value.
Again The expenses OF the Government
are now, let us suppose, three hundred mil
lions OF dollars annually. Can the Govern
ment help the country or itself by issuing
crecnbacks "rcdeemabie i'll nothing
wherewith to pay these expenses? Not q
whit more easily than we could in like man.
ner pay the expenses Of our Office. II the
Government were to Issue this year cur
rcncy redeemablc in nothing" to pay its
expenses with, its expenses would increase
in proportion rs it Increased the volume OF
this worthless currency. Next year its eX-
pcnses would be six hundred millions.
The next twelve hundred millions. And
so on. Only recall the history OF Confed-
crate currency, OF look at the Virginia
treasury notes or grecnbacks (the coupons),
and YOU will understand that governments
cannot make money out OF paper. II
they could, how easy would it not be
for the whole world to be made rich
in few weeks? The mere statement Of
the proposition ought 10 show its alb
surdity. There are $50 degrees in circle,
large or small. The lingering hasaS many
degrees as the bands of Jupiter. 1t is i'm
possible to increase the number OF degrees
by charging the diameter OF the circle. So
it is as to paper currency. You can't in
crease the value of a worthless currency,
" redeemable in nothing" by increasing its
volume. AS the circle becomes larger, but
has no more degrees, SO the volume OF green
backs becomes greater, but has 40 more
purchasing power. As well beat out sill
yer dollar to the thinness OF paper to in
crease its value as expand al irredeemablc
paper currency to enrich a people.