The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-08-02
Two Different ereenbaok Platforms.


The greenback State platform.
which is about the same as the
greenback platforms being adopted
this year in other states, seems 10
US rather crude, not to say rash and
reckless financial proposition. Its
three important planks are as fol-
lows:
1. Make greenbacks full legal
tender and issue enough to pay off
all the present government bonds
(about 81, 7O0, OOO,OOO.)
2. Prohibit all further issue of in
terest bearing public bonds, nation
al and local.
3. Issue money directly from the
government treasury to the people.
The result of the first measure
would be a flood of greenbacks
that would initiate values beyond all
precedent, and to such an imitation
we believe a majority of even the
real estate owners of the country
are and will remain decidedly op-
posed.
The result of the second measure
would be 10 practically prohibit
public bonds, for no enc would lend
money without receiving some rate
OF interest. While the public bond
idea has in many eases been carried
too far, and been made a gigantic
evil, it has also greatly aided the
development of the country, and
restricted within proper limits it
will do much good and little harm.
Public bonds sold at par and draw
ing low rate of interest, with some
of the principal payable every year,
would probably prove beneficial in
a great majority of cases. One ex-
treme begets another-hence many
who feel the burden of the almost
all bond policy of the last ten years,
are now induced to fly to the exact
opposite-no bonds at all.
The third measure is in too crude
a shape to meet with public APPROX
al. If it is to be taken literally, it
would soon make greenbacks value
less, and unsettle the entire indus
try of the country. The idea must
be put into a more definite shape
before any large number of even
greenback voters would give it their
approval.
Now that the leaders of the
Greenback party have, however,
solved the financial problem to their
satisfaction, and proposed in their
platform what they deem to be a
wise and iudicious financial policy,
VIC beg leave to call their attention
to the following more definite plan
of furnishing american absolute
money" and naturally putting and
keeping it in circulation. 1t will be
noticed that this Plan avoids all ma
tional reputation, places paper and
specie dollars on legal equality, pro-
Vides an automatic, self-regulating
supply of currency, increases its
supply so gradually as to avoid in
flation in the proper sense of that
term, provides as nearly as the gen.
eral government can prudently do,
for the loaning of m oney 10 the peo-
pie, at rates that will constitute a
basis OF low interest, and tends to
encourage the primal industry of
AGRICULTURAL production. We do
not say that either the greenback
platform adopted or this greenback
platform suggested, will ever re-
ceive popular approval, but while
theorizing is in order let us look at
this plan of establishing a paper
money, low interest financial sys-
tenn:
Enact by constitutional amendment:
l. Fay all present u. S. coin bonds, in
terest and principal, In silver and gold
legal tender money, to be obtained by
collecting custom duties I'm such money
until such bonds, which may be refunded
at lower rates of interest, similarly ex-
empt from taxation, are paid.
z All other debts, public and private,
shall be paid in any legal tender money,
shall be gwen to or redemption required
in one form OF legal tender money over
another, and all property except property
owned by the U. S. and above coin bonds
shall be equally subject to taxation.
.. Legal tender money shall consist of
U. 8. paper, silver and gold dollars, null
tiples thereof, fractional currency and
minor coinage. any of said dollars to be
unlimited legal tender. Coinage of gold
and silver to be free and on basis of laws
HnII 60 No
to aggregate of outstanding greenkacks,
at par exchange for said greenbacks.
which shall be retired from circulation as
fast as received into the treasury. PAPER
dollars to be also issued up to aggregate
amount Of ten dollars per capita and ten
dollars for every acre Of land plowed and
planted to some crop, said population and
cultivated land to be determined by a u,
8. census to be taken every five years.
4. Legal tender money to be always in.
terconvertlbie at par without charge, at
not less than one thousand postoffices,
with u. 5, bonds in sums of five dollars
and multiples thereof, at three per cent
interest per annum, payable semi-annual-
~, all interest accrued on said bonds
when paid out by the U. 8. to belong to
the U. 8.
B. Said paper dollars to be originally is
sued from the treasury only by way ofl
exchange for present greenbacks, and by
way of loans to the respective states, ter
r1tories and ID. OF c., in proportion to
their respective population and land In
cultivation, in exchange at par for their
respective bonds. bearing interest at the
rate Of three per cent per annum PAYABLE
seni-annually, with principal payable at
the rate Of two per cent. per annum and
not to be disposed of by the U. s. at less
than par value and accrued interest. all
arrears Of interest or principal to be at
once sued for in the u. s. Supreme Court.
judgments to be paid in full, and until
Judgments are so paid, such delinquent
state, etc. to be debarred from Representa-.
ton in Congress.
8. Each state, ETC., TO use proceeds of
such leans first te, pay on It's other out
standing debEss and to regulate for itself
the terms upon which 1t will loan money
to Its various counties, cities, etc :, and
the terms upon which such munIc fpaIf-
ties may loan their respective funds.
z. A two-thfrds direct vote OF the peo.
pie in favor shall be necessary 10 In any
way alter this amendment.
The term interconvertible in sec
ton four, means that the holder of
say $40 in greenbacks has the right
to exchange them at any time for a
$40 bond drawing three per cent.
per annum, and the right at any
time to hand over his bond and get
back his greenbacks, with whatever
interest might have accroed NJ, fha