Daily Los Angeles herald., 1878-11-06
Isrsnea,.s,. .r,n.re,a, Evils.


been amused at the claims to hon.
ssty made by the advocates Of hard
money. The fact is that the peo.
pie Of the United States have suf-
fered from series of infamous rob-
berries, done at the dictation of the
capitalist classes, almost without
parallel. But the question is not
- to the equity of the matter, but
whether we are not in the condi-
tlon of Macbeth, who had waded
into the middle of the stream, and
TO whom returning were as weary
work as to 60 DER. We think that,
In fact, we are little nearer the
thither shore than that from which
We started, and we would therefore
deprecate any backward move
ment. 1t was an infamy for the
government of the United States to
contract the currency until the ma
jor part of the national debt was
paid of. 1t was an unspeakable
infamy, at the dictation of foreign
and American bondholders, to
make bonds payable in gold COIN
which were by the express terms
Of the law under which they were
Issued payable in lawful money OF
the United States. 1t was fur
ther infamy and iniquity to make
other bonds of the United States,
whose payment was stipulated in
coin, payable in gold coin. The es-
tablishment Of the National banks
was an unutterably base ramifica-
tion of downright Jeremy Did
dler tactics. The measure was de-
sIgned and carried out with the
double purpose of robbing the peo-
pie and creating u priviledged class.
We yield to no one in the sense OF
the un. Republican enormity of
such acts, but they are done aud, we
think, past remedy, with one ex-
ception.
To again plunge into issuing ir-
rsdeemable greenbacks would be a
remedy for nothing. There are
some financial injuries of the char
acter of that which is sustained by
man who has had his leg or arm
cut off. 1t helps the poor fellow
nothing to put himself in posture
In which he may have his re-
naming arm or leg cut off.
1t 10 the long-headed and sagacious
who always profit by ill-judged
tampering with the currency, and
it is always the people who. in the
end, foot the bills. Were we to
plunge again into an unlimited is
sue of greenbacks, we should have
to pass through another crisis, of
which the moneyed classes would
again reap the benefits.
The exception to which we allud-
ed above is in regard to the Nation
al banks. There is no earthly OBJ
stacle to winding all these institu-
tions up, retiring their issues and
replacing them by a similar
amount OF greenbacks. There Is a
tangible benefit to be derived by
the people from such a course be-
cause 1t would save somewhere in
the neighborhood of eighteen mil
lion dollars interest which is
yearly paid on the bonds which are
used as basis for the circulation
OF the National banks. 1t cannot
be pretended that the greenback is
not as good as the National bank
note, and the saving OF interest to
the people should be conclusive
of the matter.
To our appreciation the drift of
the elections so far held show that
no extreme financial projects can
hope for u sanction by the people.
To place their action upon the
plane Of honesty is sheer leather
and pruuella Their attitude is
grounded purely upon expediency
and common sense. The capital
lists Of the United States have ac.
cumulated against themselves a
mass OF equities which would JUS
tify almost auy amount of reprisals
on the rart of the defrauded people.
But, in declaring for policy OF
vengeance, the people would WELD
double edged sword which would
cut themselves as badly as their
adversaries. A universal percep-
tion Of this fact has left the green.
back party pure aud simple with
but corporal's guard of followers
even In Indiana.
Had Ben Butler proven to have
been elected Governor of NJ Massa chu.
sets yesterday the greenbac ackers
would have clalmAdi ~ ess victory
ssr cnei theories. Nothing could be
more absurd. Whatever the vote
polied byButler, fully five. eighths of
u were Democratic ballots, cast with
= view OF breaking the arrogance
Of the Republican ring which has
90 long lorded it in the Bay
State.