The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-05-28
GREENBACkHsM.
From Kalamazoo Telegraph.

From Kalamazoo Telegraph.
What is generally known an the
greenback movement has great fol-
lowing in many OF the western states
and in two or three congressional dis
tricts OF Michigan. The great body of
the citizens who make mp the move
ment are honest, earnest and hard
working men, who are at loss to ac-
count for the state OF the country and
whose observation has led them to con-
meet il with certain things about the
present substitute for money system.
Whether wisely or unwisely they have
come To believe that the solution of the
situation lies in putting tho currency
OF the country through certain course,
and they are accordingly desirous OF
bringing to pass legislation which will
remedy what is held by them to be the
cause Of difficulty.
Now it is apparent to every person
that while men of this way Of thinking
have the same opportunity with every
one else, proportionally TO each mans
individual judgment, TO reach correct
conclusions about financial questions,
when the correct facts aud the whole
facts are had 10 start with-their being
advocates OF "greenback" policy does
not secure them against wrong deduc-
tions in case they are mistaken about
their data, and that il their ''facts" are
wrong TO start with the conclusions
drawn therefrom must be erroneous
from beginning 10 eEi 1t is also OBJ
vious that the proper method for esti-
mating the usefulness and success OF
the ''greenbackers" is not to sec how
many districts or states they can carry,
but to consider whether their policy is
a wise one, whether il would do harm
or good TO the country il carried ont.
IL is the more necessary to heed these
preliminary considerations because ef-
forts are sometimes made 10 carry peo-
pie away in the rush, and because the
greenback movement has no better
means than other organizations for
cunning men who think they see here a
means for advancing their own inter-
ests by stimulating 10 lead the move
ment aud whose main desire is not so
much TO give people the real facts as TO
give them statements that will coincide
with their way of thinking and con-
/ form to conclusions which people are
desirous of maintaining.
As a means of winning the sympathy
of people the speaker will commence
with an illustration Of purchase Of a
farm in war times in which consideia-
ble ready capital is embarked and the
rest taken on mortgage. One OF the
] first difficulties involved in n use of
the temporary paper currency which
was adopted as n war measure, is that
\ - rs~a-s~s disturbances in tue noml-
nal measure of values. A great hard
ship occurred in any case where an en-
gagement was make during the time of
coin currency and carried out in the
| deprecated paper, and a reverse hard
ship followed in any contract made in
| time Of deprecated paper, il it was to
| be completed after a return 20 coin,
unles the precautiOn was taken TO have
! the contract mado on n stipulated coin
| basis IN the first place. The real value
/ OF a good farm, with the soil properly
! kept up, has Of course not changed.
/ On the contrary, ii is worth more in
! gold than it was during the war. 1t
/ will buy more breadstuffs, more cloth
/ ing, more labor, more of all the neces-
/ saries aud luxuIies Of life than ever.
! IL could not have been foreseen pre-
vious To the war that engagements
made in coin would any Of them be
/ fulfilled in a deprecated currency. IL
/ could be foreseen during the use OF the
/ currency that the return OF the normal
/ standard wonld change the conditions
Of things. Everybody knew that the
| great disparity between paper and coin
/ would not bo permanent, and the most
| prudent people of the country regulat-
/ cd their engagements with this change
in view. But for ali the great hardship
/ involved in this second change, il
would not have been good finance TO
keep up a deprecated and uncertain
| currency, 10 the detriment OF our
means Of livelihood as a nation, in or
der TO obviate what people should have
| themselves avoided by the exercise OF
| forethough. Now that we are substan-
TALLY restored TO a specia basis, what
ever trouble in the way OF low prices
is due 10 depressed business, will be
restored by the sharper demand and
better markets that always follow
where men are given secure and safe
conditions for embarkiDg in produc-
| tive enterprise.
In addition TO appealing TO the hard
/ ship and misiortunes of the person
who invested his property in disregard
OF changes which he was bound TO
foresee and provide against-using
these difficulties TO influence mems
! judgment on questions that should be
considered in their relations TO the con-
duct Of trade-a great effort is made TO
prejudice the situation by misrepre-
sentiug the banks OF the country.
There exists at times a very strong
/ q. h l.tk khak
does not make il right 10 misrepresent
the case. They are generally spoken
Of in this movement as the one interest
that has come ont OF the financial
troubles without loss. II there are in
stances Of this kind, the reverse is
very common. Banking copital is gen.
orally secured partner IN all branches
of trade and is theoretically safe. But
money invested in banking handles
large amounts Of other capital, carry
ing all the risks itself. The banks
which have gone 20 wreck in every part
OF the country within the last twelve
month, while depositors received on an
eyerage a large proportion Of their
credits, sometimes all, the men who
owned the stock of the banks lost
everything. Under some systems the
stockholders no. only lost all the prop
erty they put in but they had to make
good all that depositors suffered. An
instance of this occurred in the case OF
the Atlantic bank, Brooklyn, some time
ago. II man bad property OF $780,
600 in the business OF that institution,
he sank il all and paid about quarter
as much more 10 make up the deficien-
cy to depositors.
Such features Of banking experience
must be taken into account as we'll as
the instances in which mans relations
with them brings him inconvenience.
From the necessities Of the case they
only take credits on security and the
enforcement Of that security often re-
suits in hardship. Banking facilities
I are an advantage and indispensable adj
; iunct in al business centers. III they
III