The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-10-31
CREENBACkS.
The Superiority Of a Paper Over Metallic
Currency is Due to the Progress Of
Civilization, for Which the
Metals Are Too Slow.

CIVILIZATION, tor winch the
Metals Are Too Slow.
When during the war it was pro-
posed to issue government bonds for
loans of money strenuOuSly opposed
the project, and urgently advocated
the continued issue of greenbacks. /
pointed out then, as do now, that a
greenback is nOn-intereSt-bearin
bond, land bond is an Understanding
greenback; that as it would be the
aim of government, like all others, to
pay as little interest as possible on its
bonds.it could not do better than issue
bonds on which no interest whatever
need he paid; or in other words, con-
tine itself to putting ont the nOn-ln-
terest bonds known as the greenback
currency; that. excepting the distinc-
ton of interest, of usury, there was
TO difference between the two Obliga-
tions; that if the nation could pay off
Understanding greenbacks (alias
bonds principal and usury combined,
it would be still better able to pay off
a Notwithstanding greenback debt
when the principal alone need re pro-
vided for; that a thousand or fifteen
hundred millions of greenbacks would
ultimately prove a much smaller debt
than an equal amount of bonds, while
the latter would within sixteen years,
exact in the shape of usury a tribute
from the earnings of the people equal
to the entire bond debt, and we would
still owe the debt: that the non-inter.
est bearing greenback would ulti-
mately not be a national debt, but
like gold and silver, would become a
currency, carrying with it so many
blessings that the community would
sternly forbid it's withdrawal, even
though the Washington treasury were
filled with gold; and that if the nation
did wish to regard the greenbacks as
debt, and desired to pay it off. the
feat could be much more easily and
speedily accomplished than if it were
a bonded debt. since the usury exact
ed by the latter would in sixteen
years suffice to retire every greenback
dollar.
A few leading journals of the day
good-naturedly opened their columns
to the ventilation of my heretOdOx
and bizarre opinions, as they were
then deemed, more, however, as a
source of amusement to their readers
than with any idea that even the
writer could seriously entertain such
notions in view of the fate which had
overtaken our Continental money and
the French assignats.
Whenever the advocates of an ex'
clusively metallic currency are hard
pressed by the adheren;s of a national
! greenback currency, they retire upon
the Continental money and French
assignats rs upon two impregnable
fortresses whence they may asSail
their foe with impunity and in per
feet safety. They can do this because
the upholders of Il greenback currency
are obliged to admit that both the
American and French paper money
came to grief-an admission which
seems to carry with it an acknowl
edgment that the greenback currency
they SO ardently advocate is open t.
a similar disastrous experience. Both
sides are led astray by q common
error; the one openly proclaims and
the other secretly believes that the
Continental money and French assig
mats came to naught because the,
were paper money; hence the hare
money side confidently flourish thu
lamentable financial experience of oul
forefathers and their good allies. il
the faces Of their greenhack opponent,
as q final. unanswerable argument
while the latter. moro than half a
senting to what seems m incOntestabl,
historical truth, evade the issue b.
falling back upon tho Tar create
intrinsic merits Of the greenback I've
it, earlier pgotOtypeG Now. neithe
the Continental 0onoy ner the Fremcl
o11ig1o1D fn51o6 boonuno thoy IN