Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1878-09-23
ANSWER TO ssTHE GREENBACK-
Err WHO is NOT A BARLOW
MAN,


&c. The writer Yields smart pen, and
his article will turn the attention of our
readers to the important matters discuss
ed. We shall be compelled. however, to
disagree with him on some points, but
will undertake to give briefly our reasons
for SO doing: Mr.. Greenbacker refers to
our answer given HIM two weeks ago in
regard to the relative value Of a green
back and national bank note. We in
sist that the national bank note is the
best piece of paper. The greenback is
mere promise of the United States to
pay the sum named on its face, at no
time and no place. The national bank
note is payable ''on demand" which is
always an advantage in any note. The
bank currency has the endorsement of
the United States to piece of paper
which holds every stakeholder of the
bank issuing it, responsible to the amount
of twice his capital stock, for the pay
ment of every note issued by his bank.
The Greenbacker has made mistake
in thinking that only the bonds of the
stockholders are liable for the payment
of the obligations of the bank. The
ing to the stakeholder is held for the
payment of the debts of the bank. Mr..
Greenbacker may not consider the "per-
sonal security of the stockholders an
addition to the credit of the United
States" but we think that the more re-
sponsible endorsers piece of paper has
the stronger" it becomes. 1t was not
long ago that the United States was
rated by the worlds estimate at only SO
cents on a dollar, and the time may come
soon, if greenbackers, nationals and COM
munists have their way, when its credit
may again fall to as low point. In
nearly every bank the stockholders are
amply able to pay every dollar of loss
that can possibly occur to the bank,
without any aid from the government,
in the sacrifice of the bonds Of the
bank held as collateral securities.
Mr.. Greenbacker proceeds next to
complain about the national banks. All
greenbackers make this wall about banks
their chief capital in trade; without il
they could not do business. Now we
have no interest in national banks, and
do not wish to defend them from the at
tacks of greenbackers or others if they
are guilty of crimes, or if they are a
disadvantage to the country; but we dc
like to see some reason used, and fail
play all round. We think the great
howl about the banks is only gotten uI
for political capital at this time, t.
increase the strength of the various po
litlcal factions that are opposed to the
present rule, or party in power.
Mr.. Greenbacker thinks that the pres
ent hard times are eccasioned by excess
i've taxation. and the banks. 1t canno
] hn -thaA- L---.->->~.>.-- .hnL r. - II
must remember that we are in the bust
ness depression that always follows ;
great war; that times equally hard ar,
now being suffered in Canada, England
France, Germany, and nearly every grea
nation. 1t cannot be that bank, her,
and there, is the cause of an over pro
duction which has stopped factories, ant
of lack of confidence which has caused
the capitalist to withdraw his money
from general business. Banks have no
made cheap butter and cheap calico
Heavy taxation has not been the grea
cause why the people, in better times
ran into debts, and extravagances which
to-day make them poor. Not at all.
But the banks. 1t is true that the,
have a capital in bonds which bear in
terest. They receive interest on thos
bonds. But if they did not receive tn
interest on the bonds they deposit 70
protection of their patrons, other partie
would hold the same bonds, and govern
ment would pay interest all the same il
either case. Government does not los
anything by the operation. The mex
point which Greenbacker makes is tina
banks loan money at high rates of inter
est. This is true, and that they loan a
a rate higher than the State law permits
is really the only valid objection W
have ever seen against them. We hol
that they should put their discounts a
six per cent. and then they cannot
classed with the "rumseller, the thief,
and other w-breakers. But how abou
the burden of the ''people" caused b
high rates Of discount? Now If we III
derstand it, no party is compelled I
hire money of bank, if it charges hig
rates of interest. The world is wide an
the greenbacker who looks upon the ban
with such horror can step right out int
the world and hire his money elsewhel
at lower rates, if he can do it. The a,
erage Yankee hires his money and buy
his goods where he can get the be-
prices. Don't scold, Mr.. Greenbacke
about bank when it does not take an
higher interest than other money lender
The statement that banks are getting
double interest, if it means that they al