The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-11-21
CREENBACKS.

pOSou 10 issue government DOuuS IOI
loans of money | strenaously opposed
the project. and urgently advocated
the continued issue of greenbacks. |
pointed out to them, as | do now, that
q greenback is non-interest bearing
greenbacks; that Us it would be the
aim Of government, like all others to
pay rs little interest as possible on its
bonds, it could not do better than
issue bonds on which no interest
whatever need be paid; or in other
words, confine itself to pntting out
non-interest bonds known as the
greenback currency: that excepting
the distinction Of interest, Of uSury,
there was no difference between the
two obligations; that IT the nation
could pay off the Understanding
greenbacks (alias bOnds). principal
and usury combined. it would be still
better able to pay off a non interest
bearing greenback debt. VIII
principal alone need be provided for;
that a thousand or fifteen hundi ed
millions OF greenbacks would
ultimately prove much smaller
debt than an equal amount
Of bonds, while the latter
would, within sixteen years, exact in
the shape Of usury i tribute from the
earnings Of the people equal to the
entire bond debt. and we would still
owe the debt; that the non-interest
bearing greenback would ultimately
not be a national debt, but like gold
and silver. would become a currency,
carrying with it 50 many blessings
that the community would sternly
forbid its withdrawal, even though
the Washington treasury were filled
with gold; ana that if the nation did
wish To regard the creenbacks rs a
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 cXacted
by the latter would III sixteen years
suffice to retire every greenback
dollar.
\ few leading journals of the day
goOd-naturedly opened their cOlumeS
to the ventilation Of my heretrodoX
and bizarre opinions, Us they were
then demanded, more however, as Il
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
overtakcI. our Continental money and
the French assignat5.
Whenever the advocates Of an eX-
clusiyc!y metallic currency are hard
pressed by the adherentS OF a national
greenback currency, they retire upon
the Continental money and French
assignats rs upon two lmpregnable
fortresses, whence they may assail
their foe with impumity and in per
feet safety. They can do this because
the upholders Of Il greonback cur
rency are Obliged to admit that both
the American and French paper
money came to grief-an admission
which seems to carry With it IN
acknowledgment that the geeenback
currency they so ardentlv advocate
is opened to Il similar disastrous eX-
pericnce. Both sides are led aStray
by c0Mmon error; the one openly
proclaimS and the other secretly
believes that the Continental money
and French aSSignatS came to naughi
because they We're paper money
hence the hard money side confidently
flourished the lamentable financial
experience of our torefathers and
their good allies in the faces of theil
opponent rs u final unanswerahlt
argument: while the latter. more thar
half asserting to what seems an in
contcStable historical truth evade the
issue 10y falling back upon the fal
greater intrinsic merits Of the green