Daily Kennebec journal., 1878-06-17

From the Lewiston Journal
The Greenback Corner stone.
The corner stone of the greenback edifce
is the doctrine that paper money may be
issued by government to any extent without
thought or purpose to redeem single dollar
in coin, and that such notes will be as good
as gold when received for duties and taxes.
1t is only ON such theory as this that any
of the greenback complaints against the fnan-
cial management of the government have the
least force.
II government can make any quantity OF
cheap paper as good as gold by simply print
ing stamp on IL without ever redeening it
then and only then can the public debt be
paid off by any method different from that
which has been adopted. # government can
make money as good as gold at cost of only
few cents for every thousand dollars, then
and only then can it save anything by abol-
ishing national banks. II whatever govern
ment declares a dollar without any intention
of redemption will buy just as much as a
gold dollar, then and only then can the gov
ernment start the wheels OF business, provide
employment and increase the wages of work
ingmen by printing more of such dollars
In short, # the greenback theory as to
money iS correct, then 1t is the duty of gov
ernment to keep printing presses running at
slight expense, to print enough money to
gratuitously distribute thousand dollars to
each man, woman and child every morning,
in order that nobody may be Obliged to work
for living.
IL the greenback theory as to money is
wrong--if on the contrary the theory Of the
bard money men is correct, as every fnan-
cier, every historian and every statesman Of
recognized ability and authority agree,-thvn
the greenback structure is a hun. bug Gas the
Gazette recently well said) rivaling the blue
glass nonsense, and an imposition On every
laborcr and well-mcaning citizen who is in
clined to accept it as gospel truth It's right
here on the point as to whether paper cur
reney sufficient for the transaction of busi-
ness, can be kept as good as gold and be
made blessing, without any intention to re-
deem It IN celn,--that every well-meaning
voter should direct his attention.
Honest men who want to act intclljgently
and wisely, should ask themselves if it is sale
to assume that the ablest and wisest men of
the past five Centuries have been all wrong in
this matter OF paper currency and that the
men who are leading the greenback move
ment-Noorhees, Butler, Ewing, Smith.
Chase, Fogg, Perry, etc, etc.--haye within
hive years discovered principles Of finance
which, oyerturn the opinions Of Adam Smith
John Stuart Mill, William Pitt. Edmund
Burke, George Washington, James Madison.
Alexander Hamilton, Thomas Jefferson. Chief
Justice Marshal, James buchanan, Salmon
p. Chase, Abraham Lincoln, Charles Sum
ner, w. p. Fessenden, Prois. Walker. New
comb, Perry, Champlin, and every other re-
cognized inancier in this aud anv other
country. Scholarship and experience every
where are on the side Of the necessity Of
making all paper money redeemable in coin
Speaking of propositions to put money in.
to mems pockets by issuing au irredeemablo
currency, Jefferson said "Capital nav he
produced by industry and accumulated bv
economy. but only jugglers will propose to
create. it by legerdemain tricks with paper.
Alexander Hamilton taid, PAPER emissions
by the government are Of nature 30 liable
to abuse, | may say, 50 certain to be abu.ed.
that the wisdom Of the Government will ho
shown By never trusting itself with 80 seduc-
ing and dangerous a power Chief Justice
Marshall said irredeemable parer money "has
always vecn liable 70 huctuation. Its valpe
is constantly changing; and these chance.
often great and sudden, expose individuals 10
great loss. are the source Of ruinous speeuIa-
tions and destroy all confidence between man
and nan. Thos. II. Benton said irredeeu.
able peper money tends to aggrayate the in
equality of foftunee 10 make the rich man
richer and the poor lnan poorer, to multiply
nabcln and pau f1zs. and to deepen and widen
the guilt whicb separates Dives from Iaza-
rus. Aiaew 5RckEjh iaid .tbat an ire
deemabis paper currency is "a great cdrse u