Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-08-20
One Dollar.

Mucn misAppIenenSlOu anu ConiuSlOu
of mind have resulted from the habit Of
calling greenhacks and bank bills IDOL
lars" The face OF n greenbsck reads :
The United States will pay to bearer
One Dollar" A bank bill. "The -
National bank of -- will pay on de-
msnd to bearer, One Dollar" Then
neither OF these pieces is dollar. One
is note signed by the United States
Treasurer and secured by national credit /;
the other, one signed by bank presi-
dent and secured By bonds of the United
States deposited with the Treasurer at
Washington.
Neither OF them have any value except
that conveyed to them by their suroties.
II q bank fails, its notes arc worth but
three cents per pound for old paper.
When The government Is IN financial
slIai;s its notes lose credit. In fact, the
greenback or bank bill bears the same re-
lation TO government that an individuals
note bears toward its signer. They are
promissory notes, and nothing more.
What then is dollar-the dollar which
the signers of these notes promise 10 pay
There is little round coin, which,
"before the war" used TO circulate freely
among the people. This coin weighs
25.S grains. of which 1922 grains are
pure gold. and 2.5S grains alloy, COM
posed OF copper and silver. On one OF
its sides are tho words lone Dollar
not promise to pay, but name. such
as is placed beneath picture or upon a
medal. This is dollar. There is an
other coin weighing 42S grains-silver-
which like the gold coin contains pure
metal. and tho words "One Dollar" are
stamped upon its back This is also
dollar-a material tangible article. A
dollar is also 1.-The uni: commonly en-
ployed in the United States in reckoning
money values"
OF course note cannot be given tor
unit OF value any more than for an an
gle, for point. and as these coins
above described, and unit OF value are
the only things to which the word IDOL
lar" can be properly applied. our green
backs and bank notes must be promises
TO pay coin.
In time OF national distress. The gov
ernment issued its notes, as business
man does whom no has not sufficient
supply of cash to conduct his business. Ii
did not give the people bits OF paper in
exchange for their metals, cattle and
time-but notes promising to pay them
coin FOR all commodities delivered 10 The
general government. Ii did not declare
its notes money, and If i. had, such dec
laraiion would not have converted paper
into money. 1t simply demanded that
citizens OF the United States should use
these notes TOR the purposes OF business
exchange. 1t could do no more.
These government notes were not
drawn on time, but on demand. and the
people understood that as soon as the ex-
igencies which led to their issue had
ceased to exist, tho notes would be re-
deemed. With this understanding in
view, the last Republican Congress
passed law which fixed date for the
payment OF these notes. 1t gave def
mite promise instead OF the vague one
heretofore accepted, and was one step
toward resumption. But the Democratic
House OF Representatives by their voice
and vote, have indefinitely postponed this
day. They have decided in their un-
equalled wisdom that an indefinite prom
ise to pay is as acceptable as a certain
one. They have cut loose from the only
pier 10 which our financial ship was
moored. We are now as much aflOat as
We were when the war closed. The
greenback promise TO pay lone dollar "
Is again lie and snare.
Now the people demand that this state
of uncertainty be forever laid aside
They demand that the government shall
supply them with the dollars which are
promised by both greeuback and bank
note. The only step toward this con-
summation was taken by the Republican
party. II was as promptly undone By
their opponents. From the Democratic
party We can expect to receive no relief.
By their platform and candidates they
favor indefinite action and uncertainty.
The Republican platform calls for re-
sumption at the earliest practical mo-
ment, of which its candidate says: 81 shall
favor resumption in lS79-if not before. "
Those who believe that the government
should be as faithful to its promises as an
individual is, will do well to consider the
attitude of the two great parties on this
question.
4 Sharp LaiOyer Caught.
A very fair story comes from ono of