The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-06-11
!. .,,i;reenback Lunacy.

~ We agree With tue wig t1a6 sIHucu tslat
IL sid by the press ON the sub OF paper
money Is !. fudge aud stun. :, And X any
body eyer penned an article containing
more .tfudge and stug' than the WAsg's
article OF yesterday headed 6 An Abundans
and Cheap Currency" then We never had
the pleasure OF seeing the former. The
financial question Is said TO be q very diti-
cult one for most persons to understand.
Perhaps we are among the unforfunates..
Certainly either the editor OF the Wing or
the editor OF the Dispatch is nothing more
nor less than a lunatic SO far as this ques-
tion Is concerned; and that our readers
may decide for themselves which is the de-
mentsd man, we copy the Wigs article in
2ull--our own having appeared last week.
We quote from the IYhig quitting single
sentence in italics):
AN ABUNDANT AND CHEAP CURRENT
That's the watchword-t that's the great and
especial need OF all the industrial classes Of
this land. First and foremost, a currency.
from the Latin werd c,t7re,lS- meaning run
ed and cornered,
q Consists IN mutual and partaken bliss, AZ
Gnsavory in the enjoyment OF Itself.
To flow, and to be partaken by sill, it must
be abundant, and to impart bliss, 1t must
be good-and to be good, must be recog-
nized by the Government as an equivalent
for all The products Of this great country;
in word, o flowing Government currency,
q legal tender for all dues to Or by Govern
ment or individuals. And there cannot be
too much of such good thing. a sho,oer
of greenbacks t,oo.:feet deep all oUer the
land .could not Surt cit the furnishing indus
tries of this people. 1t is the one thing es-,
sential to their prosperity and to their de-
iyerance from the grip OF the money-rlpg.
And, by the way, to great extent, all
other questions resolve themselves into this.
All legislative frauds, al judicial usurpa-
tons, and all the tricks and devices OF the
money-b brokers are directed to the, one end
OF contracting currency, thereby to apDre-
ciate the value Of money and depreciate Ia
Dor aud all its fruits-i. e., every other
species OF property. AS long rs the
ring, and their creatures can keep in
their hands the power TO limit the
amount OF eurrency-commonly called
mouey--they have the country and all
itsHortunes at their mercy. Therefore it is
that all their efforts. whether by corrupt
laws or corrupt combinations, or subsidized
presses, or judicial chicane aud usurpation,
are directed to maintaining this absolute
control over the amount OF currency, and
striving TO reduce its quantity. The only
cure for this great curse is flood Of green
backs, whicb will swamp the ShylockS or
sweep them from the face Of the earth.
Some OF their organs are mighty sweet
on the dear people, and would persuade
them that too much money would be their
ruin 1t is ruin they long for, as though
it were celestial mama! One OF these or
gans. now before us. is very unhappy lest
the dear people should be deluded. 1t says:
be benefited II money were made cheap and album
dant..a ..1-..,r. K.
Theysare anxious to be so deceived. 1t
is q f6elusion which would fill their souls
with: Joy. ...,..s. rsl-
The same learned Theban tells us that g.
legislative declaration cannot give value to
paper money" eli Virginia were to issue
fifty millions Of paper money tomorrow it
would not be accepted at one fifth Of its
face-value." 1t is the quality OF the cur
rencY that gives it its value as circulating
medium elf Mr.. Franklin Stearns were
to put out more notes than he could re-
deem they would soon lose their value.
And Just so "a palpable no',-sequita,) it is
with. the National Government" 4..,s.,.
All this is fudge and stuff. The quality Of
the currency owes its value to its source.
It may be worthless il issued By Virginia
or MIR: Stearns but il Virginia or Mr..
Stearns had the power OF Congress to issue
q paper.mofey-a legal tender for all dues,
public and private-it would buy all the
products of this great count1y-cotton,
wheat, tobacco, meat, and manufactured ar
ticles Of every description-and it would be
oI>N sr,a -
OF the world. The mass Of the people want
nothing better than greenbacks. They are
good enough money for them-only give
them plenty Of them. That's the one thing
needful. They will not concern themselves
about their redeemabilty. In fact, they
would prefer that they never be redeemed;
but continue flowing with gladness, and
flooding them and the land with prosperity
forever.
The bitter antagonism of the money-ring
to an increase Of greenbacks is the best in
dex to the people where their true interests
lie.n More money-and still more money
is the sovereign panacea for all their ills;
and they are not wise to their own saliva
ton, I,;:with iull power in their hands, they
do not have as much as they want.
II the theory OF the Wings article were
true, there would be no extravaganza in its
declaration that ga shower of greenbacks
two feet deep all over the land " would not
be too much currency. OF course it would
be absolutely valueless-not worth picking
up-but that makes no difference. II Con-
gress can make three thousand millions Of
greenbaeks good money by merely declaring
them to be good it can Just as well make
two-foot stratum OF them good. Z ,,..t.,.iL
"The quality OF the currency owes its
value to its source" quoth tie Wing.
That's what we said, and what the Wing
pronounces .stfudge and stuff" But we
included the ability to redeem its notes as
one OF the marks Of good source" and
hold that in the absence OF such . sssource,"
the so-called money would be worth far less
than silver and gold. The Wing means
that the Government can by printing upon
a piece Of paper ".'this is a dollar,"' and
making it receivable for all dues, public and
private, conyert,tha piece Of paper into a
dollar. II that is true, Virginia could make
good money herself. She constitutes one
thirtieth OF the Union in population. She
taxes upon $500, 100000 OF proper
ty.cTShe ought surely to be able to make
one thousand millions Of dollars Of good
money by an act Of the General Assembly |
making her notes receivable for dues. Yet |
A. ooll 1-r,o