Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-08-29


tirely. mako ts own paper full legal tender for all
debts public and private. and issue it in sufficient
quantities to supply the wants Of trade: That with
and nevs- issue any more bonds r any purpose.
And those who advocate this theory call themselves
the National Greenback party, and ask to have the
In examining this theory the first thing which at
tracts attention is That it ia party sailing
der false ooors 1t is nota g'eenback party at all.
in '' the " law ' authorizing its p0 i1sss,
and all departments of the government concur in de-
csring it representative of the it promises In
the Supreme Court cases ChiefJustioe Chase
pressly says 1T is not an attempt TO coin money
out OF paper The dollar noic is an engagement to
pay dollar, and the dollar intended is the coined
dollar of the United States, a certain quantity in
weight aud fneness of gold silver authenticated
snch by the stamp oftbe government" Said JUS
tice Strong I'VE do not rest their validity the
assertion that their emission is coinage any regu
laiion of the value of money; nor do assert that
Csnssss may on mSte snylns gu. (which has
ley: 1T is promise by tho government pay dol
lars tits not an attempt to make dollars. The stand
ard of valueis not changed. The greenback, there
tore is not fiat money" but a government note
promising to pay money Its value is in its promise
and this promise is honestly borne its
which mas been called "the Abe Lincoln
dollar the do lar the lighting dollar. the dollar
that saved the country, and 10 issne in its place
something wholly different in form and in TACT and
call it greenback. We protest against ths attempt
to steal gOod name to serve bad cause. There is
but one greenback party in this country, the party
which issued the greenbaca. and stood ty it when
was denounced; the party which promised to make
it as good gold, and has redeemed its promise; the
party which declares to you to-day that there shall
he neither abandonment nor depreciation of green
backs" the grand old Republican party, which pre-
served the country In the storm of battle and will
make good its promises in time of peace.
But these fat gentlemen propose to abandon the
specie basis declare the use Of metallic money relic
OF harbarism and say that paper alone is sufficient
tor all the purposes of commerce. 1t is true The
voice of the whole world is against them,
but that Is nothing; for thoy wiser
than seven who render q reason.
Ignoring the fact that all measures must have
standard which possesses the quality to be measured,
they propose q wholly imaginary standard Weight
cannot be measured except by standard which has
weight Length cannot be measured except by
standard which has length. and value only be
measured by standard which has value Various
Instruments may he used, but these must first be
tested by q standard You may measure weight by
spring balance, but you must first gauge the bal
ance by the standard weight So you may measure
values by paper promises; but you must first gauge
the promise by the standard of alues All this has
been looked upon as the A. B. c Of truth But
told thai il Is all false, and all values lie
measured by an imaginary, as well AS real money.
Of cOurse the advocates Of specie basis understand
that some other commodity could be used q stan-
ard. as wheat or potatoes or calico But
metals and especially the precious metals,
have approved themselves as the
best money measures of the value of all property and
service by their inherent qualities Their compare
tive scarcity permanency, divisbity malleability,
hardness. weight, cleanliness and beauty have COM
mended them to universal acceptance But
are told they sham and cheat the specie basis
is impossible, and it must be abandoned. We are
told that the whole value of gold and silver in the
world is not sufficient for the exchange of its
MERGE for SINGLE day that to rest the vast credits of
our commercial enterprises specie is to rest 1t
ou
and panics make 1t most necessary. And m. from
the smalness of basis, instead of deducing the
fiat men argue that we should dispense with the
basis Because this inverted pyramid will
not stand on 30 small foundation,
foundation entirely and let it stand on nothing Be-
CAUSE there Is not specie enough to carry credit
paper through financial atorms. therefore must
dispense with specie and let credit paper carry
itself! But every one must that fat paper which
promises nothing. which is never to be paid or
deemed is worth nothing. and will have exchange
able value. II you could issue your paper which
goOds it would bo very comfortable to you; but how
would it be to theml Would you sell me your grain
them. and which was never expected 10 payf Ger
family not Hence such paper Of the government
would have no value would not pass, and would be
But our friends have proposed several expedients
to give it value and make 1t pass money, without
redemption or payment The FIRST of these was what
plan something miscaed . greenback was to be
issued to take the place of the present one which
should be exchangeabe at the pleasure of the holder
Into An Understanding bond and this bond was To
be convertible at pleasure into these greenbacks
AS originally conceived, this bond to be payable
in g0ld and was proposed y means of absorbing
and retiring the greenbacks. But this was Inn
proved by dropping out the gold and making princi.
pal and interest payable in greenh Hence. tpro
poses simply perpetual interconversou OF bonds and
greonbacks- The supposed advantage that it
would give us q flexible currency, enlarging and di
minishing to meet the wants of trade. But the OBJ
jectons 10 this scheme are obvious. First the hold
paper ami hence IT could not be put into opera
ton. Second, if put into operation by any process
whatever it would be a scheme to constantly IN
the accommodating interest. Third. if prac-
ticabe at all, it would put the vol
of currency entirely into the hands of the bond
holders who could increase or diminish it at pleas
ure, sending prices up down they pleased. and
enabling them to speculate on the people. Fourth,
1t would not work at ALL for one piece of paper
changeable Tor another piece OF paper and neither of
them ever otherwise payable. would have value;
hence this plan is mostly abandoned, and the
fiat platforms declare against any issue of any inter
est bonds for any purpose whatever.
1t is now proposed that insteld of issuing green
back promise there snail be ISSUED paper stamped
dollars. receivable for all dues to the government
and payable for all debts public aud private. 1t is
cOntende,i that law of the government shall make
this absolute money and that its dobt-payng power
will it vaue This paper is to be issued by the
aud in payment of all bonds. Much difference pre-
walls as to the amount 10 be issued, some wanting
enough to take the place of all existing
bank and government paper, and an indefinite amount
to supply the wants of trade others. quite 80
of the power of the fat think the amount must
DC liked per head in the constitutions but all agree
that The government stamp will give it value, with
out any promise OF payment redemption.
The objections to this scheme aud diff
cult to reduce within reasonable limits. The first
and most obvious is. that it involves the manifest
absurdity that credit exist without debt We
told that this paper is issued the credit of the
government, and that this credit will give it value
and ar M am aS fiQlf Rrf
there Is no credit without debt Whatever is credit
ta one is debt to another The government has no
credit unless it somebody. And if it a
debt and declares it will pay It that is simple
reputation. and destroys its credit When we say
that has good credit, that he is able
contract debts, that his neighbors will trust
him. But ii man will not
pay his debts he loses his credit and his repre-
senting that credit worth nothing. IT, th'-re-
TORE the government issues paper it must represent
debts owed by the government and which promises
to pay else there Is credit value in it. And
hence the absurdity of a scheme which proposes by
decree of law convert debts into dollars The gov.