The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-10-23
short. casccassm In Ftnsnccand Poi'
tiles.

Answer. A printed ooihEaAoh Vi eNo
Government to pay a certain NUMBER
Of dollars. with interest.
VIVA, is a greenback "A. A
government note promising TO pay
,be bearer one or more dollars, with
oug interest.
VIA, is q dollar "A. A United
States Government coin, worth lVU
cents.
Ifaman takes up his own note
and ciyes a new note Of his own ma
ling for the old note, is the debt there
bv paid IA. Il is not; the obl'ga'
ton is renewed, bat not paid.
If the Government takes up one
form of its obligation aud gives an
other for it, is the debt thereby paid'
"A. Ii is not: the obligation to
paw is renewed 10 another form.
Can the Government pay its bonds
in c.ecnbacks "A II cannot, any
more than a man can pay his OWL
note by giving a new note for the ole
one.
If A. holds BIS. note, drawing ~.
torest at G per cent, per annum, ano
b.. when called upon tor payment
should offer 10 pay bis ncte 70 A. oy
giving him q new note, drawing d
interest. what would ali honest mel
think Of b, and his proposition IA
They would thiak that b. was either
a fool or a knsye, aud his proposition
the emanation Of . weak minded o
dishonest man.
4 ~greenback beiag a Goreramen'
cote, promising to pay dollars, whaI
gives il value IA. The geperai De
lief that the Government viii fulhl
is promise.
Whv is the greenback worth more
now than during the late war OF th'
rebellion "A. Because Of The nea'
approach Of The time when The Gov
ernment will fulfill is promise, aaC
the belief that the Government will b
able to pay 10 coin for all the green
backs that will be presented for pay
ment after the LIST day Of January
1879.
How much would it add to tb'
value Of greenbscks If the Govern
ment would receive them 10 paymeu.
of customs duties "A. Not more
than from to Of a cent on i doliaI
at the most.
If during the war, when green
backs were worth thiriy-fve cents 10
gold coin, the Government bad pass.
ed a law making them receivable 10.
customs duties, would that have made
greenbscks worth as much as gold
IL would not; such a iaw coalc
have increased their value bat 9 ieT
cents on the dollar at most.
What will make greenbacks Away
worth as much as coin "A. Max
ing them redeemable 10 coin on &c
mand.
Cannot it be done ia any Other
manper "A. IL cannot for any great
length OF time.
What is money "A. Coin.
Has not the Government the pow.
er 70 make money Of paper by laW
and keep il equal with coin "A. Il
has no power to make money Of pap
er or to keep paper equal in value
with coin unless II be eXchangeable
for coin.
Is not a greeaback money "A. Ii
is not money it is g promise TO pay
money.
Is not q greenback just as good as
coin If made 6 legal tender for a!
debts "A. 1t is not There ere
other uses for money besides paying
debts, and unless greenbaeks are e
be payable in coin they must necessa
rily be at a discount, greater or less
according TO circumstances.
Is there enough paper currency ia
the country "A. There is.
How can We tell when there is TOO
much paper currency in the country
"A. When there is no coin ia cireu
lation it is an indication that there il
too much paper ahoat. When there
is too much paper 10 circulation il be
comes deprecated in value below
coin, and the coin is boarded.
Yny did the Government pass {
law refusing TO accept greenback,
and demanding payment Of customs
duties in coin "A. Because the Gov.
ernment needed the coin to pay the
interest on its bonds, and this was
the simplest and easiest way to gel
it. And Congress during the war
did not wish TO place itself at the
mercy Of the gold gamblers every
time its payments Ct interest were
due.
Way not pay the interest on the
Government bonds IA greenbscks ,
A. Because greenbacks are not moR.
ey, and the Government mus 10 the
end pay money for its obligations,
both principal and interest. # can
not honestly forever refuse TO pay its
obligations and continue exchanging
one obligation for another for al
time.
If the national banking syetem was
destroyed and the Government issued
all the paper currency Of the country,
the amouut being equal to that Of liz
bonds issued since The commence
ment Of the late civil war, what would
be the result?-A The country would
be flooded with deprecated paper,
prices Of everything would be unset
tied, confidence and credit would be
destroyed, fortunes would be made
Gnd lost on paper, all coin would be
boarded, aud all sbresd busioess
men would prepare for tie final crash,
which would be inevitably sooner u
later.
Why Is not q greenbecs based %
the resources of the Nation the best
paper currency 10 the world "A.
Because it is based simply CT The
policy and viii OF political parties Ia
Congress assembled, aud ia lie event
OF the policy Of Congress heing Goa.
trolled by those who oEce fought Il
destroy the country the value Of the
greenback would be greatly imperiled
and might be destroyed. by adverse
legislation.
Why have so many benest people
adopted the greenback or national
scheme concerning national finances
A. Because they have not thor
oughly examined the other side of toe
question.
What is the principal plank in The