Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-09-17

$taltntott $peftator.
TUESDAY, SEPTEMBER IL, 1873.
The Greenback Fallacy.

Among all the lunacies that have
swept over this country, we know OF
none more fallacious than is the present
cry for an unlimited amount OF ire
deemable greenbacks. 1t is asked, IL
the Government can issue bond that
is accepted as so much money, why can
it not issue greenback note, whlcn WIZ
be lust as good money as the bond Is Il
The reason is Just this: the bond is an
Understanding bond, and the hoider
does not care whether it is ever redeem
ed or not, so long as the interest is paid,
and he relies upon the people OF the
Government to pay such taxes as 1t
is deemed necessary to levy for the
purpose of carrying on the Government
and meeting its obligations, whilst the
greenback, that it is proposed to issue,
shall be misunderstanding and ire
deemable in anything, but shall merely
depend upon the fiat of the Government
that it is dollar.
Is not this the widest fallacy that has
ever seized hold of people? Is it pos
sible to create value without labor? Can
the workingman afford to expend his
muscle for piece of paper that Will not
purchase him the necessaries of life ?
Is il not true that the value OF every
article used in domestic life and in COM
merce is based upon the labor and skill
it requires to produce itand the demand
for that article? If the Government
can make valueless piece OF paper q
dollar, why can it not make one dol
lar gold piece two dollars by merely
stamping upon it "this is two dol
lars?n Won't every man admit thai
the Government cannot do this? Why
can't it do it? Because gold has an In
trinsic value, which is based upon IT.
scarcity and the labor required to dig il
from the bowels of the earth.
Gold, itself, like the diamond, has on
Iva value because of it scarcity and tn
expenditure of muscle and brains nee
essary to procure it. Any enc familia
with history will know that within tn
last fifty years the purchasing power 0
gold has greatly diminished. Why !
this? Because of its increased produc
ton since the discovery of gold In Cali
fornia, and the less labor required to pro
duce it.
Values cannot be created in any othe
way than by labor. When you produc
an article that is in demand, or Is re
CURED by the needs of civilization
the necessities of trade, then you cal
get what it is worth, and its worth VII
be measured by the demand and the la
Dor expended in producing it.
The irredeemable greenbacks woul
upset all established principles OF sup
ply and demand, and bring upon thi
country wild spirit of speculation an
risk unequalled in the records OF thi
country, and be followed by crash
surprising in it's disastrous results an!
of the financial crises that have eve
taken place in this country.
Stability in the currency is the onl.
hope for the country, and especially Q
the South and the workingman, to re
cover from the depression brought abou
by deprecated currency and Its natu
raj sequence, wild and unlimited spec
ulation.
We are now almost on a solid basis
and whatever changes may be made Il
the financial policy of the Government
we, for one, say let nothing be don
which will throw upon the poor men G
our country a deprecated currency, no
recognized by the world as a representa-
tive of true value.
Give us as many greenbacks as tn
commercial needs of the country re
quire, but let them be promises to pa.
in what is recognized by all the grea
nations of the world as the only tru
measure of value--coin of certain
number of grains and of certain fine
ness in quality to the dollar.
GREENBACKs AND THE SILVER Dol
u<>ft 1,o for