Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1878-10-04
What Greenbackism Proposes.
Chicago Tribune.

comprehensive one. 1t is used to ex-
press opinions and aims of the most
widely different character, from that
of the man who favors the continuance
of the present number of legal tender
notes, provided they eau be kept at par
with coin, to that of the man who fav-
ors the unlimited issue of snch notes,
provided they are made absolute money,
irredeemable at any time and in any
form. Exactly what the aim of the
Greenbackers is may be said to be very
indefinite, and one of the great difficult
ties of considering the question is to as
certain what is really the end sought.
1t is only occasionally that we have a
frank disclosure of the ultimate pur-
pose of the party, and one of these dis
closures by an authoritative represen-
tative, is that made by Mr.. Shupe, of
New York, the editor of the Adrocate,
which is the recognized organ of the
party in the Eastern States. Mr.. Shupe,
in a lengthy statement published in the
New York Erening Post, states the OBJ
jects, aims and purposes of the Nation
al-Greenback party, and this statement,
which is quite long, we condense as
follows:
l. The Democratic party will at once
sink into and be lost in the National
party; the Democratic party will not
survive the November election, after
which there will be but two parties, the
Republican and the National party.
"On the one side you will see the party
of infationists, borrowers and laborers;
on the other side the party of conserva-
tives, lenders and capitalists"
2. The acknowledgements Green
back party will elect Congress which
shall issue 81 ,5OO,OOO,OOO and spend the
money in a vast system of internal i'm
provements The Erie Canal will be
widened so as to admit sea going vessels,
and be extended from Toledo to Chica-
go. The Mississippi River will be widen
ed as far north as ST. Paul. The South
western Territories will be traversed
with railroads. For three years $780,
100000 will be issued by the National
Government and paid to laboring men.
3. The Government can pay off the
bonds with these greenbacks if it
chooses, or it can manufacture the mon
ey as it did during the War.
T. HCoC SIccllDdCkS VIII never De
redeemed. They will exist as capital in
the internal improvements of the coun-
try. People will not be at liberty to re-
fuse this money; the Government will
make it legal-tender, and they will be
compelled to accept it.
5. The capitalists will 90 to the wall.
Money will be so plenty that they will
only get } per cent. interest, 81 300
OO0,O 900 of new money in three years will
give everybody work to do.
This, Invested of a multitude of words
and meaningless sentences, was the
statement of the editor of the recog-
nized organ of the party,-an organ
which claims to send 1900 copies to
Massachusetts, paid for by Butler.
This scheme of internal improvements.
however visionary and impossible is
held out, like those of John Law, nearly
two hundred years ago, as capable of
accomplishment by the mere process of
printing paper money, and is just now
received as crcdulously as it was then
by multitudes of people, who are des-
tined, if it should be attempted, to wit
ness the same desolation and ruin which
overlook the victims Of Law The pos
sibility of floating such paper, and to
such an amount, seems never to be
doubted. The idea prevails that when
the paper is legal-tender it must be ia
ken in exchange for commodities, and
this is one of the delusions from which
there will be terrible awakening some
day.
There are now about $670,000,000 of
paper money outstanding in this coun-
try: OF this about S70O00,000 may be
said to be at rest that is, held as
reserves-and inactive The other
5000, 100000 is in use and at par with
coin. That sum, therefore, seems to
measure the capacity of the country to
carry paper money at par, there being
only 100 days intervening before it will
be redeemablc in coin. The law and
the national pledge promise redemption
IN coin 100 days hence, and S60O,0OO,O 900
of paper money is all that can be kept
at par, if the near promise to redeem in
coin be repealed, and the paper be de-
pendent upon the chance of future re-
demption? 1t is safe to assume that.
IN case all promise to redeem be with
drawn, and redemption reduced to
chance, not over $1,000 100000 could be
kept at or near par This would there
fore reduce the current value of the
O0,0O0,00O to S300O00,000, or 80 cents
on the dollar. If, however, the policy
be declared to issue 81 ,500,000,0OO or
81 ,8OO,0OO000 additional paper, with
the declaration that the whole should
be forever irredeemable, and this paper
should be issued in three equal annual
then the declining value
OF the paper issue would be measured
by the increase of issue If $6OO,OOO,
600 of paper, deprived of all legal prom
Use or guarantee of redemption, would
recede in value to $500, 900 900, then the
addition of $600,000,0 900 of paper, while
leaving the cash or coin value of the
whole unchanged, would reduce that of
each note from 80 cents on the dollar
to % cents, and the issue of each adj
ditioual $60O,000,000 would reduce the
value of the cvrrency in the proportion
that the sum of $300,000,0 900 which the
country might float at par will bear to
the whole sum issued The par. value
of papor issued without legal promise
contract to pay is known not to exceed
$500, 100000. Issuing more paper
whether it be $100,00O,000 or So, 000 OOO,
00O will not increase the value of that
paper which the country can or will sus-
tain. Thus, whether it be $300,00O,OOO
or 81 500,000,00O of that kind of paper,
the utmost value it can have is the $500
100000. All the water in Lake Michi-
gan cannot strengthen or add to the
qualities of a gallon of molasses. The
molasses may be spread over an i'm
mense surface, but there will be but
one gallon after all. Watering the cur
rency cannot add to the value beyond
that amount which the country could
float or maintain at par.
The legal-tender quality of money
only prevails in the case of paying debts,
and that soon expends itself Making
a note a legal-tendcr will not enable a
man to buy bread with it, and no man
can be compelled to sell goods on credit
payable in legal tender paper If there