National Republican., 1878-09-16
BDIL IT DOWN,

While q vast amount of financial rubbish Is
current under the name OF Greenbackism, we
do not apprchend any practical measure of
national legislation out Of II worse than the
substitution of Treasury notes for national
bank notes. This can be effected In q way not
to impair our financial systom or national
credit
1t is about time that the Creenback caul-
dron should be SKINNED ard much of its
delcterious matter be removed. There is
much good and some bad in the seething
vessel. Remove the bad and then boil
down the good to proper consistency, and
the question will be reduced to point
very much in accord with the views and
opinions uttered on the subject by THE
NATIONAL REPUBLICAN when 1t passed un-
der its present management. The question
of fiat paper money is too great an abb
surdity to engage the attention of any in
telligent and candid mind, and hence that
must be SKINNED of from the greenback
cauldron ns mere rubbish. That done, and
the movement divorced from the dogmas of
Communism, Butlerism, and Kearneyism,
the question Of our currency would soon
adjust itself to the popular judgment under
the dictates of intelligence and common
sense. We have long entertained the opin-
ion, and have often expressed it, that there
is no absolute necessity for the national
banks, and hence they furnish a needless
currency, insomuch as the Government fur
nshes part of the paper currency of the
country, and has every facility for furnish
ing all that Is needed. Uniformity would
be secured under this policy, while the re-
sponsibility OF the money would in no dc
gree be impaired by the change.
Thus far THE NATIONAL REPUBLICAN is,
and has been for nearly year, the advocate
Of o greenback system of currency for the
country. The General Government has con-
tracted with the people TO furnish them
with mixed currency, metallic and paper,
and so long as it furnishes the metallic and
portion only OF the paper, there is
q strong reason why it should
furnish all the paper as well as the metallic
currency, and thus assume all the response
bility of our monetary system. There is no
earthly objection to the national banks If we
dAt " nav Y u lHtg nave
subscrvei good purpose in promoting the
public interest as well as that of their stock
holders and managcrs-but the day of
necessity for their existence has passed away.
The Government can easily and safely take
its place. No public or private interest will
suffer by the change. Even the banks
themselves have ceased in many, If not in
all, instances TO prove remunerative to the
stockholders, and hence would suffer no loss
beyond that already incurred by the sur
render of their currency in exchange for
their bonds and greenbacks.
Then again it will be far better to have
one uniform paper currency, based upon the
Government faith direct-a currency that
will bear an equal value in Maine, Ohio,
California, or Texas. This Is the kind OF
paper money the people want and are clam
oring for. A few lunatics may think they
want fiat money; but they do not know
what they want or what is for the public
interest Let the national banks currency
be called in and exchanged for grcenbacks
dollar for dollar, at the expense of the Gov
| HlCill, illtl luGl lCl COnlluut WIN
greenblck currency or close up as their
interests may seem to demand or justify.
One thing we contend for strenuously-
and that is that all money issued by the Gov.
ernment, whether coin or paper, excepting
the fractional currency, shall be a legal ten.
der for all debts due to individuals and the
Government. There Is no sense or justice
in having one form OF money for the Gov
ernment and another for the people so long
as the Government is of the people. This
distinction must be removed to satisfy pub.
lie sentiment, and the truth will justify the
remark that if the Government had moi
abjurcd its own currency in the payment o.
customs dues the greenback fever woult
never have broken out Favoritism in tn
policy of the Government is the most obnox
ious of all its features to the people. 1t ha
not been possible TO reconcile them to tn
Justice of n policy under which the Govern
ment issues money which il will not receiv
for debts due to itself
However, heretofore the Government ha
owed large coin debts at home and abroad
anu Iil'l W hpOi iNS iONOiu'o SOIlCGbCl
in gold TO cancel this indebtedness and saw
itself from becoming victim, as the peopl
were doomed to be- to the rapacity of the gol
merchant. But that day is nearly passe
But trhe over three months interver
before paper money and specie become peer
Then with the legal-tender endowment OF
paper will subserye every purpose of coin O
home or abroad, for the paper will brin
=, the coin at par readily when they becom
equal factors in Our monetary system.
If the Republican statesmen who repre-
i sent the party in the Government had Il,
I voted themselves TO the work OF preparin
y presenting and pushing measure in Co
c gross last winter looking to this end,
would no doubt have succeeded, and il nc
i the responsibility Of its defeat would ha'
Il rested upon the Democrats. In that ca
d the Republican purity would have be'
0 recognized rs the GIceHback party, and |
e third party would have sprung into exi4
c encc with the balance Of power in its hand
II The question is now In ~ shape where II {.
be boiled down and Il medium be tOund .
Il tween fiat money on tho one hand, ~
y hard money on the other when an honC
d money can be reached that will subscr
s. every public and private interest, and lea
i, 1.ss