The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1878-08-31
Nuts for Greenbackers to Crack.

bonds and greenbacks "ifthere was unlimi-
ted paper money issued" that official ans
wered, {" would change them into gold at
once and take the first steamer for Europe"
If Mr.. Marshall was early in the market he
might convert his paper without great loss,
but men who came later might not fare so
well, while the poor, who could not make
the exchange at all, and who could not go
out of the country, would be at the mercy of
the monstrous violation Of economic law
and common sense. Yet tits in the interest of
this helpless class that the advocates of the
greonback delusion profess to be working
II per cent Government bond sells at
par now because it is non-taxable what
would it sell for if it was taxed say a quarter
of one per cent year? To this inquiry the
New York Post says, this would reduce the
rate of interest to 81 per cent, and if the
bond were sold at all it would have to be
sold, say, at ninety four cents on the dollar.
Now, will some Of the labor agitators who
are ranting about taxation of Government
bonds tell what earthly difference it makes
to the people whether they take this per
cent difference by yearly taxation from the
bondholders or take it in q lump in the
shape of an increased price for the bonds
Exactly the same law holds in respect to the
bonds purchased ten years ago, but, whether
it holds or not, those bonds are now funding
so rapidly that the most critical of agitators
will scarcely find peg on which to hang an
argument for taxation.
Ex-SEcRErARY boutwell,, when discuss
ing the financial question, openly invites
any one in the audience to ask him questions.
A Greenbacker, the other day, is reported to
have improved this opportunity and learned
a good deal more than he ever knew before.
Mr.. Boutwell, asked what the greenbacks,
which their advocates demand, should be
redeemed in. The Greenbacker said, Gre
deem them like gold and silver" (Which
is not at all )" responded Mr.. Boutwell,. "In
no place on this earth is a man bound to re-
deem gold or silver dollar. They repre-
sent their own value" Then the Green
hacker asked to be told the difference be-
tween gold and paper dollar, and he was
silenced permanently by this answer: "Gold
and silver are money because they have
money in them and there is limit to the
supply, and to the labor it costs to produce
them. With the 100, 900 printing presses in
the country there is no limit to the supply
of paper currency. The effect of such an
increase of currency will work on no class
as bad as the poor man. The rich men will
invest their money carefully and not keep
it, but the laborers wages will grow less and
less. Labor advances last and falls first. No
more fraudulent scheme to rob the poor man
can be thought of"
The Boston Journal Of Commerce says; A
fact from the report of the valuation of an
Essex County (Mass.) town is important. u
is town of some five thousand inhabitants
"a manufacturing town, whose residents
are largely of the mechanic cass-an ave-
rage community of the New England type.
OF the sixteen hundred resident taxpayers,
more than nine hundred paid taxes on real
or personal property, mostly on houses or
land. And included among this class Of
taxpayers there is a considerable proportion
of Mr.. Kearney's countrymen - steady,
frugal, industrious Irishmen, who, like Mr..
Kearney himself, have saved their earnings
instead of wasting them upon their vices.
The local savings bank in this town has more
than fifteen hundred depositors. This will
illustrate TO Mr.. Kearney the difficulty which
will be experienced in arousing the people
of Massachusetts to "crush the capitalists"
The people are the capitalists. The frugal,
Woodworking man who has laid up money
enough TO buy little home of his own isn't
easily persuaded to vote with and for men
who, if successful, would make him less Sc
cure in the possession of his home and the
little property he has, with infinite toll ard
economy, laid aside for old age. The social
atmosphere isn't adapted to that kind of Il
movement, and however much progress it
may make in the large cities, tcamnot sweep
the State as some would have it believed
that it will. The alliance between the labor
ing classes and the capitalists in such CON
test is not one of fear ON the part of the form
er, but one wholly of interest. When the
men who have nothing spool their issues"
the men who have something's majority
in Massachusetts-will pool theirs.
AT VERY large meeting at Bddeford,
Maine, on Wednesday evening, ex-Speaker
Blaine was the star of the evening, and
made one of his telling speeches. He said
By common consent the currency question
is the great question before the people. This
l regret, because, if there is one thing people
cannot afford it is tohaye political currency
question. Let us settle it, and settle it right.
The Loan Act had not only the
authority of law, but, in a peculiar and
strong sense, it is binding upon us. In this
act was proviso as follows; That the to-
tai amount Of those notes issued, and to be
issued, shall never exceed S40O 900 ,OOO" 1t
was the price which, in extreme urgency,
we pledged our5clf to, and if there is any
honor in the American people they would
as soon sign away their birthright as violate
this pledge. The most fearful thing that
| could happen to this country would be the
issuance Of an unlimited amount of fcurrency.
| How are you going to contract the currency?
| Whatever else American people do with cur
rency, let me say to you that there is no
body of men so little competent to determine
/ the question Of money as Congressman. !
voted in Congress for the Greenbacll bill.
| voted that greenbacks should not be con ..
! tracted, Greenback peope saw
that we should not have any banks. For
! 200 years we have had banks, and we could
! not conduct the besiness of the country for a
minute without banks. Why are banks a
| necessity? A bank is place where the
borrower ofmoney meets the lender; where
surplus money is deposited. Suppose a man
wants 10 borrow $4,000 to go into business.
Greenbackers would send him all over the
country borrowings $50 here and $50 there. .
lfyou will have banks, then what kind will