New-York tribune., 1878-10-25
- GOrtENNrYT CEEATE MONETl

Il
! The Grecnback party embraces some honest
men. a. we'll as some knaves and some trai-
! tors Itrmesents no; only detestablr spint
toward bondholdere, and malignant hostility
10 the Union, but sincere, deep-IOOtcd and
widespread mSapprchension, namely, that Gov
crsnnent can create money. That II can create
promises, all know. But in popular speech,
elecnhacLs have been called money 80 long
tfat great many honcsi persons entirely Tor
get that they are not money, hut only promises
10 paw They see the stamp OF the Govern
ment on Il bill. bat pcrhlDs have never READ
or cannot read tie yer! language of the hnll
Ifs;lF-" The United States viii pay" So they
fancy that any other stamp would serve a.
well: that paper bearing the words. This Is
lone dollar" or Fat money. would h. just as
good as paper bearing the words, "Wlil pas
soucdollai.~ OF credit currency. Naturally. they
ipfcr that Government ouClI to create fat
money enough to wipe out all Its debts.
tract entitled. "Hot Drops, No. g." issued from
II headquarters by the National Committee
"of the GTtenback party" contains the distinct
demand:
Fr ;u, croa;ion ~ 0bsoi"f, oroc 'aol m0n>B net
fbaV be rEEIf1UAL NuNEY ur TN UNntD srATEs aud
nwagsa uli Ieca ,caf icr the pay meat of dris OIL
L
Then tc demand Will hc tie payment Of every Uiucd
-t.t bond aud claim actns the General Government
in this ahsou money thus torerT trP'HgO ont ne FG
t,os0i dsJL
RrpuiiatoTs want TO "wipc ont the debt
bv rnhhing creditors of all that l. due 10
them. They know that the fiat money would
become worthless But there are hOuest men
in that party, also, who want 10 forever
"vIpc ont the National debt and see no
harm in doing 80, because they fancy that the
fiat dollar would be just rs good as the legal
| tender credit dollar j. now. Yet none of these
men would make the snme blunder in any
! transaction with a ncighboT. If Jones should
! ofiT in payment of debt OF 500 piece OF
papcr saying. Thirty days after date
promise 10 pay $100,' these grccnback men
might accept the note as payment, knowing
! Homes TO be good. But the same men would
! caD Jones a sUindlcr, or kick him ont Of the
house. il hc should offer a piece of paper
hearing the words, "This is Sl00.r
What greater power has the Government
| than Jones, or any private person? None
whatever, except this: Government can fix
| what shall he legal satisfaction OF debts
Thus. il can provide and has hitherto pro-
yided that debtor, 10y forms of the Bankrupt
| Agt.
| amounting TO $4,000 by delivering up his
| property, which may be worth only 500.
! But that does not make the COW, OF
horse, or land or stock, or other prop
city delivered up, actually worth $1O.-
900. Ii does not profess or pretend
! 20 make that property money at ali. Ii
merely extinguishes debt. Exactly the same
| thing, no more and DO less, the Government
| does when il cnacts that its promise, or any
other piece of paper, shall eTtingush a debt
| A. does not create money. 1t only sets up q
Dcw kind of bankrupt act, by which those can
get legal release who are not able TO nav
| their debts. And the touchstone is that no
government can fix the amount of property
that its paper shall buy. The attempt has
| been made many times. 1t has always failed.
| The holder of property sells or not, as he
pleases, and if he will not take Government
paper at all, it Is not money at all, i'll dealing
with hun. Or if he will take it at only half
its face, then it represents only half its face
| in money.
| Precisely the same thing would happen if
| fiat money should he issued. No holder of
property would sell, unless the price should
be made high enough TO satisfy him. II he
considered tho paper worth 30 cents Oh the
| dollar, he would demand 50 in that paper for
property worth 81. If he considered the pa
per worthless, he would refuse to sell at all.
| Al that Government could possibly do would
be to rob the creditor, by making worthless
paper effective for the discharge Of debts.
Aud that is exactly what those want who
hate the creditors by whose loans the Union
was saved.