The new Northwest. [volume] (Portland, Or.) 1871-1887, 1878-04-12
WE WANT MONEY, NOT PROMISES

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The financial problem, or, rather, the
discussion Of it, still continues, one
statement usually sounding fair until a
counter statement is made. In multi
tude OF counselors we are told there is
safety, but when no two Of this multi
tude agree upon any important point, it
is extremely difficult to find from their
counsels just where the road to financial
safety iss. a writer in the Seattle IN
telhgencer makes a very plain and fair
showing in favor of paper currency in
the following words:
gold dollar is worth a dollar TO the holder,
not because il is gold, but because the govern
ment places its stamp upon il and gives it a
statutory enactment OF legal tender for all
dues or purchases. The silver dollar, remon-
etized, is the same, and the greenbaek, were il
endorsed with full legal tender power, without
redeeming clause, would be the same, be-
cause il would be the mandatory expression Of
the government-the sovereign will, supported
and upheld by all the properties Of the nation.
II would be raised above distrust by its inter
changeability for gold and silver and convert
ibiIIty into the interest bearing bonds OF the
nation. Once fix in mind that IL is the stat
utory enactments, the mandatory expression,
the sovereign will OF the government, that
gives 70 any substance, be il gold, silver, OF
paper. the power Of money and not the sub
stance itself, and we have gained a very i'm
portant step in the solution OF this monetary
question.
The OregOnidn quotes and comments
on this in these words:
This would be very important, If true. But ii
so happens that il is not the sovereign will OF
the government that gives value either 10 gold
silver, or paper. Gold and silver have value
whether backed by statutory enactmenis OF
not; and paper has value only as 10 is TO be re-
deemed in gold, silver, OF something else OF
known value. Gold and silver, whether coined
or not, will buy anything for sale in any coun-
try. As for paper currency, 1t isn't the
mandatory expression" OF government that
gives it value, but the prospect Of its redemp-
ton. II statutory enactments could do so
much, why were our green backs al one time
worth less than forty cents on the dollar .
They were backed by the mandatory express
sion" Of the government then, the same as
now. But because people couldn't be confident
they would be redeemed with actual money,
their depreciation was great AT the present
time there are manifest signs OF the ability and
willingness Of the country to redeem them
and this process is expected 10 begin shortly.
Hence they are quoted nearly up 10 the value
Of gold.
True, gold and silver have value il
certain ways, whether backed by stat
utory enaetments or not, and so hal
iron and other metals, but paper that il
by statutory enactment made money o
the government, and not promise Il
pay, would answer all purposes of me
talllc money certainly. Because tn
people could not be confident green
backs would be redeemed" we are tol,
was the reason that at one time the
were worth less than forty cents on tn
dollar. But suppose they had been con
sidered and denominated "money Of tn
United States" and not promises {,
pay, why would not every dollar hav
been worth its face? We want a pape
currency that the will and stamp of tn
government gives a specific value
without prospect, mention, or intention
of redemption in metallic money, an
this currency will to all intents an
purposes, and for all uses, be money
light, transmissable, convenient, an
valid, full legal tender for all debt:
contracts, and obligations, instead Of, a
now, demonetized by bearing upon il
face the promise to pay which carrie
with it always an uncertainty which
weakened or strengthened by local q
national causes, an uncertainty Ofte
developed into a panic by the tricE
and devices Of money brokers and ban
manipulators.