New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-21
GREENBACK LUNACY.

The WILD SChEMES Of DEhAOOUO'>H
a RECORD OF THE CRACKBRAINED LEGISLATION
PROPOSED BY GREENBACK STATESMEN DURING
THE EXTRA SESSION.
When Congress met in extra session on the 18TH
of last March, men who represented party which
had openly espoused imitation and naked repudla-
tion for the first time took their seats IN the House
of REPRESENTATIVES.. Some of these men had been
Democrats and some Republicans; all of them were
obscure. They were elected by votes drawn from
both the old political parties, and ut time when
business depression had caused much distress ana
dissatisfaction At that time thousands who
honestly believed that specie resumption could not
take place on the day fixed by law, also honestly
thought that much of the financial distress was
due 10 the preparations for resumption which were
being made by the Republican Administration
Moreover, when the Greenback Representatives
were elected the signs of early revival of busi-
ness activity and return of prosperity which had
become apparent to many careful observers were
not visible 10 the mass of voters.
For these reasons thousands Of Republicans, de-
luded by the hopes and promises OF relief held out
by the Greeuback party, voted for Its canddates'
But when the Grecnback Representatives took their
seats in Congress the condition of affairs had COM
pletelv changed. No sensible man then doubted the
success of specie resumption, for it had taken place
nearly three months before without any shock to
the business of the country. From every quarter
came cheering reports of the revival OF business
prosperity which robody but willing could pre-
tend TO deny or misunderstood. On every side and
among all callngs the most earnest desire was man
ifested that there should be more tinkering OF
the finances no more assaults on the Nations
credit. majority of the House needed this desire,
when. on April II, Mr.. Monroe, of Ohio, offered a
resolution expressing as the sense OF the House.
that the interests of the country demanded that
Congress should undertake no currency OF tarin
legislation at the extra session. The vote on this
resolution was l II for to los against One Green
hacker. Nc. Barlow, of Vermont. voted in the af-
firmative. and all the others in the negative.
With this single honorable exception the Green
back Representativeswh who had been borne into Con-
gress ON the tide of political lunaey, have been
true to their demagOgic instincts They have closed
their eyes and refused TO what plain to every
honest man; and they have paid no heed to the
warnings of their most respectable supporters at
home to let well enough alone. They began their
career in Congress by counting the alliance OF lniia-
ton Democrats With one or two exceptions these
Greenbackers most of whom would not be In Con-
cress but for Republican votes, have, for the sake
Of promises Of aid to carry out their crazy financial
schemes, ignored their Republican constituents,
and voted with the Bourbon Democracy to pass
every one Of the revolutionary political measures
over the head OF the freSluehI. 1heit cduCuS NC-
alterations have been attended, aided and encouT-
aged by initiation Democrats like Ewing and
Springer And they have in every possible man
ner shown their utter lack OF political sagacity.
HENDMCK Il. wmGHrs EFFORTS
What these men would do if they had the power
is pretty well outlined by the bills which they in
troduced into Congress during the extra session.
For example there is MIR. Hendrck B. Wrights bill
to supplement- the Homestead law. This IL the
most modest bin Of them all. 1t proposes that the
Government shall lend to every person who makes a
homestead entry on the public lands the sum OF
$500 on certain conditions, tho most essential OF
which seems 10 be that tine person mast swear that
he j. not worth more than $500. The bill imposes
severe penalty for false swearing. Ii the person
who accepts loan does not pay it, with interest at
8 per cent, within ten years he will lose the land
which the Government has ried to give him. In
other words. the Government lends man $780,
and takes as security m0r.g on 100 acres OF Its
own land. At the end of ten years, if the loan has
not been paid the account between the Government
and the borrower will stand thus:
The United states in account with John smith;
To .....--..... $1,000
BY interest 10 years al 5 per 100
b Of lou acres laud ~ years, say o."
Balance due the United states 81 900
the Government shall offer a man for shiftlessness
and thr.ftlessness In this case the United states
would not have made the agreement with John
Smith If he had been able 10 give any security for
the money he borrowed, and therefore Mr. Smith IS
Justly entitled to the profit OF $1,000 which he
realizes by the transaction. But with wise and pru-
dent foresight and rigid regard for economy which
is phenomenal IN the parry to winch he belongs. Mr.
Wright limits the number of persons who may enter
into negotiations of this sort. This is why his prop
osition is so modest Without the seventh section
the bill would seem eXtrayagant. That section
proyides that Whenever the amount Of the loan
hereby created shall have reached the sum OF twenty
millions of dollars this ctsbal cease and determine
so far a. the appropriation of money is concerned
And the certificate of the Secretary OF the Treasury
that that sum has been applied as herein stated
shall be evidence Of the same"
Thus the United States may, by taking mortgages
Oh 400 600 acres of its own land, lend S20,OOO,OOO
TO 40 600 persons who VIII swear that they are not
worth $500 apiece. If the Government conld find
these 40 900 persons Immediately and persuade them
t. borrow the money this year 1t might Ill ten years
clear of the mortgages on 64OO,OOO acres of Its
own land by foreclosure, aud lose by the whole
transaction only the S20000,0O0 principal, &c.
600, 900 interest and S14,OOOOOo f0r use Oh the
land OF $40,0O0,0O0 in all.
II is difficult TO deal seriously with such scheme
as Mr. Wright proposes but if that gentleman had
turned to the reports of the Commissioner OF the
General Land Office for the years 1877 and 1873,
he would have found that the homestead entries for
these two years alone amounted to 6,j9634i acres
and that while. on account of financial depression
ms Commissioner Williamson thought, the entries
for 1877 were about 100000 acres less than for
1876, on the other hand. the entries for 1878 were
4A1s.344 acres being more than double what they
were the previous year. Moreover, the indications