Daily Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1876-1884, 1879-11-01
vale, sreenbseKers.

Vale, GreenbaekeIs.
Some satirical paragraphist has
condensed good deal of wisdom
IS we'll as wit into the following:
Peru has found o way to protect
her money from being counterfeit
ed. She has made it worth less
than the blank paper.
Had the original schemes of the
Greenbackers been carried out the
United States would have rejoiced
In somewhat similar condition of
things financially. The HERALD,
during the past three years. has con-
tended that the effect of successful
resumption of specie payments
ouid be great expansion of the
rency. Enormous quantities of
l and silver, which are being
d to every day by shipments of
from Europe, are now circu-
on an equality with the
back. If anything, the latter
ven preferred. 1t should be
ne in mind, however, that this
healthy expansion, due to re-
ng confidence and the laws of
Our plethora of money will
represent our growth in
lrighs as,ional wealth, owing
he fact that our exports greatly
Aceed our imports. There will be
nothing artificial or forced about
it. IF the advocates of the green
back madness had had their way
al would now be chaos, with no
fixed value to anything, the poor
man, OF course, being the greatest
sufferer, because the most helpless
member of the community. The
course of events for the past three
years has been steadily against the
greenback theorists. Mr.. Pendle-
ton, recognizing the inevitable
drift Of things, long ago msditied
his plan into simply the retirement
of the national banking circulation
and its replacement by greenbacks,
thus saving the interest on the
bonds held by the banks as a Scout
ity for their note currency. If the
scheme had started originally on
this modest basis there is little
reason to doubt but that it would
have commanded a much larger
support than it received. The
original Establishment of the Ma
s.oaa. Dan;s IS liable to a grave ar
raignment. It could only be de-
Tended on the ground that these
banks, by the enlargement and
contraction of their circulation,
represeh ed the varying business
needs OF the country, ensmalling
when business shrank, enlarg-
ing When It expanded. 1t will
,ince any practical,
zen, however, that,
States bond was
circulation of
ould not have
as withdrawn
alton in the
sury. That point
% nose on mans
.tunately, the advo-
Limited issues of green
ID not content themselves
with e ing up a moderate and
sensib y josition-one capable of
being maintained against all COM
ers. Extremists never do drop into
the golden mean in which endur-
ing political success may be
achieved.
The Greenbackers, having origi-
ralIy taken up false position, now
find themselves confronted by an
unmistakable national prosperity
IN which they will be ground to
powder as between the upper and
the neither milestone. With every
thing going on fairly, and the tide
of good times rising higher and
higher every day, the masses will
have no patience with a set of men
who have, hitherto, never accom-
plisb d anything, and whose eff
forts now might merely result in
clouding the clear financial sky.
How these influences are operating
was shown, first, in the Maine cleo
ton, in which the Republican vote
of last year was largely Increased
and the Greenback vote largely di-
minished. 1t remained, however,
for the Ohio election to kill the re g
baby in the house of its friends
the cradle of its birth. Ohio, which
sent the Green back bantling out to
claim recognition from the rest of
the country, has sat down on its
own offspring and there is not
grease spot left of It. The Green
hack party this year polled in
Ohio only twenty-fcur per cent. of
the vote received by its candidates
in that State last year.
Il was an unfortunate day for
that able and incorruptible man,
Senator Allen G. Thurman, of
Ohio. when he picked up the green
back heresy. He was one of its
most incorporating opponents,
s.Dally. Possibly influenced
by the success of his uncle, the ia
nous Bill Allen, who was a rabid