The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1879-07-31
$710,04,96S

Coin (eshmated) Observation-Disclosures $500 443 947
Showing an aggregate of 1,042, $50, 915 or
$21. IL per inhabitant
The amount of national-bank notes has act
ually increased since the LIST of January in the
sum of IS, SOC, O23, so that the result of re-
sumption has been to increase instead of dimin-
ish the actual circulation.
Again, they demanded that the bonds should
be paid in greenbacks. There was question
upon which honest men fairly differed, whether
the 500 bonds were not properly payable in
United States notes. They insisted that this
should be done, though the payment of the
bonds in greenbacks would have increased their
issue, in violation of the limit of $40O, 100000
prescribed by the loan laws, and would thus
have kept the United States notes in perpetual
dlshonor and depreciation, but now they have
been so paid by resumption. All the $50 and
1910 bonds redeemed this year, amounting to
1851, SIG, $50, have been paid in greenbacks
and the interest on all the bonds is paid in
greenbacks and all of this is done without rails
ing any question of good faith with the public
creditors.
They also demanded that the customs duties
should be paid in greenbacks. This is now daily
done, without question, as the result of resump-
ton.
We receive United States notes for all pur-
poses and all demands, and pay them out for
all purposes and on all demands. Resumption
has enabled us to do this. 1t has accomplished
every object which the Greenbackers sought to
accomplish by the repeal of the Resumption
act. Should they not be content? What more
do they want? Are not we who have brought
about these results better entitled to the name
Of Greenbackers than they who would forever
keep the greenback as dishonored and ire
deemable note? We presided over The birth of
the greenbacks, and guarded them in the cradle
The Democratic leaders denounced them as
fraud, with the mark of Cain on their brow, as
worthless W to be bought some day by the cord.
We have crowned them with honor. They are
no longer deprecated, but may travel the cir
cult OF the world equal to the best coin ever
issued i from the mint .
's GREENBAcK POLICY IN OHIO
Let us turn now TO some uogmas IN the plat
form of the Greenbackers in Ohio They say
first
"The General Government should issue an
ample volume of full legal tender currency to
meet the business needs of the country, and to
promptly pay all of it's debts"
Here is the b.oad doctrine that the General
Government must conduct all its operations
with fiat money, made full legal tender, and
supply enough to meet the business needs of
the country. How much does this dogma de-
mand? For the latter purpose, to pay it's
debts, it would need about 81, zoe, 900, 600, and
for the former purpose, according to a moder-
ate estimate of a Conservative Greenbacker, it
would require anywhere from 800, 000, 900 to
$2,OOO,O0O,0 600 more In other words, they pro-
pose to strike at the foundation of all values
by the issue of irredeemable paper money, to
be used part in paying the national debt in
violation of the public faith, and the balance as
a legal tender upon all contracts and debts be-
tween private citizens. It is strange that hon.
aho OF, oh
not be able to see that the only effect would be
to destroy the value of the currency and to
compel citizens to resort to barter. and finally,
with or without law, to coin again This Is
the extremity of Greenbackism in Ohio.
Again, they say, eve are infiexibly opposed
to the issue by the Government of interest
bearing bonds of any description for any pur-
pose whatever" v4f9 aiFt II 7at e.
If this dogma had been adopted by the Gov
ernment, it would have been utterly helpless
during the recent war-without credit, without
the power to borrow money, without the power
to conduct the operations of war, or to carry on
foreign trade. The power to borrow money is
indispensable to every Government of civilized
man. Barbarians may live without trade or
contracts Or deb:s, but a country that had no
resources except to issue paper money under
dogma number one, and denied the power TO
contract debts under dogma number two,
would be as weak as rope of sand, and, under
these conditions, our Government would re-
lapse into anarchy or despotism.
They also say:
@The national banking system should be i'm
mediately abolished"
This only differs from the Maine platform in
that it demands that the national banks shall be
Immediately abolished. They will not wait a
year or day. Without warning they will COM
pei the collection of all notes held by the banks,
and precipitate ruin upon every business man
or manufacturer in the country.
They further say:
"We demand the immediate calling in and
payment of all United States bonds in full
| legal tender money"
| This is still more monstrous when it is re-
membered that no debt of the United States is
now due or redeemable; that this administra-
! ton has redeemed all the bonds that have ma