Daily Los Angeles herald., 1879-12-03
ous Republican contemporary,

OuR Republican contemporary,
che Commercial, with a freedom
nom party trammels which is
oommendable, condemns President
Hayes's suggestion that green
backs should be retired. OF course
this infamous proposition had its
origin in that public functionary's
oubservience to the capitalist class.
Certainly no currency since the
world began has maintained Its
credit, under adverse circumstan-
ces, 30 well as the greenback. From
IN actual value Of thirty-five cents
it has advanced until it is at par
and, perhaps, even at a trifiing pre-
MUM. There is a tremendous
ohasm between authorizing the is
sue of new greenbacks and letting
our present currency alone. The
HHRALp has been the consistent
opponent of any wild scheme OF
1nance. It has met the "Ohio
ldsa'' with hostility. 1t has seen
many admirable men who cham
pioned that fatal heresy go down,
fncils princeps amongst whom was
that splendid statesmen. Allen @.
Thurman. But the Presidents
message replaces the "Ohio idea"
cf new issues of greenbacks, origi-
nally formulated by Senator PEN
dleton, by a still more offensive
vagary. The greenback costs the
people nothing. 1t is distinctively
their representative. It's continued
existence is o "Reminiscences of the
matchless faith and loyalty which
saved the Union. The people of all
sections of the United States, since
the heats of the war, have settled
down to the conclusion that the
continuance of the brotherhood of
States was q memorable and happy
event, and none are more cordial in
admitting 1t THAI the much belied
ssConfederate Brigadiers." Hayes's
plan contemplates arrssting the
United States in the mid-career of
revival and prosperity, and inau-
gurating new era of "hard times"
BY an unjustifiable contraction.
Admitting the fact that, some time
OF other, 1t might become wise
policy to retire or reduce the green
back issues of the United States,
rsturning as much as possible to q
hard money regime (although this
postulate may be successfully dis
puted) there is yet u slavish defer
spce to the capitalist class in Mr..
Hayes's proposition which should
not be overlooked by the masses.
Outside of gold and silver, the
United States to-day has two other
species of currency, almost equal
Ia amount. One is the greenback,
Of which about three hundred and
flfty millions of dollars are now in
circulation. The other is composed
Of National Bank notes to an al
most equivalent amount. AS the
basis Of this three hundred and fif-
" million dollars of National
Bank circulation about three
hundred and eighty-five mill
lions OF United States bonds
are deposited in the treasury at
Warrington, every dollar of these
bonds drawing interest from the
psOple, the annual charge aggre-
eating closely In the neighborhood
Of $40, 900, 900, A patriotic Presi-
dent-one actuated by genuine
sympathy with the taxpayers and
the struggling masses-instead OF
recommending the withdrawal of
the greenback, which imposes no
Interest obligation upon the mass-
e., and whose presence in the circu.
lating medium allows values to re-
( eain their natural level, would, II
he had recommended any tamper-
ing with the present satisfactory
state of the finances, have asked
for the stoppage Of interest on the
bonds used as the basis of Nation.
sl Bank circulation, while SO EN-.
ployed. Men who pray every Sun
day, and who look upon the Re-
publican party as the embodiment
Of all righteousness, for now some
seventeen years, in permitting
bonds both to draw interest and to
be used, to the extent of ninety per
cent. OF their face value, as basis
Of . national system of banking,
know that they have been conniv-
ing at the robbery of the people.
II some interest had been thought
necessary one or, at the most, two
per cent. should have been the
limit of bonds so used. Through
this chicane the treasury of the
United States has been robbed o.
hundreds of millions of dollars
and, at this late day, an American
though fraudulent President puts
himself on record as in favor ol
sacrificing the honored and men,
orAble greenback in favor of the
proposition of allowing capitalists
to earn double interest. If this
man had possessed throb of sym.
pathy with the reviving industries
and values Of the country he would
f have forborne recommendation