Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-10-14
rHE INSTRUMENTATION OF GOLD,

The Greenbackers do not understand
their own propositions, which perhaps is
not surprising, since peculiar mental
structure is required in Greenbacker, and
one peculiarly unfavorable to the compre-
hension of even simple problems. a curl
GUS proof of this incapacity to realize the
significance of their own propositions has
lately been afforded here. a Greenbacker
has addressed questions to the candidates
for the Legislature, asking expressions of
their views. The first of these questions
is whether they will pledge themselves to
oppose the demonstration of "gold, silver
" and greenbacks The obvious inference
is that the Greenbacker is opposed to the
decentralization of gold. But he proceeds
to demand acquiescence in line of meas
ures which if adopted would necessarily
bring about the very thing he processes to
regard as Objectionable. For he proposes
that the coin reserves held to protect the
greenback circulation shall all be paid ont
In the discharge of bonds. Now if this
were done the effect would be TO demone-
tie gold for the Government having no
longer the means of redeeming its notes,
the latter would instantly depreciate, and
in so doing would drive gold out of
circulation surely and completely, in
accordance with the law of Gresham
that an inferior currency always drives
out superior one. Here then
is a financial programme, put forward with
an affectation of intelligence, which en-
braces the most ridiculous conflict of pur-
poses and theories. 1t begins by deneunc-
ing the decentralization of gold and it
proceeds by insisting upon that very meas
ure. Gold can only be demonetized by
supplanting it with an inferior currency.
1t remains the standard of values for
the world, no matter what is
done, but whenever currency is
forced into circulation which be-
cause of irredeemability or redundancy
is worth less than gold, the latter is
thereby banished and in fact demonetized,
since people will always use the inferior
currency in business, and the superior one
will be discarded for all but those transac-
tons which cannot be performed without
it, as for instance the payment of foreign
debts and the purchase of foreign goods.
The fact is that the Greenbacker to
whom we have reference believes in
fat" money, and wishes to intro
duce 1t. 1t is one of the peculiarities of
this gems Greenbacker that the experience
of mankind has ne lessons for them. The
fact that =" fat" money has since the
dawn of history always deprecated, and
always injured or ruined the Governments
adopting it, has no meaning FOR these |
peculiar people. They maintain, as stoutly |
as though history had never been written, |
that redeemability is of no consequence to |
the stability of currency, but that all
that Is necessary to keep it at par is to make |
1T receivable for every purpose. Yet the
kingdom of France Travelled for years in |
order to teach the world the folly and stu.
pidity of this idea, and despotism has in
vain endeavored to carry it into effect.
How fit Greenbackers are TO instruct the |
public in finance, however, is shown by
the phenomenal way in which they con-
trive to confound mutually destructive pro-
positions in their very creed. It is fortu-
nate for the country that after November
1t Is likely to hear very little of these alb
surd persons