, 1880-01-10
REISSUING GREENBACKS.

Dxn- EN1V "a IN VtIft
n,cnt,
N ths Editor NJ The chteaa9 qrt,d,ut.
S1rEnoyoAy. WIS.,, jan. T.-TLcrc ls II n,nsc
Of one of tho criticisms nude unm Tt,E
Tu1uUyE's financial position by thc lion.
| Horace llublco that you touched so lightly
and briefly ,,pon in your etlitnriu) r,.nlv thnt
think Il viii lcnr, if It tlops mt demand II
| further EXPLANATION. 1fr. Isubtee ,1rnrccated
| rs n dangerous and MI alarming f,ut,trc in
| ot,r present financial system md nracticr tho
| f1ct TINT the yoIu,ue Of lpeaItcntler notes
was to be kept full by the reissue of the notes
after the redemption, of suc, portion Of them
as were presented for TINT purpose, toltin,.
that that form Of the outstanding obligations
OF tho Goyernmeut-as It couit not be cn-
smalied under existing laws-eonltI and
be thus presented ts fur payment mary
Times over, ana l!iis ule treasury lle drained
Of coin, and the aebt remain unpaid and ull-
changed III volume.
,ngn1 Dc INC ease ,ca, 'a Inc NJ
nomeaa. anil mrov;',o', !, tr,od ,M1nr s,,n,,
pc'tsss, a.'u p'osauIu , ~ .t1e", u.luer sucl!
circumstances to Keep on naslng called
| solvent, tnx-collec(inr Government. snct n
s osi,,.;s,s,, J.. s,r,,,1,. .,o aS1,,,to, - s' W.,
I.le's'st n. ~ s.x .u1 4.',; uNuut u pk
oeaf ane @ 1.aa'..o''aa lug, a ssar1any ot 'no noS
matched by the grow1,.uu men who teach
Tint eating the cnke tfocs mt nn,n.nsc Inn.
ter srho relssn" nf tha ro,,"np,nL Lr rr.o,,,.c,.
sovcn r.
Just as harmless In financial scnsr, md IS
substantially n duplicate net. with TINT of tho
Bank OF England in Issuing \ new llnte for q
deposit Of coin. .Why9 because tho Gov
crnment gets something tangible for 1t when
reissued, ,-cither a deposit Of coil, or paid
| mitigation of tha t;oyrsuncnt that wtn,l,I
ouolwlse '.s haso M 70 ,. W lau'nn!ea WIN CON.
In either case, the coin deposited or tho coin
retained will ever re-redcem tho note sub
ssituted for the real money. b[eu discuss
s''ts ~ s sa,ooS W. ,n,at. ~ 49,, n"s'. nv.
out INC redeemed Kfeeha'gR TO Tie ilrht
tramp who came nlGnE, or expended! it for
Mef s Bt a sxods se Is M is e sTef e = Fro " Tps e
time It y re1Gemet! and lies ~ the Treasury
1t IS ms devoid Of obligations OF any kind ns =
paid note III tha wallet OF farmer; ,and II 1t
Goyernmssnt! thHt meets It's obftEa!tions - q
demand, then 1t !epyes an equivalent n;nnuHt
Of coin behind It to take care OF 1t when it
rch!rns It takes 10 more coin M e M Msontinu.
convertible, paper currency Than It DOES to
pay It,. Indeed, not so 1nncF; for the bnsis
and ob1ect III NJ irgltimata bnnflng, BY
anks o1 issns ii t1at 1t does not tnkc 50
!
working Of tho Bank 81 England, Is, TINT one
dollar Of coin Will ilont two or mare 0f paper;
md our National banking lazy assumes that
- psf eent ior e'tS nalikS Ala 10 per cent 1Gr
enough to float their notes " par. lhe stock
Of colt. %e have on hand Wilt not only fl0nt
the Whole greenl'nck Issue, but some Of 1t
until y reversal Of the present favorable Gal-
nnce OF trltlf, when It con III be replaced, If
needed; Willie to pay MID retire tho notes
ooo, 900 of the gold usul silver now III t'e
Treasury, but entt for increased taxation, or
the bontting at tle Nation, 10 misc about
$lGo, 900 ,oo0 more II cnin.
Men mysttfy nrlt!imettcnl truth when they
assume TINT q once-pnId obIIgntion gives 70 4
man who makes 1t, or to q Government TINT
issue, It, my more trouble. II, wien i is re;
ssMs M LIS soapets r. 9sa t pro oa Is Ect9ped
guild pro quo Is us easily put in tho Treasury
to redeem 4 note once, Or mnny times, as to
Gay II onee, az, nt tss sae TING awlys nay
sH sita ds reay s ia ta tic ce 1" 'i Of s s ss
tuto nt my, time. While out 1t y sflnply'a n
travelling alternate 0f tho cNfn within. ifGnce
hand is q ,lelusio1i. 'fhc princim.! who catl m
pny once cnii eyrFastingly redeem tho same
amount y TINT i Issued II lisa Gf the n'o,!cy
We can retire the publ ereenl,acks, nntl cn,.-
mt keep tllon, In circulation, hns M fo,ntla-
tIont t-gone Will, Its kindred ttcluslon and
iias to be- p aid Mlorr than ntcc. '>'''~ ''0'e
| In poiNt Of fnct, va u,ny regard n volume
OF greenbncks Vu,ial 10 thu redemption fluid
OIL hninl NJ really paid, md occupsng tl!e
yol,,ino ii Bunk OF Englunu notes Ii. excess
! Of tho uriEiu,ti E15.OOi 0OO based OH British
bonds tIoess to t,le English ,aonetary systcl1i,