The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-05-10
r,at Money-Again.

The latest scheme OF the Greenoack iuna'
sic, proposes to issue 0 certain tof "ncc''
tain, amount OF greenescks; make toem re-
aremsb,e in United States bonds; and keep
the bonds at par by paying In coin sucn
rate 81 interest upon them as would insufe
This result, The scheme Is based upon the
theory that when business was dull ana cur
rencs supersbundant the greenbacks wca'o
be converted into Understanding oo""s'
whereas when business was lively ana cur
rency in demand the bonds would DC cs"'
yer,ed into greenbacks.
The notion upon which this scheme 10
hased ia n mere groundIcss assumption
namely, that the holders OF Governme".
bonds are the men who do the business VI
the country. Either this, or else tue tneor!
"a tina. the bondholders would allow otner
people to sell their bonds for them we
know from actual experience that 'he po,''
o,s Of Government bonds would rather take
2. per cent. interest for them than exchange
them at par for greenbacks. Plainiy' 'ne"'
they would not sell them In order TO accom-
modate ssbusiness-men." How, them wou'u
these businessmen get the bonds con-
yerted into greenbacks They couldn't 90
II. WILLIAM II. VANDERBILT is said to own
forty.onc millions OF dollars OF per cent
Government bonds. What argument cou'o
anybody offer to him that would induce DIN
10 convert them into greenbacks! Nohe'
60 ~ IN all the Government bonds. Tbere
Is not nearly large enough numoer OF
them out to supply the demand for them'
and II the Government were to oner TO-
morrow 10 sell five hundred millions OF dol
lars OF new per cents, they would all De
taken by capitalists as permanent invest
ment; and IL the greenbscks were to remain
IN the treasury until these bonds were re-
turned for reconversi0D, there would De
currepcy.famine such as this country has
never yet exper enced.
Bn, the scheme is visionary and impract-
cable for the additional reason that nobody
would be such a fool as to convert interest
bearing bonds into currency when II they
were so convertible the bonds themselves
would OF course pass as currency. Let US
suppose that Mr. VANDERBILT wished TO
buv another railroad, and for that reason
desired TO use twenty millions OF dollars.
Why should be not use his bonds? They
would be Just tue same as greenhacks II
they were convertible at will into green
backs, and the person selling would OF
course prefer currency that bore interest
10 one tina; did not bear interest. Surely,
then, this new scbeme-new as to the IN
terest feature Only-would result in con-
verting all the greenb2cks in the United
States into Understanding bonds, and these
latter into currency.
Bat we shall be told that people who ham
die only a little money couldn't use Gov
eminent bonds. We admit The truth OF the
statement. They wouId be robbed OF the
few greenbacks which they can now get
hold Of, and would be taxed TO pay the in'
terest upon the bonds purchased with those
very sreenbacks. These are the men for
whose benefit al! such schemes are noml'
nally intended, and the men who are al
ways most damaged by them.
Whose scheme is this!
Who but would smile II such man there beY
Who but would weep IL Atticus were her"