The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-01-22
Irredeemable and Other Greenbacks.

lrredeemaDle ana Otuei
Tn response TO an interrogatory address
ed 10 II by the Dispatch. the wing says;
1--WE assure our contempory that we are
the same lovers and champions OF greer
hack, that we were In 1878. As 10 .ae
gentlemen named, we have no reason IN .he
world to believe that either one hns
changed his views. But we wish TO call
the attention OF our contemporary TO the
fact that even the enemies OF the ''reeI-
harters, have conceded TO them, practi-
caI,v, what the latter demanded. In 1878
.C,reepbackcrs' claimed that II the green
h,rk were made receivable for all dues.
including customs, II would he equal
II not superior 10 gold. since 'hen,
sproctically,' the greenback has been made
equal 10 gold and better by the order from
secretary Sherman 10 receive them LOT
customs duties. The silver certificate has
also been made so receivable.
"The process Of reducing the volume OF
currency was also stopped, and expansion
ensued practically. not only by the reissue
OF sgreenbacks.' the reconciliation and re-
coming of silver. but by the issue OF iioou
of gold and silver certliicates-alnosl
enough to cover the country knee-deep had
they been in denominations OF one doii3I
and two dollars. Moreover, the stringent
times which demanded imitation rs rene
DIV found further relief in the turn OF
the balance of trade in favor OF this cotln-
fry: and thus, and by these means-ln
which the views and demands OF the
sGreenbackers were largely conceded
and yindicated-the circumstances were
greatly changed from what they were Ill
1894 and the years Immediately lohoW-
of :. ii
we shall be forcmost i'm advocacy of similar
remedy "A remedy which we believe would
have brought prompt relief where we had
TO await the healing OF time and chance"
"As 10 national banks, we still entertain
the belief that they hare cursed the coun-
try and the people in the course OF their
establishment a. permanent institutions.
Their power for evil has been largely cur
tailed perhaps; and we know now, at this
late day, that TO change from them to any
other system-old or new-would bring
some Of the very same evils which accom-
panied their earlier history. But we are
far from beng devoted to these banks and
all their ways"
Now, the strange thing about the above
is that il iormulates the creed OF those per-
SONS in Virginia who most bitterly opposed
in 1878 the teachings OF the fiat-money adj
vocates. The venerable editor OF the DtS-
patch was one OF the earliest most consist
ent. and most Jealous advocates OF the re-
monetization Of silver. He also advocated
the policy OF making greenbacks receivable
for customs-duties. The Dispatch also, as
long ago as 1870, opposed the policy OF the
e L. Of u
currency, and predicted that if resumption
OF specie payments should ever be brought
about Il would not be by contraction, claim
ing that this last policy would cause panic
and deter the resumption OF specie pay
ments indefinitely.
There must have been some difference OF
opinion between the Dispatch and the
Whiq in 1878; and this difference the
Whiq forgets to remember The Dispatch |
opposed fiat money-irredeemable treasury |
notes-a circulating medium which was to
derive its value from the Government i'm |
primatur. The Wing advocated this worth !
less currency-this irredeemable trash
contendng, unless our memory is at
fault, that II was not necessary for
the Government to make any proyi-
sion for the redemption OF its notes.
So it will be seen that the Wing hasn't
vet answered our question. We desire to
know-if the wing is willing to tell
whether that journal is still IN advocate OF
an irredeemable paper currency-a cur |
rency secured in no manner whatever and /
depending for its value upon the mere fiat |
Of the Government issuing it!