The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-01-05
Greenbackism Revived.

Greenbackism Revived.
A Washington letter in the 'lexandria
Gazette says:
"Mr. Buckncr. chairman Of ia. house
Ranking and Currency Committee. says he
is not an enemy Of the NATIONAL banks, and
that his committee will take no action adj
verse TO those banks, bat that az the circu-
latjop OF the banks Is being withdrawn by
reason of the bond calls, he thinks the re-
suiting deficiency Of paper circulation
should be supplied by the issue OF Trea-
sury notes, and thus have the paper cur
rcncy OF the country issued by IL Gov
eminent directly. instead OF Indirectly
through the banks"
There Is the essepc b. the gree ack
nonsense OF 1878. Mr.. BUcKNER supposes
that greenbacks issued by the Government
constitute as good paper circulation as
the present bank notes.
And why nots Well. II there were al
ways in the treasury, gold and silver coins
enough 10 redeem all Of these greenbAcks,
then Government notes would constitute
n sound currency. But will such always
be the case! BY no means. The ilrst
blast OF war with powerful nation would
cause the greenbacks to he looked upon
with more or less distrust; and q war last
ing year. or two, or three, or four, would
force them down to 80, or 50, or 10, or
perhaps 80 per cent. OF their face-value. III
would do more. In addition to this de-
precation relatively to gold and silver. a
L.. tla, M eOmn0(.l-
ties held for sale would reduce the pur-
chasing power OF greenbacks TO Sill
lower point.
The difference between grcenbackS ana
hank notes is something ike the difference
between negotiable note signed by one
rich man and negotiable note signed by
one rich man and an undoubted endorser.
These are not mere theories here in the
South. We saw during the war between
the States the operation OF the natural laws
of finance and trade. = In 1862 Government
notes were not much below par IN specie.
In 1865, in March, thousand face-dolars
were required to pay for one barrel of flour.
In 1862 Government notes were as good as
bank notes. In 1864 bank notes were
much more valuable than Government
notes. In fact. the miserably-printed and
easily-counterfeited notes OF savings banks
and other institutions having no connec-
ton with the Confederate Government be
came, before the war ended, more valu-
able than the notes issued BY that Govern
ment.
OF course we know that there is no pre-
sent danger Of any considerable shrinkage
in the purchasing power Of Creenbacks.
Aud II il were absolutely certain that the
United States would never get into either
a domestic or q foreign war. and that the
Federal Government would always have
specie enough to redeem its notes on de
mand, and that the Government officials
who issue the greenbacks would continue
forever to be honest, and, in a word. il IN
impossibil,ty could be converted into a
possibility, then and in that ease it would |
be not only iustiiiable for the Government
to furnish the currency OF the country. but |
would be the wisest policy it could pur-
SUE II WOulN, III law w W. NU'ss DNN
until all these conditions are fulfilled, it |
will be wisest for the people of this coun-
try to profit by the experience OF all the
other commercial nations OF the world, |
and provide no currency of its own except |
by coming silver and gold, or by furnish |
ing certificates (which would pass as money |
us such certificates now do) based upon de-
posts Of the precious metals. These certi- |
fcates are now as good as bank notes, and |
We therefore make no objection to their is
sue; but we protest against any action on
the part OF the House of Representatives
at Washington which would connect the
Democratic party with. or make it in any
degree responsible for, the vagaries Of the
greenbackers.