Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1885-07-09
Greenbackism.


extract from the Chicago Sentinel, it
being reply to the question, What do
Greenbackers want?
The question is asked, wherein is the
greenback currency better, or more adj
yfutageous to the people than national
b'oS notes, or other forms of paper cur
rency?
+ is better because.
LIST. 1t is good and has a uniform
value throughout the length and breadth
Of the United States One does not
need q ''bank director to find out
whether Uncle Sam is good or not. The
banks may break but the note-holder
never loses.
I'd. 1t is legal tender for all debts,
public and private-except the interes,
on the public debt and import duties.
3rd. 1t ) safe and sound because it
IS bascd--not on gold and silyer-but
upon the credit of the nation and every
dollars worth of property in the United
states that can be reached by taxation.
Every dollar of it has a basis of more
Sian one hundred dollars worth of prop
erly.
4th. Whatever profit there is in issu-
ing paper money accrues to the gov
eminent, and thus lessons taxation.
9th. That it is bond of union be-
tween the people-North, South. East
and " est-who hold IT; for every man
VINO has it IN his possession is interested
in perpetuating the government that
issues it.
9th. 1t places the control OF the vol
ume OF money-the most important fea-
turc of issuing within the hands
of congress where it properly and con-
stiiutionally belongs.
I'm. II is the money of Civilization,
Progress and the American Republic.
The above qualities possessed by the
2fcenback currency, with the exception
OF The first enumerated, are possessed
by no other paper currency. The
national-bank notes are good and of
uniform value throughout the United
States for the simple reason that they
are guaranteed by the government
That fact alone (although one of many
possessed by the greenback) is sufficient
to make them pass current with the
people.
The experience which this country
has had with paper currency issued by
private banks is of such deplorable
character, and of such odious memory,
that it ought TO be a sufficient guarantee
against its restoration
y may be briefly said that as a eur
rcncy it was "the sum of all villainies ;"
It's value tluctuated constantly; with
few exceptions its value diminished in
proportion to its distance from the is
suing bank; bill holders had no certain
Or that the roll of bank bills that they
had in their possession in the morning
would De Of any value at night theo-
reiicaliy based upon coin, as a rule the
coin basis was less than one-fifth the
face Of the notes, and frequently there
was no coin basis at all.
l. was, however, a great source of
profit to bankers. 1t enabled them to
Issue their own promises.to -pay in un.
limited quantities, draw interest upon
them, accumulate property, fail up,
steal the coin deposit and skip out to
ness fields.
As it was a source of profit to bank
ers, there is secretly a desire among
bankers to-day to see that old wild
cat system of banking restored.
But what are the objections to nation
al-banl currency, il is asked?
With the exception of greenbacks the
national-bank currency is the best pa
per money that this or any other coun-
try ever saw. 1t is good, as we ex-
planned, because it is guaranteed by the
government.
And we will stop to ask right here
and now: If the guarantee of the gov
crnmeut is good enough to make a
naiional-band note good, is it not good
enough to make its own greenbacks
oOoto
An intelligent answer to this question
would settle very quickly the contro-
yersy between the advocates of green
backs and the advocates of national
bank notes.
While we concede that national bank
notes constitute a good currency, we
are compelled to notice several very
serious objections, which are as follows:
lst They are not legal tender for
ihe payment of debts. They are not
moReU they are merely the scrip of
private corporations made good by the
Guarantee of the government.
~. II gives to national-banks the
control of the volume of currency; they
can initiate or contract the currency as
their own selfish interests may dictate.
By controlling the Uot1D1e of the cur
TcucY they control the UdlUe OF money
for upon the volume depends the val
ue-and this power the Constitution
wisely aud expressly gives to congress.
81 1t keeps the government in the
banking business, and Greenbackers
want to get the government out of the
banking business.
lth Being based upon the national
debt, il induces a perpetuation of the
national debt-an evil that the people
should not tolerate.
5lh 1t builds up and maintains an
oigarchy of banking capital, in the
shape of $500 national bank corpora
ti0us, that is dangerous to the liberties
ol The people and the perpetuation of
oar republican institutions. 1t was
oaly fifty years ago that the people
found that it was all they could do,
amor Bitter contest of years. to over
throw bank power with only $35, 000,-
600 Of capital and yet they are now
confronted with bank power possess
iug more than ten times that amount!
9Th. 1t adds to our burden of taxa
ZION, for it perpetuates an interest bear
ing debt.
7th. National-bank notes are the
prnmises-to-p upon which the issu-
iug banks draw interest. In other
words, national banks, like the old
wild cat local banks, draw interest
upon what they owe. Let us illustrate:
There lies before us piece of paper
upon which are imprinted these words:
''rhe Union National Bank of Chicago
VIII pay the bearer on demand Five
Dollars"
lt is ours. We exchanged the pro-
duets of our labor for it.
Now then, we want to know il the
Union National Bank of Chicago does
NOT oweus the sum of five dollars?
This piece of paper is a promise to
paY the bearer five dollars, hence its
very words imply that ii is indebted &c
us. the present bearer OF il. in that sum.
Three months ago business man
borrowed this piece of paper of the
Inion National bank, agreeing to give
for The use thereof the rate of eight per
cent. interest.
Tomorrow, after getting il of u:
aaiu in exchange for the products OF
Bis labor. the same business man who
borrowed it returns it to the Union Ma.
li1nal Bank with ten cents in addition
for the use of it.