Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-01-03
SILVER MONEY.
.ur ILLTBERHLITY OF BOND
FOLDERS AND BANKERS
WHO OPPOSE IT.
a, rdHor Of the Dispatch

WHO OFPOSE ar.
?. he Editor Of the Dispatch
read with good deal Of interest
re article in yoar issue Of the 10Th
.,.sp, headed 4" About Greenbacks,
r. :" but wish you had gone little
S,eper into the subject. Now, II |
Understand the matter correctly, the
,rsenbacks were issued by the Govern
ment as sort Of forced loan to carry
on the war, and the amount issued was
,r Greater than the amount now IN cir
| culstion. IL | also understand other
facts. the Government afterwards issues
rs bonds 10 a very large amount, ana
PARTIES having greenbacks bougft such
tonds with them. In otheT words,
rtople who held the greeroacks land
which cost them il msy be fifty TO
sCenty.five cents on hae dollar in gold
exchanged them for the bonds Of the
United States, snd passed of on the
Government tbe face value Of the green
backs in payment Of the bonds. As
the bonds are probably all payable ." in
coin cold and silver it will be seen
that 4 large number of them were
bought cheap, and 50 the first operation
a was q most profitable one for those
who bought them. As the bonds Of
the Government were exchanged for
4 greeDbacks, to certain extent, the lat
ter, ! think, were destroyed or not put
in circulation again, aud that is the rea-
son, suppose, why there is less green
4 acks Tor Government paper money y
ov in circulation than there was in
4 sG4 and 1865.
The good trade made By the pur-
sbssors Of the Government bonds was
Wollowed by another one very much to
sheir advantage, in that the Govern
nent gave the night to the holders Of
X,uch bonds 10 issue natiOnal-bank notes
&lpaper money! on them to the extent Of
IN per cent. o. the amount Of the bonds
which might be turned over to the Gov
q nment. AS banking has proved
IN cry profitable BUSINESS, as shown by
some Of the well-managed banks 10
"a our own city, you can see for yourself
zthat when the Government made its
#oDds the basis Of banking
b. did thing that was mighty good -
kr the holders Of bonds. 0f
eourse any bondholder who has
suf Gent amount Of them can start
a bank, If be chooses. and issue ninety
tents Of" paper money for every one
Dollars worth Of debt held by him
against the Dnited States. Now, the
thinks that sort Of cur
3ency is good enough for the people Gf
E;ie people choose to take il themselyes),
81 Ut il is not good enough for it to take.
. cling as agent of the very same peO-
a e. Oh, no. No matter how good that
ort Of paper money may be, 1t Is not
u God enough TO pay import duties to
H. Government. Tracing up how
4htaply the bondholders Tor many of
III EN- cot their bonds, and then remem-
81 lug the great favor the Government
81 owed such bondholders by making
n bonds the basis of the national
81 o ing system. does 1t not look strange
~ Of the rich banks and bankers land
81 Der holders Of bonds should be so
~ a'n1y opposed 10 the Government
4 Uug the people some twenty
lr millions Of real good dol
b. per yesr-dollars that will
Band fire and water, and which
dc Government itself will receive in
+ psyment Of import duties? There is no
,spIt Of doubt hut that the constant agi-
&uon Of the silver question has done,
D. IS now doing. great deal OF harm
81 the commercial world. just as the
eeitatiOn of the -" tax on tobacco " used
b depress and unsettle the tobacco-trade
10 our country. 1t is 10 be hoped that the
banks will not resort to the shipping Of
Efold to England as a means of trying to
3brce Congress TO comply with their
5pisheS, and II is 10 he hoped that Con-
FfTess will al All early day do what it
Intends doing abOu, silver, as the ever
ShstiDc agitation Of the matter is doing
'treat harm. and which harm will con-
|tnue TO grow until the subject is acted
On by Congress. That the banks will
10 defeated ! have no sort Of doubt ;
z{hst is. if Congress has any regard TO
DC wishes Of the great mas, Of the
8tople. would not now disturb the
tryilsge the rational banks and
Stockholders have. but | am totally
a posed that they shall have all
AZ privileges which are a. the
disposal at the Government. Be-
|tause the Government gave them the
s Unconstitutional privilege of issuing
a PAPER money" and which the Gov
imminent has not the constitutional
neht of doing itself, Is no sort OF rea-
Bon why the Government, at their bid
ding. should stop giving the people real
~ constitutional 90 money; yes, that
:Scrt Of money which, in case Of q war
h,ween the United States and France,
81 between the United States and Eng
n q, would quickly prove a much bet
'4r currency than greenbacks or
nstional-bank notes. However solid
b itself national bank may be, every
efe knows that the public value Of its
Ee,es Is based on the debt of the United
'&ateS. 1t is the debt on which the
I'D les are based that gives public cur
ftrcy and value 10 all national-bank
xotes. Take away that basis aud such
pptes would soon cease to be currency.
Now. by the Constitution Of the United
Mates, neither the debt Of that Govern
ntnt nor paper money" issued by
its authority IS money, for the Consti-
tusion expressly declares that gold and
si,ser coin is the only legal currency.
As the great loss sustained by the
Government Of the United States hav-
b. issued paper money during the war
has fallen on the taxpayers generally,
tnd as the big profits were mainly
sa,hered by the holders Of the bonds
"a the Government, you can bank on it
Dat the people are now in no mood to
Bee such bondholders further enriched
q their cost. They the people, may
d lot be much heard through "lobby-
BIS " at Washington, but they will be
BEARD at the polls should Congress
4gsin 20 out of its plain line Of duty TO
De people land to the Constitution in
DHder to throw another rich sop to the
&olderS Of Government bonds-banks
.snd bankers. RANDOLPH.
4 Greeasscker Airs His views.
q COHoKs, n. Y, Dec. 2s, 1885.
~ A. d. f. W ~