Evening capital journal. (Salem, Or.) 1888-1893, 1888-06-01
IlcAL AND GENERAL NEWS
F,ui7a Account Of DOings in City and
Country.
THE FINANCE QUESTION.
III, G,eenbacker Theory ExpOunded
Some ExtravaganceS Dis
claimed.

I'm CAPITAL JOURNAL Il, too
an clad that this "intermimable
.,,iF discussion" is to be relieved
~ an excursion into the finance
onostion." Commencing you for
ronr evident hberality and fairness
N this. as well as other subjects, 1
ak space in your valuable columns,
10 correct few errors appearing in
tboletter of D. M. A, in the JOURNAL
If Nav 25th and in your comments
thereon. D. NJ. A. says: Gas 1 un-
derstand it, the greenbackers oppose
tbe use of gold and silver as cur
nncy."
Having been intimately connect
ed with the greenback party ever
since its organization in 1876, and
having been on its ticket three times
anvassing the county, and partly
tbe state in its behalf, L think can
sneak advisedly as to its objects,
nrinciples, and theory. We did not
oppose the use of gold and silver
IS a currency? We opposed then,
IS I do now, the proposition that
tbey are, and should be, the only
LEGAL tender, lawful, circulating
medium. Neither did we seek to
make paper money "irredeemable,"
As YOU suppose. But we did hold,
As hold now, that redeemability is
not an essential quality of paper
money issued by the United States;
that the essential feature of paper
money, as well as gold, silver, cop
per or nickel is legal tender.
The test is not, is it redeemable? ?
But is it receivable? Not the gov
ernment's promise to redeem in
coin; but will it pay debts and
taxes?
If people in their superstitious
homage to gold and silver as "royal
money!" shall think paper money
issued by the general government is
not good without promise of re-
demption in the precious metals, 1
have no particular objection. 1t
would be about as essential and add
about as much to it's value as the,
"In God we trust" inscribed on the
standard dollar. But the question
will arise, why one kind of full,
legal tender money, should be re-
deemable in another kind.
Again, you say the, 1910 or 500
bank bill is not to be held as a
prOmissory note.n No, no! There
were to be no "bank bills' allowed
in circulation, as all banks of issue,
state or national were to be abolished.
Carthage delenda est 4! Bank paper
must be suppressed, and the circu-
lating medium must be restored to
the nation to whom it belongs"
(JeffersOn.)
This was the essential idea of the
greenbackers. 1t is now adopted
by the prohibitionists, as an exam
nation of their state and county
platforms will show: "That all
money, whether gold, silver, or
paper, should be issued directly by
the government"
We did not, as you suppose, want
or expect the government, by its
fiat" to "endue" this paper money
with intrinsic Value.n That is inn
possible, and not at all essential. We
would be content for the govern
ment, by its law (fiat) to fix its legal
value. That it could, and is in duty
bound to do.
As to the recent elaborate plan,
which you mention of the govern
ment lOaning money to the farmers,
and taking mortgages as security, 1t
Is not the original nor authoritative,
greenback doctrine. Neither do /
approve it. This is the swinging OF
the pendulum to the other side. II
Will yet sweep the country if proper
financial truths are suppressed, and
relief not quickly granted. Ii con-
gress will abolish the national bank
system, thus taking from them, and
fesuming its constitutional function
OI Issuing and controlling the vol
ame of money, and keep it inereas.
ing adequately to the demands OF
industry, trade and commerce, the
producers, whether farmers Ol
AOorers will have little cause to
complain of low prices.
i p. RORERTSON.