The midland journal. (Rising Sun, Md.) 1885-1947, 1892-10-07
Senator Sherman Makes a Green
back Speech.

extIacte:
"But it is said that the national banks
will have to retire their circulating notes
when the bonds of the United States are
paid off. This may be so. do not believe
the people of the United States, after their
experience with good and bad money, will
accept security of less value than bond
of the United States. But this will not drive
them to the use of paper money by State
banks without any security provided or
guaranteed by the United States. Exper-
fence has demonstrated that money issued
directly by the United States promising to
pay coin and resting upon the honor, wealth
and resources of 65,OO0,0OO people, made
legal tender and receivable for all dues
and obligations, is the kind Of money they
want. They favor the national banks, but
are not willing 10 delay the payment Of the
public debt merely to enable the banks to
issue circulating notes."
This is as strong greenback speech as
general Weaver or Peter Copper ever
made. The ''promising to pay coin" is a
line injected into this broad declaration by
the Senator, as thin disguise to lead arti-
fetal thinkers or people entirely ignorant Of
finance, to suppose, or continue TO believe,
that gold coin really has something to do
with giving legal tender quality 10 money
issued by the U. S. Government. The truth
is there is no value whatever in a promise
10 pay coin placed on a United States legal
tender bill, but on the contrary it is always
an injury, and tends to depreciate such
notes. "Money issued directly by the
United States" "and resting upon the
honor, wealth and resources of $65,000,000
people made legal tender and receivable
for all dues and obligations is the kind of
money they want" Right you are Senator
John Sherman. And why should the gov
eminent "p1omise to pay coin ?" Who
would ask for coin for the purpose of pay
ing ,'dues and obligations" when the legal
tender notes of the government, "resting
upon the resources Of 65,0CO,0C0 people, :"
is commanded by act of congress to do this :?
Any person with half an eye can see that
Sherman puts this promising to pay coin"
into his greenback speech in order 10 de-
ceive and mislead the unwary and unthink-
ing, into the belief that coin is in some way
necessary to complete perfect money,
although he makes no attempt to explain
that why. Had he attempted this he would
have exposed the fallacy of the whole gold
ring pretense and fraud. Mr.. Sherman
continues:
"The national banks ought 10 be contin-
ued under national control as agencies for
deposits, commerce, and exchange. The
issue of circulation notes is not indispen-
sable 10 their continuance, and when that
franchise falls upon the Government after
all its obligations have been fully paid it
will be in the position without the aid of
the States TO furnish an ample currency for
the convenience of the people, always re-
deemabe in gold and silver coin of equal
intrinsic and market value. Such notes
would be received at par with gold in every
country of the world. In this way, better
than any other, we can attain that position
among financial powers thst our population
and wealth entitle us to. We need not inter-
pose between us and our promises ii private
corporation like the Bank of England or
the Bank of France, but IN our own name
may stamp our credit on the money of the
world"
If there eyer was better greenback
speech made than this we wonld be glad to
see it. In fact it is impossible 10 make
stronger plea for a thoroughly national
money, untrammeled by any grants to
favored classes or corporations. 1.-THE
national banks" he says, fought to be con-
iinued under national control as agencies for
deposits, commerce and exchange" This is
exactly what the Peoples party contend for.
But why should this national currency be
''always redeemable in gold and silver
coin ?" Mr.. Sherman declares that such
national currency backed by the resources
and power of the government would be on
a par with gold every where and at all
times; not only in the U. S. but in foreign
countries. Then who would want 10 swap it for
gold or silver coin ? Gold and silver money
has no power to do more than this national
money which is receivable for all dues and
obligations" This injection again into his
speech of "always redeemable in gold and
silver coin" is plainly for the purpose of
deception. "Such notes would be received
at par with gold in every country of the
world" There can be no doubt of this
Not because any body in every country of
the world would believe that hundred
millions of gold and silver coin could by
any manner of means REDEEM" or be
traded for a thousand millions of national
currency, but because that currency would
pay for any merchandise in this great, rich
coutry. This gold and silver coin Mr..
Sherman injects into his speech is pure
fake. Now, dear reader, note carefully the
concluding sentence of the above paragraph
eve need not interpose," says Mr.. Sher-
man, "between US and our promises pri-
yate corporation like the Bank of England