Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-07-06
The Omaha Convention.

The Peoples party has nominated its
candidates for President aud Nice.fresi-
dent of the United States and placed
them upon platform containing so many
planks that there would seem to be one
upon which almost anybody could stand.
We gave all these pfanks in the kilograms
in our issue OF yesterday. We also men,
toned most Of them in our leader treating
the general subject of third parties.
Virginia was represented ct Omaha, and
General JAMES G.. FIELD. of this State, has
the honor Of being the nominee OF the
Third party for yice-President of the
United States. AS TO the presidency, Gen
eral JANIS Is. WEAVER was too strong to be
put down. He was nominated on the first
ballot. General WEAVER distinguished
himself-if distinguished IL the right
word-years ago az a tat-Greenback
From our point Of view 1t is not credita-
bic TO any body to hold 10 the theories of
, the fat Green hackers; but certainly there
is large number of persons who firmly
believe that those theories are founded In
truth. In making General WEAVER their
nominee the Peoples party availed them
selves of the opportunity to endorse his
greepback doctrines. Here is.the paper
currency plank of the Omaha convention.
We quote not all Of the planks, but one
important plsnk-as follows:
Fourth. We demand q national currency,
cafe, sound, aud eeIible, issued by the General
Government only, full legal-tender for all
debts. public and private, and that, without the
use Of banking corporations, Just, equitable,
and efficient means OF distribution direct TO the
people at tax not TO exceed per cent. per nm
mum be provided, as set forth in the subTreasury
plan Of the Farmers Alliance, or a better sys-
TEN: also by payments in the discharge Of its
obiig alton for public improvements"
This resolution means more than 1t
seems to mean. II is fiat-greenbsckism
run mad. The words "a full legal-tender"
mean in General WEAyER's parlance that
the greenbacks 10 be issued by the National
Government need not be redeemable at
all. The greenbacks now in circulation
are legal-tender, but not II full legal
tender" General WEAyKR's greenbacks
would not be redeemable at all, but would
be in themselves "a full legal-tender."
The Confederate Government tried that
experiment during the war between the
States. IL issued treasury-notes which
were redeemable nowhere and by nobody.
The consequence was that these notes be-
came so nearly without purchasing power
that the whole system proved to be
disastrous failure. The necesaries of life
paid for in fat treasury notes sold for
twenty or City prices (nominally). Com
mon brown sugar sold at several dollars a
pound; -four from hundred dollars per
barrel rose To several hundred dollars per
barrel. Other articles sold at like ruinous
prices.
Oh, no, General WEAVER. let your green
backs be redeemable or they will be-
Gin TO lose value as soon as issued. If left
irredeemable nobody will know whether
there are $50 per capita OF 1000 per capita
in circulation. Nobody will know whether
there are hundred millions or thousand
millions Of them out. In fact, there is no
other way Of making paper equal TO silver
and gold except by making it redeenable
in one or both of these metals. The Fede-
raj Government is powerful indeed in many
respects. but it Is powerless to make good,
stable. and useful currency out of ire
deemable treasury notes or greenbacks.
But enough for one day. Will the people
Of Virginia take up with these new issues?
Not this year.