Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-12-17
The Local-Currency Delusion.


In 1873 the Greeubackers. or fat-money
lunatics, threatened TO take possession of
the country and food it with irredeern.
able greenbacks. One OF the most intellI-
gent Of them-a man whose newspaper
articles were read with pleasure by thou
sands of persons-declared that he would
like to have greenbacks enough issued bv
the National Government to cover the
ground everywhere SIX inches deep with
the trashy stuff; for nothing but trash
would greenbacks have become If his the
DRY had been put into practice. This
greenback deusion was killed here in Viz
gina, as Knownothingism had been killed
here twenty years before.
The greenback lunatlos were not fools
by any means. They had facts and figures
in abundance which went TO prove that
their theory was night. Some Of them
were men OF such ability that they could
make the worse appear the better eau o."
And so entrenched in the minds of many
people had become the delusion that ire
deemable neenbacks would be the best
currency in the world that it was with the
greatest difficulty that the Democratic
leaders in 1878 could keep their forces in
hand and put down the delusion that gov
ornamental promises to pay were just as
good as gold and silver.
But the greenback delusion was put to
death, as we have said. in 1873. The peo-
pie seemed 10 have recovered their senses
wellnigh as soon as the elections of that
year were over. Since then we have had,
to be sure, the declarations of the Ocala
platform and the utterances of the men
who would make irredeemable greenbacks
"a full legal tender that is. issued as
money and not as promise to pay money;
but tho new greenback lunatios have made
little or no progress in getting their fnan-
cal beresies accepted by the people.
In view Of the facts Just recited we
ought perhaps not be surprised to find in
tsligent. educated men. who have evil
IDENTIFY studied the question, advocating
the adoption of local currency and MAN.
tanning. or attempting to maintain. the
proposition that that currency is best
which refuses TO 90 away from home
Financial law teaches us that bad cur
reney will drive out good currency. or,
IN other words, that every man pays out,
not the best, but the worst, money or cur
rency that he has. Thus the bad local cur
rency OF which We have spoken would
supplant the good money or currency,
and, occupying the channels Of trade,
would present 10 the public the soectscle
OF currency which refused to 20 away
from home, and which would hide oil the
notes OF all the good banks. aud yet a cuT-
rency which sensible men advocated as
being for that reason better than a cur
fency good all over the world.
III the theory of which we write be true
then the American currency which the
financial world refuses TO accept as GOOD
Is better than the currency which the
financial world does so accept. Nav a.
we know not where the line is 10 be drawn
we may say that tho notes Of the smallest
bank in the smallest town in Virginia
would constitute a better currency than
The notes OF the largest bank in the largest
town in Virginia; for the former notes
would not circulate anywhere else than at
nome The most perfect currency would
De that issued by the poorest bank or tho
poorest man; TOR this perfect currency
would forever haunt the little town. or
niue oank' or pauperized banker who
issued 1t.
The men who advocate the proposition
under discussion are some of Thorn mono.
rnetaliists-ssrenuOus opponents Of tne
proposition 70 provide by law for the :, 90
coinage Of silver. Now, if these gentlemen |
viii get Congress 10 repeal all laws making |
silver dollars legal tender for the nav. |
ment OF debts Of whatever sort /, strike. |
us that they will have local currency |
which. it will pass nowhere else than in |
the United States. would, on the theory |
we speak Of. be the best currency in the |
world