Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-08-23
Imnrl,ctScahle schemes.

In che st. Louis platform. which was
last week reafbrmed or ratified BY the Viz
uiuin State Alliance. 10 the declaration that
the national power to croate money {.
appropriated 20 enrich bopdholders." We
pass by the declaration that the national
power Is able to "creste money" as too
sbsurd 20 call for contradiction. We
know what the declaration refers to-
yAmsly. TO the fact that the national banks
base their notes OF circulation upon United
States bonds. and draw interest as well
npon the bonds as upon that circulation.
Bu. this provision OF the national banking
Law was, as We have so often said. intro
iuced into that law as . means
Of protecting the note-holders-thati Is to
say. all the people--against loss in case any
bank we're mismansqed. This provision
has given as the best currency In the
world. perhaps. and the toiling masses will
prove themselves 10 have been fools indeed
II they cause to be substituted for notes
which circulate In every part OF the United
States as freely as gold and silver cur.
rency created by the mere fat of the
"pational power" and liable TO be found
in the hands OF the people as worthless as
% much blank paper whenever crisis
comes upon the financial world.
But suppose the demand Of the st.
Louis platform be complied with and the
government allow the national banks to
iasue circulating notes of their own. nm
secured BY United States bonds. who will
be benefited? The national banks will no
longer secure their notes, but will still own
the nations bonds and draw interest upon
them Just as they do now. or else they will
cell those bonds and lend out the money
which they receive for them. For the gov
erprnent cannot steal the property of the
banks.
But the theory of the st. Louis platform
esems TO be that the Federal Government
can "create money" by its mere fat. and
that the people will accept this irredeema-
BILE money just as they accept national
bank-notes or United States Treasury
notes. But this is a mere deluslon. En-
s,p,ilo nhaA. Out Of nothing nothing is
made. The prevalence of this delusion
would work disaster to ell the business In
terests of this vast country, and cause
ruin and suffering to take the place of the
existing condition Of things, which,
Heayen knows, Is bad enough. An ire
dsemable grsenback or Treasury note can
not be made equal 10 q redeemable one by
che mere fat of Congress. These ire
deemable greenbacks would sink in value
tlay by day. and the prices of all sorts OF
commodities would rise day by day. At
the same tune. all men working for sala-
ries or daily pay-clerks, preachers, editors.
laboring men. mechanics Of all sorts-wonld
End their so-called money deprociating in
purchasing power. The first batch OF ire
deemAble grcenbacks issued would aug
ment the prices Of sugar, coffee, tea, and
oil other imported articles.
Consider the matter. Don't you see that
n IL the fact OF redemption--the fact that
YOU can get real money for your bank
notes or greenbacks--that keeps these
rotes at par with real money! And of
course II you fail to provide for their re-
demption greenbaoks and bank-notes will
sink 10 the level of the confidence which
che people may have In their ultimate re-
demption.
Shall we be told that these irredeemable
rreenbacks will be redeemed at the Gus
tom-houses OF the land? Alas. the Tres-
sury notes issued by the Confederate
States were receivable at oil the custom
houses, and for all taxes ct all sorts due
the Confederate Government, and the
people aided the government oil they
could. and pretended TO be glad TO get
this fat money. But oil that did not pre-
rent common brown sugar from selling at
ki0 pound, nor -four from selling at hum
treds of dollars per barrel. The st. Louis
platform demands return to this disas-
;rous condition OF affairs. Not that the
81. LOUIS conference or the Virginia Al
hauce desires such q result. but because
70 other result could follow fnanciering
that sort.
For IL the greenbacks or treasury notes
or bank notes are not TO be redesmable,
but are to travel on their face" and to
be received as real money because they
are "full legal tender, I" then the govern
ment NAV as we'll issue q Thousand mil
lions Of dollars of such Rreenbaoks rs is
sue a hundred millions Of them. II they
are not TO be redeemed. they will lose their
value 30 rapidly that II will require but
few years to bankrupt the whole United
States. All the new-fangled parties OF the
country that demand creenbacks which
shall be "a full legal tender" moan TO
declare for irredesmable Rreenbacks-- nat
money. They demand currency which
shall be acceptable TO the people, not
withssanding It is irredeemable. But sup
pose. sitter this fine scheme II perfected,
Won Offer a man the choice between that
sort Of currency and the currency we now
have Which will he takcg
Oh. fooliAh fnanciers, who hath be-
witehed youf
-
Mr.. Harrison on the Force Bill.