The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-18
WHY NOT ISSUE ALL THE GREEN
BACKS CALLED FOR?

| RNh'NtAiAN'fNNf
admirably all the functions OF currency.
These men ask why should not all the
currency be such Government issues, and
why should not the Government issue just
as much Of these as the country wants.
They ask, II the Government can do so
well with sS45 10000 why can it not do as
well with a much larger quantity?
II would be a poser to these gentlemen
| II we should ask them in return why
/ could the Government not put out advan-
tageously one hundred thousand million
/ Of dollars Of its notes? II 1t can put out
advantageously 245,OOO.OOO Of them. there
seems to be no reason In the nature Of
things why II cannot do so as to any sum
whatever?
The fallacy involved in the view OF
those who advocate Government issues Of
currency lies In their notion that there
is some especial value impaired 10
note because It is issued by the Govern
ment The note receives no value what
ever from that fact, except the value
that comes from The belief that the Gov
eminent is strong enough to perform
whatever promise 1t makes. The Govern
ment's note is a promise TO pay dollars.
The public knows that the Government
is able TO perform all the promises that
IT has made and that it will do so, there
fore the public willingly takes its promises
TO pay dollars as equivalents Of the dol
lars themselves. But If the public had
the slightest misgvings upon either Of
these points It would not take the Gov
ernments promises TO pay dollars as
equivalents Of the dollars. We had evil
dence of this during the war, when the
greenback fell TO three Of greenback to
one Of gold.
The value Of the greenback then pro-
ceeds from the fact that the Government
is believed to be able and willing to re-
deem It with gold and not at all from any
quality that inheres in it by reason Of its
being a Government note
We say frankly then TO these gentlemen |
that the only objection to the Govern
ment issuing notes for currency is the |
fact that issuing currency is not a proper /
function of Government. Issuing cur |
rency is essentially the business Of pri-
vate banks. There should be no relation
between the Government and
the banks. The Government exists to col
lect such taxes as are necessary TO pay
the expenses of administering the laws
fairly and impartially amongst all men,
and for no other purpose whatever. When
you put the Government to issuing cur
rency or 10 taking any part whatever in
he banking business Of the people, you
convert it from a Government TO admin
ster the laws into a paternal guardian
aking a fatherly and motherly interest
n bringing each citizen up properly and
n seeing him walk the proper paths
n life, besides converting it into a ma
hlne for oppression. If we lived in
Utopia where each person cheerfully full
illed all the duties of a citizen and no
me would willingly do wrong. a paternal
Government nursing and caring for each
me would be just the thing. But we live
me seeking to get the best Of bis neigh
)or In that we must have as little Gov
as possible. for. If you give the
men controlling Government the OPP
,ortunities they will surely take advan-
age Of them to plumber their fellow men.
admit the principle, then, that the cur
ency should be issued by the Govern
nent, and those who control it will find
ways and reasons for increasing its
olume until that volume will become so
reat men will lose confidence in the
bility or Willingness Of the Government
o redeem its promises and then the Gov
rnment notes will go TO the dogs as the
otes Of the French Government called
went there or our Continental
urrency went there. The objection then
o the Government issuing currency is not
hat that currency may not be excellent
or a time, but that It is admitting a
rinciple in Government which must
ecessarily destroy currency and Govern
lent too
The investigation Of the appraisers Of
ce now going on in the New York City
'Ustom House sheds a food Of light upon
he subject in hand. The assistant ap-
raiser, in charge of cottons and linens
ubber goods and lace curtains, ad-
litted to the con mittee that he was a {
lasterer by trade. and having got into !
olidcs," he got" TO be a city marshal
With engaging candor he told them that
hat a man wanted, to get Government
ppointment. was influence" and that
bat would secure him the place he sought
neither he had any qualifications for it
r not. He admitted that his previous
raining gave him no sort of qualifications
Or determining whether linen handker- 3
hiefs, rubber coats and lace curtains
'ere invoiced at their true value. and
hat his only means Of getting at the
rue values was TO compare a lot Of
voices with each other. and when they
iffered, average them. He knew nothing
+ any trade papers; did not know what
ind Of baggng came from Dundee. or
hat the duty on bagging was. though
G knew where he could ind a copy Of the
ariff law. He could not, off hand. name
he foreign value OF any article that was
icluded in his department; Of laces he
Omitted that he knew nothing whatever, q
nj his knowledge Of cotton goods was r