The Irish standard., 1894-12-22

They please MIN DeSC VINO leDOr most 10 90 III
peace His will"
THE GREENBAcK MUST GO.
The great issue before the country at
present ID the money question. The
coming debate in Congress promises to
be. exhaustive and interesting. The
Democratic party is not by any means
unit as regards the Carlisle bill. Score
tary Carlisle has come out squarely for
the retirement of the areenbacks and he
is the only secretary of the treasury
since the war, except Secretary McCul.
Loeb, that has done SO. On question so
intricate and so little understood as the
money question, opinions must neceesar-
lily differ but the general opinion of those
best informed seems to be that the
greenbsck must 60. The greenback has
been at the bottom of great many fam
TASTES. The opinion has even been adj
vanced that the United States bonds
could be paid in greenbacks. In the acts
of Congress authorizing tho Issue Of
these bonds it was stipulated that the
interest on them should be paid IN coin,
but nothing was said about how the
principal should be paid, it being pre-
sumed, Of course, that money of intrinsic
value should be used for that purpose
Then the legal tender act was passed,
which provided that the notes should be
lawful money and legal tender in pay
ment of all debts public and private
within the United States, except duties
+on imports and interest on United States
bonds Then it was that Gen. Butler
and other fiat money men discovered
that there was no provision for paying
the bonds in coin. They Immediately
advanced the idea that the Government
could pay it's bonds in greenbacks and IN
turn pay the greenbacks with the bonds.
This, as it will b. seen. amounted to pay
ing one debt with another debt and just
how that can be done is hard for the or
binary man. of business to understand.
1t would have been great stroke of
inanciering If the United States could
have paid it's immense bonded debt by
simply issuing negotiable promissory
notes. No taxation would then have
been necessary. But it is plain that
such transaction would have amounted
to reputation. Finally the grsenbaok
bubble burst, but the idea which was
at the bottom Of the greenback craze
still fingers IN the minds Of large num-
Der Of our people. They believe thatsthe
government can make money and ought
to do 80. 1t is hard to understand why
SO many of the people in this country
should be favorable to a fiat money sys-
tenn. The money problem in it's simpli
city is easy to understand. The paper
promises of Uncle Sam unredeemed are
no more good than the promise of any
private citizen whose promises are not
kept: We cannot get something for
nothing. The United States cannot by
q mere fiat produce something of value.
Common sense tells us that to produce
anything of value requires effort, but
there seems to be general preference IN
this country for something sham. Why
is it that so many Of our people prefer
silver to gold, which is worth about one
thirtieth part of the other and which is
rated at almost twice it's real value, while
gold is rated only at lis full intrinsic
value. Naturally we would expect peo-
pie to desire that which is worth it's full
face value in all parts Of the world. Gold
is the basis for money and for promises
to pay money. It is about time that
spectators should be sat upon; none but
spectators can derive any benefit from
a deprecated money. 1t is nonsense for
people to say that the United States can
make fifty cents worth OF silver bring |
dollar when the whole commercial world
says no. It is Still more nonsensical to
say that the United States can make
out of worthless paper without
making that paper redeemable in some.
thing Of value.
Secretary Carlisle's report is clear and
He advocates the gold
to the fullest extent. He has
come out squarely for the withdrawal of
the government from the banking bust
ness His plan for retiring the greenbacks
is as follows: to apply all surplus revenue
chat may arise to that end, to stop reis-
suing greenbacks for those that are
taken in the payment Of taxes, to have
banks which issue bank notes deposit
legal tender notes in the treasury to the
amount of 80 per cent of their issues,
which issues shall not exceed Is per cent