The Louisiana populist., 1895-12-27
ABOUT GREENBACKS.
THE RETIREMENT OF ALL KINDS
OF TREASURY NOTES
Would be . Radical, Uncalled For and
Expensive Change In Our Financial sys-
tenn, and Would Decrease the Circulation.
Goldbug Falsehoods.

and treasury notes, aggregating in
round numbers $500, 900, 900, will be q
radical change in our financial system.
There is only one reason for destroying
the legal tender paper in circulation,
and that is founded on a naked false
hood. The reason assigned is the false
assertion that greenbacks and treasury
notes are gold obligations, and that
the holders of such paper can demand
gold in redemption. This is abso-
lutely false. Both the greenbacks and
the treasury notes are by express pro-
vision of law redeemable in either gold
or silver coin, and the government has
an abundance of silver, by executing
the law and coming the silver on hand,
to meet all the treasury notes and
greenbacks that will be presented for
redemption without the use of gold for
that purpose. The advocates OF the
retirement of the legal tender paper
in circulation have not fully taken the
public into their confidence and told
them what, If anything, they would
substitute for the money which they
propose to retire. II they should sub
stitute the national bank notes redeem
able in coin, the banks would be COM
PEELED to furnish the coin which is now
furnished by the government; and, if
the gold standard is maintained the
banks win be compelled to furnish
gold. 1t must be borne in mind that
the demand for gold to pay interest
upon debts owed in Europe, would not
be diminished by the retirement of the
greenbacks. On the contrary, II
the 5 per cent bonds should
be hoated, the interest on $780,
000,0 would be SIS, 900
annually. By what means would the
gold be obtained to meet our gold obli-
cations to Europe, which, on the low
est estimate, is over $3.50, 600, 900 an
nually and constantly increasing. Each
year the government and the people of
the United States borrow from $780,
600, 900 to $400, 900, 900 to pay interest
on borrowed money, together with the
money expended for dividends, carry
ing trade and excursionists. The only
means that the people of the United
States have of obtaining gold in addi-
tion to what is produced in this country,
Is by the sale of our commodities
abroad; but the United States is un-
able to sell enough at gold prices to
pay current expenses. The deficit is
from $3.50, 600, 900 to $400, ,000, 900 a
year. as stated above, and that deficit
will exist whether the greenbacks are
retired or not. II they are retired |
there will be $500, 600, 900 more added |
to our debt, which will probably be
mostly held abroad. How will the |
banks obtain gold with which to re-
deem their circulation? And in case
Of failure of redemption, how will
the United States which under the ma
tional banking system guarantees the |
obtain gold for that pur-
poser We have already shown that it |
cannot be done by the sale of products
under the gold standard. 1t seems |
clear that there is but one other mode |
open, and that is continuous issuance
Of interest bearing bonds; in other |
words, an interminable increase of the
national debt. Besides, If $780,
900, 900 OF circulation be retir-
Cd It would produce ruinous
and q tremendous fall
Of prices. It Is not at all probable
that the banks, II they had the privi- |
lege of doing so, would take up as
much as $500, 600, 900, or any consider
able part of It, for the requirement |
which would be made of them to re-
deem their currency in gold would de-
ter solvent institutions from undertake |
Ing to issue currency. 1t has been
that the government should
require the payment of custom dues |
In gold. II this were done gold
would necessarily go to q premium
over all other kinds of money in the
United States, because it would be pre-
ferred to all other kinds OF money. No
kind of money has ever remained at |
par with coin which would not pay all |
government dues. The government
has issued from time to time continu-
ously legal tender treasury notes which |
were receivable for all public dues, and
they have always been on a.
par with coin. United States
bank notes remained on al
par with coin as long as they would
pay government dues; but whenever
the slightest discrimination is made
against bank notes or government pa
per in the payment Of government
dues. such notes or paper invariably
and must necessarily be OF
less value than money that will pay all |
government dues. The scheme to re-
tire the greenbacks and treasury
notes is Q part of the Roths-
childs programme to force down
prices and multiply bankruptcies, and
brand the people of this country - the |
vassals Of an alien gold trust. Who
ever proposes such q scheme is either
knowingly or ignorantly the tool of
SPECTATORS and gold gamblers. and any
IN cinl whO xnOvin01y lends himenlf IN