New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-08
TIE GREENRiCH

The greonbacl case needs to be rcstatc1. Even
from intelligent bank officers there is heard nj
times talk about II which is not in the least
crcditable to them. If such journals aS THE
Chattanooga Times really imagine that The
Tribune opposes retirement Of LEGAL tenders in
oboisance to Il public opinion which It thinks
foolish and dangerous they know little Of this
paper, which has neither occasion 10 flatier pop
ular error nor has ii ever been afraid Of being
I'm minority. Men who can lift themselves
above prejudice will not deny the force Of rca
soning which 10 one Of them has fairly met.
The people have right 10 paper currency OF
some kind. because 1t is infinitely superior In
convenience and they greatly prefer IT, Paper
as safe as coin they have 4 right TO prefer; II
can wrong no one. Paper uniform in kind and
value in all parts OF the land they have right
to demand because they have 1t without loss to
the Government, but with absolute profit
Neither bankers nor theorists have the least
right to rob the public Of that profit for the sake
Of private advantage when no distinct and com
pensating public benefit can be secured thereby.
Bank paper cannot be uniform in all States
either In security or in value unless such issues
are strictly controlled ny the National Govern
ment Issues under State authority would incvi
tably mean fortyfou different kinds Of paper
each differing from others In present security
and in prospect Of administrative wisdom, eau
ton and honesty. In one State real estate
BOOM in another cotton speculation. in another
unlimited gambling in wheat, would determine
the volume Of circulation issued. undermine the
security required. and affect both redemption
there and acceptability Of notes elsewhere. For
the sake Of getting an infinitely inferior paper
into use Government has no right 70 give up
public profits that they may be divided among
individuals.
National bank paper. uniform In security and
value everywhere. has local advantages which
are not denied, but also costs the people some
thing Restraints which are no longer necessary
10 the safety and uniformity Of the system could
be relaxed, but any provision which does not
keep always more than dollars worth In mar
ket value OF bonds as security for every dollar
OF bank paper issued must lessen the safety OF
the circulation for noteholders, and thus must
deprive them as well as Government Of benefit
for the sake OF private gain
Greenbacks have never cost the people any
thing since they were made rcdeemabe In gold,
except the interest on that part II the public
debt which the bullion fund held for their re-
demption might have paid off, and have all the
time saved the Government the difference be
tween that amount Of interest and the interest
II would have to pay on the debt now bearing no
interest IL that debt were funded into bonds.
| Over 100000 900 In greenbacks is now and Ordi-
narily outstanding less than S1OO,OOO,OOO gold IS
held for redemption, and the yearly saving 10
| the people Is to per cent on over S2OO,OOO,OD.
IL is an indecent fraud to charge up, as the
cost Of the greenbacks now hlvc all that
was lost through depreciation Of notes I'm the
seventeen years 1SG2-1s7s II the notes had been
kept exchangeahle for bonds, they We're at
first, they would not have deprecated, and II
that was impossible during the War; the result
Ing loss is part OF the cost Of rebellion. but not
chargeable to the issue OF Government notes.
Neither Is there any sense in the claim often
heard that the reissue Of mutilatcd or redeemed
notes authorized during the War Is an issue Of
new egal-tendcr notes in time OF peace The
Government made the loan In the stress Of war.
the people gladly taking It's notes because more
convenient than other circulating money. and
| they continue TO prefer the same amount Of such
notes as more convenient
There is always danger. II IS said that the peo
pie may ruin themselves by excessive ISSUES Of
paper. as long any legal-tcndcr issues are
tolerated And SO there IS danger that they may
ruin themselves by elccting Democratic Pres
dent and Congress, they did In 1899. as long
as they have suffrage They have TO learn by
their failures and to rise on them as steps
toward better things. They learned the danger
Of a redccmable paper in 1SG2-7S and have
learned the dargcr Of clccting Democratic dcm1-
gogues in 1925 There Is no other way. for
self governing people, and lessons learned