The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-11-22
HISTORY OF THE GREENBACK

Chicago Times-Herald: It is not likely
that the coming congress- will take definite
action concerning retirement OF the green
back. But the probability That Secretary
urge this next month as the only means
Of melting the endless chain by which the
gold reserve Is periodically impaired indi-
Gates the day cannot be far OF when the
mine whether or not the life Of this form
| of American currency shall be extended or
terminated. Must the ~greenback "go!,
There Is no chapter In the history OF any
matte than that Of the greenback: Though
1t took its nape from printers Ink, a drop
Of a nations blood coursed In It's delicate
but potent veins, and with the almost
mortality is identified. Its history pre-
sents probably the only instance in which
government. paper money, unsecured ex-
cept by faith in a nations destiny. and in
the honesty of its people. proved to be
superior to the accepted principles OF
finance, carrying a colossal cause from
impending disaster to enduring success,
and, after vicisitudes appalling to It's
but at times in exchange carry a pre-
MUM above the most precious OF metals.
-:lI:-
Long as is the history Of the greenback,
war va began the government OF the United
States owed less than its debt under the
administration of Washington after the
revolution. At the beginning Of the year
with civil war, the treasury was empty.
Various devices were suggested az a
means of raising money. one OF these
was the unconditional pledging Of the pub:
all treasury notes hat 1t might become
necessary to issue. Mr.. Vall%andingham,
of Ohio, discussing the general question
Of revenue. said. Your expenditures are
toms and direct taxation proved made
quate. Lincoln asked for 500, 900. 900 In
money and 0 5000 men. Loans were au-
thorized. Prior to 1861 no notes not bear
ing interest had been issued by the United
States. July II, 1861, congress authorized
the issue Of $50, 900, 900 Of demand notes In
denominations less than $50 In exchange
for coin or In payment Of debts due the
government, the notes to bear no interest,
but to be receivable for customs and all
public dues and to be reissued. They
were to be redeemable at the sub-treas-
1ss in i, se Iss, Yo tss fn1lsde 81 an or sdd aGsi0aii
$4,000. 900 was authorized. Feb. g, 1852.
congress directed the issue of $3.50. 600. 900 OF
notes, making them a legal tender for all
Ssnss' d R%Si,'' s ana RI%nis Re e OK sSa pu iHs,
debt. June II, 1862, congress increased the
issue to 5000. 900. 900 and March q. 1858, TO
$3.50. 0o0.O Oo. The highest mount Of these
no nSt sase outstanding I issi at any time was 'As.-
WV
The great debate connected with these
notes was upon making them legal ten
BY E. g.. spaulding, a banker, Of Buffalo.
In reporting the bill Mr.. Spaulding char
acterized It as "a war measure" q meas
ure Of necessity, not Of choice" Mr..
must have what is far more valuable to
them than gold or silver. They must
lave food. clothing and the material Of
war. Treasury notes. issued BY, the gov-
will purchase these indispensable ar
~ticles." Chase, then secretary Of the |
treasury. has been too generally accredit-
In fact, its opponents asserted that he. was
opposed to making the notes legal tender,
and 1t was not until he wrote q letter say
ing that he did not. wish to conceal his
coin legal tender. but that he believed II
impossible TO procure sufficient coin, that |
he was reckoned . supporter Of the meas
ure. A personal note from Secretary
came with reluctance to. the conclu-
sion that the legal tender clause Is 9 ne
ces!ty." but that he came TO- 1t decidedly
end a sTnpSrtSs s,,d y earnestly sSr ssa!i t. The Lon
posal as the dawn Of American bank
ruptcy. the downfall Of American credit"
VENT rns dove syssa g i ss CENT, s. il ,s e fn hs sss so #:
s r:.ss sn IGi' ihsSs q q reached ss1 e { e sSa:.n ssd *
!sst ys.r the price Of 59ld was MAXIMUM
issS. BE treasury Ssd in ~ vaults diis.ssS.
90 Of gold In excess OF outstanding Sold
ce~rtidoetes. and the redemption Of he
ment, the paper beins. equivalent to gold.
sscry. q ne ifrsSsbaek Va 8. q "a.