Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1896-03-17
TUESDAY, MARCH 18th, 1896
OUR DOWRY TO OUR CHILD
Rem.

Every ordinary thinking man
knows by this time that there is
no more need for this so called
gold reserve of $100,000,0 900 for
the redemption of greenbacks,
than there is for a fifth wheel tc
q wagon. We're there not a gold
dollar in the United States Treas.
ury, nor on this continent, every
greenback would be as good
sound and valuable, at home or
abroad as at present where the
treasury is loaded down with
gold. The greenbacks were not
intended to be redeemed even in
coin, not to mention in gold only.
The debators in congress when
the first issue was made, clearly
show that the only ultimate re,
demption contemplated was that
they should be received for dues
and taxes by the government,
and cancelled and destroyed
when their reissue were no long
or needed. The idea to redeem
them in coin was an AFTER
thought. And that idea was
embodied in law under cover of
the credit strengthening act.
There would have been no sense
in passing that act had the nation
already been pledged to redeem
them in coin. But the credit
strengthening act was virtually
repealed in 1878 by the act that
fixed the volume of g1eenbacks
at $346, 100000, the amount out
standing. BY that act the green
backs were fixed as a permanent
body of a paper money definitely
limited in volume, and only a
small part of CUR necessary Cir
culating medium Of exchange.
AS the amount was limited to
$346, 100000, far below the
amount Of money needed in the
country, no redemption and can
celatio, of them was contemplate
ed as possibility, and no re-
demption in coin necessary to
keep them at par with coin.
There would always be plenty
of use for them to circulate from
the treasury to the people by be-
ing paid out for the ordinary ex~
pense of the government, and
back again for taxes and dues.
BY this act in 1873 fixing their
volume. and making them re-
issuable from the treasury, the
greenbacks were made absolute
money. as much as coin, and like
coin redeemable only in being
legal tender, receivable for. all
dues public and private. It will
be apparent that they are very
different from an unlimited issue
Of paper money. Such, to be
good, must be redeemable in
coin. A small limited volume
need no coin redemption. j
800, 100000 in gold was pro-
vided to resume specie payment,
that is, to retire our small paper
scrip and various outstanding
interest bearing certificates.
But John Sherman construed
the law so that this reserve
should also be used for giving
anybody gold for greenbacks that
wanted it. For years no redemp-.
ton of greenbacks in gold was
called for. Up to 1890 only about
1888, 100000 were thus redeemed.
In the meantime nation after ma
tion were adopting the single
gold standard and at last a cor
ner in gold became 9 grand re-
ahty. A dozen powerful nations
were stramb bling for gold; gold
kept appreciating in value, and
still not enough could be had for
money use. Austria wanted to
accuimulate hundreds Of millions
81 ii Ahd.ass none Of it could be
had ii The ordinary channels Of i
S9ppIs i airaid Was made III the
United Statgs T1'feas1iry fof :hef
eagles hid bars n, ~ hs 81 81 Of this.
gdraepbaek qdemptio 81; plan.
ne hun died milidhs were