The times. [volume] (Richmond, Va.) 1890-1903, 1896-02-20
THE DEBATES WHEN GHEENBACKs
WE'RE ISSUED.

The Reform Club, Of New YORK CITY,
has been going over the debates at the
thine when the Government of the United
states commenced the policy OF Issuing
|logal-tender paper. and it publishes eX-
|tracts from them in one of Its series OF
|sound-currency pamphlets, which are
very interesting indeed az this time. The
Government first issued Si50.oeo,O00, then
lin a -hort time another $50 900, 600, and then
| in short time another Sl5O,OOO,cOo. and
|st would probably have issued many
more, but that they had by This time
| declined so much IN value, as compared
. with gold, that it feared 10 run Itself
with a deprecated currency.
John sherman, who was then in Con-
rress defended the first issue as a meas
lure Of necessity. and apologized for 1t
. as "a mere temporary expedient." 1T
/ IS manifest" sac he. that We must
rely upon some other source of obtain
ling money We dare not repeat this
experiment a second time" Neverthe-
| less. It was not six months before the
|Government put out another issue OF
| sI50. o0o, o0o and within year IT author
|fxe = issue OF another sl50,O0O 000--so
d miliarity with wrong-doing en-
ouraE6 10 wrong-doing.
The evils and expected advantages of
his issue Of paper money were very
thoroughly ventilated in the debates of
he time. and although the notes still
tick to US. to our perpetual injury. all
he lbs that were prophesied for them
ave befallen us. while none Of their
advantages were ever realized.
4 Senator Wilson. OF Massachusetts,. ad-
xocated the issues. He said:
when that little pittance comes from
the field TO them Ohe families Of the
soldiers) TO support them at home. they
can use u 10 pay their necessary debts
and support themselves without having
10 20 through The process OF broker shaw
i look upon this contest as a
between the curb-stone brokers,
w brokers, the money-changers,
4 men who speculate In stocks. ana
<1he productive toiling men of the coun-
Let us see how this turned out. In
spite of the victories at Gettysburg and
|vicksburs. IL took sISi-oS OF greenbacks
al August i. 1853 to buy the same amount
Of twelve staple commodities that 500
! would have bought in January, lso2.
4 After all the terrific fighting OF the spring
and summer Of 1864. and when 1t looked
Is though the confederacy was on its
blast legs. II took SOILS on September !.
lisa. 10 buy what 500 would have bought
| IN January. ls62.
NM. Wilson thought. as many people
4 a to-day think. that giving these notes
A The Isgai-tender power was going TO en-
4 Able the families OF the soldiers TO force
|any person 10 take them. and was there
by going TO enable them 20 get whatever
they wanted as they pleased. And 81
capped the process OF broker shavings. ="
Hut the merchants who sold them coffec
Ind bacon and lard and clothes for the
xreenbacks that the soldiers sent
from the front took notice OF the fact
that they could not convert them into
real money. and they saw the proba-
hktzles OF the Government giving real
raoney for them growing less every day.
Ind they charge the families OF the poor
e,disrs accordingly for these risks that
~ had to take. They escape broker
Hov1nes." Il Is true. but they paid for
~ than broker shavings" In the In
ned prices they were charged for
they bought. And - With the