The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-23
about the Greenback.

To the Editor of the INDIANAPOLIS Journal:
1 know it would not be popular to say
anything against the perfection of the gov
srnmcnt greenback money. 1t was our
friend in time of trouble has become so
familiar to us that the affections OF many
o. our people amount almost to alteration:
hut this should not deter us from ascer-
tanning and announcing the facts connected
with it even If they seem to detract from
its supposed superiority. For is 1t not pos
sibIe the love we have for it, like all hu-
man love. is not entirely warrantable un-
misunderstanding from an overestimate
CT its valuable qualities underestimate
of its invaluable ones? There is a kind of
general acquiescence in the bold assump-
ton of its warmest friends. 1T carried us
through the war. anyway Our patriotism
IS enlisted Anything that saves our gov
eminent enlists our esteem; but did it carry
Us through the war at all? Without de-
tracing from its real value. was 1t not the
patriotism of noble citizenship which
did that? That patriotism which prompted
the approval Of every measure devised by
the wisdom of the Nation and accepted any
promise meade by that Nation for the Eeces-
saries with which 10 crush the rebellion?
but do not press this question; granting
the truth of this assumption Deadly
poison often saves life: shall We therefore
use II as "A common food? IL will do no
harm at any rate to know at what cost il
did this glorious work; the knowledge will
tend 10 make us appreciate more the value
OF the victory.
There is one fact in connection with il
which is fundamental and should be re-
membered. though by many not known not
realized. forgotten. or ignored. That fact
is this IL is not and never was money
having in itself no appreciabe value. 1t
was and Is promise. nothing more. TO
pay money Gin consideration of values re-
ceived): another form of debt absolutely
unavoidable at the time. And perhaps the
least expensive form OF TX at the time: Ger.
tainly the most convenient. But We sadly
deceive ourselves Ii we think Ii was without
money: substitutes are never as valuable as
the thing displaced by them. and when
glance at the item. The average annual
value OF the gIeenback from the date of
It's issue TO the year OF resumption was
only - 5S-lf0 cents a discount of q 47-lO0
per cent. The greenback then during the
trying time OF the rebellion, cost us and
our government = 41-1O0 per cent. more on
every purchase made than il would have
done with real money, This Is the war
debt alone, TO say nothing OF it's cost
amounted TO Ss75. leo, 900. A pretty large per
cent for credit. And what IL would amount
10 OF the immense private business OF our
people during that time. and the fourteen
years before resumption is utterly incon-
ceivable. Perhaps IL was the best that
could be done under the circumstances: but
our bond interest looks insignificant by the
side OF it, But fact much TO be deplored
v Mas its , daeSseiving so many of the
thing was money. and the increased
quantity required OF IL for pur-
chasing was the result Of appreciation of
values, and wild visions OF wealth without
earning led most TO reckless extravagance
and speculation. resulting i'm serious ruin
and distress. But this did no. entirely
and was the foundation OF the free-siiver
oofements and We should remember, In