Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1898-01-22
dREENBAcKS.

almost incomprehensible. One OF
these is the career of the greenback.
When the war of the Rebellion broke
out, we had precious little money OF
of any kind. There was the old Dem
ocratic cred dog" money-good to
day, worthless tomorrow, We also
had the free and unlimited coinage OF
silver aud gold at the magic ratio OF
10 to I. But gold and silver, espe-
cially silver, was scarce as hen S
teeth. 1t was chiefly employed as a
cure for sore eyes and as an aid to
babies in cutting their teeth. We had
free trade, too, in its purity and pre-
cious little of anything else. Beg
pardon, we had Democratic admin
istration. 'Tis true the seasons
rolled round regularly, but the win
ter of discomfort lasted 365 days every
year except leap year and then it was
900.
James Buchanan. last really Demo
cratic President, in his inaugural adj
dress, March 4, 1857, said:
"Our present financial condition is
without parallel in history. No ma
ton has ever before been embarrassed
from too large a surplus in its treas
ury. This IN Itself IS very
great evil.
In the meantime, to remedy the
great evil, - tariff tinkering had been
resorted to and the nearest approach
to free trade that this country has
seen was the act of March 3, 1857.
On June II, 1858, the President felt
it to be IAN indispensable duty to call
your Congress attention to the CON
dition OF the Treasury" Congress
had on December p, 1857, author
lied the issue of $50, 600. 600 Treasury
notes, and on June ID, 1883, loan of
$40, 600, 900. How like Cleveland
times The President said: Con
fdence is gradually reviving," but
the deficit continued to revive more
rapidly.
March ;, 1889, in message, the
President said: 'Au imperative
sense of duty compels me to make an
appeal to Congress to preserve the
credit of the country" There was an
earnest appeal for change from
ad valorem to specific duties. The
Treasury was empty and so continued
until the end of President Buchanan's
term.
President Lincoln was inaugurated
March 4, 1861. Nearly all of the
Southern States were in open rebel
lion. Armies were to be raised,
equipped and maintained. The four
years of Democratic panic had drained
the country of money. Banks had
failed and credit was gone The
Morrill, tariff act in a measure re-
stored confidence ard gave us gold
with which to purchase munitions OF
war, but there was no money with
which to pay the soldiers. The green
back was tried and through the faith
and loyalty of the people bridged the
financial chasm. Expenses increased
at a tremendous rate and bonds were
issued until in 1866 the public debt
was nearly three billions of dollars
and greenbacks were worth but 80
cents on the dollar Very soon the
people began to clamor for specie.
Large amounts of greenbacks were
redeemed and in 1879 specie pay
ments were resumed. At that time
but $40, ooo, 600 of greenbacks were
in circulation.
All went we'll until Cleveland got
control and then it was found that
free trade and greenbacks were abso-
lutely incompatible. The fact is that
the Democracy, except spasmodically,
has never had any love for the cur
rency which is now adored by it.
So long as the Republican party re-
mains in power our financial system
will be all right. Let change occur
and the endless chain will again start
and panic and bond issues will eu-
sue. 1t is therefore the part OF wis
dom to now so revise our financial
system that in case the country
should ever again be so unfortunate
as to be cursed by a Democratic adj
ministration, the evil effects may be
minimized
The Patriotic Almanac, issued by
the Sound Money League, Chicago,
is all right and should hang by every