The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-06-23
Why noxps. AND xor GREENaAcKs
A Clear Exposition Of the Dangers
of MINATED Currency.


cEss> and the postal service t0e fnechai
IS utterly unSound and vicious, and po1 D
he tolerated under any present c2ncesNa bic
circumstances. II is (he plan proposed by
the opposition and involves ;he emission
os $50 go 10 OF lrEedeeraab,e paper mercy
and the eoinage 81 ss2.ea0aa Of sc-cs!led
seignierage in the treasury. Il as de!.h-
crate attempt. il seems 20 me. - initiate
the currency and irperil ;he present gold
standard
The gTeeuoacks. when authorized IN 1sss
were justified by the Lights which sur
rounded our statesmen and the grave ard
overwhelming exigency with which they
we're confronted. Then several states had
adopted ordinances 81 secession and we're
attempting 10 leave the Union; the future
was filed with doubt and uncertainty
what would ne the result Of the issue 70
one but Omnipotelce knew. Specie pay
nents were suspended: the treasury w8s
empty and the government had no credit
whereby it nigh, readily supply il. and We
were practically without currency. Now
the country Is united and bound together
by indissoluble bonds; credit has 10 APP
parent limit: we have ample currency. As
much, very nearly, as We ever had, a eur
rercy which nothing bat our own amprov-
idence and folly can impair; and no one S
so pessifnsstic as 10 doubt the future.
X ia well 70 recall The deep concern with
OF paper money They regarded the ex-
pertinent as periious, and only iustIned by
the severe necessities Of the times and
only TO be employed to meet taen.
Secretary Chase N mis- recommendation
Of the issue Of treasury notes, fGrcibly ex-
pressed his opinion respecting the evils Of
fiat money. SAID he:
The greatest care will. however, be
requisite 70 prevent the aegrad4t5ou Of
"a
rency. than which no mere certain fatal
eXped.eni for !mp0verishlng the Masses
and discredi;jng the government of any
country can vel be devised"
Mr. Fessenden. chairman Of he com-
mittee or finance, supported the legal
tender clause OF the United States notes
because il was a temporary measure made
necessary by the eX.geHcy Of the hour. and
not 10 become a settled policy. Said he:
"All the gentlemen pretty nucn who
nave written on the subject. except some
w..d spectators IN currency, have de-
c!ared that as policy It would be ruinous
TO any people; and Il has been defended.
as have stated. simply and solely upon
nre standing by Itself; and MOI to be re-
sity."
Senator Sumner yielded his consent TO
the measure under the same imperious ne
cessity.
"A remedy" said he. which at any 9TH
posed. Whatever may be the national re-
sources. they are not now within reach
except by summary process. Reluctantly.
should issue. And yet / can not give such
vote without warning the government
against the dangers from such an expert
ment. The medicine OF the constitution
must not become its daily bread"
I might reproduce. If time permitted,
the opinions of many of the colleagues of
Mr.. Fessenden and Mr.. Sumner III the
senate-statesmen whose wisdom ard pat
riotism in the nations supreme crisis we
admire and cherish-whcn were in entire
accord with their views as TO the evils Of
an irredeemabie paper currency. They did
not regard the emission Of paper money as
an opportunity 10 be welcomed. but
necessity TO be regretted.
Mr.. Lincoln. in his annual message TO
congress. December l. 1862. pointed out
the evils of a fuctuating currency and the
imperative necessity of guarding against
such evils by providing for the converti-
bility OF paper currency into coin.
And / pause to renounce the suggestion
made by the honorable senator from North
Carolina (Mr. Butler) yesterday that he
was supported IN his contention here by
Abraham Lincoln, and that the Republic
an party had departed from the policy and
principles OF that great man. whose name
l pronounce reverentially. Abraham Lin
coin said:
The suspension of specie payments by
the banks soon after The commencement
of your last session made large ISSUES Of
United States notes unavoidable. IN no
other way could the payment of tho
troops and the satisfaction of other just
demands be so economically or so well
provided for. The judicious legislation OF
congress securing the reCeivao.lty OF
fA~ al ,tttqt
and making them a legal tender tor other
debts has made them universal currency
ana has satisfied, partially at least. and
for the time the long-feIt want If un,-
form circulating medium. saving there
by TO the people immense sums in dis
counts and exchanges.
"A return TO specie payments. however,
al the earliest period compatible with due
regard 10 all Interests concerned should
ever be kept in view. Fluctuations IN the
value OF currency are always injurious,
lowest possible point VIII always be
leading purpose in wise legislation.
,r Co,nvertlollityi;, said he. prompt and
ally acknowledged 10 be the best and sur
est safeguard against them. and ii is ex-
tremeiy doubtful whether circulation Of
sufficiently large for the wants Of the peo-
pie, can he permanently usefuily and
safely maintained.
rs there then. any other mode in which
the necessary provision for the public
wants can 30 made and the great advan-
tages Of safe and uniform currency Sc
cured
Il know Of none which promises 30 GER
tain results, and IS AZ the same time 50
objectionable. IS the organization Of
banking associations under a general act
OF congress. well guarded In It's provis-
ions. To such associations the government
m ght furnish circulating notes on the So
curity OF United States bonds deposited In
the treasury. These notes. prepared I'M
der the supervision Of proper officers, BE-
ing uniform in appearance and security.
and convertible always into coin. would al
once protect labor against the ey.is OF q
vicious currency and facilitate commerce
by cheap ana safe exchanges"
The advocates OF the proposed issue %
greenhaCks DO not seem ~ regard win
Mr.. Lincoln s0hciiude the necessity for
maintaining tbs Convertlbihiy of green
backs ana other nat objiga tions 5nto coin
that 5 20 say, into that money WAjrh 81
regarded as The standard or val4t among
the leading CIVILIZED nations 81 the world
The progress VI the war 81 80 rebel
Ion and tho continued necessity of 49,
creasug ihe issue Of United Sf8tes notes
bu; emphasized our psT.is ana NJ Injury
70 labor and those least able - bear the