Year: 1878

I h'N''s hbuihot thio his Nih'iu piO-


tests. with arguments which are so


significant coming from such source


that we lay their main points before


our readers. The Journal says:


Again, will these politicians. who
propose 10 make Jonah Of the Green


back idea aud throw il overheard,
please TO inform an expectant public


whether they intend that the paper
currency in circulation shall be made
convertible into coin AZ the will of the
holder? In other words. do they want
a currency convertible into specie. and
at the same time. do they propose TO
destroy the cnlv efficient means of its
accomplishment? Nothing is more
certain than that il is impossible for
the Government to maintain a converti-
BILE paper currency, to the full extent
OF the nations needs, IL ID should be
unwise enough 20 undertake il. The
great objection to Mr.. Shermau's
present plan OF resumption is that il
proposes to ha> q the Treasury keep a
part Of paper circulation convertib Q,
but the evil would'be enhanced il it
should be compelled to provide con-
vertibility for the whole. A tax upon
the people for the purchase OF an
amount Of coin sufficient 10 serve as
specie basis for $500. 000. 900 in paper
currency. would be a burden To which
they would never submit Besides, il
would involve hazard which the peo.
pie are not likely 10 invite.


III paper money must be made ac-
tually convertible into coin at the will
OF the holders, the banks are the prop.
er agency for that purpose. The Gov
ernment should not engage in the
banking business tn the extent requir-
ed Ivy the resumption act. still less
should ID do so 10 double aud treble
that extent. Private capital alone is
adequate to taking the risks and bur
deus incident 10 the convertibility OF
paper money into coin. IL the Green
back idea is dispensed with, it would
seem that the banks are all the more
necessary. and that a war upon them is
not very polite.


Some OF those who take upon them.
selves TO oonfine the currency question
TO war upon the national banks,
would also do we'll 10 let the people
know whether they are making this
war merely for the purpose of reviving
the old State bank system. The aver
age citizen is not disposed 10 be led
out TO a battle in the interest OF any
such institutions as provided the paper
money OF the country before the war.
We look with suspicion upon the polit-
ical cry which limits itself TO scouting
"Greenbsckery" and warring upon the
national bank currency. A govern
ment currency equal TO coin but not
convertible, or a national bank curren-
cy made convertible by the banks
themselves, present the only alterna-
tives entitled to the consideration OF
the American people. We favor the
former; but il We cannot have that, we
insist upon the latter.


A paper currency whose convertible
ty is maintained by a tax upon the
people, aud the old State bank curren-
oy, are two systems which we regard as
objectionable, and one orthe other
must be adopted il the doctrine should
prevail TO which We have alluded. IL
either Thurman or Hendricks, or their
supporters. think that the people will
be content TO simply make war upon
the national banks, without being dis
tinctly informed in regard to what is TO
follow. they will find themselves mis-
taken.


1t will certainly strike many persons
as O curious phase of politics, at least,
to see National party organ thus
defending the national bank system as
absolutely necessary TO the safety Of
the country if we have paper ourren-
cy convertible into coin at the will of
the holder.