Year: 1878

EDITOR TINES The main argument
used by those who are clamoring for the
repeal Of the resumption act Is, the want oi
ability OF the Government TO meet the re-
quirements Of the act. On the contrary,
those who have the management OF the Gov
ernment funds, say the Government will be
able at the time specified in the resump.
ton act, not only TO commence specie pay
ments, but to continue TO pay specie for
greenbacks, il not interfered with by inju-
dicious legislation. That the Government
officials are right in this matter, would seem
to he elf.evident, from the fact that gold
and greenbacks are now fractionally at par
If resumption Las thus forced itself upon
the country, notwithstanding all the diff
culties thrown in the way by the so called
Greenback party, it certainly can maintain
its position il let alone. The
wisest thing, therefore, that can be done, is
to let the financial question rest, at least
for one wear, and see how resumption will
work. To do otherwise would argue that
the opposition are unwilling to let the
Government try TO pay its honest debts,
when it can There is, in my judgment, no
improperly in having as many greenbacks
a. can be kept at par with gold and silver.
More than this IS worse than not enough
An irredeemable paper currency is certain
ly the widest financial freak that ever en-
tered the brain Of any man, considered TO
be sane. 4 promissory note which prom
ises to pay nothing, at no particular place,
nor at any particular time, is certainly
worth no more than so much blank paper.
The faith of the Govern nent in money
matters is lust like that OF a banking COM
psny-comparing great things with small.
1t is good so long as ii is able to redeem Its
promises. When it fails TO do this, the
notes which it promises TO pay are
worth nothing, Just as those Of broken
bank are. / hold that promissory notes
whether from the nation or a corporate
COMPANY, hold about the same relation TO
money, that the milk mans ticket holds to
milk. 1t will do 10 buy milk with, but
will not do in the place OF milk.


Should this Butler scheme OF an ire
deemable greenback currency, issue, with
out limit. for be il remembered that the
amount is to be sufficient for the business
NdLiS tt anu 'aaa7 tbahA
is reached, no two will agree the Govern
ment will be in n worse condition, finan-
cially, than when il came out Of the rebel
lion.


Suppose you issue greenbacks never TO be
redeemed, what am curious TO know
will be the wording OF their face? 1t will
certainly not he that the Government prom
ises 10 pay the holder, but that it does ac-
tually pay the holder. This might do il
We had everything We wanted within our
selves, but it certainly would be worthless
in any other country. 1t would not
do If ali the trade was in our favor, for
other governments buying our produce
would buy with cur own money, which they
could get Tor mere nominal price in gold.
So that outside of our own country this ir-
redeemable paper would be worth next to



But perhaps this wild scheme, If carried
out, will be the best thing to bring the peo-
pie to a'sober second thought, for nations, like
sometime learn wisdom only
by sad experience.


REPUBLICAN.


Ipavenvorth Octoher % 1873.