Year: 1875

In which men Of great ability advocated
the greenback theory, that the remet,
is worse than the disease.


He:eln is that which is worse. The LA.
per bill ON gold basis promises to pay a
definite amount Of real wealth Its weak
ness 10 that there are several promises to
every piece Of the wealth and 50 when
one man has got the piece, the rest cannot
get any, for there is none, and 50 specie
payments have to be suspended But the
greenback founded ON greenback bond
which only promises to pay greenbacks does
not promise to pay any wealth at all. Il
promises to pay only paper, and for this
the rag men will give only two cents a
pound. On hard money basis a part of
the holders can get real wealth ! know
that the greenback men say the people
cah but here they are mistaken as think
! can show. When b. holds A. : note for
$50 In gold or fifty bushels W wheat. II A.
will not pay the note, and everybody knows
it, and knows that A. cannot be forced to
pay, neither @. nor ID. nor any one else
will give 500 IN -four for that Lote. And
a government Is no better than an indi-
vidual. Every government note promises
to pay definite amount of real wealth .





notes, how can it 0e expected that any III
dividual will take them IN pay uf anoth-
er's debts If dishonored note is not
about the poorest thing T., make A ca rren-
cy Of, What Is poorer


But 1t will be said, perhaps, that govern
ment can make a piece w paper, with the
appointed stamp on ID, dollar Well 1t
has Just the same power % do this that ID
has to make picture ut tree, a real tree,
and no more that Is the idea that u can
is ali absurdity. 81 then If any govern
ment should issue pieces of paper which Il
called dollars, such action would be Idiutic


But 1t is said that the paper money adj
vocated us based upon the faith and re
sources Of the nation Well what are
the resources, and where are they, and
when and how shall get them | hold
bond or bill for a hundred dollars, ana
try u get hundred collars worth W faith
and resources Of the nation, but 50 far IA
have ever seen, no provision whatever
has been made to furnish me with them,
nor any part Of them. Now, If am wrong
here, will the editor Of the ADvoCAIE
please set me right by telling as all lust
where, whan and how those resources are
to be furnished me by the government
The truth is that the phrase above quoted
which is the very corner stone Of the
greenback theory, vague and
misleading Il gives nothing dis
tinct and definite A hard days
work is something very definite u the man
who has done it, and the bushel ot wheat
he may have earned thereby ls something
very definite also; aud the average man
will never give up that wheat for a mere
piece Of paper on which is printed So
vague promise as the one above quote J.
He will want to know whether, when he
wants tn, he can get his wheat back again,
or Its equivalent The promise. for which
alone he will exchange his wheat, must
be, So far as pnssible. lust as definite as
the wheat itself On paper promises To
pay he would starve to death, and If any
one says he would starve to death Oh gold,
there il lust this difference. that one Of
the elements Uf human nature Is such
desire for gold that men will part with
anything to get II, So that whoever has
gold will always get aheat where there u
any; but there is no such desire 10 human
nature for pieces Of paper With pretty pic-
lures on them. The truth Is, only A. the
paper il legal deed, which viii give actual
possession on demand, at appointed and
convenient places, Uf eXaCuy defined
amounts Of those resources" has II any
real fitness for money. But t. provide foT
such payment is the very thing which the
greenback men propose not To do.


1t follows from these considerations that
the whole greenback theory is a delusIon,
and | confess that what, more than any
event | have ever known, has tended to
stagger my faith IN the reliability Of the
human mind Is, that 50 many men uf un-
doubted ability have fallen into this snare.
Yet / can see that this has come from the
fact that they have seen clearly the deadly
evil Of the national bank system, but have
not SO clearly discerned the remedy. Per
nit me to close this letter with some sug
gestions, then, 40 to the remedy.


And first, let us see what real money Is.
Real money Is real wealth measured. and
Of such nature that its measure can be
put upon ii. and that it can pass current
easily and conveniently from hand " hand
Legal representatives Of this wealth, al
known places Of de JOsIt, are secundarIly
money. The world has hitherto counted
only the precious metals as such convent
ent wealth; and an organic change IN hu-
man nature must be effected before this
can be very different. A modification has,
however, already grown up m society
which leads To the full solution of the
problem.


Measured work put into forms which
can easily pass current, Is AZ real money "a
measured wealth, fur work Is wealth, and
| such a currency Is even nearer ~ Justice
/ than gold Is. 80 then the government
promise 70 pay definite amount n work,
| which It is able aud ready To perform, that
Is to carry a letter from postothce tO post
| Office, is real money. However, a postage
stamp is perhaps the nearest approach IL
| true money that the world has vet seen
current among men. Having thus defined


money, ! would offer my suggestions t.


wards remedy as follows


|. The government shall issue green


backs, dollar for dollar for the gold 1t hai


on hand, and no more ~ this class.


2 II shall Issue greenbacks 70 tn


amount of its postal expenses measured


IN gold, which shall be promises 70 pay De


finite amounts Of postal work.


3. IL shall issue greenbacks 70 tn


amount Of its direct taxation; and thes


three il shall receive with gold IN paymen


OF all taxes.


a. 1t shall pass free banking Law


which shall allow every person 70 lssu
! currency which vii. call for dehnit
amounts Of easily movable wealth, whlc
it guarantees TO pay upon that persons d'


posting with it that amount and quartz


and third more to provide against shrlnl


aye, due care being taken IT, protect th


community, the individual and the govern
, ment, except that when gold OF silver
. deposited II shall give dollar for dolla
To this end the government should decid
= = what forms Of movable wealth as Goa
/. wheat. corn and the like are suitable bas
, on which to issue currency, and shou
4 provide warehouses, which would be 4
stead of bankvaults, in which to store tho
deposits, ON which currency should be