Jasper Republican, Volume 2, Number 6, Rensselaer, Jasper County, 22 October 1875 — Financial Fallacies. [ARTICLE]

Financial Fallacies.

1. that a promise of the United States to pay a dollar la ft dollar. It does not make it ft dollar because the Government obliges you take it for one at a discount of twelve or fifteen cents, in fact failing of its promise to pay and settling by its note for, say, eighty-six cents on the dollar. 3. That the aggregate and growing resources of the United States, the immense wealth of its - citizens, their enterprise and capital, stand behind its greenbacks and other national currency called legaltender. All that stands behind it is the credit of the United States Government, and all buoys np that is the confidence of die world that it will redeem its promisee in honest money, and its power to tax directly or through imposts, Mid the willingness of the people to be taxed. It most redeem its promises to pay, if it ever does pay, by paying. And all it has to pay with it gbs out of the people. Taxation is its only method of production. And when taxation becomes extortion, or extravagant Government expenditures necessitate more promises to pay, and the people begin to wince or refuse, then comes repudiation, the credit of the Government collapses, its legal-tender is flat, and its promises to pay are no better than the old French assignats, or the Continental or Confederate currency. 8. That the people need more currency to move the crops or for any other business exigencies. There is the greatest plenty of it now waiting for customers. Anybody can have all they want, provided they can pay for it in honest work of any kind, in land or products of any kind. Bat as to manufacturing more of it oat of paper, and then giving it away or forcing it in the form of legal-tender, sure to depreciate, it is a swindle too patently foolish and immoral for Uncle Sam to wink at.— Springfield (Mast.) Republican.