Jasper Republican, Volume 2, Number 6, Rensselaer, Jasper County, 22 October 1875 — How to Get Additional Paper Money Out. [ARTICLE]

How to Get Additional Paper Money Out.

Obviously there are two ways to set additional currency afloat One is by buying up United States gold-bearing bonds in the market, or by buying gold to pay off the bonds aa they fall due. But nis certain that this method will answer only in a very limited measure, for this single reason: As you put out new greenbacks with the prospect of a large emission the greenbacks will rapidly depreciate as to gold, and as the bonds are payable, principal and interest, in gold they will maintain their gold value, and their price in paper money will thereby become so high that the method of putting out greenbacks by purchasing bonds will soon become very unpopular and be dropped. Or if you mean to repudiate the bonds, ot which, as I understand, there is at present no declared purpose, then of course you will simply repudiate them and not buy them up at all. But there is another way to put afloat new issues of greenbacks. It is by carry, ing the expenses of the Government beyond its revenue, and this, I have no doubt, will be resorted to as the favorite method. Do you know what that means ? Imagine a Congress making appropriations of money for the avowed purpose of getting out, putting afloat, spending as much money as possible, and adopting systematic extravagance in expenditures as a necessary measure of financial policy to the end of making and keeping the volume of currency equal to the wants of rade. What a day of jubilee there will be among the thieves and rascals who think they can gain not only wealth but respectability by stealing as much as possible of the public money.— Schtmt.