Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1857-10-15
OF Paper Money.

4 day or two since, in an article glanc-
ING Mt our present financial condition, we
intimated the opinion that one of the prin-
cipal causes of the unsound currency among
us. and the doubtful credit of money con-
Germs here and elsewhere, was to be found
in the consequences of the attempt, On the
part of legislative bodies, to legalize pa
per currency-to confer upon that which
IS. in itself, of no value, the character of
MONEY. To those whose phil osophy does
not 60 far enough to include the principle
that for every event that occurs, there is or
has been somewhere an adequate cause, we
may seem to be talking enigmas: but we
are fully convinced that among the intelli-
gent and thoughtful there are few who will
find it difficult to trace almost every ad-
mitted disease in the monetary system of
the country, and almost every shock in f.
nancial affairs, directly back to the cause
among the natural consequences of the le-
galized manufacture fpaper money.
That there is consciousness among the
masses to this effect, we do not entertain a
doubt. OF the dawning and progress of
such consciousness. the people of Ohio,
have for number of years, given testimo-
nv which, although for a time overlooked
by the advocacy of paper money banks, it
is folly now to ignore. The vote of last
year mon the bill, to establish banks, SUBJ
mitted to the people, and the absence Of
ANYTHING like a feeling of solicitude for the
fate of the one that is now pending-des-
tined, without doubt to the same fate
should be sufficient to convince all who
feel any sympathy with the movements of
the nopular mind, that the time for such
institutions, as responsive to any express
or implied demand from the people, is past
Thanks are to be chartered-if the ma
cbinerrv for the m anufacture of paper money
is to obtain legal existence-it will be
in obedience to the desires of the capitalist
as a mode of Investment suited to hist tastes
and habits, or of the speculation, asa means
to place within his reach the implements
Of monopoly. There may have been a
time when banks of issue served the peo-
pic, and were Of service to the people; but
that time is past. The occasions upon
which su.h service is rendered are too few
to supply the basis of aedecent pretence,-
The object of the banker is-7always In a
greater or less degree. and in; many cases ex-
clusively-to use the people for his own
benefitEthat benefit being, not the legiti-
mate profits Of a banking business, but the
irregular successes of "a hazardous specula-
lation in commodities which are held to be
desirable for the purpose IN proportion as
their prices are uncertain and their value
subject to luctuation
F Il is fact that is worthy Of reflection.
that about in proportion as the precious
metals increase in quantity. is also the in
crease in paper money; and in an equal de-
gree is also augmented the spirit Of specu.
lation.o 1t was thought by many, and ra-
tionally enough, that SO hugea tide of gold
and silver was Of late years being poured
into the channels Of trade that paper mo-
ney-whose existence was supposed to be
owing to an actual want of the precious
metals, would disappear. This has not
proved to be the case On the contrary,
cold andsilver are only the basis for the is 1
sue of paper that they were before; and as
the basis expands, so is the shaky and un-
sound structure enlarged.x This is to be
regretted. The stimulus of a regular and
gradual increase of money in community
gives an admirable iveliness to trade, vig-
Or to Industry, reality to the transactions
of business, and soIidity to the general
condition; labor IS we'll rewarded; the en- /
terprising and careful grow rich. and the
moor i've better and more easily But 40
in the human system SO in the body polite,
1.Sz