, 1859-12-07

,rlTed IT cf Na REMUNERATION. A&teE Haa}u@1-
y of the mob had decided that the negro 9
hould be taken to st. Louis, Mr, Root hastily {
moved IN amendment, and ordered that he be .
;ct at liberty. Tho success Of this Increment
IN the part OF Mr.. Root, made under the most !
serious disadvantages e the puguncious mob, !
IS conclusive evidence: Of the weight and
strcngthsof hll influence. A full investigation
into the history lid ite Of the negro, iueontest.
IDLY prqzed him to b free man. -
:-5onx BIxssEfuAssE7r.
Currency Mistaken for Money.
+ Correspondence Of the P.ezs and Tr'bune.l
Bosros, Dec. !. 1873.
Allow me to express au opinion in your COL
umus that may be useful, and will be if anybody
in Chicago will give it practical application.
The fatal defect in the financial policy OF this
country, and which is carried to the EXTREMIST
degree in the West, is the cheapening Of money
by converting debt into currency, and creating
fictitious dollars, by which land, labor and CON"
modities aro made dear and unsalesble, while
money becomes the cheapest and the9store the
most saleable commodity you possess sqh1ough.
out the country re increase dollars by creating
convertible "promises to pay" which nrs nsed
as equivalent to dollars Of 9old and silver, BY
which gold and silver nre depfcc:eted in value /
precisely Is much as if the metals themselves |
were newly created and added to the currency
in coined dollars; but the real dollnrs having |
uerer been created, are nowhere The respon-
siblity Of finding and furnishing this imaginary
thing, the dollar that never existed, is Il rown
upon the bank debtor who never received it.
lie received but bank promise to pay against
an opposite promise to pay, and when third
party gets possession Of these promises and
demands real dollars, where are they 10 be
found when they we're never created? Soth-
ing but dollars will pay this debt Wheat, corn,
land mud everything the debtor possesses may
be sacrificed to procure the dollars, and yet be
insufficient 10 satisfy tile demand.
This is the inevitable result of our vicious
currency system which creates debt in dollars
That cauno; be paid. Ninety five men out Of
| hundred who enter into business in this coun.
try full, on the average, during Life, or die in
| poverty, because the dollars they promise to
pay never existed.
| We make money cheap and commodities dear
| By the same operation. More dollars chesper
dollars, precisely as morc apples cheaper ap-
pies; and es cheap apples flow to dearer mar
kct, 60 do cheap dollars fow continually to
where they are worth the most-that is, where
tue fewe.t dollars will bny the most property;
and when they are gone the debtors who owe
them must bring them back ut any sacrifice OF
their property, or fail Chcap money and high
n.ices. that is, dear commodities, are syncmy-
nous terms; thus We part with cur money by
substituting debt-currency in its place. run IN
debt and when our debt is demanded in money
We break, The bauks, however, get the indorsed
notes.
Money, or that which passes for money, pos
sesscs royalty in public estimation, ana Tue
! debt of The banks in notes and inscribed credits
which over and above the coin in their cotters,
is no more money than any individual debt,
commands the prime securities in the market
t The banks that create the bankruptcy escape 1t
Themselves by erasrius all the best securities
aud BIZ throwing the responsibility Of furnishing
real dollars upon their debtors, the banks Get
paid, aud the loss by the bad debts they create
fall upon individual creditors, who generally arc
| debtors as well as creditors, and arc thereby
rn;ned
Iot re ;1,nstr,tc this process Of organizing
d.b, ;,to crrrencv- couiyalent in use to money
sunnosc A has purchased stock Of good.
c,no,,,;,r tn s1o5 600. and given his notes fo'
the same. Obviously there is only slo5, 900 o
80, - .uoaa,+~ i, t,;u oneration: for -:
,inb;,it;ez auJ ssset. arc equally increased
w. A. .-oa;.,rs vol h;x notcz discounted it
,,ni. and ,,,rc eay s1oo. 900 passcd to .l.ci1
, c,ca;t as moncr :. denosi.ed." when such money
never existed. No matter whether they +.
ceiye bauk notes for the proceeds Of their dis
!, count, or knye the same n. thcir CT edit snhjec
to tLer check at sight; in either form it is banl
deht in e.cass of ali the money mud property il
e,istence. having u}l The purchasing power o
ro,5 md e;1rrr !, the market. Whnt then il
the sim, coo Of currency that we call money
/, thrs erea,edy It is uure fiction. and nothin:
e,se yow A sells these Goods and obtains tn
!, notes Of his debtor which he gets discounted
. also. and thus creates another S1o). GOO Of bsul
currency equal to gold and silver in its pur
ch,s;nr nower, and the operation may be man,
L.. "a :: III .,oor.b;ro "