New-York tribune., 1868-03-25
every commodity of trade in order to advance pric.s


Ihegreater the supply Of paper money the greater
their ability to do So There is no machinery 90
effectua as this to rob the earnings of labor Tba
banker Is allowed TO issue his promises to pay which
ne never redeems; or II he redeems them, il is In
other promises no more valuable than his own Thus
he is seldom called upon even 10 take the trouble IA
make the exchange. He receives NJ the rata
of Is, 20, and % per cent ner annum
from his operating borrower for the use Of bi,
capital and through him it is extortod in tbe lass
analysis as we have heretofore shown from the earn
ings of labor and the helpless consumer So. too tbe
mddleman one Of the worst of the parasites Of ths
commercial world. He stands, wherever be can.
resoutely between the producer and consumer and
lives by robbing both. Producing nothing, earning
nothing. he simply sucks the blood of those who
earn and those who consume. lie fourishes most
where deprecated currency causes artificial rise
in prices and fluctuations in values. He was Matched
in swarms by the war; and, in diminished numbers.
still afiicts the community. All his efforts aided
by debauched currency. He pleads the recollection
of past extortion with the exhausted buyer and do
ludes the inexperienced seller with representations
of a contracting currency and falling prices cheat
ing both in turn.
And thus pursue the subject how We will, it turns
out that imitation is only another term for the rob-
bng of honest industry, and that its palpable and
poor poorer.
natural state of things has no such features, or
il it has they are only exceptional and occasional
1t is the violent fluctuations which the necessary
consequences Of an inflated currency, that causes
the mischief Without these, trade IS comparatively
steady and prices comparatively regular. Where 10
is otherwise, il results from natural causes over
which no control can be exercisedsuch as bad sea.
sons and deficient supplies, or, ON tho other
hand, overproduction and glutted markets. In
such state Of regular trade the nume-
rous intermediates that infest markets during
the periods of imitation cannot thrive. All healthy
traffic consists in bringing the producer and con-
sumer into immediate contact. But where prices
vary and RISE az they do when an over-abundans
currency exists to stimulate speculation, 1t often
happens that half dozen intermediates stand be-
tween the producer and consumer, each one exact
inQ his proft-often an nordinate and extortionato
profit And thus the innocent consumer becomes
,nercilessly heeced. The experience OF the war has
illustrated and over illustrated this fact TIL there
is mono left TO doubt it, The knowledge already
takes form and begins TO enforce itself in practical
remedies The tribe Of middle-men have carried
their exacons upon the busy and innocent consumer
to such pitch that at length he turns in selfdefenss
upon his OppressOr. Stores are being established
upon the plan of buying directly from the producer
costly machinery of intermediates They have even
commenced in the City Of New-lork, where buyers
have for long years considered themselves the
natural prey Of the sellers and where the resistance
of consumer to being plundered is regarded as In.
conigble contumacy.
We sec in this fresh enunCaon OF the coon eratiys
principle vital protest against the malign lniu'
ences of imitation 1t is hopeful slgn fori betokens
an awakening which must lead ultimately to preg-
nant reflections and conclusions upon the underlying
cause of the expressions practiced upon the con-
sumer. The resistance to extortionate and rulnous
profits we may hope will end in equally efeetual re-
sistance to the sclndalOus and oppressive cause oil
high prices.
We warn the demagogues of imitation that they
are playing with two-edged sword in dabbins
with their greenback theories The great class OF
consumers, with diminished earnings, is coming to
the surface with interests to be considered, and
votes to DO given. Their first want aud most eager
demand will be for food and clothing at cheap rates.
They will not be satisfied by paper money system
which raises prices, fosters speculation, and brings
anew into hot-bed existence a swarm Of greedy In
termediates TO fatten upon their necessities. Let ~
be remembered that if it be easy and pleasant to
make paper money plenty, 1t IS equally easy
20 spread dissatisfaction and distress by the enhanced
prices that are sure to follow. The country could
endure SuCB eXaCtlOns Ptiiou VI ""' "''NN-
every man was a direct indirect recipient of Gov
ernment profits or Government bounties and pay;
but in time of peace it could not be endured The
results would be untold suherings, accompanied by
agitations that would revolutionize parties.
convulse society. and end in iIIeparablc pe.
cuniary disasters. Paper money not b9ttomed
on coin never did stand and never will stand.
1t will find its end in one OF two ways.
rigid public virtue willcause 1t to disappear through
q steady enforcement Of its payment An opposite
temper will result in expansion, and one expansion
will beQet another and this is the broad, open high
way to a final explosion and general bankruptcy.
We are not at all disposed TO play the part of q
prophet Of evil, and predict that this generation is
going to land in such hopeless quagmire as thsj
but the idea that the greenbacks should not be paid
and worse still that the volume of them may even ba
safely increased goes exactly in that direction; and
until is indefinitely abandoned by all sides. consti-
tutes our most imminent peril }. ;. T..
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