Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1868-10-01


sponsibility of paying. The remedy is to
attend as strictly as possible to the siipula-
lions entered into aud to pay back as much
as possible of The principal in that form
which will give the greatest range of APP
probation and circulation, in that which
the world recognizes as an equivalent. or
in that form which according TO contract
is fixed
Out paper Dollar is at present worth 10
cents gold. There are several reasons. In
the first instance, it necessarily has the
same value as our other debt papers have,
because ii is equally debt, and inasmuch
as it bears no interest it should be even of
less value than the interest bearing bonds.
But on the other side paper circulation in
small commercial transactions is a conye.
nicncc, or even necessity because it rep
rcsentsb ut small sums easily exchanged
and because the risk is general one par
ticipated in by every one of the nation, il
Tor the sake OF its advantages in using il
rises somewhat higher in price than the
bonds; finally the circumstance that only
certain amount of such ducbilis is put in
To circulation gives stability 10 The value.
Remove the certainty of stability bv way
o. limitation in the amount in circulation
remove from the commercial world the ia
cility To remain acquainted with fhe am
in circulation, and the paper dollar would
have the same fate as any duebiIl from any
person violating the rules Of responsibility.
The paper dollar moi alone would ssink
beneath the value of the bonds because of
less value not bearing any fixed rate of in
tersst, and having no specified time for re-
dcmp,ion, but it would sink in the same
proportion as the amount OF the Successive
new issues would sum up. ~
When The question is O kcd, should the
bords be paid off in gre enbacks?' VIC may
answer by yes, or no. -
We say yes, when il is meant not 10 in>
crease the amount of paper dollars, for in
this instance The government has 10 gel Ilhe
grecnbacks for the redemption of the
bonds in The onI, legitimate way, by taxa
alton. The government does not create
new responsibilities and gives real equiv
alent for it. taxes. In this way the amount
oil ducjiils without interest remaining fixed
he.paper dollar would rse-in-vaIuc. in thc
same proportion as il became substitute
Tor interest bearing bonds because every
redemption would be saving of so much
interest, an consequently the burdens of
the peop'e would become lighter. and the
responsibility of The government better.
But we say no, if ii is intended at once
to substitute for the interest bearing bonds
an equivalent nominal amount of paper
dollars by wsy of special and ia view of
'he existing amount supersdded amour;
OF paper. why nol:" say Democrats
This measure would relieve the nation of
40 many millions a year of interest" 1t is
true, il would 90 this, but merely aopar
emily because the disturbances in Tho ostab
lishcd valncs of commerce ard business
Transactions would be so grea. fha,ihe sac
Fifccs involved thereby would cq,,sl and
IN course of time even exceed The benefit
derived
Let us examine the consequences OF
such movement.
Values always were, are. and will be. fix
ed by the rules of demand and SUNNY.
The United states has more land than Is
required for the maintenance of the people
and consequently the land is cheaper than
in Europe. =
Ii takes more population than al present
VIC have to deyelope all The resources o.,
Tie territory of The United States, and con
seqHcutly labor in general is ALWAYS more
demanded and better paid lhan,in. Europe
where the population rs regards density
has reached the highest degree " pessibil-
ity.
Labor creates by Successive TRANSACTIONS
capital, and capital is tie stesm TIA, puts
The machinery 10 work. Labor itself is !
capital, just as much us wood is steam in
different shape, because wood and steam
arc simply force, buI il icannot be said tia,
there is labor possible without an object
an object upon which il is applirl Capi-
tai supplies both. Fni-thc wLolt spsn- or
the United States with the labor force OF
Europe, but without the capital and the
result would hcm;scry- : OK
While in Europe Cd. 'ith may be loaned
at > . per ccntum here 1t brings from 10 To
20 per ccntum and America is compara
lively deficient in capil.laf.
Bring all the capital of Europe into the
United States bat leave the population as
II Is and the result Immediately would he q
rise in the value of personal labor and ma
terials; this rise would simply lie decrease
IN the-atomic value OF capital; for capital
without labor is lotl,ing, Capital ard pa
ieiial and labor are three essential paris of
Industry and each must be in iis proper
prppVItion TO the others TO be properly eff
iicieit, and must have recognized values
as great rs elsewhere.
Since this is the case. what would be The
result if our bonds were taken up by green
bnekss -
1t would lie Equivalent 10 std rirg the
interest ON the lcLds. a lord on which
no interest is paid, is TN invcsnnght with
out profit, and such bond'could mol be held
by any one WHO is living upon he pro
ducts OF accumulated aud Retired capital
Such bond would Immediately Iccome a
paper dollar concern, due bill, ard in;s
much as Europe has sufficient coin and pa
per circulation Of heirs own, our indebted
ness represcntedsn Europe had to como 10
Amefiea as exchange for material or real
values. @Theanleuili ofxuch change wotl
be controlled by the necessities ofthe N; r,