Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1869-02-18

Done on the shortest notice. and in manner
that will be satisfactory to ALL
I conclude, then, this branch of the
subject by the earnest opinion that
it was a good policy three years
ago, and it is good policy now, to
allow all parties to stipulate tho
time when, the amount, and the me-
dunn Of payment, subject to gen.
erai laws of fraud, usury, and force
Free trade in domestic productions.
liberty to contract and be contracted
with, has never been restrained be-
fore. Let US restore these rights;
and having also provided a paper
representative of the coin in the
Treasury of the United States and
bank currency convertible into
gold and founded upon the highest
securities, let us now deal with tho
much more difficult questionable
appreciation of the present currency
to the standard of gold. 81 r
| If this question affected alone the
Government of the United States
we might resume specie payments
very soon; sooner even than the
Senator from Massachusetts Mr..
Sumner proposes. By funding
portion of the United States notes,
by requiring the banks to maintain
their full reserves in legal tenders,
by withdrawing the three per cent.
certificates, and by the use of the
gold in the Treasury, we could re-
sumo at once. This process might
increase the bonded Indebtedness of
the United States 800, 100000 and
the interest $5,0O0,0OO; but our
revenues are amply in gold to pay
the increased interest, and the act
ual saving in the current expense. OF
of the Government by the reduction
of prices to the gold standard would
be double and perhaps qnadruple
the increased interest. The body
} of our expenditure being the inter
est ofthe public debt, is now paya-
BILE in gold, and its burden is not
increased by specie payments, while
J the saving in expenditure and the
: probable saving by the funding of
the debt at a lower interest would
: largely exceed any interest we
would have to pay on notes with
> drawn from circulation. -..-..
? And if the burden of resumption
? fell alone upon the national banks
the task would be an easy one.
Their securities, deposited with the
t Treasurer of the United States, are
now nearly equal in gold to the
t amount of their circulation. A call
t under the banking act Of ten per
| cent. additional security could be
easily met by the great body of
5 them, and thus enable them to re-
+ sumo whenever the United States is
!, prepared to resume. Their profits
: in the past have been large. Those
S not now strong enough to perform
: the great object of their organiza-
/ ton, namely, to furnish uniform
d currency, convertible into gold, may
well give way to other banks ready
: to take their places. -r
y But redemption by the banks
e means redemption by all their debt
), ors; by the merchants, manufactur-
d ers, and traders Of the country
s And we are therefore compelled to
b deal with this question, not as
: affects the United States and the
banks merely, but as it affects all the
), people of the United States. How
G will the appreciation of the currency
g affect their interests? Suppose it
r accomplished, how will it affect
y different individuals A person
It entirely out of debt but possessed of
l. property ofproductive value would
e not be affected by the change. His
J property would be of less nominal
1t value, but it would be of the same
1t intrinsic value. Its producing ca
l. pacity is undiminished. 1t will
W buy the same food, clothing. and
e necessaries of life. The relative
Il value of commodities to each other
IS is not affected by the currency used,
1t but by supply and demand.
s If the currency is depreeisted it
+ will take more of it to purchase the
article. If it is appreciated it will
: take less; but the appreciation or
e depreciation of the currency does
d not affect the price of other cemmod-
It tiles in their relation to each other.
S This can only be affected by the de-
r mand for them, by the supply of
r them, and ultimately by the cost of
n producing them. f~[
= So a man without property and
t. not in debt, but who depends upon
d his labor for his support, is not in
le the end affected merely by an appre-
e citation in the currency. His wages
IS may be less, but what he receives of
n the appreciated currency has the
II same purchasing power as the higher
/ wages received before. The change
IS does affect him for time, for land
,f and labor are the last commodities
/. to feel a change in the currency.
l. The immediate effect of deprecia-
% ton in the currency is injurious to
IS him, for his food and clothing rise
s. more rapidly than his labor, but ap-
y probation of the currency is imme.
Y. diately beneficial to him for the rea-
al son that his labor does not fall in
Is price so quickly as food and cloth
ly ing. The value of labor, however
y. may be disastrously affected by the
!? mode of appreciation. If it is ,bro't
1t about by sudden contraction the
l. result will be suspension of work
% of enterprises, and consequently a
is reduction in the price of labor.
wi Persons OF fixed salaries and in.