The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1869-05-27


tors disagree" more frequently than that
(which relates to financial matters, and
those who make financial matters the main
pursuits of their lives arc as often as 9th
erwise "blind guides when they under
take to canvass this question in its gene
raj scope and bearing upon communities
and upon states.
There are some who entertain the ero
neous opinion that currency is one thing
and money quite an other3 bsasaa sva
% If any one of the National Banks issues
one dollar bill, it represents one dollar
/, in value that has previously been earned
4 (or,inherited) by the owners of that bank,
and which has been parted with for the
purpose of issuing this bill, or has been
| pledged for its retention. It has its abso-
Lutte value and worth all it purports to be,
one dollar in money. 8l6i h1Sllaa had
Gold has more uniform andsteady mar
ket value than wheat, but it has its "seas-
ons of scarcity" and its years OF plenty, !"
land like all other articles of production
is subject to vicisitudes AID fuctuates
in the markets of the world.
Whenever gold becomes unsteady, and
finds purchasers at fcticious rates, it loses
it's place as measure of values,and paper
moneyoccupies its position ri
Our national banks cannot put their
bills in circulation unless they have pre-
. viously parted, by pledge or otherwise
with their equivalent in value; but gold
has no custodian who stands pledged to
the public for its good behavior, therefore
], the latter is less safe guide in determine
ing relative values than basket of pota-
toes or measure of corn.
| Most writer's are in the habit of speak.
ing of the issues of our national banks as
7 deprecated currency and they estimate
its value by the ever varying and utterly
fallacious prices paid for gold.
If gold was at its nominal value-if i
was money and not an article of caprice :
it could hardly be loaned on. first class
real estate security, for term of years
at higher rate of interest than ten pei
cent per annum; and l believe that il
J would be conceded that the issues of oul
national banks are readily marketable at
that rate of interest with unquestionable
security. <t E#If
The next question that ARISES is to de.
termine, which is the province of every.
lone to do for themselves, whether money
which readily commands first class Dor
rowers at ten per cent per annum, can be
said to be deprecated in the least.
If our National banks cannot put their
money in circulation unless they have pre-,
viously parted with their equivalent in
value, it follows that there cannot occur
an intuition or contraction of currency. Il
money is plenty, and rates of interest are
moderate, it denotes period Of general
prosperity and on the other hand ii
"times are hard" it signifies that our con-
sumption of values exceeds our produc-
tions In the last case, wealth, looking
back upon our inprovident habits, bids
farewell to our shores. =.
4 Undues imitation can only occur when
) local legislation authorizes the issue OF
, paper Kites without ballast or means fol
ultimate redemption and as they are on.
ly bastards, forced unduly upon the pub
e lie they should be mastered out of exist
ence, bycourts, by the general government
and by all classes of business men.
King Charles the II. of Spain, always
superficial in matters of political economy
: was in favor of free trade. All classes o
! writer's agree in saying that he never wa
: able to give a valid reason for the opinion
!, which he entertained on the subject. l
: he had any reason it was lady'S reason
/, the words "free trade" had a musica
sound, and were agreeable to the ear. I
matters not that the population of Madrit
> fell off from 100000 to 10000, the KIM
was complaccntly looking for the COCO
time coming -1rs .q-l-,,.--r-.,-r y
Philip II of Spain, whatever other de
fects he may have inherited, inherited al
so the defective views Of his ancestor up
on the free trade question. Slothful him
self he had an abiding hatred for all
classes of manufacturing enterprise, and