The Conservative. (M'connelsville, Ohio) 1866-1871, 1869-01-29

The supply may be increased until The
price falls to four percent. The money
thus made will be of value to those who
receive IL from the government, and
consequently they must give an equiv
olent for the amount they receive. A
more convenient or desirable mode OF
distributing it could not be we'll had
than for the government TO make the
amount needed for a circulating mo
dunn, and with il pay the present
debt of the country as far as the need
ed amount will 90. A leading Senator
in Congress, who holds a large amount
Of this debt, but few days ago made a
threat, in the name of the holders,
that should congress make money
enough to pay the debt and use il for
that purpose, that they, the receivers,
would Immediately lond that money
to the people, or iavest il in other pro-
/ ductive property. Should they exc
cute their threat, and there can DO no
doubt but they would, the money
would Immediately find its way in,o
the channels Of trade and put the
whole productive industry and com
merce of the country in motion; and,
best Of all, it would at once and for
ever relieve the laborers from the
enormous burdens they now pay to the
holders Of that debt as interest.
As there are men living, who have
had fifty years Of experience with "a
exploded and abandoned local banks
furnishing q circulating medium, who
are trying to bring to life the old rot
ten concern dressed in anew garb, who
object to such a currency rs is here
proposed, IL may be proper TO notice
their objections.
Ojfcii7H: THE power to make mon.
cy Is too dangerous a power to be en-
trusted 10 congress. IL might be used
20 promote the interest of q political
party and corrupt the government
" Cuiiough.
AHs,cer The power is conferred up
On congress by the constitution, and is
forbidden by II to al others. Congress
has been making money for seventy
five years without any of the dangers
named becoming apparent. 1.-THE mo-
ncy making power is unsafe in the
hands ofcOngrcss, where the constitu-
ton places il, in whose hands will it be
safe, all others having proved faith
loss2
Objection THE paper part Of the
currency il irredeemable and will be-
come worthless in the hands of the
holder. 1t will at all times BIO value
less If c. rried out of the United States
AnsCcr The irredeemablc part of
the objection is Of no value, as the pa
per part Of the currency ia made by
law the equal in value 10 the gold part.
ThnVn anNHll Ia ~. rlalAN sn WnAanRN-
ing it, rs il has no superior with which
TO be redeemed. The other objection
is not true, as IL would be An impossi.
bility for il 10 become worthless in the
hands Of tho holder while tho holder,
together with every other person with
in tho United States, was pledged that
it shoLld be received by all as equal in
value with tho gold. Money that will.
pay for our cotton and other great sta
pies, will not be used as cigar-lighters
in Europe; but as we do not make il to
| circulate there, we need not enquire
/ about lie valucthere.
The advantages that would result to
the whole people, and especially the
great mass oflaborers, by the adoption
Of this plan Of providing n circulating
| medium, cannot DO estimated. IL is
believed by many that the whole debt
Of the country could be paid in this
way without increasing the circulation
beyond tho business wants of the
country. There are forty thousand
miles of railroad in the country in OPP
Grafton, using TO transact their bust
ness more money than was used by the
whole people ten years ago. Besides,
our people inhabit a territory so large
that they cIn make a Journey of four
or five thousand miles in a straight
line and yet be in their own territory.
They are constantly moving from one
point 20 another, converting their Of
fleets into money for that purpose, thus
making an almost unlimited amount
necessary 20 accommodate their wants.
With such facts before us, how prepos-
ferrous 10 advocate reducing our cur
rency TO a gold standard. We have
forty million people in tho country,
and not more than three hundred mif-
lion dollars in gold-seven dollars and
fifty cents to each individual. Can en-
terprising Americans be tied down TO
that small sum- If congress does not
provide lawful money equal 10 the
wants of the people, they will provide
one that is not lawful. The question
for us to answer is, which do We prefer,
the lawful or tho unlawful?