The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1870-03-25
SHALL OUR CURRENCY BE INCREASED

MEssRs. EDITORS: An article in the
last number of your paper
on the currency qsestion prompts
me to express few ideas which may
have some weight with you when call
ed upon, as you frequently must be, to
give AN opinion on subject of such
general interest. Long after recon-
struction and suffrage have become set
tied questions, the public finances will
continue to be topic of vital conse-
quence, and on u proper solution of its
difficulties will depend to a great ex
tent, our future prosperity. You
''Moulders of Public Opinion" WELD a
powerful influence, and it becomes V on
to take your positions with care.
The article referred to, without, per-
haps, advocating any particular theory,
appears to lead in the direction follow
ed by so great a number of people
west of the Alleghanies-a belief that
an increase of currency is essential to
the interests of the country. Men form
conclusions on this subject without hav,
oSOPCA imam NAC uAAeNSN-
To the superficial observation redund'
ant currency is attended with every
blessing. The laboring man receive:
increased wages, the farmer sells his
crops at enhanced prices, manufactures
and commerce are stimulated, and, gen
orally, in commercial parlance, ''trad,
| is lively" But the blessing is only ap
parent. The laborer and farmer who
receive increased compensation for thu
products of their toll must pay proper
tionately increased prices for the nee
essaries of living; so that, when bal
ances are struck, they are no better OF
than under the regime of low price
and low wages. Add to this the fact
as our own recent experience and tina
of other nations attests, that an inflated
currency uniformly stimulates extrava
gance, and its evils will be apparent I,
every one.
But the evil is greatest when, as il
our case, the currency is inconvertible
Writers on economy, deducing thei
principles from experience, agree tina
an irredeemable currency is rIinous T.
State in the end. Such a currency j
based on the assumption that a human
enactment can alter fact. The Frencl
Revolution was full of such assump
tions, and its assignats, being practical
" unlimited in amount, became utterl
worthless. So the premium on gold il
the United States during the las
nine yearsjs not so much an evidenc
of the worth of gold as of the worth
lessness of our paper money.
An irredeemable currency, as is TIA
case with the legal-tender notes, bein
exempt from the laws which govern
convertible currency-that is, tn
amount of it being regulated by Law
and not subject to the requirements {
commercially be at times too great j
quantity, at times too limited to- an:
wer the demands of trade. The price
of commodities are, therefore, continu
ally fiuctuating and merchandising be
, comes game of chance, instead of
business of stated profits. Money
. Withdrawn from legitimate busine:
, and employed gambling in commod
ties, in stocks, and in gold. The yicios
speculation which eliminated in ii
: panic of September 24th, is q strikin
: illustration of the evil effects of fluc
' uating medium of exchange brings
its wake. While the west, which h,
! comparatively little capital of its owl
! was suffering for the want Of money
move its crops, Wall street had pIetI
ora which was being employed in gan
; bling of the most vicious character.
; We do not want more currency. II
: only remedy for the evils referred to
in resumption of specie payments. Tn