The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1871-09-07

,i-Al litclt1t7 OF the people. 20 Iar n
, II relates 20 the government and ii,
creditors II Is a simple proposition &
, repudiJtc half the interest of the pub
= debt altogether, and t0 pay the other
: halt IN currency greatly more depre-
ciated than any we now have. ven
ture t0 suggest To these gentlemen
that the cost Of printing and engray-
ing the new, and the expense and
trouble Of exchanging them for the
old, can he avoided by the passage OF
simple act to the following effect:
''BC u CHUcfc,i- DC, That the Treas
urer of the United States shall hereaf-
ter pay but three per cent. perannunI,
m currency, aS interest on the out
standing obligations of the United
states, known ~ 30 bonds, in lieu of
the six per cent. in gold now required
by law; said bonds To be eexehanged at
par for greenbacks. This act shall
take effect from and after its passage.
every law, obligation OF contract of the
United States To the contrary not
withstanding."
This would certainly accomplish the
object of the new doctrine, and il is as
easily understood as any other form of
robbery.
| THE NEW DEMOCRATIC CURRENCY.
The effect of this scheme on the
Z contrary would be as disastrous to the
! business Of the country, rs its dishOn-
| esty would be the honor and credit of
| the nation.
General Ewing thinks that to effect
the conversion of the bonds and To
meet the wants Of trade a thousand
FIIffsHtsl of
cient at first but his generous and
philanthropic nature will not be, linn
tied by that small measure Of blessing,
and so 10 meet the remnant of inter
est not exploited away by the billion
issue, he will emit an additional twen-
ty-hve millions each year, and ihus
making the printing press pay our in
terest. This plan calls TO mind the
mad days of continental money, when
a member of the old continental con-
gress exclaimed, 'DO you suppose gem
tlemen, will consent to load my
constituents with taxes when we can
send to the printer and get a wagon
load of money, one quire Ofwhich will
pay for the whole 9n General Ewing
has quite eclipsed the wisdom of that
member of an early New England
legislature who proposed to abolish all
taxes and pay the expenses of the
state out OF the treasury.
But the Generals philanthropy
does not stop with printing the inter
est out Of existence. He says: s'But
we are told that the legal tenders will
be a debt outstanding when all the
bonds are paid. They will no debt in
any proper sense Of the word, for" says
he, "the government will keep them
in circulation with an annual increase
sufficient to furnish the people with
money and keep down interest, and |
thus the curse of debt will turn TO !
blessing"
ltrequires far more than ordinary |
courage to run such a tilt, not only !
against all the settled maxims of p0-
litical economy, but also against Che /
multiplication table itself.
The general assumes that to increase |
the volume of currency will reduce i
the rate Of interest. Both history and |
economical science are against him.
In every country which is cursed with !
deprecated currency the rate Of inter |
est is higher than in specie paying |
countries. The rate does not rise as /
the immediate consequence of the i'll /
creased volume Of currency, but be- |
cause of the greater risk to which the |
tender is exposed on account of the |
disturbance and uncertainty ty of values |
caused by the increase.
Almost the exact ratio of our return |
to specie values we have seen the rate !
of interest coming down, and we now
see the government refunding its debt
1.
turning To business, prices are coming
down toward their old level.
General Ewing wholly ignores the
ey. as,. He seems to think that shonfd the
treasury print q ton Of green backs, the
people will have that much addition
al capital to lend. Rut the people can
only get this ton of paper by buying
it and paying for it, and the purchase
will neither increase their capital nor
their power to lend. No principle is
better settled than this, that the rate
of interest depends, not upOn the
amount of currency in circulation, but
upon the security or insecurity of in
vestments, the demand for loans, and
the supply of surplus capital which
the owners are willing to lend.
General Ewing also complains that
the country has not currency enough
for its business. ] answer him 10y the
fact that Of the 81 millions
of national hank currency offered
to the people by tie act of July
1870, less than twenty millions have
been called for. That fact has stagger-
ed and silenced all the infiatiOnists ex-
cept General Ewing. And during the
last session do not know of one petit I
tiOn % congress for an increase ofcnr-
rency.
It is 4 delusiOn and snare to sup
pose that imitation win benefit the
business Of the country. Since the in
auguratiOn Of General Grant the pur-
chasing power of the currency has in
creased twenty-One per cent. in eonse-
quence of its enhanced value. The
seven hundred millions sOfoutstanding
currency held by the people is now
worth 100 millions more in gold than
il was in March, 1869. We have been
slowly making our way back To- solid
values and Ia the steady Industries Of
peace. The Democracy of Ohio pro-
pose tO push us out again upon the sea
Of paper money, on whose waves we
must toss more wildly than ever. Our
money Is no longer To he the money of
the world, Though our trade of bill
lion n year with foreign nations must
be in gold and silver, yet we are to !
have among ourselves a debased and !
irredeemable paper currency, whose !
value and volume are 10 depend upon
the folly and caprice Of political par
ties, and upon the accident of a vote i'm |
congress. We are invited To re-enact |
the folly of assignats and continent
tai money. And this il the policy of !
a party that breaches loudly against !
the dangers Of Capitalization. When /
the government turns banker, and |
when the value of every product is /
made To depend upon = few men i'm /
Washington, we shall indeed have a /
most dangerous Capitalization power. |
This is the policy Of the party that /
still boasts Of Jefferson as their father 4
Jefferson, who said in the ripeness /
of his wisdom, ''Hhat paper money 4
has some advantages il admitted; but 4
its abuses are inevitable and by /
breaking mp the measure Of value
makes 4 lottery Of all private property,
can not be denied"
Lord Kaimes tells us there are six
senses in man which he proposes to
call the sense OF completeness. IL
have been the exercise Of this sixth
sense that led the democratic cOuyen-
tiOn to conclude their financial depaT-
ture resolution with the declaration
that the true way to resume specie
is 10 make customs and du-
ties payable in currency. Aud they
had i'm the previous paragraph TesOlv-
ed i'm favor of currency which is new
or redeemed. IL has never been my
fortune to see a space Of twenty lines
Of printed paper which contains 50
great au amount Of stupid absurdity
with sOmuch shameless and
and Infamous rascality a. are found /
in the. twelfth resolution Of the demo-
cratic platform.
THE POLITICAL NEW DEPARTURE
Concerning the internal troubles of
the Ohio democracy in regard 10 the .
count Of their tellers at the late con-
ventiOn, have nothing to say. That /
affair i in the nature ola family secret
which Col. COnHcll and other Demo-
cratic leaders have a better right 10
discuss than ] have. The republican
party cheeTfully accept Col. McCOOk
~ the democratic nominee, and cor
daily welcome him tO the field Of de-
bate There l., however, another
branch Of their family trouble which
Is Of sufficient public interest To be
ru..F. "a f.rff. ia I bfs f.4trttF.a. i'm. II