The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-06-22

hHiS pei WIN VAhSbSu iOi Lilo uoO
Of money and one of the first acts of the
Rump parliament was to reduce tho rate
from ten to six per cent, which was con-
iirmed at the Restoration. Tn iii,
in Queen Anne's time, the rate was
reduced to five per cent; and still later,
i'll 1850, to from four to three per-
cent. 1t is idle, then, to say that what has
been the uniform rule of legislation in all
commercial states, as we'll as the uniform
practice of our local governments in all our
past history, cannot be made safe rule of
action for the future. f.#l..#H ST
The great desideratum Of every system of
currency, whether metallic or paper, is in
fitting it to be fixed and steady measure
of value. That such is the case with mea-
sures of weight, quantity, and length, all
will readily concede and there is no
greater necessity, in our Judgment, for de-
termining the standards for measuring
cloth, iron, sugar, cotton, and other COM
modities that pass from hand to hand, than
there is in fixing steadiness in the nstru-
ment by which we measure the values Of
land, labor, houses, etc. In fact, this is
the one great essential quality of curren-
oy and its value to the people, as an in
strument Of association and advantage to
tho community, must be in the precise
ratio Of its steadiness as measure of
value.
And next to steadiness in the value of
this currency, is the cheapness with which
the government can furnish it to the peo-
Pile. In Great Britain, where bank note
is convertible into specie at the option of
the holder, the rate of interest usually
ranges from three and half to six per
cent. The Bank of England pays
its depositors generally but three per
cent, and is content in dividing dividend
of eight per cent. among its share holders.
There is no reason, therefore, why the ma
tional banks in this country should not be
satisfied with ten and twelve per cent. div
idends. With the currency interest re-
duced to three and sixty-fve- hundredths
per cent, or to one cent a day on one hun
dred dollars, they could easily divide such
dividends, while all the burdens of which
the laboring men now complain would be
at once lifted from their shoulders. The
men engaged in organizing and conducting
large labor industries, and who generally
depend upon borrowed capital, could then
adjust their business to the cight-hour rule
of compensation, with a margin for hand
some profits over. 1t is not their fault that
the disparity in the value of capital and
labor is so great; nor is it in their power to
remedy the evil. The only proper adjust.
ment can be made by the federal govern
ment, which has centralized its power ovel
the currency question, making it purely a
national one, and which should also central
ize its power as to regulating its value, Oh
fixing its true measure of value. - ,....g,
| This done in the manner we have sug
gested, there is not a single industry il
tine country which would not at once fee
its quickcning and energizing influence 70
good. A policy that practically forbid
the use of gold and silver, or the precious
metals, as currency, should introduce III
expensive material in their stead. The in
expensiyeness Of the substitute currency
should be the great and governing reason
for making IL cheap to The people. Will
circulating notes that do not carry gold
there is no need of cxpensiveness, and j
should not exist. Let the interest be fiXet
at the rate we have named, and the ten
dency at once exists to unlock the banl
vaults to the people who need small CAPT
tails, and close them against the monic'
men who create monopolies. Small CAPT
talists could then purchase houses or lots
or small farms, and make them productiy
as compared with the profits of money
Widows of small fortunes, and the guard
ans of orphans, could invest in real estat
without the possibility Of loss, instead 0
placing their funds in savings banks t
swell the profits Of stockholders. Ever
mechanic who could lay up a hundred dol
lars for house-lot, could command tn
means of putting up a two Thousand dolla
house, on which he would have to pay tn
small yearly rental Of only seventy dollars
It'll the principal Of his loan was paid of
when he would share in the manly indie
pendence of a householder in his own right
The same advantageous results would 6
cut to all. The merchant, the farmer, tn
manufacturer, the producer of every name
able product, would become his own cap
italist in time; and wealth, instead of be
ing aggregated into solitary and colossa
fortunes, would be widely distribute
among all classes Of the community. Tha
such result as this, so vastly adyanta
geous as it must be to the state, can b
reached by legislation, is not only appa
rent to us, but the history of legislation, tn
| world over, can be cited TO prove it.
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