Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1873-11-13

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AUSTIN. MIMI
THURSDAY MORNING.. NOV. -, 1873.
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NioMey.
The country to-day, needs rclierfrom
the excessive str;u~eney Of the money
market. This can be obtained o"'y
throryh the action OF Congress, which
should be prompt and liberal.
The l.. s. Government has undcrt"-
ken to facilitate tho exchange Of com
moatics, by tho adoption of u'oney as
the Representatives Of property. Gold
ar.; silver coin being made the medium.
These metals not being at all times &C
ccssiblc in sufficient quantities to meet
the exigenc;cs Of Government, or Of
general business, it became necessary to
substitute a paper currency, measuring
its value by the coin standard, and its
volume by the necessities Of commerce.
This currency emanates from what are
called National Banks" and its re-
demption is secured BY a deposit Of the
"bonds" Of the government. Lest the
volume should be undu|y expanded,
the issue vas limited TO $685., 0O0,0 900.
We believe aud the amount authorized
was to be distributed throughout tho
country upon basis of population.
This arrangement gave to the east
the ''lions SHARE" and enabled parties
there to control all tho grent business
operations Of the country by compelling
everybody to 80 to the seaboard to
market. This arbitrary limitation vas
made in reference to. professcd fear
Of the effects Of what is called ''im-
proper expansion" but really with the
view Of crieplius tue giant energies Of
the northwest. 1t was we'll known
that We could not exchange commodi-
tics in hind. We must have medium
Of exchange; ). and if it do not exist in
sufficient abundance at home, we must
seek it elsewhere, aud there market our
productions, at whatever loss of time,
and cost Of transportation.
The operation Of this system during
ten years has fully demonstrated its
inequality and injustice. No one ever
thought Of limiting the country to
few millions Of the precious metals; for
their scarcity gave them a uniform VAL
ue, equal to that Of the property which
they represented. 1t would have been
no more injudicious to lay an embargo
upon the development Of physical re-
soarces, and the accumulation of wealth.
The greater the productiyeness Of
country the more extended will be its
commerce, and its media Of exchange
must be expanded correspondingly.
But, instead, while We find that during
a siugle decade, our productions have
quadrupled, our supply of currency is
even less-proportionately -than ever
before. because Of the greater extent
Of our business operations at points in
tie east, necessiiatiug an aggregation
Of money at those centers Of commerce.
At the west, this produces stagnation,
and consequently hard times. In the
east, it gives rise to stock gambling
and all other kinds Of illicit specula-
ton, and produces the panics from
which the country is suffering so Sc.
xerely to-day.
The remedy is this. Let Congress
80 modify the National banking law as
to permit any man or association Of
men, who will pledge the requisite Sc
eurity for their redemption, to issue all
the National currency which be or
they may think profitable. The extent
Of their operations will: !be determined,
upon those wsll-known, bushes; princi~
ples which control men in other de-
partments, and keep thom solvent
This done and the enterprise Of the
"a. will give her all the capital she
needs to successfully conduct her bust
ness enterprises, whether they be of
development, construction or Of growth.
This plan would be entirely safe Men
ore no more iu'provident in the use
Of money, than Of that more valuable
and tangible property which money
Money is proverbially timid-and
there is no danger Of an imitation Of
currency so locg as it is based upon
ample security.
Another benefit would result, viz
The employment Of Government Sc
curities in such manner a. to render
them taxable. In such a consumma-
ton The cast and west are alike inter-
ested. Let US hope then that Congress
will not fail to realize our great neces-
sity, nor neglect to furnish US speedy |
relief.
THE recent extensive failures and |