Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1873-11-13
Plea for an Increase of Cur
rency.

Gen. /. r. Sherwood, member of Con-
gress elect from the Toledo district, in a
speech delivered at that place on the IL
Of October, gives the following able So
luton to our present financial embar-
rassment. "The Government of the
United States, through its protective
policy, has stimulated manufacturing
all over the country. Previous to the
panic our manufacturing interests were
in unparalleled prosperity. Railroad
enterprise, the most gigantic in history,
were in rapid construction. In the year
ending with September 15, 1873, was
constructed more railroads than during
the first twenty-four years of our rail-
road history. One hundred and eighty
million dollars were spent last year in
railroad construction. Since 1860 new
States and new Territories have sprung
into life, new fields of enterprise are
opening on every hand across the whole
broad continent. These new ;popula-
tons, new empires, all need and all con-
sumo urrency-money. The capitalists,
the manufacturers, the artisan, the
tradesman, all need proportionally more
money than ten years ago. With the
advance of civilization, the cultivation
of the industrial arts, the progress of
invention, the accumulation of wealth,
come from facilities of comfort, more lux
uriant living. These wants, tastes, and
habits all consume proportionally, more
currency than ten years ago. That able
and experienced financier, S. S. Will
liams, President of the Metropolitan
Bank of New York, aptly named one
of the Nestor's of banking in this coun-
try says, in respose to the inquiry what
is the matter"
"The matter is simply this: We are
too rich in wheat, pork and cotton, for
our financial pocket. We are only in
want of few millions of greenbaeks to
send west TO msve wheat east. The
merchants are sound, the country is
sound. We are richer to-day than we
ever were before. But our volume of
currency is too small for practical uses.
What has happened in these twelve
years,f from 81 to '73? The Pacific rail-
way has been built; the emigration, for
eign and domestic, 5000 miles of coun-
try, has been unprecedented. Business
has increased as never before in an equal
period. Prices have advanced at least
fifty per cent.for all commodities bought
and solo, land yet the volume of curren-
cy for the last eight years has remain
ed fixed. Look at the whole South and
soon We shall have upon us $20,000,OO0
worth Of cotton to move. Formerly this
cotton was assigned to New Orleans
Charleston and New York,
the planter having eaten up the pro-
ceeds in seed. Now the. colored man
takes the greenbacks for his labor and
boards. He has no master to trust
them with, no savings banks. We found |
last year the currency would not return. !
Now suppose that four million blacks |
at the South have each SIC, 200, here you
have 100000 900. 1t is precisely so in
substance at the West. If you send, as
you have sent, $4,000, 900 west to buy
wheat, you will not get back more than
S10;0OO,0OO for some time. The profits
Of produce stay in the hands of the pro-
lucer.''
Here are solid nuggets of common
sense from the one who appreciates the
situation.
With an immense grain crop through
put the west, awaiting its transit to the
with foreign demand suff-
,ient to absorb the entire surplus; with
not sufficient currency at the command
of commerce, to effect the exchange,
md give the farmers of the great north
west market; with prices depressed
md business temporarily paralyzed
with the Government credit unimpaired
md stronger than ever before in
he history of the government; with the
General Government in supreme con-
;rol of the national finanees-it is the
plain duty of the Administrator to pro-
ride sufficient currency to meet the de-
nands of commerce and industry, act
ng with prudence that the Government
'redit be not impaired. |: