Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1873-10-31

| firewood value, or its slat value, becaus
| 1t is q standard of length; and flrthS
value If it has been adjusted and certifie
by the inspector of weights and measure
How much money does communit
needy dnsloer: Enough to carry on wit
ease allthe transfers Of value in the con
munity; the epayment Of wages, the dali
expenses the sales in the shops; th
transportation Of freight; the fares 9
passengers the lsales Eof READ estate; |
short the daily life in business. SO far i
civilized history, the quantity require
bears a proportion to the number of pee
pie who use it, and to the property the
own, which has an, analogy with the pre-
portion of oil in the bearings of stear
engine to the engine itself. For instance
during the four years ending June 3C
1871, it may be stated as a rough approx
nation that the currency which oiled tn
business bearings of the United State
was rather more than ten dollars to eacl
soul of the population. This include
whatever you happened to have in you
wallet in those years; all your banl
account; what the steFekeeper was usin.
in his business, and SO on. The rounC
sums total which are near enough to tn,
exact figures to show the oiiing office o
money, are these: the whole of our cur
rency, about four hundred million dol
lars; the whole of our property, real ant
personal, about fourteen thousand million
dollars; the whole of our population
towards forty million. Omit some ci
pliers and we may say, in handler figures
that on an average, in a nation situated as
ours is at present, every four souls, wortl
fourteen hundred dollars amongst them
do not need more than forty dollars in
cash, being ten dollars head, TO keeT
their business straight This would bt
very likely to fail.with any. one separate
four; but it holds good Of the whole .ol
the men, women and children together
and if aslarger sum is in anybody's hands
a less'sqm is in the hands of somebody
If paper money will not do alone, that
is, without any specie at all, why will il
do in part? AaSioer: Because paper
promises to pay (greenbacks, for instance,
will .dUa great part of the changing. ot
values, although they will not do all oi
it; and if there is specie enough within
reach at any time to serve the purposes of
those who will not take promises to pay
specie, that maintains the credit of the
rest of the promises. II turns out that in
practice, and on large scale, it will do
if there is about a quarter as much specie
always ready as the whole of the paper
money that Is going. This is pretty sure
to meet the wants of all who insist on
real money That is, mutual conf
dence viii uphold three.quarters Of our
currency; we might almost say Christian
civilization is at present at business dis
count of twenty-five per cent.
But we cannot get gold for even quar-
ter of our greenbacks, except at a heavy
discount, and yet they serve pretty good
purpose so far. Ought they not to break
down on these principles? AnS,eer: Their
gold basis exists, but it is two stories
down instead of one. The United States,
under certain conditions, gives its bonds
for greenbacks; this is the first story
down. Under certain other conditions,
the United States gives gold for these
bonds, and meanwhile it pays gold inter
est on them. This is the second story
down, where you come to the real specie
Mutual confidence keeps the
greenbacks as near gold value as they are.
who wants to see the way in
which changes in mutual confidence
change tine value of paper money, need
only follow the gold speculations of the
blers of New York. If the United States
paid gold for greenbacks, instead of in
his indirect way, they would be worth a
gold dollar for each paper one, instead of
from ten to thirteen per cent less. Prac-
.ically, there is from ten to thirteen per
cent. of doubt about the future contingen-
,ies of human life, between the average
citizen and his Government, in conse-
Iuence ef this slow way o! paying gold.
Some conclusions about the recent
panic, on the basis of these doctrines, are
hese:
1t is curious fact that paper money
vas boarded during the panic, instead of
specie, which has usually been boarded at
,uch times This shows how thoroughly
)ur paper money is accepted in lieu of
specie. Why not? 1t is the nearest we
AN get TO specie. Wackford Squeers,
lis father said, was "next door bm one to
,herubim," Greenbacks are aert door
ut one to gold.
There is not far from money enough for.
Ill the. honest business in the country.
Those men who wish not to give value for
yalue in an honest business manner, but
)nly to get away other peoples money for
nothing, that is, the stock-gamblers and
and others who trade in
What they do not own-those and such
,thers want more paper money atloat
Naturally enough; to put out more paper
money is to make change in values. 1t
5 by taking advantage of changes In val
les that these men live. If no changes
happen, they start lie to make one.
There are also, as the reader sees,
nen of incorruptible honor, who
want more paper money. But their
demands are limited TO the claim
hat the currency shall keep exact pace
With the business of the country. That
9, every additional soul wants his ten dol
ars. The increase of ease and quickness
f communication, however, enables a
ess total amount of currency to do our
exchanging; that is, it tends tn diminish
the average OF ten dollarsi how
luch, is not known.
The panic of September was caused
lore by a loss of confidence than by
ny real business misfortune. What real
usiness misfortune there was (at first)
etell enterprises and persons entirely too
peculative in character. Because the
enuine business interests of the country
re too closely mixed with the stock
and specializing interests, they
dilClCu dlSO.
The real preventive against other such
anics will be found-so far as humanity
an furnish it-in an elevation of the av-
rage tone of business honor and honesty.
1t is theft to get Values from another
ian without rendering value for it. s
1t is gambling to bet OH the future val
es of other peoples property.
1t is conspiracy and lying to set afloat
llse stories and get up operations for the
urpose of diminishing the value of other
copies property. ..-..........
Let these plain truths be felt; let theft, |
ambling, conspiracy and lying be turned |
ut of public places like the New York |
took Exchange and the Chicago grain
larket, and driven into even such an inn
erfect secrecy as that Of area thefts, faro |
blaekmailing conspiracies, and |
'gally tangible lies, and business panics
ill be greatly lessened in number and |
,verity. But in New York, such thefts
nd gambling, if perpetrated in the Stock |
xchange,. are actually affirmed to be
onest by law.