Los Angeles daily herald., 1874-06-16
independent Movement in the West.

Independent movement IN tne west.
The San Francisco Bulletin of the
18th instant comments in the strong
est terms the platforms adopted in H.
linois and Indiana by the Independ-
ents, with one exception. 1t says:
"But upon one point only do they
make mistake. They seem to favor
an incontrovertible paper currency.
Probably of all classes in the country,
the farmers ought to be the last to in
dorse so dangerous practice" Now,
let us take a look at this question with
farmers sagacity, and see if there is
danger in it. Editors should not AFRO
gate to themselves all knowledge.
Farmers as a general rule think as
correctly as any other men. They
view this currency question in very
different light to that in which it is
seen by editors, merchants and bond
holders, and in our opinion in far
superior business light. They say:
Our country is deeply involved, and
all we have and all we can produce is
mortgaged to pay the debt. The an
nual installments must be met, or we
will be sold out by the taX-collector.
Now, if we came down to u metallic
currency, there is not specie enough in
the United states to pay the tax of
one year. But if there was double the
amount of specie in the country it
would be impossible for US to have it
so divided among us as to meet the de-
mands of the tax-collector. The paper
currency is received by the tax-gath-
erers as readily as gold, and while there
is over half billion of paper in circula-
ton in addition to all the specie we
have, We can hardly make enough to
pay our taxes. And the tax woulu
not be any less if there was not dol
lar in currency in the country. With
these facts before us, is it wise in us
to cry out for reduction of currency?
What would be the result? The hold
ers of United States bonds would soon
order one grand sheriff's sale, and the
American homes that are now owned
by us would pass into other hands,
and we would be reduced to tenants.
We know the products of the farm
feeds the world and must pay all Ma
tional debts, and the more plenty we
can have currency, the easier will it
be for us to raise the means. We also
know that if everything was brought
down to specie basis, days labor
would be worth fifty cents; COW
which is now worth fifty dollars,
would only be worth fifteen dollars;
land that now sells for thirty dollars
per acre would sell for ten. But with
all this reduction our taxes would not
be reduced cent. If we were out of
debt we would not suffer by a reduc
ton of currency, for then all would
fare alike, but as we are now situated
the creditors would soon devour the
debtors. We are not surprised that
bondholders and California bankers
wish to reduce the volume of currency.
1t is strictly business transaction
with them, and in the proportion they
succeed just in that proportion do they
increase their own wealth. We should
not be surprised at any efforts they
make to mould the public mind to
suit their interest, and we were not
surprised that the President vetoed
the act of Congress, with such power
behind the throne. But we are sur
prised at editors, traders and laboring
men who advocate theory that
would ruin themselves and impover-
ish the country. This is the view that
the farmers of the West took when
they acted in Convention, and all the
honest laboring men of the country
are with them. If we are mistaken,
we ask the editor of the Bulletin and
all other editors to demonstrate to us
how reduction of the means to pay
our debts, will facilitate the payment
of those debts? The editor of the
Bulletin says: "The farmers produce
is sold abroad for specie and he loses
in the exchange" etc. He knows as
well as we do, that not one-tenth of
American produce is exported-that
the market is principally at home,
and that it is the competition of the
home market that keeps up the price of
grain and other products. Their great
est argument is the nations credit. We
are not troubled on that score. The
bondholders alone are anxious about
that. These are the farmers views,
and from a practical standpoint they
appear sound.