New national era. [volume] (Washington, D.C.) 1870-1874, 1874-02-26
From the Berrien County record.
Capital E.Ib1r and the CURRENCY

1t is lamentablc fact that the financial
question is leading to a conflict between cap
ital and labor, money and production. The
capitalist, the pOssessOr of money, who
stands isolated from the laboring and produ
cling classes, are getting themselves in hostile
array to oppose with might and main every
effort to increase the currency OF this country
to something like an equal ratio with other
commercial nations. The East, especially
the Wall streeters and banks, want 10 more
money. They prefer to have the volume Of
currency limited so that combinations may
he entered into and the money cornered.-
Every time few millions of the currency is
locked up in the East, the West suffers, the
products of the West decline in price and the
Western producer suffers, while the Eastern
capitalist makes money. The time has come
when this state of affairs should and must
be rcmeded. The interest Of the South and
West are identical on this point, and unless
the East will yield to that which is just and
right, the result cannot be otherwise than
disastrous in the end. This, the money
lenders of New York will learn, but perhaps
not till it is too late.
1t is folly for contraction and specie pay
ment Senators and Representatives in Con
gress to be talking constantly about the evils
of an irredecmable currency. The people
have tried it, and are perfectly satisfied with
it. They have been suffering, as well as the
| entire business interests of the West and
South, from the gradual but certain contrac-
ton of the currency which has been in pro-
gress since the close Of the war. The people
have and do fully realize that their most
prosperous times were when currency was
the most plentiful. 1t is true it was not so
good for the money lender and the capitalist,
but for the laborer, the manufacturer and the
producer, for three fourths of the people OF
the entire country, it was far better than it
is to-day
There is no reason why Congress should
not speedily provide ways and means for an
increase in the currency that would give the
United States nearly as much currency per
capita as England or France. Senator Logan,
in his master speech on the currency ques-
ton, brought to bear such an array of facts
that we shall no more hear in Congress that
the United States has more currency than
England, France and Germany. His figures
demonstrated as certainly rs it can be done,
that England to-day has n circulation per
capita of s24.2S; Germany, $3.50; France,
$34.12; while the United States has only
slG.72. Now these are figures that the peO-
pie understand, and no sophistry of the
capitalist can in any way overthrow them
Again, it is argued that the volume of the
currency, if increased, would necessarily in
crease the difference between it and gold
This would not be the case, If it be so that
the currency could be converted into Govern
ment Understanding securities, as this
would give the same value to the currency
as the bonds of the Government. 1t is the
credit OF the Government that gives value to
her bonds and to her currency notes. Destroy
this credit and you destroy the value of
Treasury notes, National bank notes and
Government bonds.
During the war times it was the uncertainty
OF the issue of arms, together with the I'M
certainty of the limit to which Government
securities and Treasury notes might be is
sued, that made such wide discrepancy in
the value Of gold, as compared with bonds
and greenbacks. This depressed the credit
OF the Government, and hence the securities
and currency were depressed in value. Issue
sl,OOO,O 100000 of currency now, make it
interchangeable for Government interest
bearing bonds, and there will be no greater
discrepancy between gold and currency than
at present. The surplus currency, if any,
would be at once invested in bonds, and
when necessity rose for more currency these
bonds would be re converted into Treasury
Notes.
1t is also stated by a prominent business
mana gentleman OF fine business Quallica-
lions, in this county-"that he has given
this currency question careful study, and in
few months past has talked with more than
hundred bankers, and has never heard one
OF them who was willing to give his honest
opinion, but who was willing to concede that
the flame of expansion of currency instead of
specie payment, was well enough and safe
for the country, but that 1t would not he
profitable to the bankers. This was the only
reason.
:" found, also, that the men of large es-
tate, principally in money and bonds, favor
contraction; while he whose estate is in fine
lands, mills, improvements and business,
lavors expansion. The reasons are obvi,
ous."
If specie payment is what is wanted ,,,o
easiest, and, believe, the only safe wov tn
arrive at that point is to increase the duties
ON imports until the imports and interest due
to foreigners is reduced below our annual
exports.