, 1874-04-14

|
INITIATION MADE EASY.
It would bo unjust to assume that all tho wiB-
dom Of the country and all its intelligence, capo
ciatly OH financial nattors, woro to DO found in
Copgress It ia true that We Of Illinois havo
Logan md Oglosby, Darrero, Cannon, and Mo-
Nu1ta In Congress, but tho delegation has not
exhausted tho frst-claBs financial doctors Of tho
State just Ut this time tho dostiniea OF tho no-
publican party in Illinois are largely intrusted to
tho care Of hIr. j. X. Magic, editor Of tho Canton
REGISTER, whose iBsno Of April 10 contains an
otitorial solution Of tho financial problem. Aftor
reciting the prosperous condition Of the country
and expressing tho opinion that tho whole ma ]
tional dobt may be paid within Tho noxt Avo !
years without injury to anybody, he suggests
that tho "material Of which money Ia made ia Of
no Significance" and honco that mixcd ourren- |
clos of gold, silver, and greenbacks onght not to
DO tolerated; and that there should bo but ono
kind Of money, viz, "legh1-tondor notee."
Having thus disposed Of tho fundamental prin-
ciples, ho lays down the following plan OF get
ting tho grcenbaoks distrlbused:
portion 10 their wnnts and Necessities, with arbl
trary limit. Wc therefore favor tho plan Of tho Gov
ernment 1oantng to tho people, on real estate
security worth double the amount a1l Tho money thoy
want At per cent Interest, with tho privilege Of
returning It to tho Government at any tlme and
| stopping tho intorcst. ThuB, il there should be
redundancy Of currency at any o, 80 that 1t waa not
| worth per cent interest, 1t would 10 found flowing
| back to tho Government. II money should become
acasco thcre would always bo source Of supply at
| ..x.fN n,.ol il.s.m
under system Of this kind. The interest conld bo
fixed 1t o. 4, or pcr cent, as wisdom or experience
| might dictate.
/ Without being diBrespeotful to Logan aud
Og1osby, we suggest TINT this "talos tho rag OF"
anything they hovo proposed. They havo voted
to havo moro groenbaohs, hut they have failed
to suggest tho machinery by which people can
get them. Hore is a plan which proposes no
otbor limit to tho issue of greenbaokB than ono-
half tho value Of all the real estate In tho country.
WHEN that roal estate comes to bo valued ID tho
now grconbacks tho Issue Of currency will be-
como illimitable. Mr. Logan claims to ropro-
aout tho Republican party Of Illinois, but &1r.
Magic has better title to that distinction. Any
man WHO ineista that tho Government shall lend
greenbacks to tic people at s per cont interest,
the principal bong payable at tho option Of, tho
borrower, Ia entitled to bo considered the 1eador
until somebody proposes that tho Government
sball lcnd its greenbaoks without intoroet and
without security. Logan's plan Ia fettored
with several practical obstacles, but Magie'a
plan Ia parfcctly feasible, while In prin-
oiplo there is no difference between them.
We haye several times inquired how tho inda-
tioniats wero going to get tho new greonbacla
out, and hayo suggested that thoro were only
two ways Of accomplishing tue muoh-aosired
: result, viz: /. To repeal taxcs and pay the
Government expenBes with tho now issues or q
to embark in grand system Of internal improve.
: ments, public buildings, canal-diggng, rivol
| improvements, railroad-builaing, irrigation
cloud-ahoosing, etc., paying tho contractora viii
: ereenbacks. But Mr, Mag1oB plan Is preferable
to either OF these, because 1t puts tho money il
> the places where 1t iH wanted, without any cir
cumlocution.
t Whilo Mr.. Magic IL porhaps entitled to
r ratent for tho practical machinery Of tho plan
tho hon, o. r. Morton may justly claim priorit
Of invention Of tho idca that tho rate Of intores
q is regulated by tho volume Of currency aloas
= We fud it amp]iAed In hia speech Of the as
+. ultmo in tho sonato Of tho United States, In til
n following happy aud convincing way:
> Interest ia tho measure Of ya1ue for tho uao
Al money for given period, 0thor things being cQla
! the rate OF interest depends upon the abundance
scarcity Of mauoy In given stato or country to
II used In tho why ct loanH Tho ratio Of Interest," Ill
at tho prices Of comnodtlcs Is determined by the ID
=, Of SUNNY and demand. Where money ia plenty, m
ID 1nY1An f0rf
1t always low where the supply Ia about cqual to Il
II, do1uanl tho rates Of interest medium whcra IL
demand is creator than Tie supply, tho rates OF inte
~ est aro corrcspondngly high. Whom the currency
contractcd tho rates OF interest increased unit
o. ouch ne ~ tho business Of The country haa boon
| far destroyed u to deatroy tho domand for none
~ and then tho rates may fall, and money to
lo plenty, from tho absence Of detnund which Is Ve
I'd much tho By Increasing the currency 30
to make It Just keep raoc With tho increase Of poru
Nv tlnu ad business, the rate Of interest will be undi
fo turbed hut II It be 30 increased as to nake mon
IT. ponter when compared 10 tic btsnoss than It "
:. before tho ratio of interest must be decroasoa.
=, These aro the views Of D "praotlcal man."
~ onpoged to the doctrine Of "thoorists;" vi
oa hold TINT the rate Of interest depends upon t
|o- abundance or scarcity Of the commodities Viii
;or money will buy, and not upon the amount
,jd money by Which those commodities are mot
/ urod and exchanged The theorists oven so
IN far es to say that it grconbacka wero multipii
,nt hunlrat for ono, 1t would not mako d parti
r Of difference in tho ratio Of intorsat. beea1iso
=. would nothor increase tho amount Of commo
oat tioa (capitaD In tho country, nor diminish
nm dou,and for tho samo Alr. Morton thinks {
n,t feroutly, or pretonds. to. Mr.. Magic thinka
~. foronty, and VIC Judge that he knows no hott
an II wo arc to try tile experiment, We trust Il
,1a the man who gets mouoy at o lower rate of
oo, torost in consequence Of 1t will send us Ills M
and address,.
Before closing thls article, however, lot uB
Of nIr. Morton why le has 10 long neglected to Il
NTH B.eps to reduce tho ratio Of intorest. Eyoryb