New national era. [volume] (Washington, D.C.) 1870-1874, 1874-02-26

efty; nor on the Other by being reduced be-
low the proper standard, interrupt business,
or unsettle values"
Unsettle values real values are absolute :
they do not depend upon their gold. silver,
or paper representatives. A bushel of corn
affords certain amount of nourishment.
whether its nominal price be fifty cents or
one hundred and fifty cents. The real value
of the commodity is not changed, and all the
financial arrangements Of all the civilized
world are powerless to affect that change
The distinction between real wealth and its
representative in currency seemed never to
have engaged the attention Of Mr.. McCul-
Tough. And his own reports would tend
very strongly to induce his readers to believe
that he is incapable Of making the distinction.
Does Mr.. Mccullough know that real values
act upon gold and silver with irresistible
power
The man who possesses Ms corn, his beef,
and his pork, the produce Of his own indus
try, is absolutely independent of the repre-
sentatives and worshippers of gold, who con-
gregate in Wall street, and when the hungry
millions of the old world demand food, the
producer and holder Of that food can abso-
| lutely hX the terms on which he will eX-
change it for representative values. Had we
mutually agreed to give corn that position,
the result would practically have been the
same.
| What l said in 1865 is true to-day, and Il
it had been received and acted upon would
have rendered the panic and financial chaos
of to-day impossible.
The utter tallacy Of the system of mixed
currency, the mad attempt to restore to the
commerce and industries Of the nation perma-
nent repose by relying upon specie as a
basis, seems to me SO clear and conclusive,
that L am constantly astonshed that scn>i-
bic men of ability will allow themselves to
advocate it. 1t has again and again failed,
| carrying ruin in its course, and every fresh
attempt only prepares for another panic, to
prove its unsOundness, both in theory and
practice, and its absolute danger to the cX
istence Of the emocratc-Republican stitu-
tons and human progress.
| L have a taste for plain speaking, and
storing liking for proofs by demonstration as
the best kind of argument
In the discussion Of the financial question,
the real cause is seldom put; common sense
principles are set aside for special pleadngs
and prejudices.
| First, let us see how the case stands in
reality. The mixed currency Of specie and
bank notes is limited to The quantity OF spe-
Gle which can be retained in the country,
and this quantity has been determined in
part by the demand which foreign countries
can create for the specie. There is in the
nature OF things no certainty or uniformity or
elasticity, because the United States cannot
control the quantity. Again, this system
can never afford the quantity Of circulating
medium necessary to conduct the business Of
the country, and the deficiency is made up by
credit. This credit is ten times greater in
amount than all the specie and notes based
on specie. This credit system is a great evil,
and should and can be done away with.
When the failure of Jay Cooke s. Co. took
place, besides the 700 millions Of currency in
tho country, and the 1875 millions of gold and
silver, there was ten times as much credit,
which being suddenly. destroyed produced
the panic with all its ponderous train of evils.
These credits are to be Illustrated in the
daily business Of merchants, manufacturers
and importers in their ledger accounts, these
bills receivable and payable mo- mo-
and II mo-, and here too comes the Insurer,
the Spectator and money-lender, to take
advantage under this system, which seems
to be perpetuated for his special advantage,
and not to meet the necessities OF all that
active and industrious class, who put in op-
Grafton all the machinery of industry and
commerce.
When we see that this insufficient and
ridiculous system has no solid application to
more than One-tenth of the wants of the peo-
pie, it necessitates the establishment Of a
; general credit system to supply the other
nlne-tenths and that the stability Of this
nine-tenths may be disturbed by breath, n
war at home or abroad, an election or by
other disturbing causes, the absolute neccs-
sity of the Inauguration Of commOn-sensc
plan such as advocated by labor reformcrs,
is clear.
The astute employees Of the uaurious
classes make their special pleas, ill our
presses and magazines with illogical and
ridiculous arguments. They tell us that
before the war the whole amount of GOLD
and silver was but 200 or 800 millions which
; could in time Of general prosperity and peace
support a circulation of or 3 times more in
bills of banks; that the quantity now is
greater than it was then, and argue thatsu
system is the only one, and is altogether
best. That it assimilates the currency to
the worlds standard. Monarchy advocates
the system; it perpetuates Monarchy, ant
aids the few to rob the many. That " it i;
altogether the best and only SYSTEM; y tina
. every other is imitation, and that by prudence
, and ceasing to overtrade the nation will get
, back to solid bottom, and that we may
| hope at an early day to get back to specie
| payment, etc., etc.
The paid scrbblers, advocates for specula
tors and usurers, seem to think the people
I all fools to be handled as so much chat il
the winnow, and pass without reason or ar
gument this cOmmon-scnse idea, which vii
give to the people of the country practica
, control of their own business.
Money, to facilitate exchange Of rea
, values, is simply tool to work with, an,
the people have right to all the tools the
: can use. 1t is ridiculous to prate about in
4 fation, the " stoD thief cry"
D Under the true system, there never can b
If too much money. Our true policy as nation
i is to stimulate production, and, if possible
G over production, compelling us to find FL
II eign market, and thus turn the balance c
trade in favor of orr own country Thes
G considerations seem never to enter into til
g discussion of those paid scribblers, whose frs
d and only purpose would to be to promote tn
: schemes of those idle spectators for who's
= sole interest most of them write.
G There are other opponents to this system
9 They are the wordy spectators and tn
d silent intriguers, who work hand in hand, an
If always manage to be the power behind til
1t throne, which generally manages to glos
l. over and whitewash positive causes Will
v thew promise-they deny positive needs-a
ways referring in a most patriotic manner I
b our great resources, yet taking the best po
l. sible care to control ndstultify said resource
e though the power to change and hold the eb
y and flow of capital, until all these facts, new,
more apparent than now, are made still MOI
It palpable to the masses. Looking on al side
Is the country is now witnessing the certa
Is harvest of corruption brought upon it by the:
s monopolists and their confederates. in ar
a out of office. What have we, what has IL
1T country to hope from them?
Of The platform adopted by the farmers