The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-03-10

/ for furniture and fixings, for carriages and
harnesses, for all the sundries and etcetera,
i OF family expenditures, will a ten dollal
| note go farther than six dollars ffty cents
bsfore the imitation! For the payment o.
local taxes, how does the currency Of to-day
compare with the past? Ifpubiic building
are TO be erected, roads and bridges built
schools sustained, and paupers and crimi'
nails to bs provided for, will ten dollars &c
| farther than six dollars fifty cents once
wouldf So far as the erection Of buildings
and the keeping Of them in repair are con-
the present currency is worth but little
over fifty cents on the dollar. erect
block of stores in 1872, and when complete d
asked the contractor, who was one of the
best and largest contractors in the county Of
Worcester, how much the building had cost
he replied, lone hundred per cent.-that is
double what il would IL years ago." / did
not need to be told this, for j was conscious
of the fact; but wanted his opinion in con.
tirmation of my own. In the foregoing facts
and considerations, we discover what the
real depreciation of the currency is.
Many thoughtless persons are ready
TO say that the depreciation is shown
by the difference between gold and paper,
which is but about ten or eleven per cent,
the gold premium; but this is an entire mis-
take. The present paper currenSy can be
used only at home, for the purchase OF COM
modities or gold tor export. As none but
the importer wishes to purchase for the lat :
ter purpose, the masses use the currency,
and for this last purpose we find 1t worth
but about sixty-ive cents on the dollar.
Gold has no more relation to general prices
than wheat or tobacco. THERE'S still another
most important result. The railroads
they could under sound currency.
All their expenses are largely increased by
the imitation, and the difference thus occa-
stoned land il is very great, must be charged
upon freights and passengers, and paid by
the farmer, 80 far as he employs them In
transporting his products. In this way the
farming interest suffers far more severely
than the manufacturing. Cotton cloth, for
example, would perhaps average in value
forty cents per pound, at least; while wheat,
corn, flour, beef, pork, and the like, would
not exceed in value on the average probably
more than four cents per pound: If so, al
though his products are carried at less rate
per ton, he would still pay at least five times
as much of the extra charges Ct
the manufacturer. Again, the farmer
should consider that the trader
or mechanic must obtain larger
amount OF profit than formerly, because the
money he receives has less value. IT ten
dollar note will command no more COM
modities now than s. so would formerly,
Lhen the trader must chargeSl0 tor the profit
he once charged but So so, in order to get
the same compensation. And this he does;
indeed be probably charges more than this,
for he naturally desires to keep mp the same
rate of profit, and will, if practicable. Sup
posing that the dealers rate OF profit before
the war was 20 per cent. Then, for coat
which cost $40 he would charge SI2; but
when expansion has carried the cost OF his
coat to SIS, he will charge SIS at
the same rate of profit; and the pur.
chaser pays S. as profit, instead OF
81. At this rate the farmer must pay upon
all he purchases. AS a necessary conse-
quence of this state of things, merchants
and traders have made large Accommodations
since the expansion of prices, which sums
have been charged, of course, upon farmers
i'm common with all other customers.
To recapitulate, the agrieulturists suffer,
LIST. From the low or gold prices of their
own products, and the high or currency pro-
ducts of all other commodities.
End. From the increased charges OF rail-
roads, arising from the increased cost OF
building and operating them.
Sr 3. BY the larger profits and higher taxes
they are compelled to pay.
For all these there Is no remedy but the
restoration OF the standard OF value, by a re
turn to specie payments.