The enquirer southerner., 1874-04-17
For the Enquirer-Southe:ner
The Rule of Imitation.

Mr.. EDITOR No matter where or
how there comes to be an initiation
of peoples money, the main results
are the same.
The character Of the government,
the institutions and habits of the
people, may, indeed, exert a modify.
ing effect, but it will only be to an
unimportant degree.
Thus as early as 1888, when the
people of Rhode Island, as a clergy,
man of the Church of England then
visiting the province expressed it,
had, hit on the art of enriching
| themselves by running in debt" the
same consequences were noted which
have been observed by their descend,
ants since the war of the rebellion.
"He who disposes of his goods on
long credit" says this ancient cler.
gyman, "and another, who lends his
money at 10a and even Is per cent.
the first loses his profit, and the last
some of the principal beside all the
interest"
The Legislative attempts to correct
this evil were failures, and tho hon.
est-minded witness despairs of any
effectual cure, unless he says, the
Lord in mercy to US, should dispose
the sovereign to vacate our patent,
and prevent our destruction by TAX
ing US out of our own hands"
It is we'll known that the reluc-
tance of Rhode Island to adopt the
constitution of the United States was
owing to the provision forbidding the
! States to make any thing but gold
and silver legal tender for the pay
ment of debts, although the paper
money of the States at the time, az
James Madison wrote, had become
debased to eight to one.
From the last century and this
country we turn to Germany of the
present day.
Bayard Taylor writing but few
weeks ago, says that the receipt O.
the immense war indemnity of five
millards from France has produced al
actual initiation of Germany currency
similar to that caused in America by
over-issues, and with like conse
quences.
The cost of living has increased
from 20 to so per cent, according a.
one goes from the smaller to tn,
larger cities.
Whoever wants to economic,
says, Mr.. Taylor, "must now stay a
home"
He notes everywhere "a maniI
for speculation, the founding of al
sorts of wild cal" enterprises, ant
rise of prices SO rapid and arbitra
} ry as to create new and unexpected
embarrassments in all department
of Office or industry"
The school system is beginning tc
suffer, while there never was sucl
confusion and distress among tn
laboring class as now, notwithstand
ing emigration has been going oil
with great rapidity since the Franco
German war, thus giving better op
portunities to these left in the coun
try.
And these results, it should not b
forgotten, come from mere surplu
sage ola currency, which is goo
enough in itself. 1t is the case of
, glut in the measure of values, thi
having but limited effect, wherea
the depreciation of money affects a
commodities.
The case is still worse with the de
probation of an irredeemable pape
: currency, snch as rA have had @u
7 are threatened with the renewal of
r But the law in all these instance
of abuse is precisely the same and
would seem that men who can lear
anything from history, or can trac
: out the plainest contemporary infu
, ences, might learn it, and if the
were legislators, would feel bound
respe it.