The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-03-09
CHEAP MONEY.

question. 1t seems, however, to mistake
somewhat the precise nature of u fnan-
cial difficulties at this time. The Virgin
ian says:
.sTbere NAV, or may not, be money
enough in the country to answer all the
purposes of a prosperous trade. That IS
a mooted question about which our ablest
Gnanciers and statesmen disagree, and we
cannot undertake to decide it. We can
only say wewould like to have more money
in Virginia, and throughout the South.
But how are are we to get it? That is
the'ques,ion. Suppose Congress authorizes
a larger issue of paper currency, as that
body is likely to do will that put us In
possession Of funds? Will our "paternal
government" make a free gift of its prom
ises to pay, in consideration of our dire
poverty? Hardly
We submit to our worthy contemporary
this proposition: That the question Of a
suficiency of the money circulation should
not be arbitrarily determined any more
than the number Of ploacs, reapers or scagons
should be decided by law beforehand Tor
each year. The just complaint of the
people has this ground. that nop the primo
ry or initial circulation of moneyis a mo-
nopoly. An arbitrary limit is placed upon
the volume of the currency which cannot
be exceeded. Seven hundred millions is
all that can be obtained in any manner for
business purposes. The national bank
issues constitute one-half of this amount.
This has all been issued to that portion Of
the citizens who first purchased it with
bonds. The holders control the money
market Of the country. There is no mode
provided for an additional supply Of money
to others upon the same terms. There is
no regard paid to the eyer-increasing de-
mands Of business, pressing against a cur
rency utterly i~nelastic and decreasing in
volume by the wear and tear incident to all
things. Will The Virginian please consider
that money IS simply a tool or nipple
ment? lis office is TO effect changes
of oaonsshp just as a acagon or steamboat
effects changes Of place IN property Of all
kinds. Tt is as gross an outrage and as
grievous a wrong to all citizens to permit
a monopoly of the money implement as it
would be to farm out to a limited number
OF men the exclusive right to manufacture
and sell all other tools and implements.
1t puts Industry and Trade in jeopardy in
either case, compelling them to submit 10
exactions which they are powerless to re.
sist. The m~onopolists in either case are
masters of the situation, aud can reduce
the achole people to practical sertaom in a
generation. Ten years Of this damnable
monopoly has brought us to the verge of
ruin. Not the South alone, but The West,
and even the manufacturing industry of
the East, is crying out in its agony under
the crushing ~despotism of the money
power.
1t IS useless in this connection to trouble
ourselves with the obscure features of the
money question. There is a gigantic acrong
at the very foundation-enough to explain
and necessiate erea the direst results in
practice. Ii o man has a cancer eating to-
wards his heart, the surgeon would be
voted a fool who should spend his time
looking for concealed and mysterious dis
eases which might possibly co exist with it.
The knife is to be applied to the visible
source of danger instantly. So the sick
nation requires to be dealt with. From
all sides comes up the cry of a suffering
people. The repeal of the odious monopoly
ofmoney is the first step. Let every man
hare an equal chance to buy money. Let the
Government coin or stamp just as much
as the people are ioa1ing to pay for.
Restore the conrertibiliy@ the legal tend
ers into bonds at the option ofMe holder,
icaich aoas repealed to help the m~onopoHsts
rob the country. Tar speculative sales Of
gold on a sliding scale upward. Let the
government receive its own money for all
dues, customs duties included. This will
make our money as good as gold, and will
put it at the disposal of supply and de-
mand. How will it help Virginia? asks
our friend. II will enable Northern men
to sell their property at a fair price, and
come and buy farms and mines and water
powers here. 1t will enable manufacturers
and those who may come among us to
build up a mighty industry that will relieve
our people of the disabilities Of debt and
bring to them a new prosperity.
1t will lower the rate of interest, and thus
induce capitalists to embark their means
in active business, opening mines, manu-
features and building railroads instead,of
loaning money at high rates.
These ale the simple measures upon
which all honest and intelligent men
ought at once to agree. AS a compromise
measure or rather a portion OF the ma
chinery of utilizing our vast National and
pirate credit We approve the National
Erchequer, which adds vastly to the cur
rency and gives to it a worldwide c%ircula-
ton. Nothing can be truer than the closing
paragraph of the Virginian
''But, no matter how much paper
money the Government may issue, she
will not get her share of it until she
LEARNS tn utiliZe her great resources.