National Republican. (Washington City (D.C.)) 1872-1888, 1874-02-16
THE FINANCIAL PROBLEM.
soAE RRHARxs ON FaE sIfU.ATIeS
- NJ So. DRIGGS.

: NJ So. DRIGGS.
, Tnf RELATION OF POPULATION 70 fkOf-
HRTY-AN INCREASE or PEOPLE Re
. QU1REs An INCREASE or MONEYTAn0u-
7 MENT AGAINST SPECIE RESUMPTION
p CONVENIENCE AND VALUE OF PAPER
, MONEY,
I fear have already exceeded the courteous
concessions THE REPUBLICAN, has extended me,
E but there are certain points = connection with
the financial problem which have not been brought
to mind and they are, think, worth patient
consideration. .F-Ei u I
In ali tho discussion in Congress the fact seems
the helpless colonies, sparesly settled, and weak
in the means Of development that We were ct the
close ofthe Revolutionary war.
The writers and speakers on finance seem to
have forgotten the extent Of our population TO-
day, our countless miles Of rsilroadA our inex-
naustible Mines our rivers, our coal fields, our
broad and well-tilled acres running Thousands Of
miles In every direction, our popuous cities, and
our great wealth in everything that can add to
our power and prosperity 40 . nation.
They have forgotten the vell-settled principle
that Is population doubles property qusdruples,
and until Congressmen allow themselves little
independent reflection and impartial study, out
side the teachings of national banks, It 10 not
likely We shall have any Improvement in our
financial condition based On the increased wante
of the country. & e..
Is there any good reason why We should be
compelled to transact business with our increased
population and wealth, on the same capital that
was thought adequate ten years asof 1t seems
fair to suppose that the necessary ovoluttons OF
trade consequent upon . multiplication Of prop
erty would require double the means for carry
ing forward legitimate transactions This 10
national increase in geometrical proportion taking
the number OF years required to double the popu-
lation as . basis. In 1870, the population of the
United States was ass In 1870 1t was 50,
5Ss.s7l-showing that it requires nearly three
decades, or thirty years, (the time allowed for
| generation,) to double the population.
Let us now take the value of property in the
| United States rs near Is possible ut the same
period. In 1870 the value of property in the
United States is not given in the records Of the
| Departments, but II. 1850, the gross amount was
rs. In 1870 it was $50 o6s 5ls 5o7. This
indicates q considerable advance beyond the
multiplication of the property valuation BY four
as often as tho population can b multiplied by
two. ..
Let US now take the amount Of money We had
in circulation at the same time. No record exists
of the amount in circulation In 1870, but in 1857
it WAS &lss, ls5, 500, and the next year given was
1S43, when the amount was reduced to t5s $50 COS.
1t is reasonable, therefore, to place the amount In
1910, midway between the dates, at tloo, 10000.
| 1t will not be supposed there was gold to that
amount in vaults In circulation, the third
Of 1t, but that sum is taken as the gross amount
of money we then had with which to do the bust
ness Of the country. If this assumed amount is
correct, and 1t cannot DO far from right should
now have about 900 900 ooO to carry out the same
| rule of proportion, and that amount should be 20
- A. -
change in Its representative or comparative value
These rules Of increase are irrefutable, and
| what becomes Of the specie basis mon? Can We
have in this comparatively new country an in
crease Of gold that shall increase in accumulation
| on ratio that is eight times more than that Of
the increase of population! Should not our law
makers pause to consider whittier they lead usf
1t is selEevident that We must either stop pro-
gression, or must adopt an Independent system for
ourselves that will deliver rs from the influence
of old countries, whose only occupation or pro-
fession is to accumulate and control gold. They
cannot increase in population-in some countries
the population, on the other hand, Is grad tally
diminishing They cannot increase In value Of
property-the maximum has been reached, and
there will be no increase in the people who re-
quire property. Is the lesson lost our legsla-
tors! Can they not the contrastf Have they not
State wisdom enough to know that our path is in
the opposite direction?
Two thingsare taught: We want more money;
2 We want the entire circulation to be issued by
the Government, stamped by the Government
with liked value. Redemption is thing Of the
future, and may safely be deferred until other !
nations have to come to US and pay their gold for
the surplus products of country, which are in
dispeusable to them.
The amount of money must increase with the |
increase Of population, else We must 60 back |
mn rds N Mt ha af ha
countries find US q nation 30 near the verge of
bankruptcy that, like . pawnbroker, they may |
safely take advantage Of our condition. We are |
now made almost powerless by their baleful in |
fuences, and the fear Is that We will DO kept 50
by the submissive course Of Congress. .--
We have population fully thirty-thres per
cent. larger than the United Kingdom Of Great
Britain. We are living and growing people
They are comparatively still. They cannot ex-
tend their territory; they cannot increase their
population: they can do no more, If we do not
permit them to control our resources. We should
have more money per head than they, because
our future greatness lies in the development of
our advantages, and this requires money. Eng.
land has shown that she had statesmen. We
have done all we can to make the world under |
stand that We have none.
1t must be confessed that one thousand people |
require more food than one hundred, and that the
largest number must necessarily require o cor |
respondingly increased supply Of money to buy 1t
with. A business requiring million Of capital |
cannot be conducted with hundred thousand |
dollars. With additional money, firmly believe |
our Tagging Industries would revive; that idle |
spindles would begin to sing in our deserted fac
tories; that the fires would be lighted in the fur
naces and rolling mills and that the glad ham, |
mers would ring to their own reverberations In |
our lonely shops.
In a season like the present, when there Is gen.
eral depression and uncertainty, the policy of the
Government should be liberal and generous. 1t |
should help the people by making money plenter, |
a thing easy OF accomplishment. At time like |
the present there Is much suffering for want Of
work. 1t IL, therefore, no time for the Govern |
ment to economize and cut down expenses. Not |
a man should be discharged in our yards or |
buildings, but the whole power of the Government
should be directed to making money plenty. |
When the times are prosperous. the people happy |
and work abundant, let the Government econo- |
mize If 1t must.
If it IL said that our Treasury ID now in q bank
rupt condition, with scarcely money enough to \
pay Its current expenses, the answer is made that
if industry was stimulated there would be greater
production, and tho receipts of the Government |
would increase both by internal taxes and BY i'm
ports.
Let our Government listen to the cry that comes |
to us from two million hearts, now suffering from |
want Of work-men with strong arms and willing |
hands, who have been driven from their labors all
over the country. These will tell q truer and |
more feeling story Of our ruinous financial system
than volumes Of printed words could tell. Many |
Of these arms put forth their strength in the war
that saved our Union. Their stout hearts were |
then inspired by love and filled with patriotism.
But tho arms are whitening, and the workman's
home Is Suffering in the desolatiou Of dleness All
this is permitted by country that needs every |
hours work those willing hands could give. But |
If the hands can be actively employed, each dol
lar paid for their labor will be worth ten dollars
to our new and extensive country. But II, on the
contrary we are to have . shrinkage Of all vulues
and occupations, We should have a corresponding |
shrinkage Of population, or, at least, We should,
as an honest people, cease our Inducements toward
immigration, 50 long rs we cannot probably use
and provide for the labor We already have.
At such time 1t Ii most inopportune for our
Government to worship tho brazen god Of gold,
the oollosal idol that like tho golden calf Of the
Israelites, must be broken before We oan reach
our financial Canaan. The effort should not b
directed 20 % 10 bring about specie payments,
which 10 policy - impossible and % mischievous
that have scarcely the desire u speak oft with
patience The Government should rather strive
to prevent resumption.
r,se,. 4. u,ecedant fop sueh action in the history