The Republican journal., 1874-04-09
The Imitation Scheme.

taintv of very large imitation of the ire
deemable paper currency of the country
is bringing alarm to every citizen who has
at heart the prosperity or honor Of the ma
ton The bill to increase the national
currency to tour hundred millions with a
corresponding initiation of the national
banking currency, is so opposed to all
correct financial ideas, 50 burdened with
the promise of future disaster and so
blasting to national reputation, that the
wisest and best men may we'll take alarm
Well may they besiege Congress with petit
tons and the executive with the resolu-
tons of public meetings, asserting the
danger and disgrace lurking in such a
course
The pretence for the imitation is that the
| country needs more money-that currency
| is scarce in the south and west Do they
forget that money always has been scarce
| in those sections that the tendency is
| and always has been to its accumulation
at the great centres of finance and bust
ness, to be drawn thence as the needs OF
the country may require An increase OF
| the volume of the currency is no cure for
| this state of things. The added amount
will no more keep at the extremes of the
| country than did the millions that pre-
| ceded it. There are certain fixed laws of
business as memorable as those of nature,
| which will operate, despite all exertions
| to the contrary. The promised devise to
keep greenbacks at every mans command
will have no more stability than Jack
Cade's plan for enrching all the people
of England
There shall be in Eng land seven halt-pennv
oaVes sold for penny: the three-hooped pots
| shall have ten hoops; and will make it felony
| to drink small beer
The English demagogue was hardly
| more unreasonable than those who clamor
| for this currency increase, to be paid out
! get full pockets II is only little more
| plausible plan than that OF the agrarian
cry, ''let us have all property divided
| equally"-to be followed, when dissipa-
ton has spent and thrift has gathered, by
the demand-'Divide again"
The great trouble in this business is that
| in multiplying what is called money, we
| do not increase values. When the amount
OF paper money is Increased, the price of
| all that it can buy is also increased If the
| volume OF currency goes from 800 mil
lions to seven millions, the price of a bar
rel of flour rises from ten dollars to twenty
dollars-and SO Of everything else. A man
may rs we'll hold hundred dollar green
| back before mirror and call it two hun
| dred, as for nation to take this course
and consider itself any better Oft
| II this large surplus shall be issued ii
willaccumulate in the hands of SPECTATORS
and be used to run rotten banks, in stock
| gambling and in financial bubbles Of
every kind. Over imitation, speculation
and all departures from the fixed and sober
laws OF business, must bring their penalty.
1t will come in the shape of panic and dis
aster, that will fall heaviest on the labor
ing and producing classes, resulting in
wide spread misery.
! 1t is good and sound doctrine that the
Presidential veto shall be sparingly used.
But one of its legitimate and best uses is
to check iniudicious legislation and pre-
vent disaster. 1t is perhaps too much to
expect that the executive sanction will be
denied to the imitation bill, but it is very
certain that the welfare Of the country
| calls for it.