The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1874-05-28

II
ain, and our Peel will, like bis illustriou
prototype, strive in the future to shak
off the black forms of universal distres
which will hang about his shoulders as th
alder and abetter of false political econo
my.
But l will not pursue this thought an
further. trust the people viii awake I,
realization of the fact that the contest i
one between the monopolists of the cur
rency of the country, who are interested
in high rates of interest, on the one side
and the producing masses, who nevel
have, in any age or country, and nevel
will, prosper under any system which
makes money scarce and dear.
Contraction with US now, and impossi
BILE efforts to reach and maintain specie
payments under the circumstances which
surround US, will inevitably lead to the
most baleful consequences. 1t means
simply the contfseation Of the debtors prop
erty, Of the labOrer's employment, OF the pro
! ducer's profits; and what is its browning
curse, it means the confscation of the SPIRIT
of industry and the peoples hope.
Government honor! This is a sincere
but weak misrepresentation, or a selfish
a Il
Government is to be dishonored by the
issue of greenbacks because it can not re-
deem them in gold, it has been disgraced
since its first note was signed and sent
out, and fraud has been practiced for
these years by both Government and peo-
pie; for when these notes were paid out
by the one and received by the other, it
is pretended that redemption in gold was
expected, when in reality neither party
expected any such thing.
The principle, thereof, of Government
notes which can not be redeemed in gold
is conceded, and the only question worthy
the consideration of Congress, President,
or People, is, ''What quantity of these
notes will best promote the general vel
fare, and what policy will best prevent
extreme fluctuations in their value?
This is subject of legitimate inquiry;
but all this wordy defamation about
Government honor and Incorporate har-
angue about initiation, reputation, Utolation
Of ptighted .tattl, and WAR to prevent
national disgrace, must strike every
thoughtful and candid mind as the Ian
guage Of undiscerning exaggerltion. The
fact is that this thing of universal specie
payment is a myth. 1t never did exist
IN. reality in any prosperous, active, pro-
gressive commercial country on earth.
And to-day, with all of England's boosted
basis and financial stability, if a general
rush were made for universal specie re-
demption of all credits, failure would be
inevitable, and if the much berated sas-
pension were not resorted to, or some old
box of bills found-as was the case once
betOre-which would be taken in lieu of
specie, such crash Of England's credit
and financial fabric would follow az to
England's specie pleaders would sound
like the crack of doom. Nothing is better
that this.
What does Ricardo, the great authority
upon whom the resumptiOnists rely say Cd
this subject?
con extraordinary occasions general
panic may seize the country when every
one becomes DESTROYS of possessing
himself of the precious metals, as the
most convenient mode Of realizing or con-
cealing his property. Against such occa-
sions banks have no security on any sys-
TEN.
| have before mo Rnnhot's work on
Lombard street and the Money Market"
in which after showing the fact that the
of deposits in London is nine times
As large as those in Paris, and fifteen times
As ,r9e as those in the German Empire,
ana four times as large as those in New
York, he says:
But in exact proportion to the power
Of this system is its delicacy--I should hard !
Iy say too much of its danger
10 f,-lt -,
IF that money really was demanded, our
banking system and our industrial system
too would be in great danger"
: x so far from our
being able to rely on the proportional
of our cash in hand, the amount
Of that cash is so exceedingly small that a
bystander almost trembIes when he COM
pares its miluteness with the immensely of
the credit which rests upon it. :"
Immensely of credit-minuteness OF the |
specie base upon which it rests Yet to
this top-heavy sy stem, trembling elsewhere
upon its ticklish base, the prejudices OF
education and years invite US, and honest |
and dishonest Shylocks contin- |
ually urge us.
There is nothing in these views hostile
were open, might demand gold and silver
as circulating medium. But the issue
is not whether we shall have paper money
Or gold and silver money. Government
has fixed the policy of making paper IS
sues the circulating medium of its people. /
1t must be borne In mind that money as
money has no intrinsic value, but is sim
ply a medium by which to exchange one /
article of intrinsic value for another. |
No ridicule can change the fact that that
is money which the supreme law declares
shall be money, and despite undiscerning
NJ designing criticisms, the greenbacks is
nevertheless money. | am sustained by |
the most enlightened writer's on this and /
cognate subjects This, then, being the
money established by law and imbedded |
in the policy of the Government, the
question is, "What shall I
be the quantity, the volume of its circula-
ton"
/ will not tax you with more than one
or two observations on this point We
have less actual circulation than any of
the leading commercial countries. of Eu
rope. OF all the reasons assigned for the I
present stagnation of business in this
country have seen nothing which is so
as that it is due to ''redun +
dancy of paper money" Does the expe
rience of this or of any other country jus
tify such an assumption? Are mills,
mines and manufactures idle and people
unemployed and starving because paper
money is too abundant
Then let us lament the impending
doom of New England with her $50 per /
capita, and felicitate the South upon her
circulation of 81 per capita. And Geor-
gia-thrice happy Georgia blessed now
with only $4,000, 900 bank circulation