Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1874-04-16
The Imitation Scheme.

The strong probability and almost
certainty of avery large initiation ofthe
irredeemable paper currency Of the
country, is bringing alarm to every
citizen who has at heart the prospect
ty or honor of the nation The bill
to increase the national currency to
four hundred millions, with CORE
spending imitation of the national bank
ing currency, is so opposed to all cor
rect financial ideas, so burdcned with
the promise of future disaster, and so
blasting to national reputation, that
that the wisest and best men may well
take alarm. Well may they besiege
Congress with petitions and the exc
cutive with the resolutions 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 al
ways has been scarce in those sec
tons ?-that the tendency is and al.
ways 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 in
crease of the volume of the currency
is no cure for this state of things.
The added amount will no more keep
at She extremes of the country than
did the millions that preceded it.
There are certain fixed laws of bust
ness as memorable as those Of nature,
which will operate, despite all exer-
tons to the contrary, The promised
devise to keep greenbacls at every
mans command will have no more
stability than Jack Cades plan for ell
riching all the people of England
"There shall be in England seven
half penny loaves sold for penny:
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 in such a way that every
needy man may get full pockets. 1t
is only a little more plausible plan than
that of the agrarian Cry, ''let us have
all property divided equalIy'-to be
followed, when dissipation has spent
and thrift has gathered, by the de
mand -'Diy;de again!"
The great trouble in this business
is that in multiplying what is called
we do not increase values.
When the amount of paper money is
the price of all that it can
buy is also increased. If the volume
Of currency goes from $50 millions to
seven millions, the price of Il barrel of
flour rises from ten dollars to twenty
dollars-and so everything else. A
man may as well hold a hundred dollar
greenback before a mirror and call it
two hundred, as for a nation to take
this course and consider itself any
better off.
If this large surplus shall be issued
it will accumulate in the hands of
spectators and be used to run rotton
banks, in stock gambling, and in fin
ancial bubbles OF every kind Over
imitation, speculation and all departures
from the fixed and sober laws of bust
ness, must bring their penalty. 1t
will come in the shape of panic and
disaster, that will fall heaviest on the
laboring and producing classes, re-
sulting in wide spread misery.
1t Is good and sound doctrine that
the Presidential veto shall be sparing.
ly used. But one of its legitimate
and best uses is to check injudicious
legislation and prevent 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.-Republicaa Journal, Belfast,
Maine.