Huntington advertiser. [volume] (Huntington, W. Va.) 1874-1921, 1875-02-11
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nance. His views are those OF q
business man and are so elucidased
as to enable person of the most or
binary comprehension to understand
them. They are most convincing
that the great want Of the country
now, is money. Not wealth, for
there is plenty of that, bu; mcney
by which that wealth may be put in
circulation. The fallocy of the views
Of the contractionists is very forcibly
exemplifed by the fact that the Debt
of the United States has been steadily
increasing for several months. We
used to have the statement of the Pub
lie Debt sent out monthly, Tor publ
cation in the papers, but lately, since
the report shows AN increase instead
of a diminution, the statement is
withheld.
The policy pursued by the Republl'
can party in this matter, is not only
plunging the people OF the country
into poverty and distress, but is tend
ing 10 bankrupt the Treasury of the
| United States.
We would be glad to publish the
whole of Mr.. Laidley's excellent let
ter, but want of space prevents. We
make the following extracts.
"Ifthere really be plenty of money
in the country, it will not remain
idle where it is not wanted but viii
seek use-investment at reasonable
rates, when accompanied by the
guarantees of probity and property.
| If application be made tOa city bank
for a loan with "city endorser," the
applicant will generally be told,
"your paper is unexceptionable-
would like 10 accommodate you-bnt
the truth is our customers, to whom
we are under obligations, and our
home demand, require more money
than we can furnish.
As is most forcibly said by that
sterling advocate of the industrial IN
terest Of the country, the Chicago
Journal of Commerce, the country is in
an anomalous condition. In the
midst of plenty, thousands know not
where to obtain their daily bread, and
with an unlimited field for labor de
manded, and that should be perform
ed, myriads of ready, strong hands
and willing hearts, are compelled to
remain in idleness. This state OF
things is without a parallel in our
readings, AMI our half century's OBJ
servation. Who ever before heard Of
a time ofactual distress when an en-
tire people were in the enjoyment Of
usual health, strength and vigor?
Who ever heard Of want, in the midst
of gooi crops aad granaries bursting
with the results cfa bounteous har>
vest? OF what country have we q
record of thousands in great city,
crying dread or blood" when a
ready market invites the products OF
the earth, the mine, the foundry and
the loom? y = < Why in land
Glowing with milk and honey" and
groaning under the weight of bread
and meat yearly produced should
there be SO many, who know not from
whence to obtain foodtor themselves
and family.
= = j England, France and
Germany-the fatleriands Of nearly
all oar people-'lense!y populated
and needing for their business 4 cir
culating medium less than half re-
quirei by our widely scattered far
mers, miners and manufacturers, en-
plov from 80 70 100 per cent more
per clpita than we now have! Their
circulatin, medium is so great that
on GOOD security money can be had
! for an indefinite time at from 3 to D
,,7r cent. While on first mortgage
bond. on .he best Of real estate we
cannot ob,oin money at less than
from 10 to 20 pr ceit. x We
therefore conclude thlt our anomalous
condition has grown out of To- fact
that money pays a dividend lal sly
disprortioned to any other kind OF
property in this country.
1t was not the failure OF half a
dozea or more prominent banking
houses. that produced the panic OF
Septenber l575-it was not specula-
ton private or corporate-it was not
over>tradius. nor undue expansion OF
the credit systtm-it was no; indebt-
edness. individual or national, be
cause all these evils combined, could
not reduce the volume OF the carrcn-
CIV. But it was the sudden reveal
ton OF a great ruth whic.l tie coun-
/ try seems slow to appreciate, that It's
commerce aad values cannot De ade-
quatcly measured by one dollar wi ere
ten dollars are required. Comma9 .
means the Interchange OF value Ton
value-either in money or commodi-
ty. Exchange has the same signih-
cation. Now, five are to be reduced
to pure system of barter it Is in
initely better than one which implies
payment in money, when money
either greenbacks or coin, cannot be
had at living rates for its use, because
of its scarcity. This scarcity is the
furnishing policy" pursued by the
government for the last ten years. Ii
impoverished the country in double
aspect. 1t withdrew and converted,
that which WAS used as money, and
answering all It's purposes, into an