Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1875-09-10

companies no one Knows But Ohio illinois, Missouri
snJ w;cbipon snS Ni5gees about
Indian, Wisconsin, and Kansas about Sl7, and Iowa
S14 In States and Territories, the number
Of savings and private banks IS 1,57, one to s20O
inhabitants, while in the eleven Eastern States it is
one 200 iDha bitants Is not safe 70 say that In
all the Northern States majority OF all those who
money have wings or deposits, anu are eredit-
ors? But, moreover, whether they have deposits or
not eight millions of people who wages in this
country creditors by about Sl20 0O0 for about
half their monthly wages is at any time due. About
three millions more own farms. As class they are
creditors Though they have been deprived OF much
of their Just earnings, they frugal and live more
closely within their means than almost any other
class.
WHAT OHIO STATISTICS TEACH.
Gov. Allen says, 'Our farms are mortgaged." Ohio
statistics show that one-ourh Of the counties which
contain cities of more than $500 population eaeh re-
corded more than half Of the mortgages last year,
though they have only One-fourth OF the farms. The
other &C counties, with 100000 FARMS recorded
only p, ,0O0 mortgages-abOut one to siX-and very
many Of these were doubtless on town or other than
farm property. L 6oubt whether one-tenth OF the
farms in this state mOrgsged for Onehirteth OF
their value But besides the farmers and wage-earn-
es there remains OF all the pc pile who support them
selves others, less than one-Ienth, chiefly mer-
chants, manufacturers ranspOTters and bsnkeTs AID
professional men, Even OF these, the great majority
of $50, 900 dealers and 100000 manufacturing
firms, fully hTe-sixths small tradesmen
artisans or mechanics, whuse operations involve no
great risk or Indebtedness, who are thrifty, prudent
do not hazard the capital Of Others and have owing 10
them more than they owe. Who. then, compose "the
debtor class, I" Of whom we hear so nuchE 1ou must
look Tor them chiefly in cities. They cultivate curb
rather than farms. Their risks and debts are
so enormous that while the average Indebtedness OF
firms failing daring the last i've years. outside lew
large cities has been barely $4,000 each the average
in New York City rose to sl4S0OO eaen in 1873; and
has been $4,000 past and the average 10
Pennsylvania has been nearly $50 900. If the solvent
hrms in New York City aad the State OF PennsyvAnla
owe As much as the average OF those failing would m
dictate. they owe about 81 4OOOOO0 0OO Records OF All
prove that least three-iourths Of the entire
commercial Indebtedness is in ten large cities IN
which less than fifty thousand large operators nave
borrowed and risked more than half the lOanable
capital saved by millions of workers through years
OF labor. If they use it Prudentiy Ior the pu9iie
good, very we'll. But why should millions Of credit
ors be robbed in order to enrich few thousand great
borrowers? Democracy once believed IN the greatest
good TO the greatest number. what sort OF pemoGr
racy not to say policy OF justice, Is it TO take nan
their savings from millions of farmers laoorers arti-
mechanics and thrifty tradesmen in order to re-
lleYe this debtor ciassY
IHFLATIoH Az ENORMOUS ROBBERY.
Imitation, you perceive, is robbery because
legal-tender is certificate 10 share Of what
ever purchasing and paying power labor has earned
and saved. You eau not add to the wheat in your ele
vaior by issuing certificates. That only robS
somebody. The legal tender has no value in ITSELF
and merely conveys title TO q value somewhere else
You not double the value Of farms in Ohio by IS
suing 900 title deeds. But you Increase the
unexpended purchasing itself when you increase
the coin in the country. For coin IS part ot those
products Of labor which we have earned and saved II
has the labor OF searching, mining transporting
smetiRg, and that which eQuips, leeds or supports
those thus employed No other product enfoOdies Ia
Dor of many kinds the rudeSt and cheapest and the
skilled Oeientihc and costly and is at the same
time so universally demanded. 1t therefore, the
attaInabe of the value of all labor and
its products The world accepts Is, and the demand
for it is universal Is the demand Tor labor ilse
But II measures Value only because 1t mas Taue, u
measures purchasing power honestly, only BECAUSE II
is unexpended product OF labor, The do'lar says,
81 % $40 grains of god $40 hne, and the holder
has rendered service Of that value to society," Tor
on demand in labor or any product there-
Of" But of this function currency IS
not relatively but absolutely incapable. In order
to measure value, the tool of exchange must have
value. That which has no weight can not measure
length. So that which costs no labor can no more
mersure value than pint cup can measure miles. II
we could fix arbitrary value OF currency which
should be constant values would measure themselves
against it only in case could secude ourselves from
all other countries The negroes OF Africa nave tred
the experiment with their ''maehutes and, borrow
ing their wisdom, tending toward their barbar-
ism. Can not ''coin credit2" it will be asked.
Certainly but of all things known credit is the least
constant. Declaring by law that credit shall be
worth hundred cents the dollar does not make
il so. Government declare that two feet shall
hereafter be called yard but that viii not change
the length-of piece Of cloth.
A FALLAoY OF THE OLD GOVERNOR.
But Gov. Allen says that the civilized world uses
credit instead of coin Is it possible that the innocent
old gentleman does not know that the world uses credit
ony for the tranter but never for the Of val
ues? He is distressed because there is coin enough
in the whole world to make the payments Of modern
commerce. Must he have string mile long to meas
mile? Great Britain uses in its transactions SIX
per cent notes. thirty-six per cent checks ana n1t
three per bills and drafts all payable in coin, and
only three per cent of gold aided by commercial re-
sponsibity, all values accurately as lit
tie weight which child can lift, aided by the levers
and devices of mechanical Scence, will weigh thou.
sands Of tons at elevator. Coin is the standard
yard-stck. stamped by government; IL need not be
used all If other yardpsticks conform to it. But
unhappily, government has sent out great many
I 9Th ~ org hTnh n0F nr
but have faculty Of shrinking stretching fear
fully: When Speyer stopped bidding for gold on
anI sent frCrs 70 - cans
would be thought Of people claiming to be civilized
whose measures of length, capacity, or weight had
this faculty Of changing in an hourf Thlnk Of II;
"this morning the government yard-stick is thirty
eight nches add onetwefth to the price OF all goods
per yardl" Or, ''this afternoon the National gallon
holds three QUARTS reduce the price Of ali liquids
fourth" Yet in measure Of value, equally change
able great statesmen think they nave discovered
an American System of Finance" Really they are
mistaken The negroes of HaYti have been using
since 1926 paper in which within twenty years q
Spanish silver dollar has cost little as s1s, and as
much $4,000 In 1871 it cost S35U. This is not SO
much an American African system Of d nance.
But some Americans much in love with it, and
so dissatisfied because dollar does shrink and
swell 50 much as the Haytian that they are roaring
through Ohio for fmore money"
THE ROAR FOR MORE MONEY.
Why2 "Because England and France use more
money per capita, they say. If It were true what Of
5
persons supported by wages France is above all
other countries the land Of boarding. Banks and sub
stuteA for money have there been used comparatively
little In Great Britain with 49, 600 people, $685.
4S9 have deposits in savings banks Of $500 06
s99 q to each deposition In the ten States of this
country which have returns with 12 900 people,
2lSo 6i9 have such deposits in savings banks Of $780,
OOO00O S347 % to each depostor. There one per-
in eleven, here person in SIX creates currency
at pleasure. There deposits average S54 to each
\ family Of six, and here S847-nearly to one.
Gen. Butler calls the check "the money of aristo-
Gratis" In his own New England there are 740,2l1
families and 1,1791 1s4 savings depositors to each
family. Would it still be aristocrauc If all the babies
had deposited, and could draw their own checks? In
London, with 5000 900 people, the bank elearances
since 1863 have averaged for each person 600 yearly
(S25 024 l99S33) In New York, with 100000 people,
the cearings during the time have averaged foT
each person S32 600 yearly (S3l 9l0, ,624,S25 If we
make four times much use OF commercial substi-
tutes for money the English and az least ten times
as much as the French and vet have less commerce,
and fewer persons hired for wages what Is there
IN saying that we need much currency per capita
as they? It would be rational to say that each
country needs many dollars for each horse iorlhe
horses can not draw checks
BEgoRE AND SINCE THE WAR.
But men say ave prospered during the war; because
we had more currencyn The fact Is that while puI.
cbases of government and depreciation Of currency
forced up prices body imagined he getting
rich but the people as a whole getting poor
| Fluctuations were rapid. Gamb were happy. Cur
rency varied not with its quantity, but with faith in
the success of the nation In 1868 Peace Democracy
/ made IL worth only 66 cents. but VicksburR and