West-Jersey pioneer., 1875-08-26
ANALYSIS OF THE GREENBAcK.


Il ages, before James Watt looked under IL
] | fact, and discovered the laws, the applic
. tion Of which multiplied the material for
= of the human race indefinitely.
Apples had dropped since the days
i Adam, but it was reserved for New ton
learn the cause, and therefrom deduce IL
: law which impels and restrains planets
their spheres, and gradually drops the a,
tumn leaf and the snow flake to their res
| ing places.
If such results have accrued from notin
sizzling tea-kettles and dropping apples, d.
ducing causes and thence arguing to furthe
results, is it not possible, with the chron
cles of the past and the living experienc
of the last twelve years to deduce Scsent
| Of money!
4 Let us try, beginning with the query
| WHAT is MONEY?
| The Hon. George Opdyke, eminent as
banker and political economist, defines it a
''dn instrument of commerce destgned to ia
csIstdte the exchange Of all other comsmsoditse
| By presenting an equsvalent IN u portable on
conoenient shape"
Now, let us try to learn the requirement
them to be-
| l. Security, that it may never fail of ex
! changability for equal values
| 2. Uniformity of value in every part O
| our country.
| The above two characteristics inhere fully
with our present currency. The following
| are lacking, and if they can be supplied We
shall have currency more perfect by fa1
than any previously existing, and develop.
ing our industries and commerce in as great
ratio as steam has mechanics.
We believe these defective points can be
remedied, and system evolved, the opera
tion of which will be in accordance with
known laws-whose science will take the
place of empiricism; organization be sub
stituted for spasmodic manipulation; acting
as automatically as the governor of steam
engine.
The qualities needed by our present cur
rency are these:
8. Stability, that it may not be elevated
or depressed by outside influences.
4. Elasticity, capable by its inherent pow
er of adapting itself to any requirement.
8. Chedpness, that the average cost of its
use shall not exceed the average value of
its service.
6. Volume, equal to any conceivable emer-
gency
Z. Concsrtt6ility into such form as shall
be perfectly safe, and subject to satisfactory
conversion on demand.
du69c qdvUou, Sufuo UnS PoIIIUs wnoIo
the deficiencies show themselves.
LACK OF STABILITY AND ELASTICITY.
The peculiarties Of our climate and pro-
ductive industries, especially farming, are
more exacting to given and fixed amount
The heat Of our summer is SO intense that
our cereals are in danger of damage in
transportation, and if they were not, our
farmers are too busy in their fields to pre-
pare and cart them; many factories 'sonly
keep their hands along" and merchants
and bankers take holiday.
The functions Of money are suspended,
and it lies inactive at three per cent. per
year.
September shows a change. The farmers
have '1aid away"-that is, stopped culti-
waiting their corn-thresh out their oats and
wheat shell last years corn, and push them
toward the seaboard, gradually hurrying
more and more as the advance of the sea-
son warns them of the approaching close of
navigation, which will increase their cost Of
transportation, while bad roads will double
the labor of hauling. Factories work into
the night, and the same amount of money
| which caused plethora in the summer, is
Rich gamblers see it, and not only make
| ''corners'' in stocks and merchandise, but
| also in currency; and this is the second con
secutive year our country has lost milliont
of dollars in credit and cash, and been or
the verge of bankruptcy for want of money
| to move the crops.
| The lack of stability and elasticity is thus
shown, as the same money which was neg
lected at three per cent. per year in July
is in September, inadequate to the demand
even when from twelve to three hundred
per cent. per year is offered.
Hon. George S. Boutwell,, ex-Secretar.
of the Treasury of the United States, sale
in his report Of December I'd, 1879:
"a degree of hexibility in the volume o
currency is essential. There is necessit
every autumn for moving the crops withou
delay from the South and West to the sea
board, that they may be in hand for expor
and consumption as wanted. This or
should be done, in the main before th
lakes, rivers and canals are closed, and ye
it cannot be done without the use of larg
amounts Of currency.
"In the summer months funds accumu
late at the centres, but the renewal of bus
!, mess in August and September gives en-
ployment for large sums, and leaves littl
, or nothing for forwarding the crops in o.
. tober and November.
Il ''Nor would this duty be obviated by
permanent increase or permanent redu'
tion of the volume of currency. The diff
Guilty is due to the natural order of thing
} and increases with the prosperity of til
f country, as shown in the abundance of il
harvests. The problem is to find way {
: increasing the currency for moving I'll
crops and diminishing it at once when tn;
} work is DONE"
We propose to solve Mr.. Boutwell, S prol
; lem before we get through.
LACK OF CHEAPNEss.
The yearly average increase of our pro-
erty is not far from three per cent. A
. average of higher rates argues mergir
, of the gains of productive industry I'M
1 A.