Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1875-09-01


; repeatedly shown, il can put out
increased quantities only by "a in-
5 creAsing its expenses, or 90 by
, buying up bonds or CD by dons-
ton outright On the other hand
when the notes are once out, they
come in only in four ways: (D In
: payment Of taxes; 81 by sale of
; gold; CD by the issue OF new
bonds; ti) by sale Of government
property These are the only pos
sible methods Of getting govern
ment notes out Of and into the
treasury, except by undertaking
the method Of loaning, and ii is
obvious from the statement that,
in the first place an increased move
ment outward or inward can be
I produced only by an increased
treasury DISBURSEMENTS or receipts,
and in the second place, that gov
eminent paper Is entirely lacking
in elasticity and automatic power.
The treasury has officially testified
to the extreme difficulty Of getting |
back notes which once get out, and I;
the reason is obvious because If
a million is put out for extra bond
purchases, for instance, that mil
lion will never return until the tax
receipts increase, or the disburst-
ments deminish, or in some way
there is a change to that degree in
the regular movement Of the treas
ury business. The notes are now
as they were intended and acknow-
lodged 10 be originally, mere L o. |:
Us or memorandum promises to
pay, representing nothing but gov
ernment expenditures. They are :
put out only when government
buys something, and the are taken
n only when government is paid
'ome dues; in the former case
government gives its notes, and in
he latter it receives back its own
totes as a payment. But the notes
n neither case represent any bust
less or productive operation they
epresent solely the expenses of :.
government, which is itself cost p
and non-productive affair; it
ives its notes when it owes an in a
ividual something, and receives E,
hem back when it takes from an 50
ldividual his share of what his DR.
wn operations cost. On the 9TH kn
r hand, the issue Of bank notes vi
epresent, and are used to effect, CO
'ansfers OF real property and the 81
perations Of production. AS an nc nc
Die correspondent tersely showed a aGl
st week, the bank note is Issued ON
n purposes Of production, the
overnment note for purposes Of u,
assumption. pal
We discuss these few points in ;"
'e case not for the purpose OF -
Tightening any reader about them, q
1T for the purpose of clearly -
lowing the real plan of the infla-
onists movement. The very fact
at government issues are non
nstic and have no power of re-
IN is one which commends them
rongly to the inhationists, be-
use what they want is paper, and
thing but paper. Although mad
the subject, they do not lack
e method which belongs to mad
IS, and they cloak their plan as n
lousy. The leaders among them
aware. OF the absurdity In
itch their plan ends. They know
ut the government cannot sue
ssfnlly become bank and that
cannot successfully become the
e issuer Of currency without be- T
ming a bank; that they have
epared no practical relief for the Tw
or; that when they invade the el
estion how they will get out the
W notes, the question is unan-
cradle; and the whole plan ends
where. But they intend to fol- s
' it little way. Being perfect 3
aware that the issue of more
al tenders will be the irretrieva- -
commitment Of the country to Mi
'aper currency, the final demor- e ehs I
sation and Punishment of gold 1ips
J the entrance, without the pow II 9th &
to return upon the path of re- in ini Il
iiation, they see clearly that IL , rsss
y can once turn the country Isrs,
'ard more paper and from pay ; ;ign 3
Mt the rest will take care of it and an: !, ,
and there will be no danger of oeoH