Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1875-07-29

those who have experienced the efforts an,
surveyed the ruins of sweeping financial pan
les.
One thing may be assumed, viz: the green
backs will, as soon as practicable, be retiret
| from circulation, and that gold and silve
alone will bear impress of the United State
Government; and that all paper money, unde
provisions of national bonds, will be convert
BILE into gold and silver This being the case
the people should be careful to hold on to th,
national banks Tnis is the best system We
have ever had, and it is so nearly perfect thai
there is little room for improvement.
| Cincinnati Gazette
PAPER money-Government curren'
cy-is both the dearest and most dan
gerous form ST credit, because it Is ar
bitrarily issued and its cost and risk dc
not fall on him that puts 1t into circula
tion. When = bank note enters trade
1t takes the consent of two persons, the
banker and the borrower, while Gov.
ernment note is forced upon the CON-
munity through q legal-tender act.
When an individual borrows Of bank
it is In consequence of a want, which
he thinks legimate and safe. and which
the borrower also supplies for legiti.
mate reasons; but when Government
borrows through greenbacks, it does SO
because it Is afraid to use Legitimate
taxation. It sends forth mischief
armed with the power Of intruding up
on every business In the land. When
the seducer puts his offspring upon the
world without assuming his duty to-
wards 1t and the woman he deceived,
We call 1t bastardy, and that is precise
ly what Government commits when 1t
issues irredesmable paper money. II
is most important that We should
thoroughly understand why tho con-
sent of two persons is 50 essential to a
legitimate issue OF paper currency,
and why the illegitimate forcible issues
are SO dangerous and costly.
The extent to which credit can be
used in community depends upon the
amount therein Of production and msr-
camille capasity and integrity. When
individuals borrow each others credit
each Is guided by his means and ex-
peefations, and both assume risks and
calculate the cost. An abuse Of credit
Is, In the latter case, not an impossible
ity, but 1t Is an improbability. The
amount of credit correctly used Is, rs is
we'll known, in the proportion OF one
dollar to o thousand dollars. With
Government issues 1t Is otherwise. The
legislature that authorizes this form of
debt, and the officers that put ii into
circulation. have no legitimate meas
uremept for the propriety Of using the
means of Others through this credit,
either as to amount or time. They are
under no risks and no expenses. and
calculate nothing; they simply act from
arbitrary motives. They send forth a
disturber of the peace oftrsds, and set
in motion an endle.. current ef credit
abuses. Because the cost is not paid ip
so many dollars and cents, and is unas-
certainable, they boldly assert that
there is no cost, but everybody knows
that the costs consist of manifold dam
ges inflicted on the com munity. We
will name but one or two. In tho first
place the public power is weakened.
When Prussia engaged Austria, In
1866, Bismarck had q report before him
from political scientist informing him
that State that used an irreGeeming
currency was full twenty-five per cent.
weaker than State that had the specie
standard. Events proved the truth Of
the statement. Another loss Is that II
depresses tho credit Of every business
man. A Swiss merchant can buy coffee
cheaper and on better terms in Amster-
dam than an Austrian. In fact, the
great body of the Austrians can no
longer buy direct; they have to use
middle men, who reside in countries
that are monetarily sound. In other
words, they have to pay profit to COM
mission merchants whose States do not
depress private credit BY the abuse Of
public credit. Every American has
been made to feel this degradation Of
his Individual credit through the fail
ure Of our Government to resume spicie
payments. Shall this 60 on forever?-
Cincinnati Commercial.
WILL THE GRAssHOPPERs COME
EAsT?-The editor Of the New York
Sun calls attention to the progress East,
disappointing the very confident pre-
dictions Of those who said it could nev-
er thrive except on the arid plains at
the base Of the Rocky Mountains. He
asks whether our cultivated grains,
giving food moro abundantly and pre-
sumabIy Of better quality, are not re-
sponsible for this increased vigor. The
point is of interest and Of national con-
cern. 1t is worthy Of note In thi. con-
nection that the potato beetle only
started Eastward as 1t found the culti-
waited potato to feed upon. It had been
noticed feeding on some wild potato
vines thirty or forty years ago; but
strangely enough they never multipli-
ed excessively nor did they run out on
tirely. Probably their insect snem les
becsme numerous enough In that local
ity to maintain the balance which ma
ture always provides. Tho better and
more abundant food furnished BY the
potato pstches Of settlers increased tho
numbers Of the potato beetle and dis
turbed the balance.-Rural New York
er.
There were five cases of sunstroke In
Cincinnati on Saturday, two Of which
were fatal.
Ex Senator Carpenter has been re-
tained BY tho city OF New York 70 ~
I.A l.