The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1875-10-09

money which In It's very nature carries
the poison of false pretence ana seduc-
ton.
HOW WILL INCREASE OF CURRENCY
OPERATE =?
will not argue here the constitutions
al point, whether Congress has the pow
er to increase the volume of greenbacks
beyond $400, 900, 900, and whether the
Supreme Court, as l expect 1t would,
might declare such an act void and of
no force. Suppose it can be done with
out any legal impediment; how will 1t
operate Here is capitalist, mer-
chant of extensive means, or wealthy
specuator in the morning he has TAX.
en- up his paper and reads that Congress
has passed an act to issue another huns
dred or two hundred millions, with a
prospect of more. He knows as mat
ter Of course, that thereupon the pre-
MUM on gold will rise, the purchasing
of greenback dollar will decrease.
The next piece Of news he gets in or
from Wall street is, gold is going up
and likely to rise steadily. What does
he do? He begins at once to trim his
sail to the wind, he seeks a way to take
advantage of fluctuations going on or
still in progress. Or, being man Of
means, commanding hundreds of thou
sands, he easily finds that way. If he
Is q cautious man he has, of course,
lent out some money or given credit
only on short time, and he at once calls
in none duo him with rigorous severi-
ty to save himself from the effects of de-
probation.
Finally, the inevitable crash ap-
prOaches. The prudent, rich man has
anticipated its coming and taken pre-.
cautions. He can do so, for he has
knowledge and means, but the poor
man Is victim to his necessities. To
take precautions snot possible for him.
He is swept along by the tide. A feel
ing Of disgust creeps over the business
community. One day our worthy la
borer goes to his place of work as usual.
E" am sorry" says his employer, WHO
shifts the breeze "there is an over
stocked market and a downward ten
dency, and am obliged to take in
sail. l have hut little work for yon at
low figures, or no work at all at last"
The shipwreck is complete. The rich
man is in the life boat, and the poor
man in the breakers with nothing to
float him.
We are told that an expansion of
currency and its consequent deprecia.
tion will benefit the poor, inasmuch as
1t will benefit the debtor as against the
creditor by enabling the former to pay
OF his debts in less value than that in
which they were contracted. The
morality Of that argument | will not
discuss. prefer to leave it to the con-
science Of the people. But let us look
at the pretended facts upon which it is
based. Is it true that the poor men
are the debtors of the country? To
contract debt requires credit, and cred
1t is based upon the means with which
to pay. Men Of very small means are
seldom 10 debt, because they have no
opportunity for being 50. If we had
statistics OF the private Indebtedness in
the United States before us they would
unquestionaby show that more than 75
per cent. OF 1t Is owing by men OF COM
paratively large means and that the la
boTers for wages are the least indebted
class of society, even in proportion to
their earnings and savings, and next
to them the farmers and the small busi-
ness men. But laboriDy people are, to
a very heavy amount, creditors OF the
country. / venture to say that there
| Is neither manufacturer, nor mer-
chant, nor a professional man OF means
in this assembly who Is not a debtor,
and among his creditors are, in ninety
nine cases out OF a hundred, his work
men or his servants, TO whom he owes
wages for part Of week or a month.
1t has been calculated by good author
| ity that the wages thus constantly ow-
ing, for an average of half months
service or work, amount, in the whole
country, to $4,000, 900. And who
is 1t that owns the deposits in the saw.
ings bank amounting to about $780,
900, ,000P Not the rich, but the labor.
ing people and persons of small means.
who put their surplus earnings there
for safe keeping.
1t is estimated that the same class
has in National and private banks and
10 trust companies another 5000, 000,-
900, and that nearly $4,000, 900 Is
owing them in other kinds Of debts.
There Is, then, the SUN of about 81 ,200,.
600, 900 owing TO the laboring people
and men of small means, constituting
their savings to that amount. That
class are creditors, and you pretend
that for their benefit you will expend
the currency. Gold being at 10 per
cent. premium, those savings have a
value of sl,020, SOC, 900 in gold. Ex-
pand the cerrency until gold is 80 per
cent. premium, and you have robbed
those people of $3.50, 100000. Expand
1t until the gold premium is 80 per
cent, and you have stripped them Of
s400, 600, 900 of hard-earned money.
When the legal-thenders were first is
sued our people had to gain their first
experience with an irredeemable Gov
ernment currency since the Revolution.
AIRY war. The greenback appeared not
! as trick of scheIning linancers, but as
/ a creature Of public necessity. The
people had full confidence in the integ
rity and good faith OF the Government
as to the fnlhllment OF its promises.
When the events OF the war went dis