, 1875-07-23

A SOUTHERN INFLATIoNIsr.
Tho Richmond (Va.J Wig stands almost
alono among tho Southern press in favoring
tho future depreciation Of groenbacks by
watering tho currency. 1t is tho only newH-
paper Of respectable position and influence
that comes to us from the South which com.
mits itself to 80 absurd and unpatriotio q
blundcr. Tho style OF the argument om-
played to sustain its position shows that tho
hlchmond lPhig has been betrayed into tho
fni1acy by it's Ignorance of the question rather
than by any dishonest motives. A mention Of
some Of its points will sufficiently illustrate
this. For instance, 1t utters tie following e
! contradiction
Imitation made tho Northern merchants and manu-
factuEeEs rich, aud they trying now, by contrao-
ton, to make themselves richor.
Now, if intlation made tho merchants and
manufacturers Of Tho North rich, more In.
tlation would certainly make them richer,
aud tho reverse -contraction-would mike
thom poor again. Either, thon, initiation did
not make them rich, OF thoy ere not now
seeking contraction. Both propositions aro
tru0 to a certain extent. As mattor Of fact,
imitation has made good many people Of the
North poor, in SO far as it was responsible for
the panic Of 1873. It ia also true TINT there
has boon no contraction in tho volume of tho
currency. Gu the contrary thore hos been IN
expansion Of $1+0, 000, coo, as hns becn ro-
poatedly shown, sinco 1876, 10 say nothing
Of tho increased purchasing power of the
tho currency. Consequently tho above
fr .1f
terms, but cum the contradiction is based
upon fdse premises. Tho Wing adda i1n-
mediately:
How waa It, and how il 1t with tho Bouthern peops
VIC have had no imitation hsre. Our pcopo haro boen
poiding along With the hopo that tho policy Of ths
Fcloral Government would relsvp thetn But II hsa
not been Thu monty uaills OF Vail streo. have
continued to grind tho ndus.ies whelo country
until the injurious chect u not only fsh Ill through
tho South but until tho people are sskng among
themselves whether thuy Azs 10 bo chained down ~
alaves or allowed to breathe frec peopls In {rpq
country ouco mora.
This is the most oonglomernto and incom.
preheasiblo stuF We ever read Tho South
ern people have had as much "inilation" rs
the Northern people. Tho currency has been
tho Same in both sections ever since the War.
But II tho Wing means TINT tho Southern
people haven't had as many greenbacks OF
National Bank notes por capita, it ia simply
bccause they haven't had 80 much stuff to
sell SO fur as greenbacka or NationA Bank
notes represent money, they are given In OK
CHANGE for commodities, os,-tobaoco, cotton,
corn, or other products, or they are loaned
upon credit and security. Il tho South has
not had whit it regards as it's fair proportion
of this currency, it III simply because it hasn't
produced fair proportion Of exchangcablo
values, or hasn't commanded the confidence
Of tho money Lenders. Either tho Southern
people have Ind oil tho currency thcy ought
to have, or they haya not gono to work aud
produced something to exchange or use as
oollateral. There IL no lack Of currency with
which to buy products, but we do not
believe that, currency Ia ever given avay
except In charity. We cannot see, therefore,
how the Federal Government can "relieve
tho South" II 1t should print moro green
backs, 1t would not send them down South
for gratuitous distribution. It could only get
rid OF them by increased extravaganza and
tho payment Of ita own dcbts md running
expensea in new grconbacks. In that case
tho South would only got them as 1t Furnished
somo consideration therefor, eithar in labor or
commodities. But It can get eseeabacks now
on those terms. In oaso Of a depreciation of
greenbacks by IN increased issue, thoy might
get great number Of promises-to- pay in ex-
change for their products, but they would
gut no more yalue, nor as much. II would
10 gallon OF molnsses with O eallon Of wa
ter added; the molasses would not be i'm
proved to the taste, and tho sscoharino mat
ter, tho wholesome and sustaining part, not
increased, but, Il auythinr. diminished by
dilation-
Tho arsaignment Of Wall street ia equally