Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-06

coin ever Issued from the mint.
Again, aymeut With such note to laborer for
his nre TO farmer for his grain, Is delusion 1t
calls itself dollar II promises dollar The United
States promise 30 pay for II dollar and yet II will
only buy much rs s5 cents of real money. suppose
It's purchasing power was made equal to coin. then
the deception would cease and the laborer or farmer
could buy ~ much for 50 cents he can for n dollar
now. The United States would have redeemed Its
promise and all business transactions would rest upon
Bat It is said lhis is good SO f. good to pay
taxes for the taxing power agrees to take H. and the
same power declares that II shall lie legal tender IN
payment OF debts but would 1t not be better If n
would buy rs much wheat and corn and clothing as
Boldf lt would then be good Tor all purposes Ihere
Is no power 10 human law 70 fix US value IN gold or
wheat or labor OF clothing. Everybody measures Its
depreciation daily While it Is good IA the sense that
the United states rs able to nay IT, 1t is not good inhe
that the United States does not pay II according
10 promise Gov. Allen said the other day Mt New
ark that the United States note aud United States
bond rested upon the basis So they do, but the
bond rests upon promise duly ,peri9rmed and the
lS per cent. We wish to place the note-holder upon
the same footing the bond-holder, by making our
promise as good as gold, instead Of IL per cent less
policy Of honesty of equality between noteholder and
hond-hOder this policy OF good money, national
money paper and gold equal to each other and worth
what 1t promises.
OBJECTIONS ANSWERED.
Now, iollow-oitizens, what the objections to
this pooy2 The first and most obvious IS that
istng debts and contracts based upon deprecated pa
per money would be advanced to the gold standard.
preparation, 1t would he wrong but if reasonable time
Is given contracts will be usted to meet the change
Nearly every one lisa creditor as well debtor, and
debts due you will balance what you owe. The adj
vance toward specie standard would be so gradual as
to DO imperceptble. The fluctuations in the value OF
paper money have been in a single year more than
the present depreciation and yet allow four years
for the change. When the notes first issued all
contracts payable in gold. The creditor had to
suffer a rapid Depreciation but since 1865 there has
been q gradual appreciation of our currency. BY
wise policy we could long since have reached specie
standard but by OF this very fear Of debtors
failed to take proper measures. len
years have passed away since the close
the specie standard, and have been now for hve
years. Shall this always continue? Somebody will
aways6e in debt All existing debts ace based upon tue
knowledge that we must reach specie standard some
time. Why not now adopt the policy, and give full
notice Of the time and manner OF resumption? win
debts diminish by postponing unmeasurabiy the timer
We know they will not. Would you attempt the i'm
possible feat of scaling he debt according the value
of the currency when IL contracted? This though
often proposed, has often been rejected mprac
ticabe. The only policy Is to give ample time and
their obligations and then steadily pursue that policy
until your United States notes are eq al to gold, and
this, as will show you. is the policy now proposed
by the Republican party.
ABOUT CONTRACTION.
Another objection meets us whenever we attempt to
advance the value of currency to the gold stand
ard. We are told that specie payments involve great
contraction OF the currency, and that contraction Of
the currency would make money scarce and add TO the
present distress This objection rests upon fallacy.
L
upon the faacy that can by law fix the amount of
the currency necessary for the wants OF business.
From the very nature o good currency Il ebos and
flows contracts aud xpands to meet the demands of
trade. II idle 1t ought to be redeemed If needed for
the purchase of production should be Issued to meet
the demand. The only law to regulate its amount is
provide for the issue of all that be maintained
at par in gold II it is below par, there is much.
II IL can not be readily had in exchange for produc-
tions for which there is demand then there's is too
little. Under this rule the great body OF our
present circulation could be maintained az par In
GOLD nd fhoo 1vfn Ia al hat Ia
produced by mining will be added 90 and mingle with
the paper money in daily use. 1t is so In France,
where aggregate currency OF paper money and gold
is maintained large or larger than SO IN Eng
land where the Bank OF England notes and gold coin
are both in circulation 50 IT was in specie paving
money being then Issued by State authority was OF
limited circulation. And now under our admirable
system of United States notes ami national bank notes
both could be maintained in circulation at paI with
god and form currency safe and perfect as human
ingenuity has ever devised. Ali labor and produc-
tions would be measured by unchangeable stand
ard and all the money would circulate that was nee
essary to purchase at the gold standard every produc-
tion OF human industry.
GREAT ERROR.
Sometimes IT is said that the recent panic was
caused by want OF currency, or contraction oil the
currency This is great error.
In September, 1878, when the panic commenced, the
amount Of United States notes outstanding was $50
millions, Of fractional currency IS millions, and Of
bank circulation S39 millions in all 7lO millions. or
than had been before The panic came with
this vast afoat, and Secretary Richardson with
out authority OF law issued 26 millions OF United
States notes. for the audabe purpose he thought OF
easing the money market It nearly all went into
banks, and there remained in unbroken packages. IL
flooding a country with currency would prevent a
panic stop one, here had the trial. But 1t was
only like pouring oil ire. 1t is demonstratabe
that nearly all paacs except only such traceabe
to war, famine, or like causes spriug from expanded
credits and in many cases, from excessive paper
money Over production is the inevitable result i'm
provident contracts, improbable enterprises, and
wild speculation always follow expanded credits,
whether by corporations banks or individuals. In
aaton-the very name implies buoyancy, expansion,
gas, distinctions and alas, the destruction often falls
those who did not breed the storm. Now that time
has given full view OF the expanded credits and
imprOvident enterprises OF 1873 only wonder that
the wreck not more overwhelming and enduring.
Surely prudent, sensible men, who will study such
financial waves must conclude that the only remedy
is to reduce credits to substantial basis. A few
articles for time will not sell because there is no de-
mand for them, or there Is an over supply But this
passes away. Industry Is gradually reviving,
and now is the time to base enterprises upon
speciepaying money, and upon thrift, industry. and
economy.
WHY THE EXCESS OF PAPER MONEY.
But we Republicans are often told that if gold is the
standard OF value, why was paper money issued at al
in of the amount that could be kept at par in
gold. The answer is that it was issued under the
whelming necessities of great civil war. reneul-
ber well all the circumstances connected with the hrs
and all the succeeding issues Of United States notes.
and took elective part any else in provid-
ing for their 1t in February. 1882 after all
the banks had suspended specie payments when ouI
armies had made no progress our revenues were GU
/
more than si,Oooooo day. There
was then lying the table Of Mr.
Chase Secretary of the Treasury, requisons for
0O0 to pay soldiers aud supply them will
food ammunition, aud transportation. Our bonds coalC
not be sod for there currency pay for them
We had TO issue the notes OF the United States Ia thC
form Of currency apd syst as part o.
thePpblic debt. The only question was whe!her they
SHOULD be aslega tender between individuals ia tn,
| payment OF debts. Upon this point had clear cou'
yictions. felt that II our soldiers were to be COM
PEELED to take these notes as money, that we wer'
bound II could to require everybody else to taxi
| them as money We could not leave them TO thu
tender mercies of creditors, shavers and unpatrou
men, who would gladly decry and repudate thes'
notes. We therefore made them legal tender, aud thu
1 Supreme Court has upheld our power to do So Bu
we took every precauton toprevent their depreciation
| We carefully limited the amount; made them re
eeivable for all Internal taxes made them lega
tender In payment OF all debts aud then
| convertible into bonds, the interest of which wa
payable in gold, aud the duties taxes imporeG
| goods made payable in gold so that We wou'
have an ample fund in gold to pay the interest Afte
all this we limited the amount beyond which VI
would never go at four hundred millions
Such was the care and solietude witt
| which we hedged IN the greenbacks, and ever!
dollar Of them was issued with the understanding
and declared public policy that after the
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