The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-13

wants and necessities In any civilized country
under the sun, because 1t possesses a real In
trlnsic value which all people recognize. II he
takes paper II will not buy "a much as gold In
this country, and IS subject to great discount, OF
Is good for.nOthinR elsewhere.
The volume Of gold, being the product Of hui
man labor, changes comparatively but little
The volume of paper currency may be increased
IT pleasure. And In proportion as the volume
OF a currency nominally Increases tho prices Of
commodities will rise. And prices rise In pro-
portion az the value Of the money in which
they arc paid depreciates. a gold cur
rency being comparatively stable In quantity,
Trices nuctuate but little. And whatever gov.
ernments may decree, gold aud silver remain
the standards Of value. paper currency con-
vertible in gold Jean be ex hanged for gold dol
lar for dollar. An irredecmable paper currency
sells only for what It Il worth in gold. To day
1t Ia at a discount oftixtecn per cent Double
the quantity of paper and II would dcprcciate
In proportion. Increasing the value Of an ire
decmablc paper currency does not add particle
OF wealth TO the country nor docs II add to the
purchasing power OF the currency as whole.
IL the volume Of specie currency of n country
IL l0O0O0,000, and prices ana wages have adapt
ed themselves to that amount, adding tl0O,000,-
90 Of paper to II does not Increase its purchas-
only effect Is to double the nominal prices of
commodities. II a glass OF water added TO
glass OF pure brandy, the volume Of the mixed
liquor would be doubled; but II takes Just
double the quantity to produce the inebriating
effect. but We have not time to pursue further
this cgregious fallacy OF AN irredeemabe paper
currency.
what would he the effect to redeem our ST.
0O0,0O,0OO bonds in Greenbscks II the thing were
possibie2 IL would be TO raise the nominal
prices Of all commodities enormously That
would be the first effect. yoke Of
cattle worth tlOO now would be MONT
nally worth $500 then. Rents would rise in
proportion, aud the wages Of labor. as all ex-
perience shows, would te the last to rise. by in
creasng the cost Of production Of home com
modities 1t would destroy our foreign COM
merce. The foreigner would come here, sell his
commodity, and take his pay in nothing but
gold, or In our products reduced to the gold
standard. The result would be the destruction
Of our foreign trade. The immense surplus Of
money would lead to speculation, the parent OF
ndebtedn ess, and the end Of all would be collapse
aud ruin. the laborer being the greatest sufferer
In the final catastrophe. IL IL to such result
that the theories Of the greenback imitation
ists would lead. John Lows Mississippi
scheme, our own Continental money, and the
mend the history OF those decisions and cheats
TO ali who are afflicted with the imitation mania.
None need enlightenment on this subject
more than the laborina men. None suffer 80
much In the end from AN irredcemablc system
OF paper money. No truer remark was ever
made, no sounder axiom OF political economy
was ever uttered, than that OF Daniel Webster,
when lac said that no more effective device was
ever Invented bv which TO fertilzo the rich
mans neld with the sweat Of the poor mans
brow than paper money. And such were the
teachings OF the Fathers OF the Revolution, of
W ashington, Of Jefferson, of Jackson, and OF
Benton. And yet Democrats, as well AS Iterub-
licars, II the present day have forgotten the
teachings of those iliust rious men, and advocate
the cause Of imitation and clamor for more paper
money, as the ignorant African clamors for more
cownes and the Indian for ore beads and wam-
pun.
The remedy for the evils which the country
now suffers Is to be found IN retrenchmeut OF
expenses, public and personal, In industry and
economy and In sound currency. Tedeemanle in
gold ana silver watch will resutcitate our fallen
industries, and restore our PROSTATE commerce.
II IL an end which cannot be attained without
patient and heroic effort and endurance But
IL Is the decree OF destiny and cannot be avoided