The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-11-18
PAPER OR COIN3
Translated for the Stark County DEMOCRAT from
the Arbeiter,

Translated for the Stark County DEMOCRAT from
the Arbeiter,
Some weeks ago l wrote an article for
the Arbeiter (Workingman) No. 80, ex-
pressing therein my own views, and
while 1 naturally hoped that people
would read and judge of the same, l did
not think the article would receive such
general approval as seems to have been
the case. From all parts of the country
l have received letters Of approval, but
what surprises me is that writers of those
letters state that the article was not alto
gether clear to them, and they want to
know what l think of our present money
confusion.
In the article referred to, / stated that
the money question is one of those chap
ters which, in regard to explanation and
instruction, requires to be we'll under
stood if to be discussed with advantage.
I am accidentally at, present, not
a fnancier, but l am citizen of the
United States, and in past years had
more to do with money and moneys
worth, and also have seen more conver-
tible paper Of all kinds, and of many
countrys than hundreds of other men,
and therefore l believe l have the right
to form my views as to our paper-rags.
My opinion simply is-that if our present
paper money is swindle, 80 also is the
hard money, in the way that our politi-
clans want it,
For long time l have read and re-
hected upon the big and little littanys
for and against paper, and | must confess
that, after all, the ado which was made
about Schurz and his craftsmanship, l
expected of him a better judgment of the
money question. To all those who do
not know any more of that question
Schurz may seem to be in the right; but
whoever knows that some to extent the
conditions upon which rest trade and
commerce, money and moneys-worth, to
him 1 say, all the big speeches of shurz
are nothing but mass of words without
decisive meaning or sense.
As long as business and barter has
been known, anything whatever has on
ly real market value, if it can be ex-
changed for something else, and debt,
which have to collect, is only worthy tO
be entered on the books if the debtor
possesses something to cover the debt,
and which can be converted in the COM
nlercial or trading market think
30 far the whole world could agree with
me.
1t is but too true that our present pa
per money is much too insecure, and
therefore in retroaction has paralysing
effect upon the whole market though if
our hard-money men find salvation only
in coined precious metals, and claim
summarily that paper represents in real
value, they are entirely mistaken on
principle, and only prove that they can
not, or which rather believe, will not,
go to the foundation or bottom Of the
thing. F rL
Our paper money is therefore only not
true and sure estimation Of value, be-
cause our government does not stand
behind it as guaranty and paymaster
Let our government once begin to re-
deem the old rags, which indeed it pays
cut but refuses to receive back again at
full value, and give for them either its
coined gold or silver, or rnew paper which
it will take "for all obligations at par at
the treasury, and for the redemption of
which it must use its store of specie on
deposit, so far as the same is not needed
for payment of the interest of the deb" "
then we might see if such paper dollar
would not be everywhere received as 100
cents in specie always presupnosed that
such paper emissions are strictly and
honestly kept in equilibrium with the
governments store of precious metals.
Why is bill of exchange drawn by one
reliable house upon another good firm,
worth as much as the cash for
which it calls2 simply because every en-
dorser knows that at any time at its coun-
terit will be redeemed with either gold or
silver. Let us put aside the rag money
OF IuOudTClllCdl CUuuIiCb HllCu las CNCi
more or less compulsory circulation,
and take little Switzerland in hand
which, in comparison to territory and
population, is next to Belgium the first
nation in the world as far as commercial
intercourse, trade and Industry are con-
cerned. In this country there is no
government paper money, but bank
notes of different banking institutions
have at indry times exchanged notes Of
Banks of St. Gallen, Zurich, Basel, in
Russia, and Siebenburgen, in Italy and
France and without question receiving
full amount in silver and gold. In the
money circles in Germany such notes
were even sought after. Why? Because
the Canton-governments did not permit
emissions over and above the half Of the
total amount of bank capital, and further
because, by law, the banks are compelled
for redemption purposes, to always keep
one third of the total amount of pa
per circulation in precious metals on
hand. a. a.E g gg0g ~
Why Is it that in Switzerland abill Of