Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-12-03
Opinions on the Currency Question.
PROF. SUMNER.

PROF. SUMNER. u.
Inconvertible paper il a suicidal folly
in the country which adopts it."-Prof
Summers !" Am. Currency, page f59. . s1t
/" An irredeemable currency is like q
disease in the blood, undermining the con-
stitutiOn and spreading decay through all
the arteries of business. ."-lSuHaner, %. 1923.
"The story Of Austria shows that an
irredecmable paper currency is a national
calamity of the first magnitude, of which
one may indeed find greater or less exam
pies, but of which the least is peremptory
warning to statesmen and financiers. ~
SwaRer, D. 1928 z
"A better and worse currency cannot
circulate together. The worse win drive
out the better. Gold will not flow in while
the inferior currency fills the channels Of
circulation. If the inferior currency be
removed the exchanges will be turned,
the outflow will stop, and, if any vacuum
is created, gold will flow in to supply it,"
CHARLES A. MANN.
" Prosperity, based on paper, is like the
eXhilaration produced by alcohol; the dis
comforts which tolloy the debauch exceed
its pleasure"
" The issue of inconvertiblc paper adds
neither TO the amount of capital in the
country nor TO the efficiency of labor, and
hinders rather than aids the union of the
two. ."-Hdnn, p. 1877.
4" AS the emission of inconyertible pa
per progresses all prices advance, and the
rates OF wages are enhanced with other
things. But, unfortunately for the laborer,
it is rule almost without exception that
the prices of all the necessaries of life rise
more than wages. es."-Nahn, p. 1876.
JOHN STUART MILL.
a. n Il. kl,a - n, II.
culating medium are mischievous; they
disturb all contracts, expectations and
values. 1t Is the already burdened beast
the struggling poor-that bears the
heavier load at last"
There is no way In which a general
and permanent rise In prices, or, in other
words, depreciation of money can benefit
anybody, except at the expense of some
one else" tf ..
HON. W. M. GRosYENoR.
Not abundance nor scarcity, but uncer-
tainty OF currency, brings great loss to
labor
Industry cannot really revive before it
has a solid foundation Of honest money.
When money has no fixed purchasing
power the rich have golden opportunities,
and the poor are at their mercy Labor
has 10 pay the enormous cost of, constant
fuctuatiOn. ~
Many fancy that much currency means
high wages. They forget that inflated
prices hurt more than inflated wages help
them. In times of tluctuatiOn wages,
of all things, go up last and least, and fall
first and lowest" p"
Our currency works harm to labor by
its quality, its uncertainty. Varying ever,
and yet paying debts, il robs somebody
mn, IL anil ,,f oil
lahorersy How win 1t give such paper
fixed value TO issue more of itY
Imitation is enormous robbery, because
n lcgal.tcndcr note is q certificate TO
share of whatever purchasing and laying
power labor has earned and saved. IoI
cannot add TO tile wheat in your elevator
by issuing more certificates. That only
rolls somebody,
What can we do, Produce and save
more In no other way can the pneKr
pended products of labor be got except by
labor. Printing paper promises does not
make more wheat for the world to eat, nor
save the value TO set our mills at work
and employ our farmers in raising more
food for busy workmen. 2 sa r
49,. Well.foundcd business confidence
constitutes of itself an inestimably valua-
bic kind OF currency Where this value
is from any cause materially impaired
there is no such thing possible as a suih-
cheney of money for the business of the
country; for money alone will not answer
the needed purpose. And one of the
essential requisites of this confidence Is
that the figures IN account-boOks should
have some definite meaning. The ques-
tion what Is indicated by the word IDOL
lar" needs more satisfactory answer than
that Of the inflationist: "A dollar is a
dollar" One OF The most important quail
ifcations Of good boJk keeper Is, as every
body knows, that he should write legible
hand But no scratch that pretended TO
be writing at all could be more indistinct
and confusing than the schemes of the in.
nationists would render the entries of the
best penman that ever exerted his skill
over the pages Of ledger.r-Ne0 York
Times.
GIVE you my word for 1t, the cross OF