Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1876-07-27
THE MONEY QUESTION.

THE MONEY QUESTION
The great political contest now being
wagcd in this country is to some extent,
the result OF differences Of opinion con-
corning the money system of the United
States. One class Of the people declare
that Gold and Silver constitute the only
basis of sure and safe currency. Anoth-
or class, equally intelligent if not optic so
large, believe that the currency Of IL coun.
try should be based upon its resources, its
productions, and its accumulated wealth.
which, together with the public faith for
mally and solennly pledged tor its main
tcnance, constitute as they believe, the
bes: foundation upon which to construct
monetary system. Both of the great po-
litical parties have by Il majority of their
members pronounced in favor Of the gold
theory but they have done so IN the face
Of respectable and persistent opposition
and we believe In Difference to the inter
Csi> Of those whose possessions represent
vast Accommodations Of wealth. III other
words, we believe that the financial poll.
cy adopted by the two parties was dicta.
ted by the money power represented in the
conventions We do not hesitate to say
that we do not approve Of that policy and
that we shall not advocate it, nor can any
accuse of being anti.republ.can either.
The currency problem is one Of universal
Interest Its in importance above parties,
and the safety and prosperity CT the nation
depend upon the manner OF its solution.
The point in issue is, shall we have gold
standard If value 10 which the currency
adopted MS circulating medium must be
adjusted? We say, no! emphatically
Why rot We are asked. Because, we en-.
swcr: the amount Of gold owned in Ameri-
and thirty millions Of do,lars,-only abont
two per cent Of the currency required for
the transaction OF the ordinary business
of the country. Under the existence Of
present legislation this comparative pau
city Of gold renders possible the establish.
mcnt OF monopoly in its ownership, and
CONTROL and makes it means of terrible
oppression to the working classes. Non
cy is Il tool of trade, nothing M ore, and its
legitimate use is to facilitate the exchange
Of commodities. r;rect barter, or the
swapping Of orc kind Of produce for an
other is Impossible in extensive business
tr.I:Sactinns, hence nations have adopted
what is called Il medium,-a currency, the
office Of which is to represent value, and
which may be exchanged for commodi-
ties without Inconvenience or loss to eth.
err party. This currency should not be
based upon a commodity like gold or
silver, which fuctua'es in value accord
ing to tie demand for it. but it should
represent certain degree of wealth un.
changeably, as ayard stick repre- sents con-
stantly so much linear space. A dollar
should always represent the same purchas
ing capacity. If there is any f1uctuation
in prices let it be in the value Of the COM
modify and not in that Of the currency
which pays for it at the market rate. The
money Of nation should be subject to no
discrimination BY one kind against an.
other,-tlat is to say, money should not
be made of such different materials as to
render one kind intrinsically more valua
lie and therefore to be preferred to the
other, as is the case with gold and ger
money. The best money We can have is
that which has the least intrinsic value,
because the commodity of which it is
made could not in that case become the
subject OF speculation or monopoly. At
present this government has two kinds Of
money, gold and paper. The gold is made
by law legal tender for all obligations
public or private, aud the paper, for the
discharge Of all demands, with special ex.
ccptions. These exceptions are in favor
of gold, and they create demand for it,
which imparts TO it, as money, an lncreas.
ed value. To meet demands the govern.
Incnt must have gold,-hence the persons
possessing it can require price equal to
the money value plus the cost Of broker
age and importation, which is not less in
the aggregate than one seventh Of the orig
jnal value of a gold dollar, and this is Low
it happens that VIC have what is called a
deprecated currency. 1t is then manifestly
the duty Of Congress to make greenbacks
alcgal tender tor everything except that
sacred debt which was incurred under q
promise that it should be paid-principle
and interest in gold. Should greenbacks
be made receivable in-payment of duties
on imports, there would DC no demand for
gold, and holders would be compelled to
put it on par with the currency medium
and use it Interchangeable. Greenbacks
have not deprecated. The values of
property are adjusted to The paying ca.
pacity Of the nations grecnbacks upon
the theory that the denomination represents
the real paying capacity. Gold has fic
ticious value impaired TO it by the legisla
tion which discriminatcs against the green
backs, thus making it possible tor few
thousand capitalists to take from the forty.
three millions OF this country much the
larger share Of the profits which have re-
suited from their incessant toll, and they
refuse longer to yield to such spoliation
They demand that greenbacks be made
legal tender for all obligations, except the
gold bonds, that the present system Of Ma.
iional Banks be abolished, and that uni.
YeIsal currency be ad0ntcd in its siend