Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1876-08-03

that these are not only useless but abso-
lutely pernicious. Good money cannot
lie put into the circulation in excess. Our
national paper money Is the best we ever
had. 1tneeds only to be made full legal
tender, and convertible and rever,ible With
three per cent bonds to be quite perfect US
q tool Of exchange. Then its volume
needs to be egulated by the needs Of trade
and not prescribed by law, nor by the
amount Of specie in the country. This
can be effected by allowing every man
holding bond of the United States to re.
tire it temporarily as the banks do now
and receive for it national money to loan
70 his neighbors or use in his business.
Under this system money would flow out
freely when interest is high and return to
the Treasury when it comes down to a
low rate. There is no good reason why
money should he more than three per
cent. per annum, for that IS the ordinary
rate in prosperous European countries. 1t
is also as high rate as the net production
of the whole people will warrant. The
present enormous rates cannot fail to
bring ruin upon the producing and com
mcrcial classes. This usuary will reduce
the whole people to serflom; concentrate
all real property in a few money lords.
and build up moneycd feudalism Of the
most dangerous character. The Amcrl.
can people arc now throwing away meal.
culable wealth for want of cheap tool Of
exchange. Two millions of men and WON.
en- are out of employment simply for want
Of cheap money. Their productive pow
er combined with the machinery also idle
Is not less than five million dollars per
day or fifteen hundred millions year.
This vast sum is a total loss, not only to
the laborers and their families, but to the
country. A days labor If not performed
is forever lost. This lost labor if saved
would fill all homes with comfort and its
profits would have long ago paid the na-
tional debt. We are suffering this meal.
culable loss by an insane and idiotic at
tempt to force specie resumption! We
have been chasing an "ignisfatuus" which
has led us into bogs where We are hope
lessly aoundering in the mirc,-fartLer.
and farther daily from solid land. In the
dark days Of the civil war when an empty
Treasury filled the hearts of all true patri:
OTIS with gloom and gold fled 10 its hiding
place, the greenback come to our aid. It
summoned armies to the field, replcnished
our wasted stores, and side by side with
our glorious flag urged our soldiers to-
victory. 1t PAID. the pensions to our
wounded, and carried comfort and hope
to the beloved families of the fallen. 1t
stimulated to wondrous life every social
activity when peace returned again. The
grcenback was the good angel of our de-
liverance. Like the cloud by day and the
pillar Of fire by night of the Israelites, j.
moved everywhere before the advancing
host. But in an evil hour the chiefs of
the nation were led away after hca.henish
philosophy of the Plu,ocrats. They fell
down and worshipped the golden calf,
and today its bitter ashes is given the
people to drink.
Financial salvation can come only by
Remuneration ofthe ldolatrous nonsense and
heathenish superstition Of "gold basis"
We must let specie resumption take care
of itself. Enough for US to sec that all
willing hands have work and good wages /;
that the nations need for money be sup.
piled by full legal tender paper curren-
cy resting upon the unsullied faith, the
matchless resources and the marvellous
productive power of this mighty people,
and that this money shall be issued to ali
who have ample security to offer at such
price as shall cover the cost of making
and issuing it. Get this and prosperity
will return agair, and gold which follows
but meyer leads, will flow to us.