Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-03-31

II Ia fact notorious as daylight that tho banks
arc full Of money R that lies id!e FOR want Of
employment. NO intelligent man questions this
fact To any candid mind this would conclusive
ly provo, not that the volume OF currency Is uue-
quail TO the wants OF business, but that tho bust
ness OF the country is unequal to the volume OF
But moi say the lnfationists. II does not provo
that the volume OF currency Is equal to the wants
OF trade; for, although there may no supeia-
bundanoo OF money In the banks, there are great
many people who want money and can not get II.
To candid common sense, this again would
prove, not that there 10 IA lack of currency, hut
that there Is want OF confidence which deters
those who have money from emharkinR in busl-
ness, and from lending money TO those who
need II.
GOVERNOR ALIENS BRILLIANCY OF NONSENSE.
This want OF confidence il to Co overcome. How
do the infationists propose TO accomplish thsf
ep p hs Oh we SPts as soe 6V hS pn%o
cratic party of ohio charged with the great oifco
OF leading the country out OF all Its financial diff
ealties. have studied some Of the speeches Of
That venerable gentleman, which, must confess,
filled me with wonder and amazement No words
port OF his speech delivered some time ago, at Ma
retta, find the following Language:
"These fmeaninR his opponentsl 20 about
wish to God wo could fud some OF it. tLauehter.l
% 9[ r. h G Of money and currency op The
tion tt is more money than so many cOrustalks
would be- To be money 1t must circulate aa a medium
ior carrying on the exchange Of the country"
This then, ia Governor Aliens doctrine. do
not wish TO speak harshly of the venerable gentle
qualities, and far be 1t from me to cast any sur
upon his character as man. But standing there
pie are called upon to trust for the management
or their most Important interests, his expressed
! opinions challenge scrutiny. Now, 1 must con-
| which the initiation school OF fnanciers has been
flooding the land, find none equal to this theory
OF Governor Aliens IN bItllianey of nonsense. II
deserves to be recorded and transmitted to pos
terlty as one of the Immortal utternnces of the
nnanclu statesDanship OF this period.
Only think of it, Money in bank is no money at
OIL for business purposes, because 1t is in bank
which asks the people TO vote for him on the very
ground Of his financial principles, does not know
yet that III this civilized country only about
seven per cent. of the business transactions
cOmplished by an actual transfer and delivery of
currency from hand to hand, and that fully
ninety-three per cent. of those transactions
are effected by the transfer of bank ac-
counts through checks notes and bills OF exchange.
He docs not know that ninety-threo per cent. OF
The circulation OF money In this country Is effected
through those very banks, which he likens to the
bottom of the Pacific oceanl He does not know
yet that, In the progress OF civilization, we have
business man carried his treasury in his wallet
and his counting-roOm in his hat
1t seems almost incredible in this nineteenth
century, and yet this very absurdity is the basis
OF all the reasoning OF the intationsts, and Gov
ernSr Allen y only the M 5lunt but the true repre-
or pretending to believe. that money in bank is
lost TO, circulation and no longer performs the
office of money, they strive either to force that
money out Of the banks, or to issue more which
will not go into the banks They decide at once
THROWING MONEY INTO THE OCEAN
Now, suppose more OF our irredeemable green
backs be Issued No matter who gets them, the
first thing the people who receive them will do is
except Governor Allen. "Hold on" cries he,
that will never dol You are destroying, yOnr
greenbaeks tor all purposes of money and cur
rencyl fou are throwing them into the bottom
of the Pacific Ocean," And he sagey proceeds to
SLOW his away in an old stocking or an earthen
pot under the he'd for circulation; for, II he lends
his money TO anybody, or pays 1t out In busi-
considerable quantity, will forthwith deposit IL
in bank, and even II paid out in small sums. it
Yes this is a perverse age when people will In
sist upon depositing their motley in banks.
"Now," Governor Allen will say, "this expert
ment not having answered, the great mass of this
new issue of greenbacks having gone inte the
banks, or which is the same thing, INTO the bot
tom Of che Pacific Ocean, OF course, we must issue
more greonbacks, and more and more. until tho
money stays out OF the banks" And, finally, Gov
ernor Allen would accomplish his purpOse-that
is, when the greenbaek5 Will have become 50 ut
tery worthless that 1t VIII no longer be Of any
pOse the greenbacks would IN his sense. be "bet-
ter than cornstalks;" they would, at last, "serve
the purposes OF money and currency" and really
circulate as q medium" according to Governor
Aliens enlightened financial conception.
| This would, as Governor Allen gives us to un-
| derstand. be "making and keeping the volume OF
the currency equal to the wants Of trade" in pur
suance of the Ohio platform l desired to prove
that the Ohio platform means imitation. Will
amy follower of Governor Alien deny it yetG
ABSURD AND CHILDISH THEORIES.
!
soberness, would it not be burning shame for the
people OF so great State, au intelligent,
educated sSHa people people at at critical moment,
| to designate man, who claims their votes Just
because he is the exponent OF such policy, as
their chosen chief, thus putting the seal of their
appreciation upon financial theories so utterly ab-
surd and childish as TO become the laughing stock
| OF the world wherever they are mentiOned L
earnestly hope the people OF Ohio will think bot
| ter OF themselves.
some Democratic speakers pretend that the pol
| icy OF "malllng and keeping the volume OF the
| currency equal to tho wants of trade" may, in
the sense of the Ohio platform, under certain cir
cumstances mean, instead OF inflatiOnj reduction
OF the currency, namely, when II appears that the
volume OF currency is in excess of the wants of
| trade.
When will the excess be admitted If IT IS not ad-
mitted now. while large quantities of money lie in
| the banks idle for want OF employment, and that
paper money at heavy discount as TO gOldl If now
| more currency under what circumstances Will
they be considered TO require lessi 1t Is easy TO
show that as you go ON increasing the currency,
the demand VIII not be satisfied but it will be still
more excited.
INITIATION DETERIORATION.
! One thing is universally admitted: n the vol
une OF our irredeemable paper money is in
creased, 1t will further depreciate. The paper
dollar, which Is worth IS cents in gold now viii be
worth 3d. or 20, or CO. or 80 cents then, and what
yOn can buy for one dollar in paper now will
cost 81 %, or 81 so. or 81 40. or 81 90, then.
As the paper money depfecates and loses In
purchasing power its power OF etteeting exchanges
win decrease in corresponding measure. A
qure SIPS, or 1880, $3.50. then. What fol
lOwsl The increased quantity Of the currency
bringing with 1t no increased power OF effecting ex-
changes, in consequence of corresponding depre-
citation. you are, after the increase, Just as far
from satisfying the supposed wants OF trade as
you were before. You try further OK pan sion, and
the result will be exactly the same You 60 on
| trying IN that way "tO mako the volume of cur
rency equal TO the wants OF trade" and the infIa-
tiOn will be indefinite. until finally the currency
becomes so worthless as TO effect no exchanges at
all, and the whole edlhce tumbles down in univer-
! sal repudation, bankruptcy and ruin
Is there any advocate OF the Democratic plat
| form who can gainsay thisl If NOT, then let us
| hear no moro about that platform not meaning in
tlation. It means imitation indefinite, unlimited
until the currency is utterly worthless
Besides, yOu need only listen, not to the trim
ming apOOgizers, but to the real makers and ex-
pOnents OF the Democratic platform, and you hear
nothing but the rOar for ''more money more
money!" If IL did not mean imitation, IL would
have no value at all 10 them. To quibbie about il
| is not only useless, IL ls simply a ridiculous
| attempt at evasion. The infationists of Ohio
themselves will laugh at you, did you tell them
that the platform does not mean "mOre money;
much, very much more money!"
THE DANGEROUS POWER OF LEGAL-TENDER.
Now let me return to the point from which this
was depression. | affirmed that those who adyO-
Gated an initiation Of our irredeemable paper cur
renoy, pretending to be Democrats, nre advocating
m afi md NJ