The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1876-11-03
LANSING, Oct. 21st, 1876.

LANSING, Oct. 21st, 1876.
EpIroR True NoRTHERNER:
A letter at hand from Glendale says that an
ipfationist from Paw Paw has been down there
and taken the town by storm, and carried cap
tive every voter there to the infiationist camp
and that he has made them believe that to refill
their pockets, and give the pecuniary advanta-
gee which they enjoyed during the war, they
need but to vote for Cooper and Cary IN No
vember.
With our time fully occupied with routine
duties we have but little time to write on poht-
Ioal questions, but the manifestations OF Joy by
the democrats during the past week over their
partial victory in Indiana, which was the result
OF misapprehension in regard to the nature
and effects Of resumption, has made us feel
that we could hardly keep from saying word
TO our friends at Glendale, most Of whom read
The Northerner.
Il is well known that the interests Of agricul-
ture, while it is one Of the leading industries
Of America, is very much depressed by the
present condition Of our national finances. And
many, who have but little time to read for
themselves, have been lead to believe that it is
because there is but little money. Such is not
the case. There Is money enough. But the
trouble is it is not all real money. We must
not confound paper promises with capital it.
self. Our paper dollar is not at par with gold,
and from this the trouble arises. Our money
is OF local instead OF general character.
TIE circulating currency which we are obliged
TO use Is not the same as that of California
ID nd ha oF raot ~ tha
The results are more injurious to agriculture
than any other industry both because it 10 the
leading industry, and because Of the nature Of
it's productions. While it costs more to produce
now than it did before the war, there is almost
corresponding rise in prices IN most other de-
partments. But in agriculture, while it costs
more to produce, the produce is worth less.
So as the farmer must take less for his sur
plus. and pay from so to rs per cent. more for
what he buys, his expenses generally equal or
exceed his income, and he is actually losing
part OF his time and labor. Labor is driven
out Of this into other departments Of industry,
and these being already full there is conse-
quent decline In Its price, and the nation is I'M
povershed accordingly. 1t cannot help but be
fact that when there is money in one locality
and produce and manufactured articles are
higher there than anywhere else, such things
Will flow in there from all parts of the world,
and money will be drawn from there accord
ipgly.
so our currency, being somewhat inflated
now, the importation is heavy, and until the
panic, far exceeded our expectation. Our man
ufacturers and producers are obliged to pay
more for labor, and so cannot compete with
other countries in prices abroad, and are COM
PEELED to depend on home demands, and even
here. with our protective tariff, they are almost
overcome by competition from foreign goods,
and are obliged to "go light" or shut up
shop" Take, az a fair example, cotton: In
1860 we received Gil, 100000 from expectation
Of cotton. against s2,OOO,OO0 In 1872. And
why was it? Was it not because we could not
produce it as cheap rs England, and 30 could
not compete with her on prices At the same
time, the laboring classes are in no better con-
diton. For, with wages somewhat higher, there
is a scarcity Of labor, and they are obliged to
pay more for what they buy.
But another point from which we should not
fail to view the consequences Of an inflated
currency, is that it involves business interests
in uncertainty, and increases manifoldy the
risks OF trade. The merchant cannot sell at as
close figures when he does not know what the
article that is to replace the one he is selling
will cost, and so must make himself safe by
asking larger profit. So, during times when
tie circulating currency is increasing. this class
OF men get rich, but, when the inevitable reac-
ton comes they are not prepared for it, but
lave debts outstanding which they cannot
meet, and are plunged INTO bankruptcy, and
these failures cause a panic. Surely, as Hon.
James q. Blaine says, IAN irredeemable cur
rency means financial disaster"
One false argument that the iufationists use.
and which Is the inevitable result OF their wild
policy. is that our currency must be "elastic. /"
That is, that there must be more money AZ
some time Of the year, as when produce "a he
ing sold, than at others. But this Il will readily
be seen on examination, is not a fact. Wb1e
it lie not for the interests OF the people IL Ia a
tool in the hands Of the spectators TO be used
for their own financial interests. For examnle
most OF our manufacturing is done in the sea.
port towns Of the Atlantic coast. and there
most OF the surplus OF the west is consumed or
exported. Our merchants go east in the spr,ne