Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1876-05-18

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THURSDAY MORNING. MAY Is, 1876.
A. A. HARDWOOD, Editor & Proprietor
FINANCIAL.
Az the spring advances it is natural to
lm,k for an improvement in the various
departments of business, but thus fur none
is apparent The scarcity Of money par
alyses everything, and the country begins
to experience forctastc Of what 1t will
have to diet upon as the time advances for
the resumption Of specie payments. Al.
ready the National Banks arc drawing in
their circulation and getting possession of
their bonds again preparatory to the CON-
ing of the era of coin,-an era which new.
cr will come in fact, but which will never
thc-lces intlict upon the country Ill the
hardships which will be entailed by ad.
justing the property valuation by the coin
standard.
We cannot better present this matter to
our readers than by repeating part of an
editorial which appeared in the TRAN
SCRIPT, on the 23d Of March last. 1t Is as
follows:
The distance between gold and green.
backs Is too great to be traversel by sin.
gle stride. 1t can be overcome gradually
without doing serious injury 10 business,
but an effort to compass 1t in the brief
period Of two years will result, not in fail.
ure, alone, but In disaster to all depart.
ments of industry. The present return 10
. specie bases would involve loss, abso.
lu,ely Of one seventh part Of all the wealth
Of the nation. This would be practically
to deprive the whole country Of the profits
resulting from, the business Of an entire
year. No ordinary vocation yields net
return of more than fourteen per cent. aud
ifcvcry man should he compelled to suffer
adiminution Of value equal to that amount,
it would be equivalent to his doing moth
ing for year, and drawing his living
from stores already accumulated. Speedy
resumption means that the people Of Min.
hesota and of all the States shall work, for
the year to come, as they have in the year
just gone,-that they shall discharge their
old debts,-pay in advance for their pres
ent living, for the material and the implc-
menes which they need TO employ, and
when the season is ended to have not
dollar to show for their labor,-the tran
sition from currency to gold having cost
tue entire surplus of the years operations.
How many Of the farmers, mechanics and
merchants Of Minnesota can stand such
strain As that upon their resources: If
driven to the test at least twothirtls Of
them would be ruined irretrievably. II
progress toward resumption be gradual,
the work may he accomplished ultimately,
by the appreciation Of greenbacks. In
the hands Of the government a gold dollar
IS worth no more as money than paper
dollar,-hence it is the plain duty of the
administration by its policy and by its
legislation to equilibrate the money scale,
Ito give to the currency as great paying
value as is possessed by the coin. The
trouble is that the country looks at this
matter from the standpoint of the money
owners They possessing gold, declare
that that the national currency is inferior
to it in purchasing power, and hence is
less valuable as money. BY not having
made greenbacks legal tender the govern
mcat admits this assertion and consents to
the burden which it imposes. This is
wrong. Gold, run into coin is money, aud
only money of the value designated upon
its face, 1t derives its value from the
same authority by which the greenbacks
were issued and put into circulation. To
rs it seems clear that one kind of money
made under the direction of Congress, is
just as good as another, and no better, un-
less some discrimination exists in favor of
the one and against the other. Let Con.
gress honor the greenbacks by making
them acceptable for all government dues;
then we shall he able to get along without
the gold held by the Wall street brokers,
and when we are no longer compelled to
buy it, We shall be able to get along with
out it. II issued for the same purpose by
the same authority currency must he
equally valuable. and the greater conven-
fence Of its use will always make it the
more popular medium of exchange. We
think that with reasonable delay and
proper legislation the country may come
cut OF this financial ordeal without suffer.
ing additional loss or having its business
facilities very seriously impaired.
We cannot hope for aay relief from tue
present terrible stringency unit: the gov.
eminent shall provide financial system
that shall not be affected by the gambling
operations of Wall street.
SPRING TIME,