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

shows the amount Of circulation issued 10 new banks
seyeneghths OF ali the Circulation issued was to the
East. All the Western States, though FREQ TO take
hundred millions each, had they pleased, look only a
trihe OF S2B6 700 and all the southern States only
S67,5OO That, we shall be told, only proves their
poverty. The West, wnien was oppressed and starved
because cit had bank circulation Of only % 80 per
capita, was 100 poor either to take, or, of course to
surrender any. win it be believed, as as the
doors Of the Treasury opeued these people Of the
West rushed thither, take out, but to empty in
money by the wagon load-seyenty-dve cents
nies2 What does this mean2 Here was the West ut
terly prostrated, we were told for lack of more
money" and Congress had pity and gave Il leave TO
take all it wanted. But the ten Western ates aud
the Territories take s266 100 and voluntarily
render Sll933 sOj or more than Oueeighth OF their
entire circuatonl What ma iness, when the wants of
trade in this awful condition, merely for lack
more money not only to refuse an unlimited Vher
scauty store Where are the men who clam
ored for more money! In Ohio, which puts
banks in the whole West draw QUIZ Or In Michigan,
which surfeuders S56S OOO onetwefth OF its circula-
ton2 Or la Indiana, which surreuders per cent Of
its circuiauOn, namely Sl275,5s22 fine sum to give
up ior Sta.e sadly Ia need Of more money! Or in
Minnesota which surrenders more than oue-ffth Of
its whole circulation, namety S693050; or Wisconsin,
which also surreders " per cent? or s69s4uOi or in
Kansas, which also surrenders % per cent, $685.
9752 Stopl The men who need more money must be
IN lllinois-Chicago speculators cornered on green
backs And yet, has the day of miracles returnei2 ?
Illinois has surrendered per cent, OF its whole cir
culauon, OF $3.50 4S0l Now, If more money is not
wanted in Chicago, where earth u be ?
Oh, yes in Missouri That marvel Of
wisdom, senator BOgy. we all remember, solemuly
Uniformed" Senator Schurz about the wants Of the
people OF thar stale. They starving for lack Of
more paper money. But now il must tear the heart
OF the lender Bigy to this starving state thrust
into the Treasury S25lS35O 4j cent OF its entire
crculationl Perhaps Il was the south that really
was suffering for lack OF money Three little banks
OF circulation, with ouly S67,5OO in all have been
ganized in all the southern States, while those States
scanty supplyl Was it the Fast then? Eastern States
| have indeed taken odt sL72z0jo but have surren-
dered SJi77,G52. From famished wants OF trade
West South and East comes the same cry, "Not one
cent Tor inhaton millions for surrepder!" Thus it
is that the only contraction of paper money made
since july, 1869, has come to pass by opening the
Treasury, and allowing ho wants of trade take
surrender currency at will challenge you, as fair
meu, to say with what reason anybOdy can pretend
that trade calls ter more currency.
NOT MORE BUT PooRRR CURRENCY.
The real desire of this Democratic faction is not 50
much for more as for poorer currency The Kind we
have does please them because il is worth too much
They demand the withdrawal of secured bv de-
post Of per cent bonds and in place of them the issue
OF S35OO0OOOO more Of legal tenders, secured at ALL
and IN violation OF solemn pledge, thrice repeated,
that the amount of such notes should never exceed
54OOOOOO00. To break faith aud nearly double the
number OF Legal tenders, representing the pur-
chasing power in the country, would reduce their
value, probably One-half 1t would rob all deposit
ors and the millions who have saved earnings and
loaned money, Tor the beneht OF the few thousands
who nave borrowed most oft II this currency would
be as hard TO get and cost as much labor il does
now, why do those It who have gambied and got
largely in debt? If not, II they wish force you to
take paper that fifty days labor in payment of
| that but robbery?
NO. Mr. Kelley will say, 'I only want money
commanding lower rate OF interest" He fancies
that by much thinking aud study of the American
| African system OF finance, he can contrive money
which shall not be deprecated in purchase paw
ment, but shall be deprecated in loans. To invent
money specially for the of gamblers and debtors
| his mission His theory is that the proper and
natural rate Of interest is 365 per The TACT is
that rate low is only reached at times even in old
countries where capital greatly in excess of present
needs has accumulated. In eleven years the OF
interest was below per cent in parts of forty
in London, and twenty-six months in Paris Neither
this nation nor any oil States Railroads. has yet
been able 10 borrow money at lower than per
| cent. gold, more than 55 per cent. currency
| Gold fves of the United States and France bring
! about par For gold S.65 bond you might offer
enough make the Interest per cent. on its cost,
namely, % cents Rather than pay you take
the French bond. But bond promising to pay 3.65
in greenbacks would be worth only 66 if the green
backs would vary, and still less because they
do; And bond promising to pay paper redeemabie
only in that bond would bring still less, for
could guess what either bond paper would be
next day. Then what would be the price of MIR. Kel
leys paper notes, redeemable only in paper bonds
bearing a65 interest in that paper and promising to
pay that paper? Really this would be cheap money
doubt il anybody would steal it, Even the African
system Of finance is surpassed by this device for pay
ing Pennsylvania debts.
HOW LONG WILL IT LAST.
! Shall we never have dono with these destructy,
deviltries Of socalism2 Interest Is not robbery If
steal the use OF your earnings, am as much thief al
though stole your earnings When you save tn,
fruit OF your labor, you render greaier-because
rarer-service to society than in prOducn--tha
service without which industry, enterprise civiiza
lon could not exist. For your seli-denial must say
il want the use ii your earnings, How muchY Ex
actly what any one else is willing to pay. need no
touch your earnings if do not want pay the wage
they can earn. Ii it proGts me TO pay, | have n,
right TO grumble at the wages If there are many o.
us who want the use OF that your abstnenc,
has provided we bid against each other. He who car
pay most or gives the best security gets it, That ma
ture's law prevent the wasting and insure the ac
cumuiauon Of the tund which sustains all indus
try aud civilization. The rage of interest is labor.
only security against slavery to capital II il is high
more capital Will be saved more LABOR demanded anl
wages will rise Lest cialistic demagogues should
hegue men TO destroy the basis oil all their Industry
kind nature has made it impossible control The ra
Of interest. Money will earn all II is worth If no
here somewhere else labnrS earnings find laHt
ia which abstinence is rewarded. They have the ad
vantage They can travel. Drive tHem away anC
labor must stay and sarve. But money has no wife
no child, no home, and ive-cent postage stamp vii
take million 10 Frankfort or London. Nay, it car
ride on tine wings oi the lightning Wherever it is hes
paid the chi OF labor aud abstinence will 60 10 sus
tain aud protect labor.
An, my friends, long already we have ehaset
the shadow and wasted the substance We have to,
little capital, because we have too much cur
rency, and have been roaring for For years W.
made for lack OF saving by selling railroad county
and municipal bonds abroad. In 1873 Europe stopped
lending. Then found 6ur capital so exhausted lha
Il would not support our industry. The crash came
siagnauon follows cheap money, as headache follow
a debauch Mills are SILENT what has become Of Oul
savings? Spent in cheap-money specuations. But TN
capital that came yearly from Europe? Stopped sel
OF cheapmunGy hazards and afraid of Democratic re
pudiators. What surplus we have lelt-these millions
on depost-will take no risks while there is taIk
inhationi prefers to be ready to fly hours warn
Ing Labor waits and hungers. The very possibilit,
! OF Democratic success hangs like a curse over oul
mines and mills furnaces and factories We hav,
too little capital already to move the wheels of indus
try, and to feed vile and child But this party pro
poses 10 drive across the water what have left anC
make this land financial Doorhouse,
WHAT FURTHER INFLArIoS MEANS
We can rise only by borrowing OF by saving The
more paper We issue the less Europe will trust US
| Further initiation only means less saving aud NOR,
waste. Any new issue of paper based on gold ear
only drag down car currency, sink lower, and huctu
ate more. still more 1t will rob those VINO labor
Prices would not rise equally-they never do. Farm
products and wages would inevitably lag behind
Still more shall the producer take the risk while the
speculator pockets the pronts. sun shall wage,
Autter like moth, while interest scOrches Ii ke
steady fame. sdll more shall gambling tant every
loan and every contract every eugas to labor
aud every deposit OF the seed in the kindly earth
Cheap money means gamblers paradise.
IL means that those who control the mOney
market shall plunder others still more. The bil
houses shall eat up the little stroug roads aud mil Il
shall devUur the weak AT the will 0i few men stock
and merchants are coTneTed and loans called n ONLY