Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1876-04-13
imitation.

EXTRACTS from recent speech in Congress by
Benjamin a. Willis, of New York;
MANY believe that initiation of the cur
rency would restore prosperity. This
silly belief is refuted by this proposition:
There can be no initiation of the currency.
Pass law tomorrow (waiving the con-
stitutional question: increasing the
amount of currency twenty five per cent;
there would not be another real dollar in
existence. 4 dollar issued would not be
given away. He who obtained dollar
would have to pay value received for it.
Such law would simply increase the
number of nominal dollars, but each dol
lar would be worth less than before,
would have less purchasing power than
before.
What is wanted is rather an initiation of
credit Money is simply used as oil to
lubricate the machinery of exchange. 1t
is strangely forgotten that bank notes,
bills Of exchange and certificates Of de
post serve efficiently the purposes of
money. England gets along with less
currency to-day than when it's wealth was
one-half its present amount. The daily
L -
$75 100000 The real amount of money
used IN etfecsing these exchanges was but
$2,491 40 per day. The amount of money
actually used in effecting exchanges since
1854 has been but Ito per cent. to the
amount exchanged. To make credit in
tated, you must have something behind
it that is fixed and imm0vable, something
which will not t1uctuate The amount of
currency depends not upon the amount
actually issued, but upon the rapidity of
its circulation. When currency initiates,
credit collapses. Imitation Of currency
always preceGes a collapse of credit. In
t1atlOn of currency has never yet been a
means of recovering from a crisis.
The amount of currency in circulation
is greater to-day than ever before in the
history Of this country, excepting the two
last preceding years.
Mr.. Chairman, another erroneous i'm
preston has possessed the minds of many
of our people, to the effect that imitation
would help the debtor class, that resump-
ton is especially unfriendly to that class
an error in every respect, as | can
speedily demonstrate. If there were to
be more money tomorrow, it would not
be issued to the poor man, to the debtor
class, but rather to the banker and the
capitalist. Nobody would lend to the
debtor, because the prospect ahead would
indicate that when he returned the loan it
would be worth less than when he bor-
rOWed it, Distrust would not only con-
tinue, but increase. Mortgages overdue,
notes matured, would be prosecuted to
judgment because the creditor partakes
of that weakness of human nature known
as selfishness, and would take this means
to prevent the leSSening of the debt already
due before he collected it.
Not only that, but the capitalist would
charge excessively to meet the risk of
false values The rich would rejoice in
greater wealth; the poor would sorrow in
greater poverty.
When confidence is restored the debt
or's prospect brightens at once. What
he has becomes available; he can get
credit for it; the demand for his labor
or his products continually enhances
Honest currency is the only safety for an
honest man.
There is no real difference between any
two classes in this country Demagogism
can erect no barrier which common sense
cannot tear down. The creditor class is
more than twice as numerous as the debt
or class. People constantly change from
one to the other. The creditor to-day is
the debtor tomorrow. There will never
be time when this argument cannot be
urged as forcibly as now, that this meas
ure or that measure is opposed to the in
terests Of the debtor class. The man who
embitters one class against another in
republic should be blistered to death in
the hot wrath of the people. He makes
war upon the sanctity of home and the
peace of society. Capital and labor are
mutually dependent and indispensable to
each other.