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


companies no one kuOws. But OHIO, Illinois, Missouri
and Nebraska have deposits averaging about $50 for
eaeh inhabitant; Michigan and Minnesota about S23;
Indian, Wisconsin, and Kansas ahuut Sl7, and Iowa
SlA In these ten States aud Territories the number
Of savings and private banks is l57l one TO 5000
tnhabitans, while in the eleven Eastern States, II is
one to 62OO Inhabitants Is IL not safe to say, that in
all the Northern States majority of all those who
earn money have rings deposits and are credit
ors? But, moreover, whether they have deposits or
not eight millions Of people who wages in this
country creditors by about s2O 0OOOOO for about
had their monthly wages is at auy time due. About
three millions more own farms Asa class they are
creditors Though they have been deprived Of much
OF their Just earnings, hey frugal aud live more
closely within their means than almost any other
class
WHAT ONO STATISTICS rEAcB.
Gov. Allen says, "Our farms are mortgaged." Ohio
statistics show that one-iourth the counties which
contain cities Of more than 54OO popu each,
corded more than nail of the mortgages last year
though they have Oniy one-iourth OF the farms. The
olher 6B counties, with over 600 farms, recorded
only 24,OOO morigages-abnut one to six-and very
many Of these were doubles. town or other than
iarm property. l doubt whether one-tenth OF tue
farms n his state mortgaged for one-l hT,ieth Of
their value But besides the farmers aud wage-earn-
ers here remains Of all the pc pie who support them
selves or Others, less han one-teHth, chiefly mer
chants, manufacturers Tansppters and bankers, aud
professional Even OF these, the great majority
owe less than they have owing TO them. Out
OF 360OO0 dealers and 25O,OO0 manufacturing
firms, fully hVe-sixths small uadesnlen.
artisans or mechanics, whose operations involve no
great risk or Indebtedness VINO thrifty, prudent
do not hazard the capital Of Others and have owing to
tchl lhoIt tndu tutg owe W no. tutut cOhDose Tue
debtor class" Of whom we hear SO much? You must
look them chiefly in cities. They cultivate curb
stones rather than farms. Their risks and debts are
50 enormous that, while the average Indebtedness Of
firms failing daring the last Ave years, outside few
large cities, has been barely S5U00 EACH the average
in lew York City to slI3OU0 each in 1873: and
has been S9LOOO or years past aud the average in
Peunsy yana has been nearly $50 OO0 If the solvent
hrms in New York City aud the State of Pennsy lvania
owe as much as the average OF those failing would n-
dcate, they about 81 400 900 QUO. Records OF fail
ures prove that at least threeiourhs of the entire
commercial Indebtedness is in ten large cities, in
which less than hfiy thousand large operators have
borrowed and risked more thans half the loanable
capital saved by millions Of workers through years
good, very well. But why should millions ut credit
be robbed in order to enrich few thousand great
hOrrowers2 Democracy believed in the greatest
good to the greatest number What sort Of Denoc-
raey not to say policy OF jus ice, is it to take half
their savings from millions of farmers aoorers, ari-
saus mechancs and thrifty radesmen in order to re-
lieve this debtor class?
INFLATIoN AN ENORMOUS ROBBERY.
I1haton, you perceive is enormous robbery because
lega-tender note is certificate to share of what
ever purchasing and paying power labor has earned
and saved You can not add to the wheat in your ee-
yator by issuing more certificates. That only rObs
somebody. The legal tender has no value in itself,
and merely conveys title TO value somewhere else.
You can not double the value of farms in Ohio by is
suing 100000 more title deeds. But you increase the
uneXpended purchasing power itself when you increase
the coin in the country For coin is part of those
products Of labor which we have earned and saved II
has cost tie labor OF searching, mining transporting,
smelling, and that which equips, feeds or supports
those thus employed. No other product embodies Ia
hor OF many kinds the rudeS and cheapest and the
most Skilled, scientific aud costly, and is at the same
time so universally demanded 1t 49, therefore, the
best attainabe measure of the value OF all labor and
its products. The world accepts it, and the demand
for IL is as universal as the demand for labor itself
But measures value only because It has value, 1t
measures purchasing power honestly, only because
Is an unexpended product oil labor The do lar says
81 am % $40 grains Of gold, 9O fine, and the holder
has rendered service of that value TO society, for
which he shall have an equivalent value
Of" But of this function currency is
not relatively but absolutely incapable. In order
to measure value, the tool of exchange must have
value. That which has no weight can not measure
weight. That which has no length not measure
length. SO that which costs no labor can no more
mersure value than pint cup can measure miles. Il
we could fix an arbitrary value OF currency which
should be constant values would measure themselves
against it only in case could seclude ourselves from
all other countries The negroes of Africa have tried
the experiment with their ''maehutes,h and, borrow
ing their wisdom we are tending toward their barbar-
ism. Can not "coin creditT it will be asked
Certainly but Of all things known credit is the least
constant. Declaring by law that credit shall bC
worth one hundred cents the dollar does not make
1t so. Government can declare that two feet shal
hereafter be called yard but that will not change
the length of piece Of cloth.
FALLAcY OF THE OLD GOVERNOR.
But Gov. Allen says that the civilized world use.
credit instead OF coin. Is it possible that the lnnoeen
old gentleman does not know that the world cred
only for the transfer but for the OF val
ues? He is distressed because there is not coin enough
in the whole world to make the pay tuents of modern
commerce. Must he have strinSa mile long to meas
ure mi g? Great Britain uses IL It's transactions siI
per notes, thrty-six per cent checks and it v
three per cent bills aud drafts all PAYABLE in coin
only three per cent. Of gold aided by commercial
SpOnslulllty, measures AL values accurately a lit
tie weight, which child can lift aided by the lever
and devices OF mechanical science, will weigh thou
sands Of tons at an elevator Coin is the standard
yaTd-silcks stamped by government; ii need not b.
used at all II other yard-stcks conform to it, But
unhappily our government has sent out great many
other yard-stlcks, whlch are not only shorter
but have a iacuity OF shrinking stretching fear
lutiy. When sDeyci stopned bidding for gold OF
Back Friday, and crazy, the currency ium pc,
/ in purchasing power from Glj TO ~ cents. Mha
would be Thought OF people claiming be civilized
whose measures length, capacity, or weight ha,
! this faculty Of changing in an hour? Think oi ii
this morning the government vaTd-stck is thirty
eight inches add one-tweh to the price Of all good
per yaru!' Or, this afternoon the National gall or
holds three quarts reduce the price Of all liquids
four h!' Yet in measure ot value, equally change
able some great statesmen think they nave discuvere
an American system OF FINANCE Really they ar
mistaken, The negroes OF Hayti have been usin
since 1876 paper in winch within twenty years
Spanish 81 dollar mas cost as it!le as SIS anu
much a. Si,0 Ia 1871 IL cost S35u. This is not $
much an American African system OF nance
Bur some Americans ara 50 much in love with it, an
50 dissatisfied because dollar does shrink an,
swell SO much the HaytAn, that lney are roarin
through ohio for "mOre money"
THE ROAR FOR MORE MONEY.
Why' because England and France use NOR
money per capita, they say II it were trues what 0
H2 E.eh has more wealth than this country and fa
more persons supported BY wages France is sabOye al
stutes for money have there been used comparaivel
ltle, In Great Britain, with j3 OOO, 900 people, OBS
$50 have deposits IN savings banks Of $500 POI 06l
SJ9 y 20 each pOsitOr. In the states thi
country which have returns, with - 000O0O people
2lS5 69 have such deposits savings banks of $685.
OuO0UO S3i7 % to each deposiIor. There one per
sou IN eleven, here person in six currency
at pleasure. There deposits average 3j4 to eact
family Of SIX, aud here S3I7-neariy seven 10 one
Gen. Butler calls the check "the mouey of aristo
Gratis" In his avn New England there are 740 81
families and 1I79,iS savings dapoSitorS-lI% to eacl
lamiy. Would il sili he aristcraic II all tie habie
bad deposited, and could oraw their own checks2 II
London, with 5000 0J0 people, the bank clearance
since 1869 nave averaged for each person s. 900 yearly
(S20O2i, l90S$O. In New York, with 900 600 people
the c,earings during the time have averaged To-
each person Si2,0U0 yearly 1881, $40 GA SOL If w
make four times as much use Of commercial substi
tutes for money as the English, aud least ten time
as much as the French, and yet have less commerce
aud lever persons hired for wages what is ther
IN say ing that We need much currency per eapi
as Ihey2 IL would be rational say that eacl
eOuuty needs many dollars for each horse Tor Ih
horses can not draw checks.
BEFORE AND SINCE THE WAR.
But men say eve prospered during the war, becaus,
we had mure currency" The fact is that while pur
ohases OF government and depreciation of currene
loreed up prices, every body imagined he was getin
rich, but the people as whole getting poor