The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-08-04

injustice OF an inflated ana IRE
deemable currency. IF there had
been no imitation and consequent
hewould have receiv-
ed the worth of his thousand doll
lars when he borrowed it, instead
of two fifths its value, aud there
would be no Injustice now. of pay
ing $1,000. I cannot expand this
idea, butt will readily be seen that
the uncertainty of the value OF our
money enters into all our transact
tons, enhancing prices of goods at
the final expense of the consumer,
or lowering them at the cost and
disaster of tie manufacturer.
Elasticity is an important element
of currency. No man and no set of
men are wise enough to determine
how much money is needed to carry
on the business of country; fix
ed limit by law shuts off the idea of
elasticity; the boundary is sure to
be reached some time and the bar
rier which was of no use before we
reached it, is swept away; when
business becomes dull we have too
much currency, and money lies
idle /; we have no means of contract
ing its volume except at the ex-
pense of every business interest. A
recent New York paper reports 20
millions as now lying idle in New
York City banks alone. The plan
of the, Bank of England is better
than ours for after reaching GER
tain limit for all new issues the gold
must be depo sited pound for pound
the German plan of taxing all is
sues over a certain amount, per
cent. is perhaps, still better.
am opposed to the greenback as 6
legal tender because as it is now man
aged It is a part of the political "ma'
chine" No one knows whether we
are to have contraction or expansion
like Jinks' baby each party tries to
control it for its own advancement,
with little regard for the public welfare
Gentlemen are strangely Indifferent
to the public credit, an interest which
is as intangible as the sunshine, bu
as beneficent, to every man living OIL
the SOIL" In hard times there is al.
ways the temptation to over issue anC
consequent depreciation, and no ma
chinery has yet been found equal t.
the task of varying its volume accord
ing to the demands of trade.
hope my friend Graham will par
don any want of respect 1 may hav
shown his system of ''purely pape
currency" yet unborn. 1t is those al
ready in existence which l oppose
Let me remind him, however, thatsom
"mighty smart" men have tried thei
hands at this paper money business
not only in the "effete monarchies c
the old world" but among the risin!
geniuses of the new, and without al
exception failed. Their history is 81
alike, that it becomes monotonou;
A clamor for more money, an issue c
irredeemable paper, imitation of prices
depreciation of the currency, distres
and ruin; a return to metal stand
ard, prosperity, until the lesson
forgotten, then the same old expert
ment tried again; a true history {
paper money in very fe'
words. 'sTo be able to pay off til
national debt, defray expenses of tn
government without taxation, an
in fine to make the fortunes of tn
whole community, is brilliant pros
pect, when once a man is capable c
believing that printing few chara'
tiers on bits of paper will do it,
may perhaps be permitted to say th'
my friends method of argument re
minds me of the way the cuttle-tis
takes to get away from its pursuer
1t is provided with a gland called a
"ink bag' from which it elects
dark colored fluid that darkens IL
water and thus enables it to get ava
unseen. REsUMP TON.