Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1877-11-01

before IN this country siuce the Na1
F}oUr unl0aded on Plymouth Rock.
Not money enough? Be not deceived
Ii is not the volume Of money which
is shriyelled, but the volume of bust
ness. The volume Of currency is but
about thirty millions less than it was
in 1870, 1871 and 1872. The volume
of business has shrivelled since those
years beyond my ability to state.
mention one item. During those years,
in addition to every industry prosecut-
ed now. there were more than I eco lni.
of railway built and equipped, upon
an average each year. During the
succeeding fiscal year. railway con
sfruction dwind!ed to less than two
thousand miles During the present
year it Is estimated that less than 700
miles will be built. Do you know
what the construction of seven thous-
and miles of railway means? 1t means
nothing less than the disbursement Of
TWO HUNDRED MILLIONS FOR LABOR.
" hen the construction stops, labor
earns two hundred millions in the year
less, then there are two hundred mil
lions less to be expended for the pro
ducts OF other industries. The mar
ket for lumber and for almost all other
fabrics shrinks. Saw mills, furnaces
and factories are closed, and thousands
from those shops join the hundreds of
thousands dismissed from railway con-
struction
From these hints each one of you
may calculate for himself how much
the volume of business has diminished
/ and why it has diminished. Not mon-
ey enough? Since the 1st of January
/ 1915, national banks have voluntarily
retired from circulation more than thir-
ty-six millions of their own notes. be-
cause there was not profitable employ
ment for them. Not money enough :?
! Why don't you make money YOUR
selves Any half dozen of you can
organize and issue your own notes for
money if you will give security to ex-
change coin or greenbacks for them on
demand. But you protest against
bank notes convertible into greenbacks.
/ ou insist upon circulation composed
OF greenbacks exclusively, and CONVEX
tlble into nothing except United States
| bonds. Veil, make your United States
notes and your bonds interconvertible,
and do you not certainly know that
the Immediate effect of shat scheme
will be
TO CONTRACT AND NOT TO EXPAND
the volume Of legal tenders? Capital
would then contract the circulation at
pleasure and would contract it largely.
The greenbaek party, if permitted,
would rush into the very jaws they
profess 50 much to dread.
But contraction is far from the
worst peril to which the interconverti-
bic scheme would expose US. Capital
under that scheme could alternately
contract and expand the circulation at
It's own arbitrary will. The agriculture
OF this country which is the foundl-
ton OF all prosperity goes to market
but once year. Seed time and har-
vns are promised to US, but only one
seed time and one harvest in each wear.
Three times during the last decade. we
have seen capital combine to make
currency scarce, just at the time our
harvests were going to market. That
end Is effected by the simple process
| of
/ LOCKING UP CURRENCY:
making special deposits of it. But
currency cannot now be locked up, eI-
cept at the loss Of interest. Fifteen
millions were ut one time so locked up.
but the interest On fifteen millions at
= per cent is over $2,400 per day :;
! that IS heavy penalty for locking up.
/ How convenient to such operators. and
how disastrous to the farmer il would
be to have the Treasury vaults opened.
where the spectators could deposit
their millions, and take interest bear
ing bonds in exchange. You may
say that the United States notes so eE-
changed are not locked up. but the
Treasury may at once issue them again.
Issue them for what? TO pay appro-
prlations? Taxes have provided the
iund to meet appropriations TO pay
other bonds bearing higher rate Of
interest? But what if no such bonds
are payable the holders cannot be COM
PEELED to surrender them and take the
notes
Well, the Treasury may stop the in
terest on their bonds, but that does
not put the notes IN circulation. Still,
! you may reasonably assume that the
holder of the bond would take the
notes If he could get no interest upon
1t and nothing else in exchange for it.
But the difficulty is, lie could get some
thing else for it. He could get the
very bonds into which your new law
makes the notes convertible.
The commercial and manufacturing
interests always want to buy your
crops as cheap as possible. When
those great interests shall combine
with the regular Bear party to lock up
money, and the Treasury shall say to
them, as we are told it should say
put your money into these vaults !:
there it will be out of the reach of pro
''duce buyers, and here you can have
tour per cent, for having it kept out
''of circulation"
Who does not see how easy it will
be not merely to Withdraw fifteen mil
lions from use, but to withdraw fifty