The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-08-18
NOT MONEY ENOUGH.

congress lust one function IN the natter" to
coin money, regulate the value thereof and OF
foreign coin, and fix the standard of weights
and measures" That is to say, congress was
directed TO establish mint, or other work
shop, at which such crude gold and silver as
might be brought to it for the purpose should
be made up into shapely pieces OF Il certain
uniform weight and fneness, with the value
| in dollars and cents stamped thereon, for con
venicncc of use; also to declare what value IN
dollars and cents, relatively to these pieces, all
foreign cold or silver coins that might find a
circulation in the country, should bear That
was all ; and this sole function OF congress IN
the matter was put on level, and thus de-
clarcd to DE exactly the same in nature, with
the duty of fixing the length of the yarlstick,
the ponderosity Of the pound weight the ca
pacity of the pint measure, and so ON. The
trainers of the constitution evidently no more
dreamed that congress, by this process Of coin
ing the crude metal into convenient measures
of value, could make money plcntier, than that
it could make broadcloth, linen or cotton
shifting or shceting plcntier by the multipll-
cation of yardsticks. All the gold and
silver the country owns is here whether con.
grcss fashions it into measures of value
dimes, dollars or yardsticks-or not, and
neither gains nor looses in value by being so
manipulated
There is only one qualification that this gen.
l., Wa. Lott xra1n lf
gold and silver is about rs 16 to /. At this rate
silver is worth 10 per cent less than gold.
TO bring up silver to par with gold an addi-
ton equal to per cent to its weight, with n
should be a legal tender on a par with gold,
would probably have the effect to make it such.
Congressional legislation would thus have the
effect to add to the value of silver, or take
from the value of gold, this difference of per
cent. We think this is possible, But the eff.
feet on the whole is so nconsidcrable as not
to impugn the general principle, that no legis
lation by congress can permanently add to
.hc valrc, in the commercial world, of silver
or gold,
But admitting tiiis--say our currency doc
tors congress can make money plcnticr by
doubling the issue of grecnbacks. Can itY
The grcenbacks now in circulatiOn--sot over
$3.50 100000 after deducting bank reserves,
treasury reserves etc, are worth 10 cents on
the dollar. Money is already so plenty and in
so little demand that the banks are full and
the government can borrow all it wants at A
per cent interest. If congress should, in such
IA condition of the money market, suddenly
issue Sl00,0000G0 more of grecnbacks, she
must either put aside and take out of circula-
ton an equal amount of gold and silver to re.
deem them with, or they would drop to such a
discount as to effect no real addition to the
valuc of the currency of the country, or she
must make them available ut par in the pur-
chase of government bonds, whereby again
they would he absorbed and taken out of cir
culation. Thus, rs already stated, no issue of
paper money Ivy congress can permanently
make money plcntier while for the time il
mi ght cause violent commercial disturbances
precisely such as the country is now so severe
ly suffering from.
The way to make money plcntier in this OF
any country is to create n profitable Use fol
money. While this country in 1868, 80, 20
etc, was running wild over railroads, town
lots, western lands, and all sorts of extravagan
speculations, with her S400,00000O of green
backs and 100000, 600 Of national bank bills
as the only currency, Chicago alone handled
S250,000000 and New York S1,OO0,O000O0 4
month. A million a day often passed between
Chicago and New York, and neither the bust
ness men or bankers of either city were con
scious that there was dollar more or less OF
currency in the city. And in point of fact
there was no more or less Bymcans of checks
drafts bills of exchange, etc, our six or seven
hundred millions of currency easily did bust.
ness amounting to thousand millions a
month, and yet currency seemed everywhere
abundant; just AS less than one hundred mil
lions of gold are all-suiilcicnt TO lubricatc the
entire business of this country with foreign
nations, which amounts TO twelve or fifteen
millions year and is conducted on gold
basis only.
II is not more currency, or less currency,
that the country wants congress TO give it, but
steady currency-somcthing fixed and set
| tied What the country wants is that congress
shall stop tinkcring with the subject-shall
stop this dishonest system of having one cur
rcncy for the people and one for the bondhold-
or; and this perpetual manipulation of govern
ment bonds, and gold sales, and currency
gobbling, so as to keep business in u fret and
gold gamblers and stock jobbers in perpetual
carnival.
The secret Of all so-called good times is that
immatcrial hut important element, confidence.
With our currency on Il firm, solid, immovable
basis, with no perpetual tinkering of the tariff
laws, with rs little interference in short, with
any of the daily avocations and affairs of the
people as possible by the national or state gov.