, 1877-08-09

ias,e to 3in0. 0.nnD, ,0N1 and itR Valuo will 30 |
back to si1 cents ntld sl00, ,0nN, ,tH>O moro md
the yn}uo will run down to 10 cents another
f1M,. mn, mo increase ind it will fall to rs
cents; and SO on, with each increase of iss'ie
tho valun will decline to 10 ccnta. aud even
to o5 cents This cnsi Md nothing to tile nc.
t,,al s,,.n Of money. Tho pnrehnsing power
Of four dollars worth 25 cents each ia no
greater tlnn TINT OF ono dollar worth 100
cents. Pouring gallon Of water into q ing
containing n gallon Of molnssea does not
increaso tho vntne Of the n1olasses nor will
pntting In two, four, or oven six gallons Of
water increase tho vatus OF tho whole as
molasses; nor will The addition OF millions Of
greenbacka to this number In circulation
increase their power To purchaso 30 long as
each ndlitEoa reduces their value.
II will not do to say Tint It will answer 10
my debts with, aud that with chcap money
debtors may pny of their debts. Debts did
not decrease when money was cheap; the
grcat bulk of the dcbta 1t heavy rates Of
interest, under whicl, no mnny people are
now crushed, wero contracted when money
waa 80 chem, that 1t took SO TO buy as much
M ~ will now. 50 will II always bo inf1a-
ton in the Irresistible inducement to raah
speculation md to wild Indebtedness. The
aggregate Of indebtedness will be increased
in tho proportion Of want Of value Of tho
money.
lint oven Rupposing that debts might bo
paid OF. old loans taken ur4 and new onea
1hndo. LII s,,cll casea, the holders Of the
mortgages will not renew or extend loans
they will not ronew mortgages or loans, nor
can now ones be obtained on any contract
unless payment be stipulated in gold. Men
might borrow grccnbneka from Il to pay a
debt duo to i, but A will insist on n mort
gage payable in coin. Capital is not likely
to 10 found making Investments hereafter in
nny "lawful money" save the coin OF the
country. So even tho great relief expected
from having dollars worth ~ eeuts each
would avail tho debtor class hut little. Tint
systom i,as exhausted itself and can never
recover. Lnbor III now suffering because Of
tue want Of confidence on the part of capi-
tal. Tho latter prefers to roman idle than
10 invest in Nh uncertain condition OF af-
fairs, mil labor is unemployed. Capital
now refuses to venture upon anything ex-
cort contracts to be paid in coin. Will rapcr
dollars of 10 cents inspire capital with con-
flcncs2 Will they employ labor, put men
Mt work, and givo pernanency when nll
is unsettled and disturbcd2 Tho schosno
of Watering tho currency Ia to overwhcln,
tile country with an amount Of worthless
scrip available for nothing; cheat and d
frnnd upon lahor and industry; n wreck Of
all present hopos OF recovery; shors-lived
daluslon, to bo followed by ruin and desola'
tiop.
Theae two schemes THE Tn1nusE holds tc
be equally full Of owl and calamity. safot,
rests in rejecting both inflation mud contrac
ton. The currency should not DO incroasct
nor diminished by statute law. There shoult
bo free coinage in silver az well as In gold
mud froo banking; and, with alt oppressive
and extortionnto oxactions takon from pri
vato cap;tnl, tho business Of tho country will
rapidly nljnst all tile difficulties. The greon
backs, anil the coin, aud tue bank.note
/ won!d ali nttnin a common value NJ money
, spccio values would bo established by the In
ovitablo laws Of trade tho moment tho pres
ont restriction laws on private capital arc re
pcn!cd; there will DO no contraction and III
expansion aavo such a. tho business Of til
country mny require, which, being natura
: and healthy, will accomplish no dcrange
t-4nent =