The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1877-01-23
County and City Official Press
Tuesday, January %, 1877.
DISTRIBUTION.

nag uI1ef The hsaiing. Suffering H.
New York-Eh will it end
writes A. follows.
1T makes the heart -icken Just Ia
read thu report If the suffering Of our
brethren. The ignorance and short
signtedness Of Ean seems cruel, whe'
we contemplate the situation Of our
country at the present time The eis-
ments are full of human cnmfof's. and
our Grea, Father has causes! them L"
give forth their store, for the past II
months almost like the s<cea Iieateoas
gsars Yet thousands Of our people arr
crying and dying for br"a'i, a:'d there
i. no Joseph to provide for their crag
ing wants. Potatoes fifteen cent p z
bushel. but there is no fifteen cent,
All Of this misery and death Is brought
upon our country by the vicious work.
ings o! our financial laws. said Law,
require rs to boy. sell. Ieceive dues. pay
taxes. tariff. etc. an moaey, but they
fail To provide an ndequ4te supply. and
il the supply ~ ample. there Is 40
law OF dastribu,ion, or law To make the
supply certain. Millions and million,
may he lying In the treasury vaults. as
secure fro.u circulation IA though still
in is native beds in the mines Of Cali
fornia and Nevads. Hence for the
want Of judicious laws to create ard
distribute currency. all of this want
suffering and misery, and turning back
the wheels of progress. paralyzing the
industries, destroying enterprise, bank
rupting debtors. enslaving bnr and
establishing money monopolies 10 rule
and ruin people by high interest And
boarding currency, ishlch IS The t,teb'ood
ef basiRes."
The same writer propounds novel
plan as a remedy for the evils men
toned. 1t Is II establish u national
banking system whereby every man
who has real estate can obtain from
the government an issue of its currency
-greenbacks to a certain fixed proper
ton Of the assessed value Of his real
estate--as ons-half or one-third-in the
shape OF loan bearing intcres, u, the
rate OF three per cent. yer annum. by
this means. he argues. the volume oi
the currency would be- self-regulsting
according to the needs and OK gencies OF
business 1t would sweep away n, a
stroke the entire money interest Of the
country. as = class. In fact. money. rs
money would cease to have any value.
Gold and silver would cease to have
any value except for Use III the arts-as
merchandise, that Is; the same "a bras.
or iron. On the other hand, it would
place . sudden and wonderful premi.
um on industry. and give an extrsor.
binary stimulus to production. II this
system were adopted. be claims that the
Interest which the government would
derive from the loan Of its currency
would not only defrsy all its current
expenses and speedily extingui,h
the national debt. but also would
bsad. within few years, three
great trunk lines Of railway
across the continent, one terminating a,
Puget Sound. another in California
aud third running across Arizona te
San Diego-together with n network
Of transverse feeding lines.
Though the scheme It this theorixel
is too extreme and revolutionary 10 be
practicable and possible. nevertheless
it is uudenisble tina, the financial situa.
ton OF the oountry is such asto demand
some immediate measures for the reliei
Of the popular distress Yet the ple,ho-
"a of money in the banks no. only on
this side Of the Atlantic, but also in
Europe, is u sufficient. refutation OF ihs
theory that the financial and indus,r al
arrangements Of the nation are due tc
the contraction of the currency inciden,
20 resumption Of specie payments The
real cause. 81 far ~ any remediahie
cause can be found. lis the >lsokening Of
enterprise-the adoption Of the sluggish
policy Of abandoning internal imp, ove-
ments This has brought in its train
ssagnation of all industries tiiscour
sgement OF immigration, and a general
'orpor aud morbidi,y of the nation at
large. Let the railroads BE- pushed,
which the continued dcyelopmen, of
the broad new West requires. and the
.lsfc currents will flow again with their
wontesi activity.