The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1877-11-01
KEN0sHA, WISCONSIN, THURSDAY NOVEMBER l. 1877

The commercial and manufac turing
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 itshould say: "put
your money in these vaults; here it
viii be out of the reach of produce
buyers, and here you can have four
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
or hundred millions. And when
fifty millions are with drawn suddenly,
arbitrarily, without premonition or
preparation, how much money will az
riculture realize upon it's harvests?
Then when your crops are sold i'll a
market
DRAINED OF CIRCULATION
and you begin to make your years
purchases, who cannot see how surely
the same syndicate would join the
! Bull party? Would return their bonds
to the Treasury, pocket the interest
earned upon them and flood the mar
lIet with currency again, and when
| fifty millions have been suddenly and
arbitrarily poured into the market
how much will you be able to buy
with the meagre pittance you realized
| upon the sale Of your crops. You will
| have bonnd and gagged the Treasury
and flung it at the feet Of the Wall
street gamblers, mere tool to be used
alternately by the bulls and the bears
very sure to be the ally of the bears
when the farmers want to sell, and
very apt to be the ally of the bulls when
the farmers want to buy. Seed time
and harvest might even then continue,
, ! but such harvest would be like the
+ victories which Pyrrhus won over
| Yal9rius, Two of them would leave
tlik, great braWnY agriculture as stiff
and helpless as the Cardiff giant.
But this is not the only leverage
which interconYertibiliy would give tC
capital. Capital would not then arbi
trarily regulate the volume of curren
cy only, but it would control the value
Of it also. Of course
SPECIE REDEMPTION
| is impossible with such circulation
When the currency is Of paper, and
that issued by the government, and
when it may be six hundred millions
in October, and billion in january
it is idle to suppose that any part OF
it can be redeemed in coin. Evident
| ly that is not contemplated, herhaps
| not desired. MI. Allis argues that the
paper would be as good as coin if al
lowed to 10 the same work which coin
/ does. Undoubtedly he is right. But
unfortunately something more than an
| act Of Congress is required to enable
| paper to supply 0W the uses of gold
and silver. No act of Congress will
enable us to make plate or watches of
treasury notes. We can by act of
| Congress, make such notes receivable
for duties on imports and for all debts
due to the government; but there are
debts due from the government, which
must be paid in coin or repudiated.
The coin required for that purpose, if
not Obtainabl0 in redemption Of your
paper currency, must be purchased
either by the government or by those
who pay taxes to the government. So
far as the capability of paper or the
value of coin is concerned, it is all the
same whether the government or the
taxpayer makes the purchase. There
is still
OTHER WORK WHICH COIN CAN PER
FORM,
and notes cannot. If our citizens had
no trade except with each other; if all
I our commerce was Interstate and none
was international, then all balances
could be settled with whatever Con-
gress might lawfully declare to be
legal tender. But our citizens sell
from six to eight hundred millions an