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

con Trcss lust one function IN the matter"
y coin money, regulate the value thereof and {
N foreign coin and fix the standard Of weight
T. and measures That is to say, congress wa
Ne directed TO establish mint, or other worl
J. shop, at which such crude gold and silver a
l. might be brought TO it for the purpose shoul
be made up into shapely pieces Of Il certai
= uniform weight and fineness, with the valu
in dollars and cents stamped thereon, for con
vcnicncc of use; also to declare what value il
dollars and cents, relatively to these pieces, al
! foreign gold or silver coins that might find 4;
: circulation in the country, should bear Tia
: was all and this sole function Of congress il
the matter was put on level, and thus de
clarcd to be exactly the same in nature, will
= the duty Of fixing the length Of the yardstick
the pondcrosity Of the pound weight, the ca
pacity Of the pint measure, and so on. Tho
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 sheeting plcntier by the multiph
cation of yardstcks. 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.
eral statement needs. The relative value of
gold and silver is about AS rs 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 5 per cent to its weight, with Il
congressional declaration that at that rate it
should be a legal tender on 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 inconsiderable as not
to impugn the general principle, that no cgis
laton by congress can permanently add to
,he Yalrc, in the commercial world, of silver
or gold,
But-otihittihs tiis-say our currency doc.
torsS- congress can make money plcnticr by
doubling the issue of grecnbacks. Can it,?
The greenbacks now in crculaton--sot over
S250000,000 after deducting bank reserves,
treasury reserves, etc, are worth 80 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
a condition Of the money market, suddenly
issue Si00,000O00 more of greenbacks 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
value 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 be absorbed and taken out of cir
culation. Thus, rs already stated, no issue of
paper money Ivy congress can permanently
make money plenticr, while for the time it
might cause violent commercial disturbances,
precisely such as the country is now so severe
" suffering from.
The way to make money pcntier in this or
any country is to create II profitable use for
money. While this country in 1868, 80 20,
etc, was running wild over railroads, town
lots, western lands, and all sorts of extlavagant
speculations, with her $4O0,O00O0O of green
backs and $300,00O,0O0 of national bank bills
as the only currency Chicago alone handled
$780, 5000 and New York $1,OOO,OOO,0 600 Il
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 a dollar more or less of
currency in the city And in point of fact
there was no more or less Bymeans of checks
drafts, bills of exchange etc, our six or seven
hundred millions of currency easily did bust.
ness amounting to Il thousand millions a
month, and yet currency seemed everywhere
just AS less than one hundred mil
lions of gold are all-suiiiccnt to Intricate the
entire business of this country with foreign
nations, which amounts To twelve or fifteen
millions Il year and is conducted on a gold |
basis only.
1t is not more currency, or less currency, |
that the country wants congress to give it, but
II steady currency-something fixed and set
tied. What the country wants is that congress
shall stop tinkering with the subjcct-shall |
stop this dishonest system of having one cur.
rency for the people and one for the bondhold. |
or; and this perpetual manipulation of govern.
4. 4
gobbing, so as To keep business in fret and
gold gamblers and stock jobbers in a perpetual
carnival.
The secret Of all socalled good times is that
immatcrial hut important element, confidence. |
With our currency on a firm solid, immovable
basis, with no perpetual tinkering of the tariff
laws, with as little interference, in short, with
any of the daily avocations and affairs of the
people rs possible 10y the national or state gov.