The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1877-11-08
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aei q the came mind, % j nay hap.
Z pen that Hayes vfl have TIE opportu.
sisy - Gran, once di5. q blocking
the plans n the insauon,sts by timely
veto.
u i rather singslAf that majority
q The democrats 10 congress. bcloag
Jog 10 party vhich. slnce lie organ
izatioB has been bard money party
should bow be given over body and
soul 70 ihis bcfcsy Their platform
DOW is. 10 short. That the volume u
currency sbould equal the demands 81
trade Tia, j. Il should BOT be a
lred quantity bu, should increase and
decrease IN sympathy With the s,rin
gcncy Of the money market Or the ca
price Of individuals who must decide
what The wants 81 trade may demand,
a plan which would suit sharks and
spectators Il all kinds. but which
would deter au honest investor from
embafking 10 business when il must 81
necessity, be o. the nature u wild
cat speculation.
Any person who is at all acquainted
with the financial history Of this eoun.
try, OF any other knows, tha, trade 10
order 70 be successful must have,
above al things stability 10 money
matters. No matter what the volume
Of the currency may be when il is once
fixed, 80 that people have confidence
that il will remain fixed for any length
Of time, the wants OF trade aud the
values Of real estate and personal
property of all kinds will be speedily
coniormed TO that particular amount.
Change the volume and the value Of
everything else must be changed in
proportion This has been the world
experience since traffic aud commerce
began. The chief reason why specie
has been adopted as standard by all
natious is the fact that ii cannot be 10.
creased or diminished arbitrarily but
must remain very nearly at fixed
quantity
History mentions one king who was
possessed with the ambition of our 10.
ilationisls and who issued an order that
all coin in the realm should be doubled
10 value. what was one crown before
should be two crowns, and he calcu.
lated in this way that his own and his
subjects riches would be doubled, but
it was only in name. for everything else
Immediately doubled in value and what
before cost only one crown then cost
two crowns. and the only permanent
result OF the monarch's singular pro-
ceedng was feeling of distrust on
the part of his subjects who did not
know what other singular freak might
possess him.
1t is true that when gold is used as
the legal tender business has its
periods OF huctuation, but everything
is secured TO firm anchor and cannot
60 far astray.
A French writer ia the last number
of the Journal dcs Economistes. as re.
ported in the New York Nation, has
endeavored to show that in England
and France a steady rise in the amount
Of discounts for about six years ends in
a crisis that this is followed by four or
five years of a decline in the amount Of
discounts, and that the cessation of
this decline marks the close of the cri-
sis and the turning of the tide and
that there is tolerably steady relation
between this flow and ebb of the dis
counts and the amount Of metallic re.
serve, and circulation, and deposits
His tables go to show that both in the
bank Of England and that Of France.
beginning with the year 1882. every
crisis has been proceeded by about six
years Of steady Using discounts, steady
declining metallic reserve. and dishn.
gushing note circulation, aud has been
followed Tor about the same period by
reverse movements aud that when
these last are arrested, il has always
been sign that the revival has begun,
the rate Of interest running up to 10
per cent at the moment Of the crisis,
and declining to 2 per cent. at the mo.
ment Of the beginning Of the revival
What would be the result il the vol.
umc Of the currency should be regulat-
Cd by the demands of trade 1t is ev-
ident that when business became lively
il it ever did under that system, and
speculation and extravaganza became
rampant. more currency would be de-
nianded aud received aud speculation
Mould 60 still higher aud demand more
money and everything would go kiting
on the high pressure system, until, at
last, there must be collapse, worse
than any the country or world has ever
known Instead Of the moderate ups
and doshs Of specie payment we then
would have irst unbounded prosperity
and then absolute ruin. One is the
regular motion Of the planet, the other
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