River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1877-09-06
STRIKES, TTAMPS-THE CAUSE
AND REMEDY.

that dethroned Charles the lst is SO
much like the actions of the congress
that dethroned the constitution in our
case that it Is well to compare them
Blackstone in speaking of their
excise and tariff laws, says:
s'Yet such was the opinion of its general
unpOpularity that when in 1912 asperslons
were cast by malignant persons upon the
House of Commons that they intended to IN
troduce excise, the house for its vindication
did declare that the rumors were false and
that their authors should be apprehended
and brought to condign punishment: How
ever its original establishment was IN lo45,
and its progress gradual, being at frst lald
upon those persons and commodities where
it was supposed the hardships would be least
perceivable, viz: the makers and vendors
of beer, ale. cider, and perry"
How much this looks like the pro-
ceedings of the bloody revolutionists
of to-day. Further along he tells how
they gradually included in their unjust
laws every thing the poor man had to
eat, drink, or wear. He further says !:
"And afterwards when the nation had been
accustomed to it for series OF years the sue
ceeding champions of liberty boldly and
the most easy and indifferent levy that could
be laid upon the people, and accordingly con-
tinued it during the whole usurpation."
We see here how much the friends
of liberty in 1913 acted like this God,
morality. and liberty loving party of
to-day. But it appears that our faith
ers did not like that kind of taxation.
although laid on very lightly; Meth
er did they like those friends of liber-
ty. 1t will be unnecessary to show
the fruits of these laws in England, as
they have been more disastrous in this
country than any other, owing to the
fact that such laws do not belong to
any but monarchial governments.
Let us now look at the effect of these
laws on the business and people of this
nation. With the light of history and
the teachings of our Democratic Re-
publican fathers before us, it looks
strange that we should go so far astray.
No doubt that the passion to govern in
connection with avarice has had much TO
do in our case. This tendency towards
centralizing power going towards
monarchy has been from the start of
our government, and with the eXcep-
ton of one man, John G. Calhoun, it
did not appear to be hardly perceiv-
able. Let us look at some of his
pleadings to the American people to
have them change their plan of car
rying on the government and avoid
the danger that is now on us.
San feel that the currency is a delicate
subject, requiring to be touched with the
utmost caution but in order that it may be
seen as well as felt why it is so delicate-why
slight touches, either in depressing or elevat-
| ing it, agitate and cOnvulse the whole COM
munity, / will pause to explain the cause.
| Ii we take the aggregate property of COM
munity, that which forms the currency con-
stitutes, in value, a very small pl proportion OF
| the whole. What this proportion is in our
country and other commercial and trading
communities, is somewhat uncertain. |
speak cOniecturally in fixing it as one to
| twenty-five or thirty, though presume this
| is not far from the truth; and yet this small
| proportion of the property OF the community
| regulates the value of all the rest, and forms
| the medium of circulation by which all Its
| exchanges are effected; bearing, IN this re-
4 SDect. a SLrlklDR bhN
| diversity of the subject. to the blood in the
/ human or animal system.
If we turn our attention to the laws which
| govern the circulation, we shall find one o
/ the most important to be, that, as the clrcu-
lation is decreased or increased, the rest OF
| the property will, all other circumstances
remaining the same, be decreased or increas-
/ ed in value exactly in the same proportion
| To illustrate: Ifa community should have
an aggregate amount OF property of thirty
one millions of dollars, of which one million
constitutes its currency; and that one mil
lion should be reduced one-tenth part, that
| is to say, one hundred thousand dollars, the
| value OF the rest will be reduced in like
| manner One-tenth part, that il, three millions
| of dollars And here very important fac
disclOses itself, which explains why the cur
| rency should be touched with such delicacy
and why stability and uniformity are sucf
| essential qualities | mean that a small abso
lutte reduction OF the currency makes grea
| absolute reduction of the value of the entire
property of the community, as we see in thu
case supposed; where reduction OF ont
| hundred thousand dollars in the currency re
duces the aggregate value OF property three
millions of dollars-a sum thirty times great
er than the reduction of the currency. From
this results an important consideration.
we suppose the entire currency to be IN tn
| h nds of one portion OF the community, and
| n 81 1roperty in the hands of the other pOr-
1
der their exclusive control, might control tn
value OF all the property in the community
| and possess themselves of II at their pleasure
Take the case already selected, and suppos
that those who hold the currency diminish
| One-balf by abstracting that amount from cir
culation-the effect Of which woald be to re
duce the circulation to five hundred tbous
and dollars the value of property woul,
also be reduced one-half, that is, fifteen mil
liohs of dollars. Let the process be reversed
and the money distracted gradually restore'
| to circulation, and the value OF the prepert
| would again be increased to thirty millions
1t must be observed that, by alternating
these processes, and purchasing at the poin
of the greatest depression, when the circula
ton is the least, and selling at the point
the greatest elevation, when II Is the iuliesl
| the supposed moneyed class, who could a
pleasure increase or diminish the circulation
by abstracting or restoring 1t, might also q
| pleasure control the entire property OF tn
| country. Let il ever be borne IN mind, tina
the exchangeable value OF the circulatin
medium, compared with the property an
: the business of the community, remains fixed
. and can never be diminished or increased b
. increasing or diminishing its quantity; Will
on the contrary, the exchangeable value G
} the property, compared to the currency
| must increase or decrease with every add
? ton or diminution Of the latter. II result:
from this, that there is a dangerous antagC
mist relation between those who hold or con
mand the currency and the rest of the con
: munity, but, fortunately for the country
the holders of property and of the currenc
: are so blended as not to constitute separal
classes. Yet il is worthy OF remark-it d.
serves strongly to attract the attention Z
: those who have charge OF the public ahau
4 that under the operation OF the RANKIN
system, and that peculiar description OF prof.
| erty existing in the shape of credit or stool
| public or DR. waite, which so strikingly dis
I tinguishes modern society from all that h
! preceded it, there IS strong tendency !
> create separate moneyed interest, accom-
I panied with all the dangers which mui
]. | necessarily result from such interest, an
! which deserves to be most carefully watche
1 and restricted"
n We have quoted this much of Nj
Calhonn's speech made forty-thre
l years ago, from which these polite;
! / n;rataS that have cot control of tn