The Weekly Kansas chief. [volume] (Troy, Kan.) 1872-1918, 1877-11-22
. CORRESPONDENCE.
THE MONEY QUESTION.

THE MONEY QUESTION.
Mr. EDrTo.:-The resolutions of the Republicans
OF Doniphan County have attracted my attention !;
though fronLthe expression Of similar sentiments
freely by the Chief had come TO accept the
KsPuol,can Rep sentiment in your County l also agree
Win you, that majority, and possibly large ma
Jority OF the party as well the people Of the State
coincide tlIerein-hence these lines.
FIRST allow me TO heartily endorse and cordially
commend the wisdom and justice of Resolutions I, 2
and The need Of maintaining the party organiza-
ton intact Is again brought into prominence through
of North Carolina. of bill in the u. s. Senate for the
repeal OF the provision of the u statutes which pre-
vents the paymant Of pensions to Confederate soldiers
1872. 'A' "''' nave ''' ~, ~ '''' ""i VI
But started to write upon these words in Resolu-
ton =: AND IN favor Of sufficient amount OF paper
currency to amply carry the business Of the cOun
Iy whicn currency should be issued directly by the
General Government
As there so much Of prejudice upon this question
OF nnaton and equally so in the question between
the 'greenbaek" and national bank currency, will
seek to disaim portion of it, against what write,
by STATING that am not a money iOaner, but o Dor
rower-I am not, and never have been, possessed of
L. 5 bonds nor OF a single share of Lational bank
stoek-nor so far as know am in the slightest de-
gree Interested through hope expectation Of owner
ship or favor, In any elses ownership thereof
Relatively, am poor man, and needing employment
for my family support Hence my interest lies who'll
IN that winch viii conduce most and most speedily
to the return of what are wont call good times.
Having been out Of business for months, have
had opportunity to consider and read somewhat upon
the questions OF currency in the two relations brought
out IN your County Conventions 4th resolution. l
have these to present for the consdera
'oa Oh =, fh xa vO,ers among your readers:
shall be ample to carry the business of the
Try. 1t Is very easy to resolve upon this question,
but how Will you ntelligently decide it l
but one way, which appeals to my Judgment and has
the endorsement Of experience-the best fnanciers
and writers upon political economy being judges.
Inns plan Is 10 allow the issue of all the currency
which banks can float if based upon specie in hand,
or bonds deposited, is now done by the national
banks which is really leaving all dependent upon the
great law of supply and demand-a law which is left
to regulate every item of commerce, and why not
money! To say, as do some, that the volnme shall
for industrious producing people have more to sell
and to purchase than idle vagrant people, hence
create more wealth, and require larger means to
ry on their business As illustrating this point let
us take few examples from contempOraneOus history
The Turkish Empire had, in 1860 population of 36
eoooOo, with exports amounting to go rs 4sS, and
Belgium, with population of 467l S3 exported pro-
duce and manufactures to the amount of sS4 Sol,
in 1850, imported sS5, $685. Possibly it may be
said, that is not fair to compare hafcivilized peo-
pie with one civilized and enlightened might re-
spond, that the comparison is just if the argument
be to peoples alone; for the Turk has energy and
pluck and the Christian subjects alone of the Sultan
number more than Is 0O0, 900 souls. But will COM
pare two thoroughly civilized people In 1857 Spain,
7soi57ia and imported s2 $50 sos while the little
Kingdom of Holland, in 1860 had 8 44 l6l souls and
from her bogs, and imported sl66 Coz. DO not
these instances prove that the supply of currency
not be estimated from populationl
compare their assessed weai, III is7p and Who .a eap
be silly enough to say that the ratio of popula-
ton will settle for them the nice question of currency
Population. Personality. Realty.
ss sed Geo.
tennessee. tennessee ,s5ssas siSSS'SSS. s sasSSSSSC.
If You will 20 the returns for 1860 under the State
bank system, you will find Massachusetts. with less
population than Indiana then had, had nearly three
times the bank circulation
My belief is, that we have too much rather than too
little currency to-day for these three First
There is more much currency in the country,
to-day, there in 1872 when the country is sup
posed to have been very prosperous. If We had snf
fcient currency then, we have too much now, or at
least an abundance.
Second, There is to-day an excess of money in New
York, Boston, and all large money centres This is
willing to pay four per cent, even any per cent
upon current balances than in in 1873 or prior years
1t is further shown by the very low rates for money
on call.
first offered in this country, at par for gold more
than go OOOO 900 were subscribed This shows pleth
ora of money seeking safe Investment, and us seems
to us, regardless of interest.
In the next place, these reasons occur to me- why
the General Government should not issue the paper
currency. The most important element of business
prosperity is certainty Assure me of sale for INV
manufactured goods ut small profit, and will turn
wheels at once. Show me that can secure, year by
year, thirty cents bushel for corn, and can find
plenty OF farmers to raise the con As money is the
of all values it, above all things should have
fixed and permanent value. l might say that it is
an axiom of political economy, that the circulating
medium must be fixed and stable. For this reason a
specie basis is needed, for it approaches nearer to
that than any system, even though founded upon
the credit Of twice forty million people.
Under our form of government, It will be next to
impossible to have our currency certain and stable
only changing according to the great law of supply
and demand, if Congress must regulate it; and that
is what 1t means, If only greenbacks issued Be
sides, if only the greenbaek is to be authorized how
long ere stump-tal currency would be thrown upon
the market, to again. in 1857, rob the farmer and
laborerf You say, We would not allow this. That is
easier said than done. There doubtless is profit
i'll circulation, and the national banks share that
with the Government. Is it probable they would
quietly submit to have their circulation taken from
them, and not seek to secure other, if inferior
There is still of the State bank paper of New
York and other Eastern States afOat. The Southern
State pride is far from dead and their banks before
the war, were profitable and far sounder than our
Western banks 1t would require very little effort to
awaken that State pride, which would compel the
Southern members of Congress to remove any re-
strictOn from State bank circulation in which the
East and Pacific coast would unite, and then the step
to stumptail would be short, and quickly made.
In one hundred years. We have had one mighty re-
belliOn, at the commencement of which found our
Government very weak in many regarls-not the
least of which in its power to raise money-nost
of ALL in the loose tie which held the allegiance of the
people. Let the Government alone issue the curren-
cy, and another rebellion break out how quickly the
revolving States could be rid of the reenback and
freed from every inducement TO loyalty but if the
main currency were in national bank notes, many of
which banks located among the revolving States,
these banks, and their money in the peoples pocket,
would be strong arguments for featy to the Govern
ment upon whose bonds they are based.
Again, by banks holding, by hundreds of millions,
the national bonds, you have, besides powerful
gument for loyalty. money power deeply interested
in maintaining the Government credit and hence, |
from necessity, compelled to rush to the of the
Government, when needing money to carry any |
great war.
One Of the wisest teachings of English history is
the conserving of governmental experience. When |
England buys some knowledge, she has than |
once, in Magma Charfo, the revolutions of Cromwell
and against James IL, she has engrafted upon her
Constitution the wisdom learued. To my mind there
are no palmer teachings in our own past history than
the need of every possible tie unite us as one peo
ple to fit for any contingency of rebellion
tack, and to take as far possible every question
affecting the business interests of the land from the
domain Of politics, and ont Me power of the dema
gogues and incompetents who form large proper
x.nf( (yop