The Superior times. [volume] (Superior, Wis.) 1870-1912, 1877-05-12

poor children and laborers of the % farm gangs"
a hatlon overlooking with wealth, doing the
~ OF the world whose merchants and
lduers all fall, at some time in their career, al
most without exception containing also, many
I T OF thousands who would gladly toll
al gay Tor food and nights shelter, who can
SeI no work to do. 1t is a nation to use Mr..
Mr. Carlyles striking illustration in which a
morse Is sure of comfortable support for the
WORK ne does, but man who is willing to work
may starve' o "
II is not strange that Lord Macaulay declared
government by numerical majority of such
people as lmpractlcable and il ia not strange
that our own people are BECOMING each year
more and more like the people of that countrv
in the poverty and degradation of the majority
produced by similar causes, which must he re-
moved II representative government is tn s1,c
coed here. Our English professors in COLLEGES
and our English lawmakers, declare that svs
TENS of law regarding revenue and finance,
which have been principally instrumental in
bringing the ma jority of the people of Great
Britain to this deplOrable condition of poverty
and degradation, are alone scientific and order
ly, and hence desirable for this country and
this people. You have entered your protest
against the unphlosophical and
UNRELIABLE FINANCIAL SYSTEM
of Great Britain you have denounced the re-
sumption of a system by which all who incur
debt promise that which is impossible, to paw
in gold, when there is not gold coin enough Ill
the commercial world to much more than pay
the annual interest on the government debts of
the world.
Mr. Fawcett estimates the amount of gold
coin in Europe at 81, 900, 900, 900. and the
nual interest on public debt 81, 600, 900, 900.
There is no hard-money system in any CONNER
cial country. The same authority shows that
III Europe there is i'll use, as money, the follow
ing amounts
Gold com Observation-Disclosures. s., 300 900
Silver and base metal ............... 100000, 900
Paper. 000 000, 900
Total & oOo 900 900
Per capita, S2140, which he estimates at
S1.40 per capita more than we have III the
United States, including coin and paper at this
time, while the cry from our ''political ccono-
mists and statesmen of the English school is,
contract the currency and resume that ruinous
system promises of coin that does not exist;
resume system of periodical suspensions of
payment when payment is demanded in coin,
and general financial and commercial collapse
occurring at least once during each decade.
In the Dominion of Canada they have the
English system of specie banking in its most
perfect form-a system under which, i'll the
year 1876, one man IN every thirty-two doing
business in Canada failed These figures are
from the commercial agency of Dunn. Winans
& Co.. of Montreal.
The hand-workers of the Mississippi valley
have declared their
OPPOSITION TO A RESUMPTION
of the English financial system of promises to
pay everything in coin. which does not exist i'll
sufficient quantities and carnOt be had. They
desire to preserve the Un.,ed States legal-ten-
der notes. which did us such good service that
sagaclOus Governments, like the German, are
introducing like notes in their finances.
Western anti-resumptonists were pronounced
by the people IN the Eastern States as ignorant
FINANCIAL LUNATICs
men who knew nothing of the true, scientific
and well-tried systems of tinance-and they
refer to systems under which the mass of the
people are impoverished to the verge of pau
perism-while ninety-seven i'll hundred mer-
chants and traders die bankrupt And while
they were ridicung the Western " imitation
lists. y these very Eastern merchants and manu-
a facturers were having their foundations under
= mined, and have been ever since passing into
. the abyss of bankruptcy and ruin.
You insisted that it
: NOT DESIRABLE TO RESUME
the system of forced promises to pay all debts
+ in gold as the only legal tender. You insisted
o upon the preservation of the United States
. legal-tender notes. You claimed that as paper
= currency must exist in every country and must
! exist here, that paper currency consisting of
! evidences of Government debt, and receivable
for all public and private dues. and inter
: changeabe with United States Understanding
Obligations, equivalent III value to CON- would
be & better paper currency than promises of
banks to pay coin on demand-a promise that
cannot be- and never has been met when gen
eral demand made.
YOU INSISTED
that the power to contract and expand the
NOllune OF the circulating meQlum involved
the power to contract and expand the market
price of all property. and that this power should
not be delegated to any particular class of cor
poratiOns or individuals. or even to Govern
ment officials but that the power of every
holder of Government debt-obhgations legal
tender and not bearing interest. redeemabe in
Understanding obligations of the Government.
and interchangeable at the pleasure of the
holder, would automatically regulate the vol
ume of the currency according to the needs Of
{ frOn IINp tO no r1lX7f
steam is automatically supplied or withheld
from engine by its governor.
You claimed that the Government of the
United States would be unable to redeem its
outstanding legal-tender notes on demand in
gold cOn as the coin could not be had, and
that at a recent date the Government did not
have to exceed SO, 000. 900 of coin which was
available for redemption, while its outstanding
legal-tender notes exceeded 1850, 000, 600. That
the true policy was to make the legal-tender
notes convertible into United States interest
bearing bonds or certificates. which should be
interchangeable.
Time is gradual proving that
ioJ WERE RIGHT
The Secretary C the Treasury, in his recent
report admits that the coin redemption of the
United States legal-tender notes in circulation
is mpracticabe-th redemption i'll bonds Is
practicable.
The National Convention of Bankers. recently
held at Philadelphia. by resolution conceded III
this view. and practical bankers i'll the East are
beginning to agree with you that these bonds
offered in redemption
MUST BE MADE INTERCHANGEABLE
that permanent and rrevocable funding OF
United States notes would produce a tinancla
and commercial earthquake.
You saw the solution of this financial problem.
because your class alone had passed to the third
stage of industrial and practical education.
Your knowledge of and Use of machinery yonr
habit of instantly acting and correcting de-
rangements and Irregularities, had fitted You
to detect the arrangements and Irregularities
that have existed in financial systems for the
last 200 wears and enabled you to suggest
mode of improvement.
You realize that in order to enjoy popular
government, our people must be rescued from
want and ignorance that one Of the leading
causes that keep the great majority of the peo-
pie III poverty and ignorance is that the manip-
ulation of the currency under the English sys-
tenn operates as
APUMP.
which draws wealth away from those 'cfo pro
d,tce It, and transfers it to few who control
the pump. You propose to do away with the
pumping system, and have financial currency
system which will correspond to the water
CURRENCY SYSTEM OF NATURE
that the demands of commerce shall evaporate
from the bonded debt what is needed III the
form of current money that this current money
shall seek, as the clouds seek, places where cur
rency is wanted that any excess of currency
shall drain back, by conversion at the United
States treasury, into the bonded national debt
as an excess of rain after saturating the soil,
flows back to the ocean through the water