The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1878-04-26
..-Grus- N0ril,efMfr-
Paw Paw, MIcnIsAK, April 26, 1878,
rRkspEEMABLE CURRENCY

IRkEDEEMABLE CURRENCY.
The theory that the Government can make
money by simply putting Its stamp upon
piece OF worthless paper is very plausible
pieceof sophistry ana well calculated to attract
tbose who do not stop to reason upon or to In
vssacate the matter. And When demagogues
20 around the country telling people that the
way for all to make money and become wealthy
and prosperous, is for the Government to inaate
the currency with irredeemsble paper money,
certain class of people, relying upon the truth
OF the fallacious statements made, are ready to
fall IN with the idea aud fondy fancy they have
discovered. il not the philosophers stone, at
least an easy and short road 10 wealth
The idea of the leaders of the new National
party as set forth in their documents and pub
lie speeches is that these Sc called paper dol
lars shall never be redeemed. Indeed it scent
that this very feature OF nen-redemption isthe
one quality this new currency isto possess that
is altogether lovely Aud to maintain their
wild and errsGc notions, they ask US, with an
air or triumph AID self complacency, =" Is not
the whole vea1th OF the country back OF this
currency? Is not every mans pcoperty behind
it," Well we rather think 1t IL 80 far BEHIND
1t that il world never come to'the front, or add
a farthipg e it's value How could it These
notes or bills, or dollars, or whatever else you
call them. with which they propose to flood the
country. possess Of themselves no intrinsic
value, and neither the government nor any one
else promises to pay or redeem them in any
thing What good or advantage, we would like
to know, can result from the fact that the gov
eminent is strong and the country is wealthy
For all practical purposes so Tar as adding
any thing to the value OF such currency, the
government might as well he as weak as it now
is strong and the country as poor as poverty
II this proposed currency was to be redeemed
by the government, II It, like the present
"greenback, was the promise OF the govern
ment to pay if it was not upon its very face an
arrant fraud there might be some force in the
Argument OF our imitation friends Now IL the
government has the right and the power to Is
sue such currency as ia proposed. and II such
currency is 20 be such blessing to the coun-
try az we are told. IL the government can create
dollar from vaueless piece OF paper. why
limit The amount ~ any way? II these are
good dollars, and II they are TO be legal dollars,
aud all must accept them. as matter OF course
an abundance of them would be good thing
Where wall the limit be. who shall draw the
ins' In short, why not make this truly pa
ternal government, and Issue enough OF these
patent dollars and have them distributed gratis
among the people to make US al mlIonaires =?
Surely this government must have the night
and the power to do this, il 1t has the right and
power Ia issue them at all And then we would
be wealthy people indeed, for besides all the
property OF the country we would have this
great mass Of lawful money created by the fat
OF this great nation. But perhaps some " old
fogy who still retains enough OF the " relics
OF barbarsm' about him to think that money
ought 10 possess an intrinsic value OF its own
will say that such q currency would be valueess
that no one would take 1t for any thing at all
Wei perhaps that is so, but then this bsnei
cent government OF ours might step IN and ar
range schedule OF prices at which all articles
should be bought and sold and then surely we
would be al right. With plenty of money in
every mans pocket, which everyone must take.
and with the price Of everything we wish to
buy fixed 10y statute, We should certainly be
f.,,,,, roo,To w coronoapd 4b;s n 80,
greenbacb friends. for It is only legitimate
following out Of their scheme But If it Is a
fact that such volume OF iIredeemabie cur
rency would be OF no value. then tue process
of depreciation will begin with the very first
piece OF paper so stamped, and it viii increase
IN eeometrical ratio as the amount issued
shall increase, until the country will at last De
plunged in a sea Of financial ruin. and national
bankruptcy, disaster, and reputation will
follow.
Again, unless the government shall adopt
come such system of grAtuitous distribution as
we have suggested, how do these men expect
to be benefited by this increase of the cur
rency Government must give it away or pay
it ont for its legitimate expenses: and it has
enough Of better money to meet all demands,
aud it does meet them and pay them with
money that Is worth so near hundred cents
on the dollar that It almost takes microscope
10 discern the discount SO that these new
patent dollars would either have to be given
away or az in the vaults Of the treasury, and
this woulu hardly avail those who expect such
sudden increase Of wealth and prosperity
from the proposed new money. The truth Of
the matter is that money must be procured by
prOp-gty or labor. II a man desires money
and has property he can exchange at the
market price; IL he has no property and has
eithsf brain OF muscle he can exchange these
for money in the same manner. and in either
case the price will be regulated by the supply
snd demand There is but one other way to
procure it, and that is to steal It. and OF course
our seenback friends would not advocate this
method. ,..