Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-05-28
From Harper's Weekly,
Imitation in Al ages.

w nat ulGn WA4ll III VIVA
each other is something OF real value that
can be passed from hand TO hand, and Is
useful in exchanging merchandise which
never loses its value, and Is therefore cur
rent in all parts oil the world. Certain
quantities OF gold and silver have been
fixed upon for this purpose. A dollar Is
certain weight OF silver, guinea or
eagle of gold, and the general consent oil
men in all ages has liked what Is called
the valuo OF these metals 10 definite
proportion. A person who exchanges
lands or goods tor gold has something
tha, will purchase property oil an equai
value in any other country. his pound
of metal is OF the same value in Paris or
London Us iu New York. But II he takes
paper money. 1t is OF no use TO hun unless
il represents so many pounds weight oil
silver and gold. Ii issued by country
that is always ready 10 pay coin Tor Its
paper, il may circulate and become cur
rent. The credit of government may
be tested by the price Of It's promlssory
notes. But no government can issue
large number Of these notes without md
ing its credit impaired. The French and
English banks carefully restrict their is-
sue of notes to sums not much IN excess
of the specie they hold on deposit. The
paper circulation OF France is not one
third larger than the amount OF gold and
silver owned by the Bank; the Bank OF
England is even more cautious, ana more
restricted by law; Germany IS equally
careful. In Austria, Russia, Italy, the
paper money is deprecated IN value, be-
cause it is doubtful il it can ever DC re-
deemed in gold. The Russian paper ruole
is worth about two-thirds OF It's nominal
value.
Russia, in fact, ought, upon the theory
OF the advocates OF an unlimited paper
currency, to be the most prosperous oil
nations. Il has never ceased 10 be the
possessor of this doubtful advantage. A
series of iucessant wars has kept It's
national credit always at q low point
The wars OF Catherine IL In the last CEN
tury leit il with au enormous debt. aud
currency deprecated by an immense
issue OF paper money. At the close OF
the Napoleonic wars the amount had so
increased that four paper rubles were
equal only TO one silver ruoie. Since
then the government has labored TO do
crease ihe amount OF paper money, and
ia 1874 had IN circulation new paper
currency OF about 100, O0OcOO ruO.es,
founded upon kind OF general banking
system. II hoped 10 raise its current
value by private securities and legal
tender clause But the project Jailed.
The paper ruble before the recent war
was al WAYS from ten to hiteen per cont.
below silver. At present It's value seems
altogether unfiXed The country Is TILED
with paper which no one takes willingly,
and which is worthless as q means OF ex-
change. Trade, and industry, suffer the
foreigner makes his profit out OF the mis-
fortunes of Russia; poverty increases
great fortunes are amsssed by usurefsi
aud the tirst aim on the part OF the hus-
sian government a. the return oil peace
will 10 doubt be 10 diminish the vast IN
cumbrance OF its paper currency. All
nations that have issued great quantities
OF paper have been forced 20 pass through
A similar process The paper has sunk
in value, the credit OF the government
has been DESTROYED. The French dSSigildtS
were at first well received. New issues
followed. They sank rapidly IN value
The country was tilled with paper money
tha, had lost lis currency. In paper the
valuations were enormous. a thousand
francs would scarcely purchase dinner.
A suit Of clothes cost 10 paper money
fortune. Al last the notes lost nearly oil
value; the plates on which they had been
printed were broken up. The impoyer
ished people demanded gold or silver for
their products. The unscrupulous specu-
!ators had alone protited by the briei de-
lusions OF paper currency. The agTi-
cultural and industrial classes had been
the chief sufferers; they have ever since
demanded 10 France pay ment for their
labor or their products in gold and silver
coins VI full value. Yet It Is to such
reign OF Unlimited paper currency that
some OF our political leaders invite tue
people. Their plan is TO cover the country
with Frerch GSyigHGtS or a Continental
currency, and they strive to AWAKEN
momentary dream Of wealth that eau end
only in a reyulsion Of intense poverty
and popular deslitutiOn.
deemable paper currency or CT deoased
metallic ore, has been the same 10 every
age. Il acts as a forced contribution up
on the laboring classes tor the benefit OF
those who hsve capital. What every re-
publican government chiefly demands is
The equaiization as far as possible OF the
physical condition OF lis people u would
have the many prosper, the industrious
attain comfort. But the inferior currency
tends TO increase the Inequalities OF for
tune, aud benefits no one, The Western
farmer who. during the period oil intis-
ton, parted with his crops for depreci-
ated paper, who valued his property at
tanciiul rates, who purchased at a still
higher premium, now finds that he has
lost instead OF gained by dealing in In
hated paper, that somebody has carried
oil all the profits Of his labor. Could he
trace his various transactions 10 their
source, be would ind that the person who
made oy them was the foreign merchant
or money-changer. TIE farmer sold his
crop for deprecated paper, but for most
of his purchases he has paid in coin. Lot
Us suppose that he had received gold tor
his products; he would now have been
solvent and prosperous.
Already the new crops OF the West and
South promise great return. The last
years crop, immense, unusual, is still in
part TO be sold. Cotton, wheat, provis-
ions, corn, and all our various produc-
tions have sure purchasers in Europe
And now political faction insists that all
this vast property, amounting to more
than six hundred millions OF dollars, shall
De paid for, not in gold, silver of full