The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1878-03-22
For TnK coLuNslAsl
N BY VIM. BRINDLE.
COIN INADEQUATE To THE WANTS OF
BUSINESS.


quire sufficient volume of full legal tender
or par money, to place them on cash basis,
and thus make them active and prosperous
and in order to make this country a market
to which the world will come to buy. To do
this we must produce a' sleaply as the Eu-
ropean Nations with Which we come into
competition. To de- so it will be meet essary
| to reduce the rate Of interest on money to an
equality with the rate of interest on money in
Europe, which employs labor in wealth por-
ducing as this will reduce the cost of doing
business and of producing wealth, icithoW i'm
posing unjust wdges on the idborer or weahh
producer. The interest on money like the
wages of labor, is regulated by demand and
supply. When there are more lenders than
borrowers of money, az there will be, when
the business Of the country is on cash basis,
the interest will be io,c, and the clear profits
of the laborer ,ciH be greater, and the cost of
production will be reduced Business being
actively pursued, will make demand for la
Dor, which tciH gire TO hborers Just reWard
for their toll
|
country on cash basis, it is known by the
experience of 1865 that a volume of full legal
tender or par money equal to at least seventy
dollars for every individual in the country or
per capita will be necessary which would re-
quire about three thousand millions Of dol
lars to be steadily increased, 'cih increasing
population. The entire amount of gold and
silver in the commercial world is estimated
at six thousand millions of dollars. 1t is gen.
orally supposed that the volume Of gold and
silver is about equal. 1t is self-evident fact,
that the roiume of gold and silver coins in
this country is totally inadequate, to supply
the wants of business on a cash basis ac-
lively pursued, 1t is therefore evidently our
duty to adopt some convenient material for
legal tenders or money, TO supplement the def-
ciencies Of coin Before treating of what re-
form must be made in our monetary system,
! in the adoption of supplemental money it
will be necessary to point out
. THE RESULT OF DOING BUSINESS WITH
1 NOTHING BUT COIN.
If nothing but coin was sed as money and
g currency, nearly the entire amount of business
r would have to be done on credit, with time
a notes. Money would be so scarce that dealers
$ in money and credit would demand and
# obtain exorbitantly high rates of inter
est, and as labor must produce all the artif
cial wealth which exists, and thus pay all the
s interest on money and debts due from one t.
f another, this wonld be to impose an unneces
J. sary burthen on wealth producers or on tn,
d laborers Of the country, for the benefit o
= dealers in money and credit commonly knowr
O as .Bill.brokers or Note-Shavers-hence tn,
It anxiety of that covetous and extortionat,
d class of men to keep money and currency ou
e Of the hands Of the people, that they ma.
e operate more successfully and as such mel
c are solemnly excluded from any hope of en-
d joying pleasure in future world, they are in
IS tent on enjoying their cupidity in this, an,
1, the power which an accumulation of currenc
r gives them. They cannot have any hope o
Of the future, ,,ithout changing their course, a
d it is solemnly declared by high Heaven. tina
a "the covetous man and extortioner shall no
t. enter the Kingdom of Heaven |" consequent
,e ly, it is with reckless and desperate clas
r of men which the laborers and business me
lie of the country have to contend, under "Fet
ID tered currency"
The business Of the country being done wit
coin only would force on the country, the "in
fated' or forced credit system of bushes.
and all experience has proven that this re
suits in money panic and crash in ever
10 period, of from six to ten years--very advan
tageous generally, to dealers in currency an
! forced credit, but ruinous to busine IS men an
N laborers, who are forced into idleness an
A. starvation or to begging for subsistence
:. which is the degrading and lamentable con
>. dition of young America" to-day. But a
the power of the ballot is in their hands the
"A can terminate the struggle at their pleasure
9 and if they don't do it, no one will be t
blame but themselves.
i. :" ith about 95 per cent of all the bushes
10 of the country done on credit or with tim
=, notes, to be discounted at high rate of in
a terest, the useless cost of doing business i
enormous, and as the laborer cannot possibl,
earn more than an increase of per cent OF
!. the capital which employs it, and get de
cent Rcing the hapless poverty and depend
e ence of the laborer is certain, and the ruin o
y the business capitalist is only question o
. time and all to promote the interest of spec
v ulative capitalists, who never employ a cen
in wealth-producing labor, but whose soil
q purpose it is to live by their wits, in procur
q ing unjust legislation by bribery and corrup
!. ton, to enable them to live by the labor ant
!. industry of others.
II To prove the necessity of speedy reform
n in the monetary system, the next step in orde
is to prove is that the deficiency of coin canno
# supplemented by Bank Currency, as it is
). contracted and constantly contracting curren
; cy, costly, useless and dangerous, and gros
a. fraud on the rights of the people, who cal
furnish themselves with par money, whic
r. will not cost them any interest for the use of
n but on the contrary ,cM pay debts bearing in
II terest, which it requires labor to earn tn
Of money to pay the taxes to pay useless intei
N est on the public debt This par money wi
" cost the people very little to make and wi
bring dollar to the Federal Treasury for e,
IN cry dollar that goes out. The nature and il
efficiency of Bank currency will be shown
or the next article.
ID To properly understand the former articl
I of the llth instant, it is necessary to read it
" connection with the following correction
re errors therein
To /. In reference to how gold is found read pIc
ct GERS instead of place. In the quotation frol
a job read fine" instead of find. Instead
pt the words, 'as to law" read as to how to NAL
"a a unit Of value. Instead of 80 read 3
e- Instead Of "A % grains read 1922. Instea
no of 35 As read 25 4.5 Grains. Instead of 27l
en- grains, read 37ls, Instead of with in con
merce, read worth in commerce. Instead