The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-04-09

This is iavOrite political cry just
now, and il catches some voters, who
think that through a mysterious pro-
cess their ballots dropped 10 the box
will prove TO be seed from which rich
harvest OF wealth can be gathered
Not one Of them is able to tell how he
will get more greenbacks by standing
on the street and "blowIng." in case
the government should make fresh
issue; but the cry is popular, all the
same.
We too are in favor OF more green
backs, and the more the better, provid-
ed always that they are equal in value
to coin. Such greenbacks the Cana
dians have enjoyed for several years,
and such greenbacks the union soldiers
received during their first year Of ser
vice. Very few voters would call for
more greenbacks as the sole currency,
il they had to take them at par and
suffer a virtual shrinkage by having
the necessaries Of life go up in price;
yet this is the effect OF irredeemabls
gresnbacks, such as are called for in
the Indiana Democrt tic platform and
the Toledo National platform. IRE
deemable paper money has always been
the cunning device whereby specula-
tors and shysters have svindled honest
lal or. Irredeemable paper money cost
our revolutionary fathers about s225,-
600, 900, aud left them 80 wretchedly
poor aud desperate that in several
States they broks out in open rebellion
against the courts Of law. Irredeema-
BILE paper money is n swift road to ruin
for the laboring masses. IL is at the
root OF all our present financial SUI
fering:
CURRENCY STATISTICS.
In a communication to the Republi-
can OF Jan. 9, Whitney Jones declared
that the money circulation OF the Unit
ed States at the close OF the war was
about 81 800, 600, 900, and drew the in
ference that the present business dull
ness is owing 10 contraction. We did
not then have the statistics TO show his
mistake, and let the matter pass. But
the American Almanac for 1878. com.
piled by the Librarian OF congress, and
undoubtedly correct, on page 326,
shows that in 1866 (the year after the
war closed) our aggregate paper money
was only s705, 03l 900, being 81, l,09l.-
g69, 900 less than Mr.. Jones declared il
10 be- In 1874 (the year after the pan
ic) 1t was s777, 53s, 600, showing an ac-
tual increase Of $50, 900, 900 in seven
years; and in 1877 ID was $500, 600, 900,
showing a reduction OF only SIS, ,000,-
600 in III years, or less than three per
cent, whereas Mr.. Jones virtually rep
resented the reduction 10 be 6li per
cent. The application OF facts and
figures 10 an inhationist causes him TO
collapse like q soap-bubble.
THE "PER CAPITA" ARGUMENT.
A favorite cry with the infiationists
is that our country is now suffering for
want Of sufficient currency per capita
10 do it's business. The amount last
year according 10 the American Alma
mac for 1878, page 326) was sl479 Of
paper money for each person. The
highest point ever reached was in 1866,
sl9.e5 for each person. The difference
therefore is s5.lL But prior 10 the
rebellion and in seasons Of the most
prosperous character, the per capita
amount never exceeded sl0.74. In
1864 IL was only sl474. and in 1870 IL
was sl7.73. The per capita argument
will not wash. At this time Just as
much currency can be issued as the
business OF the nation demands, for
national banking is free 10 anybody
with capital. and the people OF Michi-
gan cannot certainly hunger after
banks without capital, considering
that g., 900. 900 OF their substance has
been devoured by "vildcats, and that
there are now bank bills outstanding.
guaranteed by the full insignia Of the
State and signed by the State Treasur-
er, which are utterly worthless. IL ID
the danger Of such currency that we
are fighting against. Lansing Re-
publican.