Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1878-08-17
THE FINANCIAL QUESTION.

the dolnincnt one before the country at
the prcseLt time. In THIS state both of
the old political parties, Democratic and
Republican, have, in their platforms.
taken stand for honest money, tor
money a dollar of which will be dollar.
The National Greenbaek party are advo-
eating system of currency to be issued
exclusively by the governments, which
shall not only have no intrinsic value in
itself, nor eyca be promise to pay. but
simply be Of paper and have the fiat o.
government that it is SO much money.
They claim that the bard times are caused
by a lack of sufficient quantity of
money TO meet the demands Of the coun-
Try, and dtsire that the government mills
be set at work grinding ont super
abundance of greenbscks. How the Ia
boring classes are 10 be benefited or how
they are TO secure it without laboring for
it, their platforms do not state. 1t is
amusing, 10 say the least, TO read tbe
views of the different men called before
the Hewitt investigating tummitiee. APP
pointed by the House of Representatives
10 inquire into The causes of the prevail
iEg industrial, proslration. One suggest
cd that the remedy was the doing the
business of the country upon the CO.
OPT rative principle under the supervision
of The government. Another that the
govetnment loan every voter $1,000,
without interest, for building him a
house and take Il mortgage OH the house.
How lie was to get his bread and butter
was not suggested, probably the govern
nent " ould be exp. ct,d 10 provide that
also. Another, that tie President and
Congress he abolished aud government
issue SOS per head in sreenbaeks. An-
other. that the government should make
liberal issue of paper current Y and give
1t to the people through agents, 10 be
elected, as fast as they Led it. Others
that all machinery should be abolished
In regard 10 the finance question a
representative of the New York Herald
last week. interviewed cx- Governor Sey-
mour, OF New York, and that paper pub
fishes his views as giver. In regard to
The Greenback question, he says, in an
sger to the query:
"What DO you think of the greenback
question, will not the West demand an
inflation of the currency? ?"
Il think not In the end, although infla-
lion is popular with many at this time.
There is also a prejudice in the minds of
the people of the West growing out OF
the division of our country into debtor
AMI creditor states. This is increased by
the stupid and selfish way i'll which lie
privilege OF issuing national bank notes
was divided. Most OF it was given to one
corner OF our country where currency
was less needed than elsewhere. | pro-
tested asaiIIst this at the time, and re-
fused 10 sign the bill which authorized
The banks OF this state to come under
the law of Congress. The excuse for
this Partially was that all states were
offered an equal chance, but the West
was not in condition to take lis share.
But if the rule had been made that no
state should II ceive more than its share
of the national bank currency, East
crn capitalists would have established
banks at the West, for at that time the
privilege was of great value. Now it is
lot much cared for, so that most OF the
national bank capital is held i'll Pennsyl-
wanna, New York and New England. 1t
is so local that the rest of the country
have become Indifferent OF hostile to the
m Lilo
can afford to have an imitation OF our cur
rencJ. 1t would be more harmed by This
THAN any other portion of our Union.
Appeals are HOW male with some effect
TO their prejudices against what are called
III 'ated capt. lists or bondholpers-a class
vi men Who do not exist in this country.
We have some itch men. but they are
rich in lands, in railroads. factories or
kinds of property other than money.
HE government bonds owned in this
country are held by savings banks or in
surance companies as trustees mainly Tor
labOring men or persons oil small fortunes.
The whole amount OF banking capital is
n small item compared With other forms
OF property.
The West Will recover from the finan-
cial shock much sooner than the East
Il
giving value to its lands and great i'll
crease TO its productions. The wealth
AID power OF the country have moved
Westward. 1t sells more than it buys,
it deals with the markets OF the world
aud it wants the st IndarI of value used
by the commercial world. Imitation
cursed the West, for it made the cost of
its routes Tor trade threefold what it
should have be- IL. The charges for car
rying their products kept them out OF
the markets OF Europe.
'-Since The contraction OF our currency
so that il has raised 10 the value OF coin
The West has grown rich faster than il
ever did before and more rapidly than
any other part OF our Union. The vast
exports OF our country tor the past few
years have been drawn from Western
fields, and, although they have loaded
down every channel OF commerce. its
grain and provision have been taken to
The selboarl at less than one-thfrd of the
cost which was taxed upon it When our
currency was inflated. lt has hot only
gained by cheap transportation, but it
has sold vast amounts which could not
hive gone 10 Europe or the East under
former charges. The West has never be-
I IRE sold so much or paid prices so low
1or all that she has bought. Grain has
-beeircarried from Chicago to New York
Tor seven cents Il bushel, and o-her
things at TIE same rate. Formerly they
paid nearly four times as m Ich. IGfla-
ton HOW would ruin the West. The war
i'll Europe now is ended. Ii must COM
pete with the grain Of The Black Sea AMI
with fields OF Europe for the markets of
Great Britain, 1t can do this If it holds
to sound currency, and it will soon
control the wealth OF the country as il
now does its political power. l am sat-
isiiall Alter lnnkiil0 nY..r-i be fitdI o. MI