Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-10-17

power of the general government, how are !,
you fallen from the high estate of your
ancient princi pies. that you should now be
willing to give to that general government
the power to dispose of every citizens pr.
yate fortune! On shades of Jefferson and
Jarkson, where are you?
repeat, it is not only a question OF con-
gressional wisdom. The very fact that con
gress is to dispose OF so tremendous an lu-
tercst by mere Legislative act, cannot tail to
have most disquieting and enervatlng in
fuence upon the business OF the country.
Are we not all witnesses to the fact that Tor
years, during every session Of congress-, the
whole business community stood on tip.
toe with fear and trepidation, leHt some
nkering genius in congress get up and
push through some measure interfering with
all their business calculations and arrange
ments? Have you not all heard the heart
felt prayer Of business men at the beginning
of every session that congress might do its
; necessary work quickly and then adjourn?
Have you not time and again heard the
general sigh of relief when congress at last
! did really wind up and go home? Aud now
imagine congress with a majority com
posed of such financial geniuses as adj
yocate the "Ohio idea," every one
whom has his unfailing financial nostrum
! in his pocket, and that congress intrusted
! with the power to determine the value OF
every mans property, and the chances tor
profit or loss Of every mans enterprise.
Will the business community ever get out
of state Of feverish uncertainty and @ppre-
heusion: Are fits to be the normal condi
ton Of our economical system Are We not
at last to have That repose which is so neces-
, sarv for safe business calculation, Tor q
quiet rebuilding Of our fortunes, and ne:T
rerod Of prosperity: If so, then in the
name Of common sense let Us get rid Of a
system of irredee,naole paper currency
which puts into the hands OF congress the
lower to determine how much money we
shall! have and what that money is 70 be
worth. Let us at last reduce the govern
ment again to its proper functions, and re-
turn to that condition of things in which
the currency regulates itself. No congress
knows how much money the business Of the
country needs, but business itself feels and
determines it with certainty.
When specie payments prevail, and there
is more coin in circulation than business
finds more profitable employment. When
there is less coin in circulation
than business requires, it viii be-
come dear aud flow in from countries where
it has less profitable employment. The
same rule applies to welI.regulated E:s1en1
of bank issues based upon specie. When
!, the quantity Of notes out are in excess Of
the requirements Cl business, lHsy VIII
flow back to the bank for redemption
When the quantity Of bank notes is insult
fcent for the wants OF trade the bankers
will find it profitable to increase tneir
issues, and thus the gap will be filled.
Local and TEMPORARY disturbances, oc.
casional panics or speculative periods,
which under no money system can be en-.
tirely prevented, may sometimes interfere
with this self-adjusting machinery, but on
!, the whole the rule holds good. The gov
:. eminent has nothing to do with it, but tc
of the prescribed standard value: il
prevents and Furnishes coun1erleitjng
it regulates the banking system 50
as TO make it safe; and then it Jets eur
rency and trade in their relations take care
!, of themselves, without assuming al "rbi
trary control over volume ana value. These
, are the simple principles of sonn:: money
system under winch business can regain
confidence in itself, and prosperity vii
revive. That is the end which W. sI'cu!c
accomplish, and which is now within our
) reach. The paper money men have con
trived to beiog the public mind with cert il
superstitious impressions, to the preju'!ic'
of the cause l advocate. Let US look some
: of them in the face. One is a sort OF darl
, terror with which the word contraction ha
been invested 1t would almost seem a: i
' bringing forth all the ills human flesh i
heir to. Thus we are told that contrac
+ ton, with all of its concomitant evils
). was one OF the internal effects OF tn
Y resumption act. 1t is trl1e that, under III
J. resumption act, since 1875, the ccrrenc.
!, has been contracted; but it is also tru
|. that lbi' cont action has nor had the leas
!. depressing feet upon the business oi III
t country, and can easily prove it. It con
!. traction had cramped husiness-1hat is t
Q saw, if business had wanted more curreLc
Il than was out, it could easily have had i
Banking was made free 10y that very r.
o sumption act. Any FIVE persons, procurin
s the necessary capital. ca'i start a bank III
. der the national syst"o' and issue ban
e notes. Had business required more GU
=. rency than was out, the Issuing Of more ban
= notes would have become prontatl.
: There is plenty of money living id
:. and waiting for chance. That chanc
y would certainly have been taken hold OF b
. enterprising persons had business reall
~ needed more currency. But not only hs
h the volumeo of bank notes not been increase
:. but it has been voluntarily reduced b
q the banks. This is conclusive proof nc
8 only that business does not want more cul
~ rency than is out, but that it has even NOR
n than it can profitably employ. The contra'
= ton was, therefore, not The result OF force
# operation, but was of natural process.