Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1878-09-26
GREENBACKS vs.. GOLD.
The Issue Clearly Stated by One OF the
People,

Correspondence st. Louis Dispatch.
The Grecnback question seems now to
be the all-absorbing one. That the peo,
pie need some relief, and are determined
10 have it, even at the sacrifice OF all par
ty ties, is quite evident to every one who
is not totally blind; for our hard times,
the steady contraction Of the past few
years, together with Il constantly expand
ing territory over which our currency is
TO circulate, are no doubt the main causes
the latter no less than the iormer-ior
we all know that Il larger amount OF cclr-
culating medium is required IN proportion
to the population i'll sparscly settled DIS
| tricts, where the communication Is less
freQucnt-it would be safe to say that less
circulating medium would be required Tor
| the city of London, containing popula-
ton of four millions than for one OF our
western states, containing less than one
fifth the population, where all transae-
| tions are done in the currency itself. We
have then been cutting from both ends
by cutailmg the currency and extending
our settlement of territory. Any expan-
sion of the currency should be based upon
the population, as also upon the extent OF
| territory over which it is intended for CIR
culat0n, together with the means of COM
mumcatiOn with the money center Com,
either gold or silver, can never again an
swcr the purpose Of a circulating medium,
| it being too bulky to carry, and too ex-
pcnsiyc and risky TO transfer IN making
our exchanges. No better argument IN
favor of greenbacks could be offered than
that which the banks themselves have
given in refusing TO take trade dollar OF
our own coin worth Il2c more than the
American dollar, which is received by
them for one hundred cents, whilst they
.riusc to receive the former at over ninety
cents. 1t is then the law which makes the
value.
Many claim that over production is the
cause of hard times, yet this is more SEEM
ingly than real, for whilst the productions
from machinery have increased, yet not
any greater that now demanded by an
increased population. We have no COM
plants on this score until the scarcity Of
money compelled every one to practice
economy. Then the workmcn were turned
from the workshops. The merchant, see
ing his stocks shrinking in value, must
carry less stock, otherwise the loss by
shrinkagc more then consumes the profits
on his daily sales. Just so much less
stock as he carries now to what he did be-
fore. goes TO swell the apparent ovcr-pro-
ducton. Something then, must be done
to reverse this state of affairs, Money
must he mate of less value, that it will be
what it is intended for, circulating me-
dium, and not boarded, as it will be 50
long as the system of contraction continues,
for we all hold ON to that which is in
creased in value. and part the more read
| ily with that which is fixed in value
) The question as to how any increase in
, the currency could he got into circulation,
it would not be necessary to 90 into any
-, wild schemes of public improvements to
accomplish this. There would be a re-
) turn Of all bonds held abroad; and if the
.. expansion oi the currency did this and no
5 more. 1t will have accomplished much for
the country. II makes but little differ
rncr what may be the debt or the interest
paid on il, provided it is paid to our own
, people. is the payment Of bonds or their
, interest can not be regulated by law so as
. to cOniinc them to this country. An in
! ilation of the currency, they having been
Z made payable, both principal and interest
III Nl''NDb'hN' SNl'l VI NllN'l' N'ulN lu''
, the cilcc to bringthcm homc and rs now
I the balance of trade is largely in our ia
D vor, instead. as would have been the case
1 five years ago, Of taking the gold out of
r the country in payment Of them, we pay
{ them in grain, cotton, pork, etc This
will leave the gold with us, and for which
u there is no use, 50 that we might witness
one of those least expected results Of intla-
tion. decline in the value ofgold What,
then. in view Of these facts, should be
done?
/. To repeal the resumption act.
+ ,. To make free coinage of silver,
+ 3. To make the bonds and interest
o payable in greenbacls gold, or silver.
f 4. To rcplacenational bank issues with
-. grccnbacks.
). To issue grcenbaeks, as the wants Of
: the country require, to an amount not eX,
b cccdmg the amount of the balance Of trade
: in our favor
! The balance of trade being in favor Of
u this country is to say that so much gold
; flows into it: there being no commercial
! use for it, it will naturally find it's way
, into the treasury vaults as basis of Oul
, circulation.
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