The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1878-05-31

The Money QUESTION.

II we could turn all the legal tender notes
and all the silver into gold COIN and include
ali the gold coin already in the country, each
person wonld have only Sl4.33, while Germa-
ny has Sl7 81, Great Britain 2l.34, and
France has II 92, to each individual this is
taken from'thc Bureau of Statistics for 1874
we have st i less at present under the contrac-
ton policy, while we require more than all
three OF the largest European nations COM
bincd, we are more progressive. and in pos
session Of vast tracts of land and mines unde-
yeloped. 1t is estimated that the working
men, who have been obliged to lie idle since
fcontrnction commenced, would have earned
wages sufficient if kept at work at 81 per day,
until the present time, to have paid half Of
the national debt Only sixty-four millions
is the annual production of our mines in
gold, fifty-three millions of this is exported,
and we use from ten to twelve millions each
year for manufacturing purposes, and as each
year larger demand is made we shall have
much less gold ten years hence, with larger
population. To prove that a specie basis is
no help or prevention from financial distress,
the reader is requested to look at Great Brit
ain she is only second to ourselves in the
number of bankruptcies and general business
prostration; her.gold or specie basis is rope of
sand she and we need more currency for the
wants Of the people to insure enterprise and
vigorous life. Every man who offers abund-
ant security has right to receive and demand
what money he requires. Before closing an
answer is required that shall close the mouths
Of those who shall falsely or ignorantly assert
that the currency has been expanded instead
Of contracted since the panic Of 1873, or in
deed since 1865. By quoting from 'Spauld
ing Finance History, page 2Ol, we find the
amount of currency On the 3lst Of October
lS65 10 be 81 ,S95 ,OO0, 900, while the UniteC
States Auditors report shows that thu
> amount Of government and national bant
credits used as money in 1865, was over 81
100 GOO ,0O0 in 1873 the amount of Govern
ment credits, greenback and national banl
notes in circulation, were less than S7OO,OOO,
600, and contraction has been steadily carleI
forward since 1853, by every secretary Of tn
Treasury, to meet the demands of the bond
holders to the sacrifice Of the peoples inter
est except in a single instance when part c
the reserve was thrown out as "A sop to sati.
|. ty the urgent necessity for more currency il
a the deathly prostlation of all business causec
n by the panic.
Hugh MeCuloch, Secretary of the treasl
ry, commenced his pet policy of contractio
against the earnest protests Of prominel
statesmen
Will not the unconscious curse of the hundred
a of thousands whom his policy Of contractiC
e hurled from aflluence to poverty enshroud h
l. ma ame with ignominy forever. Contraction
l. our currency, means stagnation and stagnatiO
1t is only another word for putrefaction. Til
a, sword of compulsion was suspended over Il
r nation by Senator Shermans forced resum
h ton measure passed January 18th, 1873, ;
i Act for rcsuming specie payments ia Isl
y adding insult to injury the results have a
= ready proved its impossibity.
'v Greedy cormorants lending money call
short time loans, are the only ones who prc
per. They are waiting the good time comil
> like wreckers on dangerous coast till tn
eau swOop down on the foundered wreck
. and iatten themselves from the dismantl,
90 hutk, They are the vultures now shoutir
specie basis, national contraction hoveri
around, watching until financial misery
' death prepare the feast.
~ Another step forward, by two-thrds vo
" Of the nation, will emancipate the work.
, people and producing classes from The bon
aee Of usury, interest or rent, usually pa
-. for money borrowed.
6 BY the will of the people, secure I
enactment of laws that shall make greeubac
D. the legal tender not only for all debts, du
y and taxes but legal tender for all customs
N the Government imports included. All g
le and silver regarded as merchandise, not les
il money, Letsevery person who wants mon
a obtain it from the Government, by offer
'y sufficient security in real estate, that t
Id amount shall be returned in definite tin
without interest. Only the cost of each lo
and expenses Of collecting, to be dedu
." ed, aud as efficiently as the post off,
w. money order system. Let every post off
h. h. be bank of deposit and every post mas
\ be the Governments banker, for the loan
in money each postmaster to give the necess
r.. ry bonds for the amount of money required
me his locality. This system under proper la
aud regulation will be selfsupporting, a
rg fully secure the government from any loss
il. its loans, Interest and usury laws will fall
ne the ground instantly for the want of suppc
d. To make greenbacks a true representave
ms property all who borrow from any post
We flee bank should secure the loan by Civ
re- mortgages on productive real estate at
wv, selling value or price to secure the paym
,ur Of the loan.
A GRANGER