The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1878-11-01


were simply times OF speculation, the specula-
tors did not think they were growing rich be-
cause the high prices would last but because
they would not last, and because whoever con-
trived TO realize while they did last would find
himself, aher the recoil in possession OF
greater number OF pounds sterling, without
their having become OF less value. Ii, at the
close OF the speculation, an issue OF paper had
been made sufficient to keep prices up to the
point which they attained at the highest, no
one would have been more disappointed than
the speculators since the gain which they
they thought to have reaped by realizing IN
time Cat the expense OF their competitors, who
bought when they sold. and had to sell after
the revulsion), would have faded away in their
hands and, instead OF it, they would have got
nothing except FEW MORE PAPER TICKETS TO
>usr bs."
We see by this doctrine OF MIR. Mill that t.
only advantage to be derived from imitation
with an inconvertible currency Is that OF
enabling shrewd spectators to accumulate
fortunes at somebody's expense; for what ever
one class makes by speculating with flractuat-
ing currency some one must lose; and In this
case it is the man OF small mems and the
lsborlng class that suffer; and this view OF the
case IS fully supported by all experience and all
history.
This language Of Mr., Mill Is peculiarly apple
able to the doctrines OF the Nationals, and most
effectuany explodes their theory OF fiat monsy,
redeemable never and convertible into nothing.
Again, on page 49, our author says:
Section 5, There is no way in which gen.
eraI and permanent rise Of prices, or, in other
. words. depreciation OF money, can benefit any
! body, except at the expense of somebody else.
!
Not many, however, have been found to say
that the currency ought to be deprecated on
the simple ground OF its being desirable to rob
the national creditor and private creditors of a
part OF what is in their bond. The schemes
which have tended that way have almost always
I had some appearance Of special and circum-
, stantal justification, such as the necessity oil
t compromising for prior injustice committed
in the contrary direction
This is precisely what our Greenback friends
= claim to-day, demanding, as they do, that
9 national and private creditors shall be paid IL
deprecated currency simply because at some
time during the years that are past debts were
contracted On an inflated basis in other words
to use Mr.. Mills own language, they propose
TO ROB the national creditor and private cred
: Itors OF portion OF their stipulated and JUS
I,,aa Ma nj ,r avI Ia
made By Mr.. Mill expodes this whole claim. anC
shows TIE utter absurdty and want OF founda
ton of such theory. He says:
Section 6. Thus IN England for many years
subsequent to 1919, it was pertinaciously con
- tended, that a large portion OF the nationa
debt, and multitude Of private debts still il
y existence, were contracted between 1897 ant
v 1919, when the Bank OF England was exempted
3. from giving cash for it's notes: and that it il
e. grossly unjust to borrowers Chat is, in the cas-
ID OF the national debt to all tax -payers), tina
* they should be paying interest on the sam
nominal sums in currency Of full value
which were borrowed in deprecated one
% The depreciation, according to the views ant
objects of the particular writer was represent
ie ed to have averaged thirty, fifty, or even NOR
~ than fifty per cent and the conclusion was
he that either we ought to return to this depreci
e. ated currency, or to strike of from the natona
at debt and from mortgages or other privat
re- debts OF old standing, percentage correspond
; ing to the estimated amount OF the deprecia
:. ton.
To this doctrine, the following was tb
W 10 hal h.
ing to cash payments without lowering tn
In standard an injustice was done to debtors, il
N holding them liable for the same amount of
d. currency enhanced in value, which they ha
I'd borrowed while it was deprecated; it is nov
s. too late to make reparation for this injury. Tn
ID debtors and creditors Of to-day are not tn
\ debtors and creditors OF 1919; the lapse o
years has entirely altered the pecuniary rela
- tons OF the community; and it being impossi
-, bic now to ascertain the particular persons VIII,
~ were either benefited or injured, to attempt t,
~ retrace our steps. would be not redressng
"a wrong, but superadding second act of wide
spread injustice to the one already committed
This argument is certainly conclusive on tin
practical question
or This reasoning is entirely applicable to th
position taken by our National friends, whei
"a they claim that the Government should paw of
r the bonds in fat paper. The debtors anc
J. creditors OF 1873 are not the debtors and cred
10 itors OF 1864. The bondholders OF to-day ar,
n not the original bondholders; and those WHIT
% own the Obligations OF our Government nov
- paid full value for them; and yet Greenbacker
ri propose to ROB them because, perhaps, som,
n other class, at some other time, made GOO
~ bargain in purchasing the promises OF thi
vi Government Such doctrine is the yer,
4 essence Of dishonesty; and any citizen OF thu
~ great country ought to blush with shame whel
~ be advocates it.
= Suppose any such action on the part OF on
al Government could have been anticipated b.
n. those who loaned their money to us in on
,g time of dire distress, where, we ask, could tn
AL means OF putting down the Rebellion hav
'ir been found ? To quote once more from Mil. o.