The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-05-21

than Sl3 per capita. according TO the
report OF her Finance Minister And
yet this Baron Munchausen of finance
tells us that our circulation per capita
Is less than one-half that OF any other
civilized nation on the globe.
Not being able 10 find full scope for
the exercise OF his remarkable capacity
for statistics in the consideration OF
government finances, he incidentally
remarked that "the shrinkage of rail-
road stocks in three years, caused by
contraction, would pay the National
debt" Referring to the authorities
we find that the capital stock Of all the
railroads in the United States. was, in
/ 1873, 81 ,9i7, ,53S, ,5Si. The public debt
at that time was 80, 234, 432, ,993. A
moments contemplation of his falla-
ciOus statements will show how utterly
absurd thoy are.
Among the fallacies Of lesser magni-
/ tude he said, "the making OF the 5-20
bonds payable in coin added $500, ,0O0,-
900 10 tho public debt, and the demon
citation Of silver added $500, 900, 900
more 10 the debt. III this statement is
true 1t will be gratifying 10 the people
/ TO know that by the reconciliation Of
silver that 500, 600, 900 of debt has
been cancelled, and as none of the B.
| 20 bonds have yet become due and the
| interest was made payable in coin by
the original act IL is difficult TO see
how the other $500, 000, 900 has been
added Mr. Carey claims these bonds
should be paid in greenbacks for the
reason that they were originally bought
with grcenbacks. But he did not ex-
plain that the greeDbacks they were
| purchased with were, by the act Great
| ing them, fundable in six per cent.
twenty year bonds, which today would
be worth eight per cent. premium in
the market. The law which made the
greeubacks 80 fundable was afterwards
repealed and the present greenback is
sued, which is neither fundable nor re-
deemable. Therefore TO pay those
bonds with the present greenback, as
proposed by Mr.. Carey, would be dis
honest, disreputable, aud, in effect, re-
pudiation. The government, to-day,
really saves eight per cent. by paying
these bonds in coin instead of paying
them in such greenbacks as they were
purchased with.
His TRADE against the holders OF
United States bonds, for the reason
that they are non-taxable, have re-
piled TO in a former article. II is hard
ly worth while to 60 over the same
ground again. It Is a miserable at
tempt 10 create prejudice against the
creditors OF the government. United
States bonds were never taxed. They
are exempt by the Constitution, and
statute law has nothing 20 do with the
matter. Ii makes no difference wneth-
er tho exemption is claimed or not by
the statute under which any bond,
note or certificate Of Indebtedness is
issued (even the greenback can not be
taxed) aud the Supreme Court has re-
peatcdly so decided. There is nothing
but reckless mendacity or gross igno-
france 90 Justify the incessant clamor
for taxation OF the bonds. II would
profit nobody II this exemption had
not existed The bonds would have
sold for so much less in the market -
In fixing the low rate Of interest on
the bonds the government really levies
and collects its taxes in advance.
His nickle bubble is easily pricked
They are redeemed by any Assistant
Treasurer Of the United States or at
any United States Depository when
presented in sums Of $40 or its multi
pie. redemption, and not the govern.
meut stamp. gives the nickel its value.
One Of his most mendacious asser-
tions was that the words promise to
pay" upon the face Of the greenbacks
were not authorized by law but were
placed there by the Secretary Of the
Treasury and the bureau Of Printing
aud Engraving. An examination of
the several laws authorizing the green
back shows, in each aud every case,
that they were made payable 30 bear
or at the Treasury ot the United
States" II Mr.. Carey was not what
he asserted himself 20 be-a christian
II should say be willfully and mali
ciously lied.
We have thus briefly alluded to the
principal mistatements aud most glar-
ing misrepresentation made by this
gentleman in II speech Of two hours
aud a half, in which he said but little
that was new, aud what was new was
false. He forged an unbroken chain
fallacies 10 support OF an irredeemable
paper currency. His whole fabric was
based upon errors that have proven de-
lusive in every civilized country and in
every age Of the world. The system
Of finance taught by this monetary
mountebank is founded upon the gross
est heresy-that the government stamp
upon worthless paper can convert II
into honest money. III the teachings
of this high priest II imitation is true
aud the government stamp makes
money Of paper, Why need any govern
ment under heaven every levy tax TO
meet current expenses, TO pay IT'S in
debtedness or for any purpose what
ever? II his premises are correct, We
can logically say that the government
can, without expense 10 ITSELF make
millionaires of all its citizens; for it is
Just as easy and as cheap to print upon
a piece Of paper "this ia one million
dollars" ms il is to print the words
"this is one dollar Indeed, in what
he claims Is true, there is no need Of
industry and economy, for one print
ing press can produce more wealth
than agriculture, manufactures and
commerce, supplemented 10y the min
eral products Of the world. When he
shouted "away with all the tomfooleTy
Of coin busis for currency" he in ef-
feet said, away with all the accumrla-
tions OF capital by honest industry and
the patient earnings Of labor. This
absurd scheme IL introduced by these
currency quacks as something new,
and styled the American system Of
Finance" while in fact Il is as old as
/ history itself and nearly every genera
| tion since the middle Ages" has been
I lured by 10 into disaster and bankrupt
cy. Finance is science, aud the best
| intellects Of the last two hundred years
/ have been devoted TO its mastery. Not
one of the students Of that science
who have acquired distinction has fail
ed 90 denounce all paper currency, not
/ based on coin, in unmeasured TERMS
| Over and over again it has been de-
monstrated Gin the language OF Daniel
/ Webster that:
"Of all the contrivanccs for cheat
ing the laboriug classes OF mankind.
none has been more effectual than that
which dcludes them with paper money.
I IL n the most oifcctual Of inventions
for fcrtilizing the rich mans field by
the sweat Of the poor mans brow
Ordinary tyranny, oppression, excess.
i've taxation bear lightly on the masses
Of community compared with fraudu'
lent currencics aud the robbories com.
mitted by deprecated paper money
We have suffered more from this canst
than from any other cause or calamity.
10 has killed more men, pervaded and
corrupted the choicest interests of ouI
...,vfrrs apI dona mora ininatica thar