The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24

The value OF every piece Of property, of every
article Of merchandise, of every private for
tune, of every chance the contractor has in his
contract, Of every dollar the laboring man
has in the savings bank, or the merchant on
deposit, will be at the mercy of the Congress
| of the United States. Mo man can make an
investment no merchant can sell or buy a lot of
goods on time no manufacturer can accept an
order no contractor can maze a contract ior
a railroad or a building, without Congress
having it in its power to determine their profit
or .hei- loss by regulating the volume, and
consequently the value, of the currency up or
down. Can Congress, can any body of legis-
lators, be depended upon to exercise SO tre-
mendous power with wisdom Why, gen.
tlemen, no assenlblage of human beings, even
| if you get together the shrewdest fnanciers in
the Woria, mas ever Deen 1ounu wise enough to
determine how much money the business of a
great country needs in its multifarious huctua-
tons. But if SO awful power should fall
into the hands of such fnanciers as made the
Ohio PLATFORM then let us devoutly pray that
| the Lord preserve us
But it is not the only question, whether such
a power IS likely to De exercised Or not. = lle
question is whether any Government should be
intrusted with SO tremendous, SO far-reaching,
SO tyrannical an authority at ALL Oh, my
Democratic friends, who pretend to be so jeal-
Gus of the power of the general government,
how are you fallen form the high estate OF
your ancient principles, that you should now
be willing to give to that general government
the power to dispose of every citizens private
fortune Oh, shades of Jefferson and Jack
son, where are you?
Irepeat, it is not only question of con-
| .c1n he fact tbokC
gress is to dispose of so tremendous an interest
by mere Legislative act, cannot fail to have a
most disquieting and enervating influence upon
the business of the country. Are we not all
witnesses to the fact that for years, during
every session of Congress, the whole business
!. community stood or t:p-toe with fear and
trepidation, lest some tinkering genius in Con
gress get up and push through some meas
ure interfering with all their business
calculations and arrangements? Have you
not all heard the heartfelt prayer o.
business men at the beginning O
every session that Congress might do it.
necessary work quickly and then adjourn
Have you not time and again heard the gen
eral sigh of relief when congress at last die
really wind up and 60 home? And now mag
inc a congress with a majority composed O
such financial geniuses as advocate the s'Ohie
idea," every one whom has his unfailing hnan
cial nostrum in his pocket, and that congress
intrusted with the power to determine the value
of every mans property, and the chances fo
profit or loss of every mans enterprise. vii
the business community ever get out of state
OF feverish uncertainty and apprehension Are
fits to be the normal condition of our economi
cal system? Are we not at last to have that re
pose which is SO necessary for safe business cal
culation for quiet rebuilding of our fortunes
and new period OF prosperity? Ii so, then il
the name of common sense let us get rid of {
system of irredeemable paper currency which
puts into the hands of congress the power K
determine how much money we snail have ane
what that money is to be worth. Let us a
{ last reduce the government again to its prope
{ functions, and return to that condition of thing
in which the currency regulates itself. "
congress- kuozos how much money the busl1zes
, Of The country needs, but business Itself feel
and determines 1t a0ith certainty.
HOW THE CURRENCY WILL REGULATE ITSELF
WHEN SPECIE PAYMENTS PREVAIL.
When specie payments prevail, and there
more coin in circulation than business needs, i
will flow out and go where it finds more pro
fitable employment. When there is less coin il
circulation than business requires, it will be
!. come dear and flow in from countries where
has less profitable employment. The sam
, rule applies to well regulated system of BAN
issues based upon specie. When the quantit
of notes out are in excess of the requirement
of business, they will flow back to the bank 70
redemption. When the quantity of ban
notes is insufficient for the wants of trade
the bankers will find it profitable to increas
| boir M no x.,,il 10 IaJ
Local and temporary disturbances, occasiona
money system can be entirely prevented, ma
+ sometimes interfere with this self adjusting
! machinery, but on the whole the rule hold
, good. The government has nothing to
with it, but to see to it that the coin struck in il
. minis be of the prescribed standard value
f prevents and Furnishes counterfeiting it regu
= lates the banking system so as to make it safe
. and then it lets currency and trade in their re
lations take care of themselves, without assum
= ing any arbitrary control over volume an
value. These are the simple principles of
sound money system under which business ca
regain confidence in itself, and prosperity wi
revive. That is the end which we should &C
cornplish, and which is now within our reach
4 CONCLUSION.
The paper money men have contrived
befog the public mind with certain superst
tious impressions, to the prejudice of the caus
| advocate. Let us look some of them in tn
face. One is a sort of dark terror with whic
the word contraction has been invested.
would almost seem as if contraction were som
diabolical power bringing forth all the i'll
human flesh is heir to. Thus we are told tina
contraction, with all Of its concomitant evils
was one of the Internal effects of the resumr
ton act. 1t is true that, under the resumpuo
act, since 1875, the currency has been con
tracted; but it is also true that this conractio
mas not mao the least depressing etfec. apo
the business of the country, and | can easil
prove it, If contraction had cramped bushes
that is to say, if business had wanted NOR
currency than was out, it could easily hav
had it. Banking was made free by that YER
, resumption act. Any five persons, procurin
, the necessary capital, can start bank unoe
the national system, and issue bank notes
Had business required more currency than wa
out, the issuing of more bank notes woult
have become profitable There is plenty Q
money lying idle and waiting for chance
That chance would certainly have been take1
hold of by enterprising persons had bushes
-eai.y neecen more currency. But not onl,
has the volume of bank notes not been in
creased but it has been voluntarily reduced BY