The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-07-15
HI oU Mr.. Ewing Would Regulate the


Mr.. Tom Ewing demands. in the financial
plank prepared by him for insertion in the
Ohio Democratic platform, tsthe establish
ment OF United States notes as the sole per
manent paper currency, the amount OF such
issue to be regulated by law or constitution
al provision, SO as to give assurance OF sta
bility in the volume O! the currency, and
consequent stability Of value"
From this demand it is 10 be Inferred that
Mr.. Tom Ewing has at last learned that the
volume Of currency has something TO 90
with it's value, Just as the volume or supply
OF wheat. pork, and pis-iron has something
to do with the values OF those commodities.
He has learned, it seems. that Stablilty IN
the value OF currency is something desifa-
BILE, and that in order to stability IN value
there must be something like stability IN
volume. He has begun to learn what is
true. ard he shapes his demands accord
ipgly, at least to some extent. But he meets
almost at the outset difficulty which he IS
unable to surmount without abandoning
his pet greenback scheme, and that ne Will
not do, no matter how fluctuating the value
OF the currency may be.
He proposes to make United States notes
the sole permanent paper currency; ana, lh
order to give them stability of value, ne
wants to give them stability OF volume. he
suggests two ways OF doing this: l, by law
OF Congress; 2, by constitutional provision.
Mr.. Ewing must be aware that there can be
no great stability about an act OF Congress,
much less an s'assurance OF stability"
when politicians like himself are ever
lastinglv agitating for change. Suppose
Congress should enact that the volume of
currency should be S9o0,O00.C00 to begin
with, which, assuming the present popua-
ton to be 45,0O0,0CO, would be $50 to
each inllabitant, and that enough should
be added annually to keep pace with
the estimated increase OF population aC
the same rate Of $40 head. That would
probably be satisfactory to many, II not
most, Of the greenbackers for the time belnf.
But allow $50 a head, OF $3.50, 900, ,000 TO
begin with, which it may be assumed would
satisfy majority OF those who favor THIS
sort OF a currency system. What assurance
| would there be of stability In this volume or
per cqpitU circulation Obviously, there
would be no assurance ut all. Admit the
principle that it is for Congress TO regulate
the volume Of circulation, and there VIII
| be nothing to hinder each succeeding Con-
gress from undolng the work OF It's preue-
ccssor and fixing 4 new volume. Inc Hfst
act would be Il violation OF the pledge given
notes should never exceed S4O0.0GO.-
600. and would be precedent for the
violation OF any like pledge aiterward. Ii
the maximum were fixed at $50 head,
there would be stringency, sooner or 'ater.
as certainly as ii the maximum were fixed
at $50 or SO, and just as soon IS str!D@cncS
was felt there wouId be 4 clamor for more
money. People would be at least rs reck-
less and imDrovident under the proposed
system as they ever have been; recklessnes'
and improvidence would end in paEic and
disaster, as they always have done: times
would be hard, as they always are under
such circumstances. ana tue cEllnor Iof
relief" by the issue oil more notes would
he even less easy to resist than 1t now Is.
because q precedent for that mode OF relef
would be established. Stability would be
at an end. There would be plenty OF such
men as Ewing, Voorhees,, Kelley, and But
| Ter, in congress, to respond TO the yoelIerous
| demand for more money!
| Mr.. Ewing knows well enough that the
constitutional provision is entirely out OF
the question. If our paper currency is to
consist exclusively OF United States notes
its volume must be regulated by Congress.
and there can be no more stability about 1t
than there is about the opinions OF polltl-
clans who are always on the lookout for the
votes Of noisy factions and wrong-headed
fanatics. II Congress assumes to do the
regulating the currency the question or
volume will always be in politics, and an clc-
mcnt OF uncertainty and confusion will
always be present in the transactions OF the
people. There will be no solid foundation
for credit, and none of that feeling OF Sc
curity which lies at the bosis OF enterprise
and industrial activity. The wisest body OF
men in the world cannot tell how much cur
reEcy country needs Chicago Times.