The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-07-02
GOV. oROswrLL ON THE FIN
ANCEs.

In recent speech at Adrian, Gov
Croswell spoke ssnsibly AS follows oI
the financial question:
Well, gentlemen. We have anothe
party in the field, and issues of fnanc'
to meet. There are men who demand
more government paper currency
They say wo must have greenbacks
Well, want more greenbacks. i'm
agine you want more gieenbacks. But
there is a difference between MS and
them, they don't seem TO care whether
the greenbaoks have value or not-we
do. We want every dollar Of our
greenbaoks made just as good as any
coin dollar issued from any mint in the
country. lApplause. Now these gen.
tlemen tell Us that the volume of cur
rency is not equal to the wants OF bus
mess. Aud they say that all the fDan.
cial troubles that we have had in this
country for the last few years, have re-
suited from want Of paper currency.
Well, this is strange; especially in
view OF the fact that in 1873, when the
panic struck us, the volume OF curren-
cy was almost il not quite as large as it
has ever been in this country's history.
But let Us look into this matter little
further. There is not man In this as
sembly but knows that there n great
deal OF money lying idle in the busi-
ness circles Of the country. II 10 no
torious fact which no intelligent man
questions. Every now and then a we'll
to-do farmer comes 20 me and SAYS,
Can you tell me where can put out
TO good advantage one hundred or fye
hundred or a thousand 6ollars?" You
may consider ID an exaggeration, but L
the statement that here in this
city to-day there is more than fifty
thousand dollars OF idle money seeking
With ample security
you can borrow il al lower rates OF in
terest than You could ever have bor-
rowed il before. This is the ease near
ly all over the country. Now what
does IL proveY Why IL seems 10 me to
show clearly that large sums of money
are unemployed aud seeking invest
ment. that interest is low, and that
consequently the volume Of currency
instead Of being unequal TO the de-
mands OF business, really exec eds bus
ines requirements. A large portion Of
money is idle. Why i. il suffered TO
remain so? Why dom those who have
il embark in business enterprises?
Why don't they bulid up manufactured
Why don't they iuv-,t it in trade and
Why 4 "a, they set the
wheels OF industry gong. aud give en-
ployment 10 labor? The simple fact is
a want OF confidence in business ven-
lures which deters capital from invest
ing therein. There is an uncertainty
in financial affairs, created largely by
this very class OF men to whom / have
referred, which works seriously against
the revival OF business. They threat
ep complete revolution in the finan-
cial system OF the nation. They pro-
pose that irredeemable greenbacks be is
sued sufficient 10 take up and pay of all
government bonds of every kind and
class, they demand that greenbacks be
issued in lieu OF the national bank
they would increase the vol
ume OF greenbacks by the wholesale.
until from the force OF circum-
stances this kind OF currency would de-
preciate and be scarcely worth the pa
per upon which it is printed. Some
people seem TO imagine that Il is mere
" the stamp Of the government that
gives value TO the paper currency. This
is not true. II is the credit Of the ma
ticn, the faith that people have in the
and ability OF government
10 pay. Whom all hope of redemption
ceases the paper OF the government,
like that Of an individual. depreciates
just IN proportion TO the disposition or
ability to pay. II the mere stamp OF
the government made its paper good.
would never have depreci-
ated. You would never have seen the
day. as you have, that il required two
dollars and forty cents IN this class Of
currency to buy one dollar in gold.
Now IL the volume OF paper currency is
increased five or ten fold, all expecta-
ton that the government will ever
pay il will vanish, and this currency
will become worthless, just as the ire
deemable paper currency of other ma
tions has. You know how il was with
the Confederate currency. 1t went
down step by step as the hope OF pay
ment grew worthless. You recollect
perhaps, the case Of the captain going
up the Mississippi River on his steam
boat through the rebellious States dur
ing the later part Of the war. He hail
ed a man on the shore and said: ANY
wood for saleg' The man sang out:
Right smart chance sir. The cap
tain asked: "How much a cord in Con-
% he. "a
back: "Cord for cord, sir" LAngh.
ter. And that is precisely what these
men would effect by this imitation OF
the paper currency which they propose
/ tell you my friends, business wants a
solid financial basis upon which to
build up. And a sound, Uniform, sta
pie currency is essential 10 the accom-
plishmsnt OF that end. Capital will
not venture where all is doubt and un-
certainty, and business will not be
healthy or good until il is based upon
the rock bed OF substantial value. This
doctrine ofinfation means bankruptcy
1t means national dishonor. Aye, more
than that, IL means rottenness in pub
lie aeairs; because these men declare
that the general government has or
should have authority at any time to
create any amount of this irredeemable
paper money, TINS opening the way for
all sorts OF schemes snd Jobs, and plac-
ing il in the power OF Congress at will
TO increase or decrease the moneyed
value OF every mans property in the
land. lam glad that the Republicans
Of this county have taken the stand
they have on this subject, and verify
believe the Republicans OF the State
will do likewise. We should all set
our faces like steel against these wild
schemes OF imitation. Applause. Let
us demand stability and repose for
the currency, let us stand by the hon.
est money, let us insist upon the main.
tenance Of the public faith, let rs pro.
tect alike labor and property, AID my
word for il, from the bottom OF oui
hearts we shall always feel that W,
have q cause TO win. Applause.