The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-05-29

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o. exc out scauty living by finding
work far short of what they are able
and willing to do l."
After reciting the above sad LECTURE,
Mr.. Troy adds, "the cause generally
ascribed for it is the contraction of the
currency, and relief is promised if the
volume of currency is increased; but
Just across our northern border IS the
Dominion of Canada, whose currency Is
not affected by our Legislation, and they
have the disease up there fully as bad
if not worse than on this side or The
line. 4 few years before the disease
broke out among the nations OF the
earth, Germany received ship load of
money from France, more than enough
10 rav the whole cost of great war,
and vet she is suffering terribly from
the disease, while France, after paying
all this money, losing her own expenses
il the war, and having had large
part Of her territory overrun By an
enemy, has rot felt the, disease at al,
but on the contrsryis financially pros
porous, and while the shrinkage has
been playing sad havoc ith the wealth
in this country, Canada, srmany, and
elsewhere, property in trance Ia
steadily held its own. or lii, -essed IL
value. These facts indicate clearly that
the shrinkage Of values in this country
is not the result of the diminished
values Of currency"
have, Mr.. Editor, quoted thus ex-
tsnsively from Mr.. Tvs letter, be-
cause / find in the language quoted =
weight sufficient to destroy itself L.
furnishes an other example of how
easy men stumble when they attempt
to UNFOLD system crushed by its own
weight.
1t is not necessary to carry the legis-
lation of our own country into the Do
minion of Canada, to produce hard
times there. The history of English
policy and English legislation for its
colonies, furnishes abundant evidence
for the miseries which are entailed
upon those colonies feem time to time.
While the parent government lends q
helping hand 10 build their roads and
encourage interna. improvements. it
reaches out the other with legislative
policy which dsains then of their sur
plus earnings as, fast as. accumulated.
The decentralization cf silver in Eng
land and GERMANY. produced the same
results upon tia laporing classes that it
did i'll the United States. varying only
in proportion 10 tue difference Of cir
cumstances II those countries. Had
the German Government with its ship
loads of money, instead Of attempting
to confine itself to a gold standard.
adopted the wise policy which the
French Government. adopted, and issued
an irredeemable currency. making it "a
legal tender without limit. her people
would have been saved the present
suffering which Mr.. Troy and other
hard money men attribute to shrinkage
in values; her enterprises sustained, her
real estate values increased, and her
banks overfiowing with gold and silver
as is the present situation in France.
In the language of Col. Fitch, "lhe
volume of irredeemable currency issued
by authority of the French government
was near three billion. four hundred
million francs, and 10 this lav gold and
silver, and the irredeemable Currency
Of France, stand upon an quality of
favor and equivalence of value. The
result has amazed every one who has
failed to estimate the power Of full
legal tender.
The experience If France has taught
tue world the ~; poYtauce of n metal
lie base for money 4.,stcad Of drivin.
all the gold cut Of France, "a some
maintained it would DO, it became the
means and active cause of attracting
gold to France; and now, after the in-
vaders of France have been paid their
tribute in gold and departed to their
own land-afte- keeping her industri.
GUS arms employed and happily occu-
pied-this crippled nation of a few
years ago looms up into power again,
and publishes to tie world that there
stands already in the Bank of France,
to the credit of. French industry and
French financial wisdom, 3,4OO, 900, OOO
francs in gold and silver COMA sum
greater than ispossessed by England,
Austria, Russia and Prussia combined.
While this great sum was being earned
by industrious France. the Prussian
subjects of Emperor William have been
suffering from the efforts of that Gov.
eminent to conine itself to strictly
gold standard.
Mr.. Troy continues when the
value of property 10 high, and produc.
tive energy is in action TO its highest
capacity, much currency is needed, aud
can be protitably employed; but just as
property decreases in value and pro.
ductiye energy is fiminisbed-i other
words. as people become. poorer and
more idle--the quantity Of money re.
quired becomes legs. And when q whole
people becomes poor and idle, very little
money can be used"
What sophtstry is fhiS' Never did
man utter more iNbecile language upon
subject, or offer greater insult to
the energy, spirit and enterprise of the
American people, After admitting
that when productive energy is in &C
ton to its highest - 3acity, much cur
rency is needed, nj can be Yro6ta5ls
employed, Mr.. Trey attempts to carry
the idea land hoods;ak the people) that
this state of prosps-4. J produces de-
crease in property rx'ues until the
people, iohole psop'e-tocom poor
and idle. and tGY- into an army o!
''tmmps."
Mr.. Troy cannot point to a period in
tie history of the American Govern.
ment when the productive energy oil
its people was active to its highest ca