Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-11-06

FIX that volume, and by increasing on dimlR :
ishing it, Congress is therefore to determine
what every dollar in the land shall be worth (
The value OF every piece of property, OF every
article of merchandise, Of every private tor
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. NO man can make an
investment ; no merchant can sell or buy lot Of
goods on time no manufacturer can accept an
order no contractor ca: -.aze co1:.scs .o<
a railroad or building, without Congress
having it IN its power to determine their profit
= her Loss by regulating the VOLUME, and
consequently the value, OF the currency up or
down. Can Congress, can any body of legs-
laiors, be depended upon to exercise 50 ire
mendous power with wisdom? Why, gen.
tlemen, no assemblage of human beings, even
if you get together the shrewdest fnanciers in
the worIo, mas ever Deen louno wise enough To
determine how much money the business of
great country needs in its multitarious fiuctua-
tons. But if SO awful power should fall
into the hands Of such hnanciers 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 mower Is hKeIy TO oe exercised or not. &c
question is whether any Government should be
intrusted with SO tremendous, 50 farreaching,
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 row
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?
repeat, it is not only question OF con-
gressional wisdom. The very fact that Con
gress is to dispose OF so Tremendous an interest
by mere Legislative act, cannot fail to have
most disquieting and enervating influence upon
fhe business of the country. Are we not all
witnesses to the fact that for years, during
every session of Congress, the whole business
community 5::oo1 CT :;r-.oe with fear and
trepidation, lest some tnkering 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 Of
business men at the beginning Of
every session that Congress might do its
necessary work quickly and then adjourn
Have you not time and again heard the gen.
really wind up and go home And now mag
inc congress with ? majority composed Of
such financial geniuses as advocate the "Oho
idea, +" every one whom has his unfailing fnan
cial nostrum in his pocket, and that congress
intrusted with the power to determine the value
of every mans property, and the chances for
profit or loss of every mans enterprise. Will
the business community ever get out of a 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 If SO, then in
| the name of common sense let US get rid of
system of irredeemable paper currency which
puts into the hands of congres the power to
determine how much money we snail have and
what that money is to be worth. Let US at
last reduce the government again to its proper
functions, and return to that condition of things
in which the currency regulates itself. No
CONGRESS kzozos ho7O much money the business
Of lie country needs, but business itSrJf feels
ana determines 7Oith certainty.
HOW THE CURRENCY WILL REGULATE ITSELF
WHEN SPECIE PAYMENTS PREVAIL.
When specie payments prevail, and there is
more coin in circulation than business needs, it
| ftable employment. When there is less coin in
circulation than business requires, it will be-
come dear and flow in from countries where it
has less profitable employment. The same
rule applies to we'll regulated system of bank
issues based upon specie. When the quantity
of notes out are in excess of the requirements
of business, they will how back to the bank for
redemption. When the quantity of bank
notes is insufficient for the wants Of trade,
the bankers will find it profitable to increase
their issues and thus the gap will be filled
Local and temporary disturbances, occasional
panics or speculative periods, which under no
money system can be entirely prevented, may
sometimes interfere with this self adjusting
machinery, but on the whole the rule holds
good. The government has nothing to do
with it, but to to it that the coin struck in its
minis be of the prescribed standard value it
prevents and Furnishes counterfeitng it regu-
lates the banking system SO as 10 make it safe !;
and then it lets currency and trade in their re-
lations take care of themselves, without assum-
ing any arbi rary control over volume and
value. These are the simple principles Of a
sound money system under which business can
regain confidence in itself, and prosperity will
revive. That the end which we should ac-
complish. and which is now within our reach.
CONCLUSION.
| The paper money men have contrived to
befog the public mind with certain supersti-
tous impressions, TO the pre- dice of the cause
advocate. ] ct US look some Of them in the
face. One is sort Of dark terror with which
the word contraction has been invested. 1t
would almost seem as if contraction were some
diabolical power bringing forth all the ills
human flesh IS heir to. Thus we are told that
contraction, with all Of its concomitant evils,
was one of the internal effects Of the -es1nr-
ton act. 1t is true that, under the resumption
act, since 1875, the currency has been con-
tracted; but il is also true that this contraction
mas not nao the .eas; depressing eaec.. ::2on
! the business of the country, and l can easily
prove it, If contraction had cramped business
| that is to say, if business had wanted more
currency than was out, it could easily have
had it. Banking was made free by that very
resumption act. Amy FIVE persons, procuring
the necessary capital, can start bank unoer
the national system, and issue bank notes.
Had business required more currency than was