The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-12-05

places and locked vaults where il waited seven
teen Year,, and At the same time we should
close and bar the doors against the unlimited
supply OF gold that the world has on hand. At
this hour, disaster would strike down reviving
trade and industry, were il not known that
:50,000,000 in bullion, not needed in the Bank
OF England, had began to come hither even
before tho need OF 1t was felt, No man who
holds that more money is needed here should
consent to shut out that full supply, and to
ta.e away from our current money all the gold
now IN use.
In every land there are times OF special need
for an enlarged supply OF money. ilere, such
need often comes with the movement OF the
crops. AT other times, in every and, too
much money is found IN use, and II the excess
is not relieved by outflow, wild speculation is
apt TO come, until bread ard goods are made
too dear for consumers. In April We exported
$2,s50,000 OF specie, which in August we shall
take back again. Thus in times or lack or ex-
3 gold flows in or out, but paper can do
neither. When there is too much, or when
there is too little, there Is help for it with
out redemption, save in the slow action OF
Government. II more is issued to meet
temporary want, there will be too much after
that want has passed, and, long before Gov
eminent can withdraw any, mischief will be
done. That is a stagnant currency; it can
neither flow in nor out. At some period il is
certain to be IN excess OF changing needs.
Then speculation Bindlss and prices rise. Each
dollar will buy less, so that all the money in
use scarcely s1fiicss, thou Oh the season is not
one of great natural activity. But when the
season changes, and there Is mora work to be
done by money, suddenly there is n great lack
The money in use has lost part Of its buying
Wild outcry is raised at once for more money,
and OF such money fifty times as much would
not be enough. Having begun 20 deprec,at
and TO get insufficient for its work because il
bas deprecated it will grow worse as surely as
specked apples will rot.
or such money, there always seems to be
not enough. Il breeds the gambling fever.
and more money is wanted in two days OF
wild speculation than healthy trade would need
in a week. 1t breeds ha bits of waste. and
when forty millions Of people are spending
arb tba,,
always wanted. 1t prompts retail dealers and
niddlemen to higher charg ss, in order to cover
heir rick from sharp changes OF price, but
their higher charges make more money wanted.
The trouble Is that the stuff will not buy
enough. In time OF temporary excess, it could
not get out OF the country, and 80 pushed I
,nces upward, until it has lost part of the buy
ng power il pretends to nave. Then in time
when full currency is needed, prices and hab-
is will not yield quickly enough to restore the
est buying power. 1t is short task to pour
gallon OF water into gallon OF whlskey, but
t is not so easy to get back the pure liquor of
I'LL strength. So there is painful lack of
money, and an lnteuse demand for larger
ssue OF notes. Never yet has any Govern
nent wholly resisted that pressure. Strong
ppeals are made to ignorance and passion.
he poor are told that money is scarce only
eeause some rich men please to make 1t so.
'ut the real trouble is only as to the quality
ot as to the quantity OF the money. Like
ome powder made by Confederates during the
ar, there was enough of it, bat 4. would not
brow bullets far. 1t did no good to mix more
harcoal with II, and 1t does no good to add
lore paper to deprecated currency. The
loney cannot do the work because it is too
DOR; not because there is too little OF it.