The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-11-21
NOTES EQUALLY GOOD AT ALL TIMES.

waves OF pnrodeemed paper money. AT las
Q redemption chains the currency to gold, ant
y our feet touch the solid land. Now, for thu
: first time, we can know over night what Tho
!, greenback will be worth at breakfast time
J Men say, gold also changes in value. So thu
3 solid rock, to which ship is moored after q
, voyage, is really movlng-round the sun. But
it moves only as the word moves. For sl
practical purposes 1t Is still. A currency that
is moored to gold can change only with the
, money OF the whole civilized world. Hence it
disturbs foreign commerce, aud consequently
domestic industry and trade, less than any
other form OF money that has yet been tried.
Even at its worst, our currency Of green
backs and National bank notes was IN some
respects the best this country had known.
When 1t rose or fell in value the whole
country shared the gam or ioss Uniform
money, which no longer made the West pay
tribute to the East, was OF meal cuabe benefit
II the money II use during the war had not
been OF equal value Ia all parts OF the country,
1t 10 not at all sure that Grant would have
reached AppomaitcI, or Sherman the sea-
Men learned to see behind each note. not some
one OF aswarm OF banks OF all kinds and grades,
but one great nation. Each note was as secure
as any other; whatever value any had, all had.
Yet this simple curl ency, though vastly better
than that which 1T drove out Of use. was bad
money, because it had no fixed value. 1t was
ever changing, because the note was promise
which was not redeemed. The prospect OF it's
being paid varied with every battle with good
crops or a great fire; with each increase or
decrease in the amount issued; with the vic
tory or defeat OF party
This money did not tax one section steadily .
for the benefit Of another. But 1t taxed every
body by turns, for the benefit OF nobody. The
bngands OF Mexico do not take as much from
the property owners of that country, in the
pilfered By corrupt officials in many civilized
lands, but they kil all trade and industry. So
money infested all the highways Of
trade, making every step uncertain and costly.
at hrst the dealers. as class, made great
gains; they bought with dear money at low
prices, and gold for cheaper money at higher
prices. But their turn to lose came when
money went up and prices went down. Soon
they LEANED to charge higher rates OF profit on
every sale, to insure against risk of change
n the value OF money. Having paid So bar
ei Tor Hour, az money worth Sc cents on the
loilar, the dealer knew that he might be
'Dhged to sell Tor money worth only 40 cents. |
nd hence charged 81 per barrel. This made
wider gap between the price paid to the pro- :
ucer and the price paid by the consumer. So ~
II mlddlemen, dealers, trsnsporters, and specu-
'tors, defended themselves against a possible
Ill IN the value of money by heavy tax upon
onsumers, and this IL the secret of tho az
-avagant charges and retail prices. in times NJ
srable money.
But this wider gap between producer and
nsumer swelled the cost of living. That Is
reed workmen to seek higher wages. That 9
ised the cost of producing things, and that q,
turn, compelled the producer to ask higher -
ices; and that in turn, drove the trader IA I
arge still larger profits SO the cost OF r,
nss was pushed mp step by step. First. our L
reign trade was disordered; this became the or
1t OF all countries in which to sell, and the "
rst IN which to buy and goods from abroad
70 emptied upon this market, with goods OF L
own which foreigners had been wont to oo
?. Next, many found that they could no q /,
ger consume at high prices as much az be- -
e. Workmen found wages had gone mn
than the cost OF living, and they had less
spend. All the wheels were cogged. Every sol
y was in trouble, though few could see why.
de slackened and grew stagnant. Active
lers we're left with great stocks OF high
ed goods; prices tumbled, and traders bv
thousand were ruined Producers stopped
mills, or morigaged their farms. and 20,
hmen by the thousand sought work in
. 35
very thrifty man who had saved anything ~,
N to lose, when money fell in value. +, P"'
ad loaned 1000 dear dollars. the debtor {
i,OOO cheap dollars. If his savings were
Ink, each dollar came to mean less yalue. SoO
Who had saved 500 IN 1860. found in 1864
S6l or 1t had vanished. He who had W.
ey IN a stocking found that two-thrds OF
1ying power had gone. There was small
cement to save such money. 1t seemed N 4
more easily every day, but melted away
9 hands Of one who tried to save lt. Bab- and
thrift faded away. That meant mischief.
merely to Millions of men and woman
D habits thus formed have cost them q
OF misery, but to all good workers and
It dealers. Industry Is kept alive by