The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-02-17
CANADA BEAVERBACKERS.
More Paper Money for the
Dominion.
A NEW NATIONAL PARTY.
What the Currency League Pro-
pose To Do.

TORONTO. Fob IA, 1879.
The press notices of the birth in Canada recently
of sister to the American rag baby doubtless
read by those who had assisted at the funeral Of the
child Of the war with feelings in which curiosity
disputed with surprise for dominance. But after all
it is not strange that Canada should. in common
with all civilized nations. be awakening to the APP
preaching necessity for more reliable standard of
value and medium of exchange than the metal gold.
though there is reason for his expression of wonder
that the promoters Of this movement should follow
on lines already heartily discredited by people
with whom Canadians are so strongly in sympathy.
socially and commercially. In endeavoring to give
On idea Of this movement let me say that my work
must be largely constructive by which mean that
the party has yet formulated no confession of
faith, and is it were. individually ventilating its
views. with the Interior object of preserving and
consolidating those doctrines which appear to
public adherence and eliminating whatever seems de-
void of attraction. 1t may be taken axiom that
mans views of the past and present are the basis
which he builds his future it may help to an I'M
Outstanding Of the views of the Beaverbackers.
citated under the of national currencyists If
their readings OF the past and present be briefly
down.
Let us hear them, then, on the subject of paper
money at present issued. They point out that
the great William Cobbett many years ago committed
himself to the doctrine that England would be ruined
morally, physically and financially if paper money
of any kind were issued England did issue paper
money. has continued to extend her operations of
paper money and is not ruined. Mr.. Chase, to whom
they accord the parentage Of greenbacks. met
with the arguments as those advanced by
Goblet, and his measure tided the United States
all her difficulties. Russia purchased the cman-
cipation of her millions of serfs by paper money
,1nr cloa for md d, IA.
'.Russia" bears testimony that the revenue Of the
most conservative country in the world has in
creased voluntarily since emancipation about fifty
per cent Franco issued paper money. and her re-
covery from her crushing by Germany is the most
marvellous example Of national recuperstion on
record.
VIEWS THE INFLArIoNIsrs.
Now for their views on the present, in speaking
upon which the first thing that will naturally be ex
pected Of the beaverbackers is to define the American
position This is how it is done. The American
greenback issued to compensate for the destruc-
ton Of wealth. When the labor of the soldier was
expended there nothing substantial achieved by
it except loss. The distress in America has been
caused by their contraction Of the currency and
by protection for protection aleviated the Distress
and indeed kept society from falling to pieces Had
protection through the currency. well
through the customs, been continued America
would have been prosperous. So much for
America and her return to metallic standard.
The present system is responsible for the following
showing in Canada. There irredeemable bank
bills At present ton of gold is deposited in vault.
and for all practical purposes ton of stone might
we'll be placed there. Money devours itself every
twelve years. Making bank notes redeemable does
not increase the amount OF gold in the country.
There only about s6ooOOoO gold in Canada and it
"a Not lola
gold has been paid for imports since 1850. AL i'm
ports arr paid for by bills of exchange. and.
finally, our imports by the farmers with
mortgages on their property. Government now
the @ ss 10 Ssns whns 4 &c 81
known fact that none OF these institutions could
stand such run as might be brought upon them:
The Intcrcoonial Railway cost S25000,000, and
when IL IL paid Canada will not own inch of it,
All tile public works owned by foreign capitalists,
and to such extent this true that hrtytree and
ne-third per cent OF her annual goes to pay
the interest on the sums advanced by foreigners
whereby they have acquired the ownership of the
public works and other parts OF the country But
perhaps this is sufficient to give idea Of how the
present is regarded by the Beaverbackers.
The necessity for change is urged on the follow
ing gruunds:-First, the load of interest is daily in
creasing and must eventually crush the country;
second, the slow rccuperation of the country, with
such vast undeveloped resources. after period of
distress; third, the vast railway projects ahead.
which cannot be carried out in reasonable time
without national bankruptcy; fourth. the business
OF the country is now done ON dead gold; ,th. the
ownership of the country Is practically asked; sixth,
legislation has hitherto been wholly for the benefit
OF consumers, and producers ought to be lcgslatcd
for; seventh. money which now goes out of the
country ought to remain in it,
The expediency of change is founded on-First,
all monoy-gold, silver, bronze, &c.-is fiat money;
second the old system has demonstrated that it has
been powerless TO avert evcr-rccurring periods OF
distress, both under protection, through the Gus
toms and free trade. Ibis has been the case with
Britain and must be infinitely worse to young and
poor country. Third. the bonds now issued which
bear interest. issued for work dcne and might
well be capitalized in currency; fourth, gold could
be bought when required.
THE PLATFORM LEAGUE.
The preceding conglomeration of ideas is the
est can approach to defining the props upon which
tho National Currency League will build It's PLATFORM
Tho first planks OF this league will be found in the
constitution OF the League No. l. copy of which,
certified by the secretary, ISL
NATIONAL uuRnnscr LrscgE, No. I. ST CArnAnlsr's.l
A order and union absolutely necessary to tho
cess Of all grea, reforms 4 deemed advisable that per.
following axioms aud declaration and inscrbc her
FSrs-rhs government Of country should oxiss by tho
viii Of the people, expressed through their representa-
E duty Of che % IN to ssSses' e.
icct their interest and by judcous Legislation endcavor
rh,rd-The Dominion Canada without having suffered
any great calamity; is no. in prosperous condition
f0aric confidence Of tho people in shcif country is
S.sl-Those nations who have adopted national cur
rcpey arc prosperous.
consent become members Of mis- National Currency
League, and do promise 10 all lawful
induce the issue adequate
based the security OF the Dominion
Of Canada the be legal tender NJ ts face value
In all busincss transactions OF the country Signed
Wynno 4. Miller c. Burrows and tho 9th of Fcbru
Ary by 800 others, all OF whom are voters
cATrARrSEs MEETING.
A meeting was recently held at st. Catharncs,
where the movement has been inaugurated. at which
several gentlemen expressed themselves upon the
question of paper money As was to be expected the
| speeches were generally non-coininittal The
which threw most light upon the intentions Of the
League being that of Hon. Isaac Buchanan. polti-
clan OF decidedly advanced school, who is generally
| admitted to have been the parent of the national
| policy which was Endorsed so emphatically at the
recent elections. MIR. Buchanan has long
! been n believer in nat money, which he
considers financial protection but perhaps
| no had better speak for himself lie says.-
II think that our money ought to DO the notes OF
the aggregate people (the governmcnt) representing
actual value the government has received, so that
| the whole property OF the country would be bound
for them, the issue being limited to SIS head of the
population. this being about double tho present cir
| cuiation. The notes shoud DO a legal tender both
| for public and private debts They should not DO
payable In specie but should be into Cana
| nor emf