The daily gazette., 1879-05-20

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RInUcTloN OF INTEREST," -4Some
pessns ssem to have an idea that should
there be Z reduction Of interest on the
loan 0fImoney, that the result will be
injuii6tts to the country at large. 1t is
dific,ilt to tell what the effect might be
ct first. But in looking to Europe we
find where interest has ruled low the,
people have been prosperous and are re-
garded IS the most enlightened. "Cheap
money and plenty of it," has been the
rule in England and France for great
number of years, and it is presumed
this has had its effect upon trade and
upon the people also. If so we must
conclude that it has been beneficial
Great wealth does not often flow from
the interest which a man may acquire
from the loaning of money. The i'm
mense fortunes that we read of are
nearly always acquired by a series of
favorable circumstances such as the
rise 10 real estate; some lucky hit in the
purchase Of stocks, or favorable run of
trade; and sometimes apparently in spite
of the most foolish and extravagant
course of life by those who seemingly
are "fOrtune's favorites." The French,
the English and the German people ex-
Gel all Europeans as artisans, and are by
all odds accounted the most learned and
intelligent. The interest on money
loaned has ruled lower with those
nations than any other. With them
"cheap money and plenty of it," has
worked well, if great wealth is account
ed beneficial. But by "cheap money
we do not refer to paper PROMISES
These may be very good. But they are
only good as they are backed up by
plenty Of gold and silver as sure basis
for their redemption. France, England
and Germany each have immense sums
of gold and silver stored away. They
do not use as much their metal money
IS they would if they had less, because
the great quantity they have makes the
paper money or paper promises circulate
as freely as either gold or silver.
But having great quantities of gold
and silver, enables them to duplicate
their paper issues whenever there is a
demand for it, hence money is plenty
and cheap. Hence the English and
French being energetic and thrifty EN-
ploy more labor than most other nations
hence their great commercial enterprises
that result in the accumulation of such
immense wealth. "Cheap money and
plenty of it," enabled the English within
the past fifteen years to drive the Ameri.
cans almost entirely from the ocean
traffic. From "cheap money and plenty
Of 1t" sprung the lines of great steamers
that are now plying between our OWL
ports and Europe. The Cunard line, we
believe, own some twenty-eight or thirty
great steamers. And yet their owners
were poor men-only ordinary sea cap
tains. SO is 1t with the Inman line
which now, We believe, has some eigh
teen or twenty, some of them the largest
steamers in the world. The cheaper
money is the more of it can be used il
great enterprises.
we, therefore, believe it ought to b,
the duty of the government to coin ever,
dollar of silver that it can get now wheI
silver is cheap. 1t may be little trou
biesome to carry, but it will prove sur
and valuable. 1t may be little NOR
costly to the banks and repositories
But, II we had in this country four O
nve hundred millions of gold or silye
dollars, we would not be troubled witt
bank suspensions every quarter of cen
tury' We are rich in property but hav
Always been poor in metal money. Prio
10 1901 we had floods of paper money
\ but were always deficient in cold an
silver. We saved largely on our interes
account; but suffered terrible reverse
whenever we were required to redeer
ur paper money, for the want of col
= ana silver money. 1t is true our syster
and the leniency of the laws upon Il,
banks, saved many of our monte
operators; but nevertheless the susper
sion Of trade, although mucb hr;ss.
than the crisis of 1873, was severe an
disastrous. Nothing can prevent the ev
that follows over trading. Under an
system accounts will have to be settle
sometime. But we can never condu,
such great enterprises and compete wit
France snd England while thew can o,
money 1.-two and three per cent. so Ion
~ we have to pay six. We did comma,