The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-03-22


to be not only useless but perncious in its sfcts
Patented paper inks engraving and powerful presses
he said are far better protection than any coinage
can be against the arts of the counterfeer; while
scarcity of CON- uncertainty of mining ana the export
aoe nature OF the material renaer r. the moner
the safest unhuctuatng national money. II tne money
OF this country were divided Americans wouio pos
sess about S14 per capita. This sum Is used 70
transfer all values by its rapid circulation Dealers
therefore obliged to issue notes which are not
currency. and debt and imitation of credit increase
one hundred fold where current money Is wanting:
This is the source OF all pancs The increase Of
commodity has outrun the tools of transfer France
Is the best OF country escaping pano
tary tools than any other nation She possesses an
average of s57 to each of her citizens.
EXPANSION AND CONTRACTION.
Expansion is life; contraction is death. Capital is
but rossized life. accumulated labor product
fourfold production does not indicate the need of q
cont traction of American currency. The money
monger. dealing in selected credits. finds the pur-
chasing power Of his money greatly increased; the
of labor suffers. but upon the million toilers and
their helpless wives and children fall the burdens Of
hopeless idiocy which permits the panics that have
agonized country every year since 1860. So
jealous were the creditor classes of the United
States of the issue OF eighteen millions remaining Of
the reserve of the greenbacks in the spring 1874
that they did not hesitate to threaten revolution if
this thing was to be permitted to 60 on 1t did not
previously demanded of the President the issue Of
this very and that $40 100000 of had been
issued
The lecturer then reviewed the histories Of the
famous banks Of Venice and Amsterdam and argued
therefrom that the specie basis gives real secur
ity. He summed up as follows:-
applying the statistics of the past decade to tho
supposed present population of the United States.
the various classes of the employed and productive
embrace than fifteen millions of individuals. A
depression of cent is equivalent to the
loss Of nearly two thousand millions of days work
nuay, many dollars of intrinsic values. OF that
labor product which alone forms the wealth of ma
tions and the gold OF commerce. have not taken
into account the loss of machinery production. or
the almost limitess power of expansion OF coal.
iron, cotton. woolen and wooden industries. in
which should surpass all other nations. because
God has given us more of these rich ehdowments
than the world possesses elsewhere Sixty-one per
cent of the iron furnaces idle in March, 1868.
which may be taken fair average of the past six
years. The addition of this gigantic wealth. with
the expansion Of the real estate they would have
supported, with the advent our shores of millions
of productive Europeans would have nearly doubled
the values Of the forty billions in 1872
but for the awful crime of national suicide which
examining. To stop production is to invite re-
voution and national bankruptcy alike, and pro.
duction alone Ia wealth, and none have too
much wealth If exchange be free, there is no mad
ness greater than the contraction OF the tool money
that in all the ages experience has proved Expresses
the king on his throne and the beggar in his howell
by its all pervading, crushing force"