The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1879-06-04
The Financial Question.


EDToRs CLARION The law, that the sup
Ply and demand regulates the price Of all
commodities, is immutable and applies, with
equal force and precision, to finances as 10
commerce; 10 silver and gold Ar To corn and
bacon; whenever there is a large and full
supply OF corn and bacon the price is low,
and whenever the supply is limited and in
sufficient the price goes up. Exactly SO with
the price Of money, aud just 50 long As the
government continues 10 redeem it, notes in
gold and silver. national currency as well as
greenback- are money. Now ii we admit that
the law OF supply and demand regulates the
price Of money, We have but to look at the
price OF money to see whether there is too
much or too little for the commercial wants Of
the country. Money can now be borrowed in
New York Upon undoubted collateral securi-
ties upon call at two and hall per cent. and
millions upon millions he had upon gilt
edge paper al fonr per cent. per annum To
ascertain whether this is a high or low rate,
we may refer to the interest laws Of the older
States where we may suppose there are no gold
mines land speculation to increase the
demand for money, and We find the
interest laws of none of them below six per
cent. per annum, some Of them seven, Others
as high as eight and ten by contract, and
Others again eighteen and twenty by special
enactment of the Legislature. In these old
States we have the wisdom and experience OF
a hundred years Of the men that made this
country what it is; lesson | think that we
should well consider and ii the wisdom and
experience Of a hundred years have fixed the
minimum ratio, of hundren dollars Tor one
year at six dollars, the logical conclusion is
there is too much money when you can get it
on call at two and half per cent. and by the
year at four per cent.
The next error of the Grcenbacllers Is two
fold and it is hard to tell which is the greatest
or most dangerous.
The first is that somebody is bound to give
everybody employment, and the second is that
the government shall let them have much
money as they want. Ii the party will define
their position and tell ia who they expect,
who they ask, who they demand shall furnish
labor for everybody, and let know if they
get in power if they intend to do it and hoo
they intend to do IT, and what sort or labor,
and at what price, and where they
expect to get the money from to pay
with and how many hours in day We will
have to work, we can then Judge for ourselves.
have never seen their platform but l gather
from the teachings OF their leading oracles,
that somebody Is bound to give everybody en-
pIovment, but they fail to say who it is. This
smacks OF agrarinism, and suggest that they
do not disorganise the labor system of the
South. unless they submit better, or some
sort of one and leave to choose between.
| contest do not understand the genius
of our government nor its laws nor its objects,
jfone man is bound to give another employ
Inent and ifit is so, the two classes should know
each other, and every man should know how
many men he is bound 10 employ and what
price he is bound to pay them; SO much then
for the absurd and ridiculous doctrine that
any man l. required by any law, political,
civil, or moral, to furnish labor to another
man; aud vet this seems to be the leading
doctrine of Kearnev and his followers, and
more strange still is the fact that the very
men that these oracles intimate shall furnish
labor for these strikers, started out in the world
"A moor as they now are, and without making
ipvidious distinctions | will mention Wander
bniit and Morgan and Mississippi's million
aire. all of whom began life poor-on an even
plane with the strikers that burned up null
lions of dollars al Pttsburg and other places,
and much OF it belong to one Of the above
named poor eoung men.
The uracles of the party promise us happy
results, bv reducing, or scaling the bond oil
the government to Sd of the face value, ana
then redeem them with new issue ot green
back The argument for this scaling Is that
the bonds did not cost the government more
than that amount
will admit that at one time during the
late war that the notes OF the government were
worth but little, about one-third OF their lace
value, but still when the L. ). government
makes an obligation it must not Fepudlate H.
Every intelligent man knows that a large
nroportiGn OF the L. :. bonds were made pay
able ina gfeeabacks and that the law passed a
few wears ago. galvanizing them into gold
bonds was obtained by fraud and bribery ana
j. Unconstitutional aud can be volded II an
appeal to the courts was taken, but now 50
long as the Treasury pay specie, greenbaek Is
as good rs gold and nothing Is to be gained
by their being paid OF by claiming the rights
10 pay the bonds in greenback.
The price of labor seems 10 be one OF the
complaints of the e. B; now | wish to know
who is to regulate the price Of labor; the law
0f supply and demand is the only arhlter that
i know, aud the appeal from this deolslon Is 70
the mob. Every statesman should take pains ~
explain this in all their communications Win
abe people, because there Is growing ten-
dancy to a conflict between labor and capltaI
in the old country all over the world at tins
time, that will strike deep at the roots oil All
Tree government, civil liberty and the christian
religion.
In this country where every man, rich and
poor, black and white, have equal rights
to enjoy the products of their own labor, no
such conflict should exist There is no claim
OF the upon the other except that OF chaFl-
~ and humanity. They all under the
same laws of liberty and labor, and there can
be no conflict, rightfully, but the law OF supply
and demand
1he oracles teach, not only that the party pro-
pose repudiating two-hfths Of the U. ;. govern
ment bonds, and paying up the balance now
an new issue of grenback, thereby increasing
the circulation about 81 500, 100000 or about
three times the present amount, but they pro-
pose to pay all the expenses, and apPropria-
lions OF the government with 3 new issue OF
greenback, and they further recommend the
building of extensive Railroad and the ley-
lng OF the Mississippi river, and that the gov
erment loan large amounts, to be paid IN
new issue of greenbacks. This gives wide
margin IN the amount that may be issued 1t
may be 100000 600 or $40 900 GOO 900 year
and as there IL no limit to the length OF tiEpe
this may continue, there is no telling what the
amount OF circulation viii be if the expenses
and appropriations of the government,
amounted only to $500, 100000 q Year ut the
end of Eve years, would have this addi=
tional circulation of $500, O00, 600 add to
this $500, 900 600, Of new issue for the REDEEM
tion of the bonds, and You have the handsome
little sum Of four billions, add this 10 the pres