The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-11-21

IA Ho"iIy iouiteen years. We nave been dealing
: money, the worth OF which changed FRO
: day to day. Never, until this year, have Il
., people been free from bondage to bad none
!, To-day every note is good, aud alike good
every part OF the land.
= How great this change is few mep know
: More than half the grown men of this day wei
too young when State bank-notes went out c
use to have cloar idea OF their effects. Their
. were as many kinds OF money as there wer
States, and II some systems were comparatvel
good, many were very bad. Under each sys
tem good or bad, there were banks of all sorts
from the best to the worst. The resulting los
was great in every part OF the country, but tn
West and South bore tax it seems amazn
, that they endured. Some OF the older States
taught by early losses took great care to guar,
against bad banks and bad money. The Eas
kept most Of it's notes good by strict laws
sharp watching and quick redemption. But a
the West and South banks ran Wild Man,
failed; few were quite sound and the note,
OF all we're at dlscoun. in the Eastern mar.
keta. Eastern dealers could not take Western
money at par, for the risk about i. was toe
high. Yet Western man. who gave bill OF
note, might pay in the money current at bis
home. In ell dealings with bin. therefore
the discount on his bad money was exac:ed
be had to pay more dollars because his dollars
were bad. Thus it came to pass that the rate
OF exchange was slways heavy against the
West and South, and varied widely at different
times, or as to different places.
IL the only storekeeper in e country district
finds that farmer gives him three pounds OF
dirt IN every hundred OF cotton, or three BUSH
els OF chaf IN every hundred Of wheat. he can
give only the pree OF ninety-seven good
pounds or bushels for the one hundred DUR
chased. If the farmer buys goods, to be paid
for in that kind OF wheat or cotton. he can get
ouly ninety-seven pounds OF sugar, or ninety
seven yards OF cloth, where good wheat or
cotton would buy one hdndred pounds or
yards. The West and South placed and kent
themselves in just such plight BY using bad
money. The East made them pay, in the rate
OF exchange on all bills drawn. part OF the
value OF every bushel OF wheat or bale of
cotton sold, and an added price on every box
OF goods bought, to cover the risk involved
because their money was poor. There WAS no
wrong IN thls. Those who chose to have bad
money pad for their choice. The East. as the
only storekeeper OF the country, could not
afford to take bad money the same as good
money.
There was no other cause for the enormous
rates charged at times aganst some regions.
Thus in 1888, while the rate against some places
n PennEylvaniA was two cents on the dollar.
was Ia to cents against Virginia. 8 10 3
ents against North Carolina, 8 to II against
south Carolina, 81 to 10 against Georgia. TO h
70 against Alabama, 8 to 1873 against Louisiana ,
'utside or New-Orleans, Is to 50 against Mis- {
isslppi, 1913 to SO against Tennessee. 81 to q
= against Kentucky, to 71S against Indiana a
nd Illinois, and to cents on the dollar against
)hio. No wonder "hard tines lasted long a
hen producers had to pay such rates. Yet Il
ais tax to cover risk and loss by bad money +
'areely ever averaged less than to ~ cents C
the dollar, which was charged in 1853. t
ven at that rate, the cost to the West and v
'uth was enormous. Not less than $4,000
O'oOo is now drawn in exchange each year by &C
% West and South upon the East; 1t the rata fc
1859 the tax would be from Gao, OOO. 900 TO "a
100000 yearly. Though traffic was smaller in
iore the war; tho rate in many years was pr
lch higher. During the seventy years be- oh
re tie war, who can tell how large sum the III
est and South paid for the luxury of having 70
or money? hs
Vow, for the first time since Western and VIC
lthern States were settled, they pay not one we
1t OF tax bscausc of any Inferiority in the on
ney they use. Their money is precisely as bu
I'd as that OF New York or Boston. The lor
ling rate OF exchange now charged is barely for
ugh to cover the cost Of shipping currency les
N one point to another. The use OF a to
ney that is equally good in all States ia boo
tn, to the West and South alone, ut least Ira
100000 year-more than their share Of ira,
interest on the whole public debt. pric
at the whole country also gains To the the
pie OF every section there was constant the
by the use OF money that was in no two wor
es Of the same value, never and nowhere vair
g good. and At most places ana nearly all +
time very bad. Who can compute the beg,
} cost Of detectors and the waste of time be ;
archins them for every strange note. The paid
pest bankers and dealers lost something in n
year by taking bad notes. One keen Ue
ness man kept the bad notes taken BY him that
ve years before the war They made a mon
IS thick as mans arm, aud pretended to its b
Orth more than small farm. By far The ,ndu
'er part OF the loss fell upon the millions como
orkingmen and plain people, who had in tn
chance to protect themselves. some ia q,
money py counterfeitF, some by notes OF not
'nat never existed, some by notes Of whoa
lna' lever we're good, and many by notes wars
INKS tla' faxed Much has been said OF bope