Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1879-11-20

From u chicago Express.
"What did the Greenbackers attribute
as the cause OF the hard times?
The contraction and insuticiency Of the
currency volume.
'How did that produce hard times?"
By shrinking and depreciuting values,
thus throwing labor out Of employment,
and coniscating collatcrals to meet ma
turing obligations.
"W hat remedy did they propose?'
An initiation, or restoration of the cur
rency, by an increased volume of legal
tenders.
''ls there not now an apprcciablc i'm
provement in the times, are not prices ad-
vancing, IS not labor better employed, and
are we not.apparently on the road to pros
perityP"
Everything indicates it.
Has the greenback volume been inna-
ted!"
No.
"What dld the Republican party pro.
pose as the remedy for hard times?"
Resumption OF specie payments.
HAS that been brought aboutp"
Theoretically, and perhaps for all prac.
teal purpose, 1t has.
"Then, as financial philosophers, have
they not demonstrated their theories to be
correctp"
Not at all. In the first place, resump.
ton had nothing to do with initiation of
the currency. 1t had nothing to do with
the advance in prices. These were mere
accidents OF the season. For the last two
years we have raised enormous crops.
During the same period Europe has had
crop failures. These things have not only
kept our own gold production at home,
but caused an immense influx from the old
country.
"Do you claim, then, that imitation of
the currency has produced this change for
tile betterP"
Most assuredly. John Sherman says so.
The Republican press says SO. Grcenback-
ers all admit it.
"What amount Of initiation have we
had?"
From official reports and statistics, the
currency has been here inflated since 1877
as follows:
Bank circulation during 1878 ... 3lO,OOO,O0O
during 1917. 9...,.....,....,.. ..... l3,U0O,000
Sa'FSA '''' - NV'VouiOOu
Gold coined. OBSERVATION-DISCLOSURES" 100000
Gold imported. ................... 100000
Total. OBSERVATION-DISCLOSURES sl1i,000,000
In addition to this, the New York banks
are of the opinion that during the next six
months the bank circulation will be in
1ated by at least $5o,000 900 more.
"What is the difference then whether
the initiation comes by the present process
or by the Greenback method of an increase
Of legal. tender cuTencyp"
The causes which have produced the
present initiation were accidental, and con-
sequently unreliable, rendering reaction
liable at any moment, and inevitable
when they cease to operate. Bank in6a-
ton would not have been possible without
the gold inflow The gold inflow was the
result OF short European crops, and album
dant American harvests. As soon as the
gold flows back, which is inevitable,
whenever advanced prices in this country
make it an object to purchase abroad, the
bank currency must be contracted; then
will come another panic and q crash,
while legal tender initiation might be
made permanent, and subject to no acci- !
dental revulsions.
"What is the moral TO thisp"
1t has demonstrated that contraction
caused the hard times, that expansion was
the true remedy, and that to make
prosperity permanent, the inflated vol
ume must be kept uniform. That to keep
the currency volume uniform. both it and
its basis must be inexportable. That
United States inconvertible legal tenders
based on the faith and resources of the
nation, alone can supply such currency
IN short, 1t establishes the truth of the
Greenback philosophy.