The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-12-05

other will do it's work a. well 80 II he had only
One. But II the country has need Of only one
supply OF dollars, and keeps twice rs many, all
of them VIII be used in the buying, so that
each will buy only half as much as it ought.
This Is the only tool that grows dullsr because
we have too many Of them. What sense IS
there ia getting more, when the effect Is to
make than all dullerp Dollars are like work
men. II the work to be done in a shop or
mine is only enough for 100 hands, but there
aIe 200 at work, each can get only half time
and will be worth only half pay. So il the
amount OF buying to be done is only enough
for cert IN number OF dollars, worth 100 cents
each, ard We send twice as many dollars TO DO
that same WORK. each can only do enough to be
worth 50 cent?. 1t does not help at all to make
tho dollars legal-tenders. Without breaking
lava man can refuse to sell things at any
price, payable in legal-senders. II he does not
want to sell 100 cents worth OF wheat for :.
lega,-.ender worth 80 cents, he will put mp ,ba
price, and ask 90 bushel instead of g, 8
bushei.
But the paper dollar is also a nromse "a
well as a tool. The value Of pr smise depends
upon the power to pay that behind il. The
thrifty Jones and the shift .ess Smith each had
in his store goods wort 81 900. But il was
known that Jones hs q ont only one note for
$1,000, which was ~or,h that sum. Smith had
out i've such m ties, and men did not care to
buy one OF tAem for 5000. The powe, of the
Governm snt to pay its notes is the same after
the arIount OF them Is doubled as before But
eac.n note then represents only half as much Of
chat power.
Besides, distrust sets in. No one knows
what the Government may be able to pay, nor
how many more notes it may ISSUE The re-
ceipts for wheat in an elevator ought to have
behind them one bushel OF wheat for each
bushel promised. Suppose there has been an
over-issue-that the elevator cannot deliver.
bushel for bushel, what the receipts promise
Perhaps there are twice as many bushels on
receipts atioat as there are Of actual wheat in
the bins; if so each receipt for 1000 bushels
really represents only 500, but no one can be
sure. And the elevator may pu, out as many
more receipts tomorrow. Faith is shaken.
Holders sell receipts for what they can. So OF
notes that ars not redeemed. The one thing
certain Is that the Government cannot pay
dollar for dollar. How much IL can pay. none
knew. How many Millions more OF notes il
may put out, none know.
Such notes lose part Of their power TO buy.
People refuse to eve. the same quantity OF
goods for them as before the larger issue. The
change is not instant, but it is sure. 1t is not
equally rapid as to all things TO be bought, and
thus does special wrong to labor for wages 40
lp more slowly than prices. But soon the {
whole scale OF prices and wages alters: part
of the buying power OF each dollar is lost. Be-
,ause there is distrust, men put up prices as
lar as they can. Because they expect another
ssue still, SO that the dollars may soon have
till less buying power, men put prices too
Ugh Cor the amount OF notes now in use. +,
Thus 1t 10 inevitable, from the laws of human 7
nature, that the note loses not only that part a
II its buying power which, in proportion TO the Q
mount OF notes already 10 use, it ought to
ose, but larger part from the fear that more
totes are to come. When every man is anxious
o make himself safe, some will overdo it, Just I
q boy, who tries to I'll pail TO the very !
rim, is sure to make it run over. This comes Y
o pass: the double supply OF 5O-cent dollars
Iill not do as much buying, at the new prices.
g the former supply OF 100-cent dollars could o
o at the old prices. What then The cry Il
or more money is louder than ever. The need
Or more money seems greater than ever. In a.
eahty, the need Tor better money is greater. '.
len ought to see that another issue Of paper
loney means only further loss or its buying
over, deeper distrust, and greater mischief
ut no Government has yot been seen among
len, save that OF these United S.stas. which
as had the sense and the Gru..oss TO stop. ~
ter having fairly begun the issue OF irredeem- :"
Die legal-tender notes. In those rapids many !,
ATOMS have drifted toward the Niagara OF n,
'nkruptcy. Only one has thus far escaped. "
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