Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1880-11-04
WENDELL PHILLIPS ON FINANCE.


have?
A long time ago there might have
been a third of what shall it be made,
gold and silver or paper? But the eX-
perience of business men long ago an
swered that inquiry and settled it that
beyond recall throughout Christendom
the currency must bepaper. 1t lis idle to
talk to-day of specie basis. The gen
tie hallucination has been encouraged
to quiet timid men and delude the
masses. But the thing itself has not
really existed for fifty or hundred
years. Great Britain, where, if any
where, such basis could be maintained,
has to-day fifty cents of coin to one
hundred dollars Of paper Patterson,
Science of Finance, pp., 5, 6, 27, %, 81,
38, Edinburgh, 1869
Any individual may have that fifty
cents, provided he does not need it, and
provided there is no special reason why
he should have it. If at any time bust
ness absolutely requires that he should
have that fifty cents of coin, that time
he can not have it, a specie basis of
coin to support one hundred dollars pa
per. 1t reminds me of that Irish six
bottle topper, who always sat down to
drink with small bit of a strawberry
at the bottom of his wineglaSs, and kept
il there through the evening at gave
SO fine a flavor to the wine" Doubtless
that ffty-cent coin gives strong specie
flavor TO the vast system of British pa
per. and makes Bull feel warm and
comfortable.
Political economy settles very few
points by thcorizing; now and then eX-
pericncc decides a question, and it
masses into accented and undeniable
truth. In this way business experience
has decided that currency, i'm civilized
nations must rest ON credit and con-
sist of pappr. Thus experience an
swers our first question. the currency
does rest and must rest on credit
Whose shall that credit bep Shall if
ba tbo credit of h,nks and their ems
toners or the credit of the nation ?
This onestion also experience answered.
R.fore the war we had hanks resting
eoch one on IFS own credit. we all re-
member the result The bills of a
hank ceased GENERALLY to he current n
hundred miles from its own counter
You lost fen per cent in changing those
of the South and West for Eastern hills.
and HORACE Grerlev demurelv told the
committee who naid him handful of
western Hills "If convenient should
mnch nrafar n woll-pyecutnd co,nter-
feit an some e,stern hank"
What makes our national bank bills
GOOD and eouollv GOOD everywhere TO-
dovy The nation Stands hchind them.
such notes mass anywhere and every
where ot thn sonr vnIue because the
nation Guarantees them All fine note
currency we have rests on national
,r,Git directly or indirectly. Nom:n
can give a reason why they should not
all rest directly ON national credit; why
all bonl, hills Should not he withdrawn
and lepal-tenders supplv their place.
In building n house Won do not nut a
nlotform between fine house and its
foundation: certainly not. Your walls
rest directly ON vour foundation. To-
dav this nation nays the banks $50 900
O0I or more to allow them to play the
useless mart of standing between il dhe
nation and IFS own currency. DIR.
Franklin's hero who asked his victim
IN nav for bootinr the nol,er was n
most reasonohle nerson and n solomon
comn,red with ourselves in this mat
ter I hoys heard Of an inrompetent
man MT under Guardianship and
OBLIGED 70 nav trusiees literally for
taking care of his pronertv. but / new
or hoard of ono mt mder o,Iordionship
and nnving his Guardian iibernllv md
then oIliged to 1n oll his own b,Isiness
haS;doS Which 10 ovoctlv o,r cose we
furnish tha creJit thot sunnorts these
hant kills and then wo nav tbe hanks
t", ns;nn thot credit
pomahot iba Li"ho.+ ,utboritv in
rnnIand s,ys tho while +alfos Rank of
EnGland liils w;tbont inouirv or Losi-
to.;on I ", hoon,'so " - I,uous th3+ in ony
o,on,.oo,, etU n"o tho ,o,nrmn,ort ~ ] wi1, smstain
thn % hs',i, Su IIo IIoro our hiIis n"ss hooa,,Ya
t,,o .ho oa,,orrn,nnt o is distinntiy % nIoJaoJ to
Sno so' mn . tm,o 80 c,ra"t nnr,;rdroinI oon
U tors 81, hova M drifto5 into n n',rroncv hased
y, Font on novo,r,nont crodit md thov
1a,ihorato,s, ~ r % onoamt ti,o Sitnation :
'0"O U.. G,,s. "oI ,dat;"n w." ,nn u,hat sbo,,
,,r o o,',.ra,",, m,"S E rnst g is F'1,w nmswnroJ
vu' S'n., 7 nnoi,i m nat;ons i" 4, !,
rests and must rest on government
credit y
Second-IIow much c,,rrpncv shall
ve have9
No SINGLE man officer or institution
car DECIDE or aver did decide this oucs.
tion Currency made IN Of hank hills
Jenosits notes hills of exchange etc
is iiIo onv otber article of manufac.
tura wa mako no mnch of if as wf
naod Tho hms;noSs NJ a country when
not oti, ;ntorforoJ u ] with oiwoys NJ uatties tb1
nmomnt ,uV % af its onrronov Rnsinoos ora
"omY "too o',on,Soro ", ' u nnd ~ a., timos ins,
"ob oI o ond imst 90 % n,moh u" o,,rronnn m % 40 @ /;
suoi ao1, anu pnn,ys Iy 'o onh o Sonrotarios r,"or,
nee. neeuai ;' nino a,a tn osslevt'o ,,t 90 tpn om,.
vnuS u0.o1 oa n,nT nio%t 'io ' OId Prohnhilit, u @ @
ienoy y n. 60 Ion r ,ata' aasnG o 80 iVU uo"tho.
II''ii y'iaV no uI'ol MIN" ,',o mG'tdo'
rio anu Vio' ui'iS io.oiu "''''v ''