Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1880-05-15
The Chicago Tribune on De
TnOnetiZing GrcenDaclxs.

journal, IN which men OF all par
ties can air their opinions, desire
you to give the following article
from the Chicago tribune a place
in your columns. The true friends
of currency reform are likely to
note with pleasure important
changes of opinion outside their
party organization. Accessions
must come from without, and it
is very narrow and absurd pol
icy to withhold credit and word
of welcome because man who
espouses our principles is not
ready to join our party.
o. In all this long and ibtter strug-
gle of many years, nothing has 40
encouraged me as this, knowing
as ] do how the slow logic Of
events has led the Tribune to this
position by revealing unmistak-
ably the great truths Of economic
science to its editor.
Every true friend OF currency
reform, whatever his party affilia-
tons, should rejoice and take cour-
age at this powerful accession:
1.-THE enormity of the scheme to
demonitiZe greenbacks and reduce
the legal tender money of the
United States to such limited
quantity of gold as may happen,
from time to time, to be in the
country, can only be understood
by considering the comprehensive
sweep of the consequences. The
Americans are a speculative and
trading people, and are rarely con-
tent with the expenditure or in
vestment OF actual income. The
universal practice is to employ
credit to its utmost limit. Very
few in business limit their trans
actions to their actual capital, and
the vast majority are generally in
debt beyond their Immediate
means OF payment. The business
man out Of debt is rarely content
until he ventures to employ his
credit. Hence 1t is that more than
any other people in the world the
Americans owe more money In
proportion to their numbers.
ave have pointed out that Eng
land and France, where the use
for debt-raying money Is very
much less than in this country, do
not depend upon the scanty stock
of gold to prevent panics produced
by the scarcity of debt-paying cur
rency. France has an immense
supply of legal tender paper; and
in England there is an ample cup
ply of legal tender bank paper,
There can be no panic in those
countries for the want of debt.
paying money so long as there can
be no scarcity of such money. In
addition to this great stock OF
gold, France has her supply OF
nearly $500, 900 900 of legal tender
silver, and England has her stock
of bank note, legal tender paper,
which, in case of an emergency
the bank can be authorized &c
issue to any amount needed tC
meet the existing demand. Though
England is the champion mono
metallic nation, England supplies
the want of legal tender silver BY
the use of legal tender paper, il
case of the scarcity of gold, or any
alarm as to the sufficiency Of debt
paying money, to order the issue
Of whatever additional sum O
legal tender paper may be needed
to meet the scarcity or to removt
the public apprehension of sucf
scarcity.
''In this country we rarely neet
twice or thrice as much debt-pay
ing money as England or France
because the people of those coun
tries are not half or a third al
much in debt in proportion t.
their means as the reck less Amer
leans. Debtors are also creditors
and the exchange Of money is con
tinuous and great. A Thousand
dollars of currency may be turned
over so often in day that 1t will
pay twenty times that much in
debtedness, but the thousand dol
lars debt-paying currency is an in
dispensable necessity. The debt
paying money Of this country a
this time within the popular reach
is comparatively small amoun
OF coin, gold and silver, and $346,
100000 legal tender paper. Tn,
individuals who propose to de.
monetize the paper also propose t.
dimonetize the silver, and reduc,
the volume ofthe debt-paying cur
rency of the country to the bar,
supply of gold coin. The green
backs demonetized, no other paper
will be legally available to pa,
debts. Every debtor, upon de