The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-05-18
The Greenbacks.

A chicago newspaper that makes
large pretensions to financial wisdom,
while It displays lamentable lack of
it, has the following to say Of the Green
backs: ,1 4. s'.e7-n 8
There are more reasons than one why the
Greenbacks should be permaneutiy retired.
encourage the sort Of gambling called spec1-
lation, but because the currency question will
stay in politics as long as they stay In cireula-
Every person who has had quarter
OF . century's experience or observa-
ton knows that encouragement 81 that
sort Of gambling called speculation is
the result Of advancing prices induced
by enforced or uncontrolled imitation of
the currency; and that panics are the
result of q falling price, produced by q
contraction of the currency volume.
The present period of stock and other
gambling speculatiOns may be traced
directly to the extraordinary influx of
gold, which has SO inflated the mass of
circulating medium as to send prices to
q giddy and dangerous height in certain
lines.
No one denies but that Greenback in
fation during the war stimulated un-
healthy speculation, jnst as gold infla-
tion has stimulated speculation now, but
the fault was not the Greenback then
NOR the gold now, but the lack of .
proper system to regulate. both the cur
rency volume and prices. The argu-
ment against Greenbacks will apply
with equal If not stronger force to gold
coin. for the latter cannot be controlled
by laws, but is liable to extreme fiuctua-
tions from its exportable and importa-
BILE qualities. Nor will taking the
Greenback out of circulation keep the
currency question out of politics, for the
same political element that now opposes
their retirement will be largely rein
forced for their reproduction as the lex-
elusive paper currency of the country.
The only way to divsst politics of the
currency question is to provide by q con-
stitutional amendment but one variety
of legal tender, and thatof an inexport-
able character. No legal tender should
be authorised whose material may pos
| sibly become more valuable as IN ex-
port commodity than as domestic me-
dunn Of exchange. So long as the pre-
ciOus metals are acceptable as an inter
national exchange medium, let them be
kept and used for that exclusively. but
not to enter into domestic circulation 10
swell and shrink prices and unbalsnce
trade, n commerce Gibbs and flows be-
tween this and foreign nations. The
currency question will remain in politics
until we have a, common sense system,
one that viii aid in building up and moi
in tearing down the productive forces oi
the country; one that will serve the peo;
pie as wen ~ corporations. and reward
the toiling pfodncer as well as the ac.
cumulatof q wealth; one that will serve
- tool Of labor, rather than weapon
Of capital. .Is,.+t..s.t. a'.e-.r.s /
The currency question will remain in
politics so long as the public agency oi
private interests.
to exercise impartially the powers ol
sovereignty, and to control all matters
Of public interest. 1t is said that Con.
gress is not competent to manage an6
control the currency question, but he
who says it utters treason against popu
lar sovereignty. If it is not competent
to grapple with this question, or if there
is . single sovereign prerogative that i
safer in individual hands than in tn.
hands of Congress, then representativ,
RON0IuUlcnb Is d IdliuFc, anu tnc SOOne
its powers are farmed out to corporations
of experts the better. Let there b,
established a, confederacy OF, feuda
monopolies, each Independent and soy
ereign in its own sphere. Let on,
have absolute dominion over the cur
rency, another over transportation o
freight and passengers, another owe
the transmission of thought, anothe
over land, another over artificial ligh
and hest, and another over war lie
all useful powers be monopolized b.
private interests to. rob the millions 0
, toilers and wealth producers. leaVin.
for the latter the lifeless form of III,
republic, while its spirit is In bondage
The taking. Of the c,iri ency question
out OF politics and delegating il to th
banking monopoly would be a step to
, ward si1ch feudalism. and when one
taken the balance will soon follow. :
i Chicago Ezpress; I7sGs O nEai Zns