Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1885-09-25
THE rUIRENtY FAMINE.
Ntne Mliiiou Dollars iu small Biiis
Withdrawn from Ctrcuin ton tu
Two Wccts-fsn uk Presidents
I'm Cabs Hunting tor
1,cpnt.Tcnder

NEW YoRK, SErr. iI.-Anothcr important
phase of Treasurer .lordon's efforts to circulate
standard silver dollars and subsidiary cuin hns
been developed. II has been learned that the
supply OF cgal.tcndcr notes held by banks IN
this city has been decreased in the list two
weeks nearly uinc million dollars. This ex
trnordinary decrease has occasioncd much com.
ment among presidents Of hnnks represented In
the Clearing House Association. The comment
tion of thc clause In the Silver Bill providing
for the issue OF silver certificates deposited IN
lieu Of standard silver dollars. A bunk prcsi
dent said that Mt Jor,lnn's construction of the
clause while undoubtedly within the law, was
nevertheless decidedly too rigid at this season
OF the year, when the cotton ond other crops
have TO be moved by money supplied by New
York banks
ED. JouRNAE-r clip this from the
JOURNAL of the lslh inst. Have the peo-
pie Of this country just found ont tha, we
nrc having currency famine ?" 1t has
been pretty generally conceded that we
have been producing too much wheat,
corn, beef, pork, wool, cotton, etc, TINT
has caused these hard times, and / had
about come to the conclusion that over.
production was n curse to civilization, II II
was the cause Of throwing men and women
out Of employ ment, depriving them Uf ioUd
and shelter. But / do not believe | can
deceive myself into the theory that the
more wealth country possesses the more
| -qualcd poverty must necessarily follow.
Such reasoning might have satisfied the
laboring class IN the tine when Calico
conlended against the patolmic aslronomi
cal theory. We can deceive men for n
| while, but sooner or later it must go.
Itappears that Secretary Manning and
Treasurer Jordan's excuse for hording The
small greenback bills is to force silver in
to circulation, getting the people tired OF
pot metal money, so that the enemies OF
silver will not meet with much opposition
in demonitizing il again. That is what
they are after, and TO increase its purchas-
irg power. In dong 30 they nre only
carrying on, the policy OF Grover Cleve-
lands letter TO the silver men in Congress
some six weeks before his Inauguration on
the fourth of March.
II Secretary Manning and Jordan want
to get the silver afloat they have but Ia
make n call for bonds that are due or call
and pay them of with the silver dollars
But for nearly one year there has not been
one dollar of the bonds paid, reports TO
the contrary Notwithstanding. Ii Man
ming would make call for bonds ard lay
out all the money not required by law 10
be kept on hand and 10 redeem greenbacks
wilh-when Greenbacks are ut a premium
above gold-theIe would he no currency
iam:ne and bank presidents riding over
the city in search of legal tenders, while
hundred. OF millions OF idle money is
locked up in the treasury, and we paying
inieiesi on bonds. 1t would not only stop
millions of interest annually, but the bnsi
ness of the country would adjust itself to
the increased volume. Prices would &c
up in the ratio OF the increase OF the cur.
rency.
I. DO not the farmers, mechanics, the
laborers and the business OF the country
understand the law of finance, when in
creased or diminished the effect il has up
on the products of labor? Adam Smith
said that whenever any country had moi
enough money TO float its products, panics
would come. Tint rll business and prices
must go mp or down as the volume ol
money Is increased or diminished (all
things being equal.)
II Manning can get silver demonitized
I and retire the one and two dollar green
hack and the national banks retire S24,
600 900 of their circulation as they did in
1884. with the growth of our country which
is equal to $40, 900 900 per annuni, besides
the loss and decay OF the money, ii would
deprive us of not less than three dollar'
per capita and the purchasing power o
money increase correspomdinglv. So
Bowling Green, Sept. 81, 1885.