Middletown transcript., 1891-08-27

but why should Mortimer Whitehead
advise the Changers to advocate the
same thing, when, if they stand by the
declaration Of principle laid down by
the fathers of the order. they must pay
their debts in honest money Mr..
Whitehead advocates the free coinage
Of silver simply because be believes
free coinage will cause an imitation of
the currency this is the wish of every
Granger who wants free coinage.
An imitation of the currency would
place the debtor in position similar
to the one occupied by him when his
debts we're made under the operation
Of a law which had caused an imitation.
If the currency could be inflated at
the present time as it was during the
war, land and its products would at
once rise in value probably to such an
extent as to allow the man who bought
land here al $150 per acre to sell at
the same figure, and we have heard
land owners say that the currency was
contracted to such an extent. through
the interference of the government,
that the debts made under an infat-
ed currency are now dishonest and
that as the government placed the land
owner in his present unsafe position
the government could with equal pro-
priety help him out. All this may be
very true, but what would become of
the people who, within the next ten
years, will reap the whirlwi,-d d for
which Mr.. Whitehead and his coadju-
tors are now sowing the wind.
An inflated currency is not nice
thing to contemplate. We have, ii
this State, hundreds of living exam
Piles of the ruin which the last imitation
left behind. There never has been
period of imitation which has not caus-
ed trouble and in the nature of things,
by every natural law, trouble from such
a source is inevitable. Mr.. White
head may think he is right, men of
our own State, men of large expert
ence and honest convictions believe
him to be correct in his views, but the
question simply resolves into imitation
or no imitation and we say frankly to
all the farmers of the Peninsula that
we believe these men are preaching
false doctrine and one which will lead
to disastrous results. As examples
proving the dangerous character of
such experiments take the experience
of the people who have tried initiation
in the past. In 1786 the state of
Rhode Island tried imitation through
the means of paper money based OH
almost nothing. After short period
of money making the tide of prosper
ity receded and caused the destruction
of fortunes and the loss of property to
an extent before unknown in Ameri-
ca.
In 1718 an adventurer known az
John Law started a bank in Fra nee.
1t was the first bank of circulation
and discount and was afforded pro-
lection and aid by the government.
Law gradually widened and extended
his scheme and issued so much paper
money that land and every other tangi-
BILE commodity increased SO much
in value that it was no trouble for any
ordinary business man to make a
s million in day" The government
received the notes of this bank in pay
ment of taxes, and they were made
legal tender, but when it became
plentiful and the people could easily
get great deal of it in exchange for
things of small value they began to re-
gard it with suspicion and distrust.
The natural consequence of this dis
trust was the collapse of bank which
was almost part of the government of
France and which had a capital of one
billion of dollars. Mr.. Whitehead
and his followers cannot say that this
was not imitation as they cannot deny
the fact that they desire an initiation of
our own currency. Such scheme is
probably not likely to be brought for
ward at this time, but initiation is in
fation, and it always works disaster.
There are in the State of Delaware
to-day hundreds of farmers who are
loaded down with debts contracted
when wheat was worth from two to
three dollars per bushel, prices caused
exclusively by an imitation of the cur
rency. As an instance, if a farmer
sold his wheat crop in 1866 at two
dollars and eighty cents per bushel,
and if, at that time one dollar in gold
was worth two dollars and eighty
cents in paper money, the farmer was
really getting only one dollar per
bushel for his wheat, price below
which it seldom falls, and yet this
farmer bought land at double its
value and paid for it with gold or its
equvelant. What good does such in
flation do it-lifts out of the slough of
despond many of those persons who
have paid more for their property than
it is worth, and as quickly plunges
great majority of them back again.
We can offer these remarks because
the farmers of the Peninsula know
that we offer them in good faith. We
seek to injure no living man, bat
rather to call the attention of the
people to certain facts which are
worthy of consideration.