The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-07-31
FROM BENJAMIN FRANKLIN.
Extract From an Essay by the Great
American.

Extract From an Essay by the Great
American.
After setting forth the state of
things brought about by dearth of
money Benjamin Franklin continues as
follows: 1--WE shall naturally be led to
draw the following conclusions with re-
gard to what persons will probably be
for or against emitting a large addi-
tional sum of paper bills in this prov
ince:
First-Since men will always be
powerfully influenced in their opinions
and actions by what appears to be
their particular interest, therefore all
those who, wanting courage to venture
in trade, now practice lending money
on security for exhorbitant interest
which, in a scarcity of money will be
done, Notwithstanding the law, l say
all such will probably be against a
large addition to our present stock of
money; because plentiful currency
will lower interest, and make it COM
mon to lend on less security.
SecOnd-All those who are possess
sors OF large sums of money, and are
disposed to purchase land, which is
attended with a great and sure advan-
tage in growing country as this is.
l say the interest of all such men will
incline them to oppose large addition
to our money, because their wealth is
now continually increasing by the
large interest they receive, which will
enable them Gf they can keep land
from rising) to purchase more some
time hence than they can at present;
and. in the meantime, all trade being
discouraged; not only those who bor-
row of them, but the common people
in general, will be impoverished and
consequently obliged to sell more land
for less money than they will do at
present. And yet, after such men are
possessed of as much land as they can
purchase, it will then be their intere st
to have money made plentiful, be-
cause that will Immediately make land
rise in value in their hands. Now, it
ought not to be wondered at if people,
from a knowledge of mans interest,
do sometimes make true guess at his
designs, for interest, they say, qUill
not lic!
Third-Lawyers and others con-
cerned in court business will probably,
many OF them, be against a plentiful
currency; because people in that case
will have less occasion to run in debt
and consequently less occasion to 90
to law and sue one another for their
debts. Though / know some even
among these gentlemen, that regard
the public good before their own ap-
parent interest.
Fourth-All those who are anyways
dependent on such persons as are above
mentioned, whether as holding Offices,
as tenants or as debtors, must at least
appear to be against large addition;
because, if they do not they must
sensibly feel their present interest hurt.
And besides these there are, doubtless,
many well-meaning gentlemen and
others who, without any immediate
private interest of their own in view,
are against making such an addition,
through an opinion they may have of
the honesty and sound Judgment of
some of their friends that oppose it
(perhaps for the ends aforesaid), with
out having given it any thoroug h con-
sideration themselves. And thus it is
no wonder if there is powerful party
on that side.
On the other hand, those who are
lovers of trade, and delight to see
manufactures encouraged, will be for
having a large addition to our currency.
For they very well know that people
will have little heart to advance money
in trade, when what they can get is
scarce sufficient to purchase neces-
saries, and supply their families with
provisions. Much less will they Law it
out in advancing new manufactures;
nor is it possible new manufactures
should turn to any account where there
is not money to pay the workmen, who
are discouraged by being paid in goods,
because it is great disadvantage to
them.-Topeka Advocate.