The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1892-03-24

1t fell little shorto Of reputation.
During 1887, when the value OF the
paper money ranged from sixth to one
tenth that Of coin, bills in equity for
the redemption of mortqaged estates
were filed in large numbers in tho
courts. Tie Superior Court declined
to try any case in which q large sum
was involved. Suitors came to court
with piper money in handkerchief,
bags, and pillow cases, asking to have
the holders Of their mortgages forced
to take this at par in redemption of
their lands. One bag, containing four.
teen thousand dollars, was brought for
the redemption of u single farm. But
the court refused to try all cases of tile
kind. The value OF the paper dropped
steadily till fifteen paper dollars were
worth only one coin dollar. In August
1889, the General Assembly showed its
tirst sign Of returning reason by sus-
pending the operation of the legal ten
der law. It followed this by repeating
the statute of limitations, because of
the depreciation in the value of paper
money, and by extending the time al
lowed for the redemption of mortgages
from five to twelve years, Finally, in
October, it repealed as much of the
Paper Bank act as made the bills Il ten
der at par, and debtors were author
lied to substitute property, at an ap-
praised value. for money in discharge
Of debts. The act which effected the
repeal fixed the value of the paper bills
ut fifteen to one. This Was the end.
Throughout this entire struggle to
make money valuable by Statute, by
calling 1t a dollar and saying that it
represented two dollars worth of land,
the bills had remained almost exclu-
sive]y in the hands of the first takers.
No one else WAS found who would ro
ceive the money, save those whom the
State compelled to take it or forfeit
their just claims. Absolutely nobody
had benefited 10y the experiment tx
eept the State, which had got rid Of a
large portion Of its debt by dishonest
'y refusing to keep its obligations. In
dustry and trade of all kinds, as we'll
rs the States good name, had suffered
iucalculable injury, aud the States
material progress had beer, retarded so
seriously that it required many years
to regain what had been lost. The de-
luded people who borrowed of the bank
on their land as collateral real hid their
desire of having more money in their
pockets; they realized the dream cher
ished by the believers in cheap money
in all lands and in all times, for q lar
ger per capita currency i'll which they
would share. but they very soon found
out that none of the blessings which,
they had so fondly imagined would fol-
low possession were destined to appear.
What was gained by having plenty of
money If it could not he used in pay
'nent IT debts, if nothing could be
bought with it save at a greatly ad-
vanced price, and il it were to become
less and less valuable as time went on ?
Tney began their experiment with q
firm belief that they could compel cap
italists to share their wealth with them
by exchanging their hated dear money
on equal terms, but they soon discov-
cred that all the power OF q State gov
eminent, exerted with inscriptions
zeal, was not sufficient to compel man
to employ his capital in ways against
bis will. They might prevent him from
taking usury. but they could not inter-
fere with him when no chose to keep
his capital TO himself and to make no
use Of it in trade, either by buying, or
selling, or lending. Every "cbeap
money" experiment that has ever been
made has resulted in precisely the
same demonstration. aud The same fate
awaits all those Of the future.