The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1894-12-29

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and then diminishing, either in value
or amount, was destructive Of oil
business enterprise, and was Q thing
to be avoided at all hazards. A cur
rency, SO regulated, as while subject to
no sudden increase or diminution, but
that by fixed laws gradually expand.
or grows, with population and trade,
is to be desired. A system which does
not so provide for its gradual expansion
in a growing country like ours, ID
defective. And here the coinage Of
silver furnished such gradual In creass.
/. But suppose that the people had II
in their own power (nSt in the hands
of banking oorporations) to suddenly
increase or diminish the volume Of
their currency. What would be the
effect of the exercise Of such q power.
even by the people themselvesp No
one can doubt that on o material in
grease of the volume Of currency, prices
and property of all kinds rise on q like
diminution. or decrease, prices of all
kinds are lowered. With even such an
elastic currency made by the people
themselves, who could engage in trade,
buy or sell? A debt of five thousand
dollars contracted to-day might take
ten thousand dollars worth Of property
to pay it next year; property to-day
sold on q credit for five thousand dol.
lars, without any material increase in
the value of the property itself, might
next year, by a simple expansion OF
the currency, be paid with by one-hall
of the very property sold. The mer-
chant who bought a stock Of goods on
credit Of ter thousand dollars, might
by this simple reduction OF :he cur
renoy, find his stock reduced by one
fourth or ne-half, and he compelled
to pay double the price he contracted
for. An "elastic currency" is the
greatest evil that can befall any peo-
pie, and is decried by all fnanciers and
statesmen until Mr.. Carlisle. General
Grant, an authority to republicans, II
not democrats, but whose good strong
sense Is recognized by all, in 1874,
speaking on this subject, says: SIT
makes the man in business an involun-
tary gambler; for in all sales where
future payment is to be made, both
parties speculate as to what will be
the value of the currency to be paid
and received. l earnestly recommend
to you, Then, such Legislation rs will
put an immediate stop 10
huctuation in the value of the currency"
But, however dangerous would be
an elastic currency, increased this year
and diminished next, when the power
IL exercised by the people themselves,
what can DO said Of such power con-
ferrsd upon private individuals, or
banking corporationsp
Let it be asked, Whose interests, the
banks or the interests of the people At
large, would determine these banks in
increasing or diminishing the currency
Would they increase 1t OF diminish 1t,
to advance their own interests, or the
interests OF the peopleP Aotuatsd by
those motives, which are not peculiar
to any class Of people, but controls all,
their interests would be consulted, not
the peoples. The s'plan" proposed
would invite a more gigantic aad in-
furious trust than the sugar trust under
the Mckinley law. No one Q doubt
that the banks would have their own
association and act in concert, as their
own interests dictated. They could,
by way of illustration, easily enter upon
a common policy of liberal discounts
and loans, upon undoutted security.
Having done this, they could contract
the currency, make It impossible for
those who owed them to pay their
debts, and d~epreoiate all property,
leaving their securities still ample.
Then. having foreclosed their mort
cages and become owners of property
Instead of money, they could suddenly
increase the volume of currency, and
thus increase the value OF the property
held by them. Then, selling this prop.
sriy on the high scale, they could
inaugurate another decrease In the cur
rency and nh increase In their own
private interests, until the present
chuck-a-luck game they are carrying
on with the treasury department I'm
one day drawing out gold and the next
day paying it back for 6onds) would,
by comparison, become an innocent
amusement. ask seriously, and dem
~ocPatic representatives should ask
themselves seriously, 10 it proposed to
hand over the fortunes of the American
people to corporations with such pow
ersP | assert, as q fundamental prin-
ciple and democratic doctrine, no coun-
try can give into private hands the
power to increase or diminish its cur
rency at will.
Suppose Mr.. Carlisle's scheme was
in operation to-day. Ninety-nine IN a
hundred of the American people out
side of the Eastern banks believe that
we have too little currency; they be-
licve that under some wise system
there should be- IN expansion Of the
currency. Mr.. Carlisle himself pro-
fesses to so believe. II the people so
believe, and il this is a government of
the people, have they not the right to
have their wishes QaESied outp But II
proposes to give & I'D they con-
tract or expand lpcy to-day
From their expre4 are Ieft In
dopbt. They all Is there Is q
redundancy, or ~ ooney. On
December the Sthj rs Assoois-
tion of Chicago IA ting. The
president of the 81 commend
inp MFR. Carlisle's5 Except one
feature. said in hi6 1--WE all
sa.ukhnukis a red OF circula-