The Penn's Grove record., 1897-08-13
FRBNKIlu u MaNGER.
nrrnE onll SAL sorrsr.
Labor, a, ., rrsss saa-a.

s-hsAS 80
was loaned on real estate security at
least double the value. The issue was
limited and the loan to each person
limited so the wealthy could not use Of
control it. Ons.sixteenth of the prin
cipal was payable with the interest
every year. Nearly two millions were
issued.
Thos. Powell, member of the En-
glish Parliament said:
sin a country under such circum'
stances money lent upon interest to set
tiers creates money. Paper money thus
lent upon interest will create gold and
silver principal, while the interest he.
comes a revenue that pays the charge
of the government. This currency is
the true Pactolean stream which con-
veftsall into gold that is washed by w.
AS a result of this system of govern.
ment loans direct TO the people Doctor
Franklin says. "Between the years
1740 and 17T5, while abundance reign
ed in Pennsylvania and there was peace
in all her borders, a more happy and
prosperous population could not per
laps be found on this globe. In every
home there was comfort. The people
generally were highly moral, and
knowledge was extensively d~iffused."
This system prevailed throughout all,
or nearly all, the colonies until it was
prohibited by act of Parliament for the
reason that it was undermining the
specie basis, d~ebt,creatiDg and usury-
robbing system of the British money
power, the fund-holders and fixed in.
CONC Classes.
David Hume, the English historian,
writes of tile result as follows; "The
British government took away from
America its representative money, COM
manded that no more PAPER bills Of
credit should be issued, that they
should cease to be a legal tender, and
collected the tax in silver. This was in
1878. Now mark the consequences.
This contraction Of the circulating
medium paralyzed all the industrial
energies of the peopleA Ruin seized
upon these once aourisaipg colonies,
the most severe distress Mas brought
home to every interest a%ndievery faf6.
lily; discomfort was urged on to despera-
ton till at last thurman nature arose
and asserted its Iights.p In 1775, the
American congress first met in Phil.
adelphia; in 1776, America became an
independent state"
Benjamin franklin in his autobi.
ography has left us a most valuable es.
say on the money question which should
be read by every American citizen. be.
cause it is7instgseeA ne on the moneJ
question todd the princes Tuyrrrd
would brush sach precious pas'eo0a
sheolieS ~ III n ninny, young man,
lated by WaIlFyubas vaiuad arTT girl
me people. eAy tllsgivsseo ~
are money, so bills ruses ..nu
are in effect coined laud.,'
ga great want Of money Of any trad
ing country occasions interest to be at
a very high rate, which ii prejudicial
to any country. 1t makes land bear a
low price, because few man will lay
out their money in land when they can
make a greater profit BY lending it,
Want of money in a country reduces
the pticepf that part Of its produce
used in trade; because trade being dis.
couraged there is a much less demand
for that produce. This is another rea.
son why land will be low. On the con
trary a plentiful currency will occasion
the trading produce TO bear d good
price; because, trade being encouraged
and advanced by it, there will be a
much greater demand for that p.A GO,
which will be a great encof sneceF;;nt
of ~husbandry and tillage, III 5nse.
quently make land merB vafttihs88aHs.
WANT Of money in a country dis
courages laboriDg and hand craftmen.
For what can be more disheartening to
an industrious lahoring man than this,
that after he hath earned his bread
with the sweat Of his broF, he must
spend as much time and hive near al
much fatigue in getting il We had in
earning it. Nothing ma serAore bad
paymasters than a genera. arclty 81
money, On the contrary o plentiful
currency will encourage great mum
bers Of laboring and hand craftmen Il
come Settle in the country. The moks
inhabitants the greater the demand FOL
land, upon which it must necessarily
rise In value and bear a better price.
The same may be said of house rent,
which will be advanced, and by the in
~ereasing OF trade and riches people will
be enabled to pay greater rents. Now,
the value Of house rent rising and in
terest becoming low. many will prob
ably be more Inclined to build, which
will likewise sensibly enliven business
in any place, it being an advantage not
only to brickmakers, bricklaysrs, ma
sons carpenters, i~oiners. glaciers, and
several other trades Immediately EN-.
ployed by building, but likewise to
farmers, brewers, bakers, t%ailors, shoe
makers, sh~opkeepers, and, in short to
every m that they lay their money
out with. Those who are lovers Of
trace and delight to see manufactur.
ers encaraged hard d for having a
large addition tie I'D ency.
Upon the With. alAen be observed
that it is the hiAor i have of a trad
ing country in n oficiav con money
plentiful, and III whey cob disad.