Year: 1878

oo'o'S1D1I 1H>TICUU mas an ar
tlcle on the financial question, in
which it says:


1t is not the stimulus of more money
that is wanted to awaken once more
the torpid and paralyzcd energies Of
the nation.


This is truism which it seems i'm
possible any man of sense and reflec-
ton can deny.


Mere money is absolutely plenty ev-
erywhere. 1t can now be hired for
four per cent per annum every day in
the year.


Yes it can be hired for four per ct.
on the security of government bonds.
state bonds. municipal bonds, or
something of that sort that can be
turned into money on a moments S no.
tlce. 1t cannot be hired at per ct.
or II per cent. by the manufacturer,
the mine owner. OF the tradesman.
II it could be the papers would not
contain such an awful catalogue Of
bankruptcies. Money is plenty SIM
ply because those who have it are
afraid to loan it to the business men of
the country.


The Scientific american continues:


If a carload of greenbacks was run
into the center Of any town in the
country, and proclamation made that
they could be had in any quantities to
SUIT, by anybody and everybody who
fn -.
good security for their repayment, in
what way would the present situation
be improved! Would the proposition
bring out single customer, create
one purchaser, or set one wheel of in
dustry in motionl We know itwould
be OF no more utility in re-estahlishing
trade and prosperity in that town than
the Introduction of a carload Of saw
dust.


Here again the question turns upon
what is good security
If only those in the town who had
government bonds or other kindred
securities. could borrow. the CARLOAD
OF greenbacks could afford no relief;
for those who have government
bonds, can turn them into money at
any time and hence are under no ne
cessity to borrow.


The Scientific american continues:
| But if a solitary individual should
come into one of our towns in the


East or in the West, and offer to buy
a hundred thousand dollars worth of
Its products, whether corn, pork,
iron, or calico, and have not one dol
lar In money. but only the note or
| bill of some good commercial house
payable in six months, we all know a
sudden spring would be given to the
activity Of the town, and idleness
would be supplanted suddenly by oc-
| cnpation.


What is wanted, then, to start the
wheels of trade, is not more Of cheap
money, but purchasers and consumers.
II congress can do anything toward
creating them, they will do something
toward reyiving business. employing
the idle, and feeding the hungry.
But this can only be done by restor-
ing confidence.


Precisely. And how can confidence
be restored on a ''fallen MARKET"
that is, market where money is
steadily increasing in value and prop
erty decreasing in value!
How can the banker lend money on
real estate that has in the last three
years fallen fifty per cent in yaluef
What will it fall to in the three years
to come. How can the manufacturer
borrow money with which to make
goods that will be worth less to-mor-
row than they are to-day. How can
the enterprising merchant safely
deal in merchandise that is steadily
decreasing in yaluel


The eras of the worlds prosperity
have been those in which money in
creased rapidly in volume and de-
creased in purchasing power. Then
it was more profitable to put money
out than to hoard it. Then all who
bought, bought on "rising market"