Year: 1878

Mr.. Henry V. Poor, who some months
since published a treatise on "Money and its
Laws" which attracted the respectful atten-
ton of publicists, has just written book
which he entities Presumption and the Sill
yer Question:" and which appropriately
bears the subtitle ga Hand. Book for the
Times" In it Mr.. Poor, proceeding from
the propositions set forth in his first and
larger treatise on the money question, states
with force and clearness the great and irrec-
oncilable distinction between curreacies of
banks and bankers which are instruments
arising out of production and trade, represent
existing capital and are discharged by its use,
and Government, notes which do not arise
out OF production and trade, have no relation
to the extent of the latter, which do not dis
appear by their use, and which instead of
representing corresponding amount of ex-
isting capital represent lis waste. The dis
tinction between these kinds of paper, so
necessary to an intelligent understanding of
the currency question and so important to be


borne in mind during the discussion now go
ing on in this State, is sharply and emphati-
cally drawn, and entities the author to the
thanks and respect of all advocates of honest
money and honest instruments of credit.


There are some theories advanced aDd some
conclusions drawn by Mr.. Poor which will
not meet with ready acceptance by thinkers,
which indeed fatty contradict the assump.
tions of the most eminent political econo-
mists and must be received, if at all, with ex-
treme caution. But in the main the book is
right, honest in purpose, healthy in infu-
ence, strong and close in argument, and felici-
itous in expression. The chapter on the sill
yer question sets forth fairly and moderately
tie results which may be expected to follow
the reconciliation of that metal, and the
chapter on the Greenback Party gives an ex-
position of the purposes of that new political
organization and the consequences of its pos.
sible triumph which should be read by every
voter in the land. The author points out
that if Congress should provide for an issue OF
Government notes in place of all other cur
rency the effect would be the same, so far as
production and trade are concerned as if it
should, without the possession of dollar of
exportable capital of any kind, undertake to
draw all the bills of exchange between the
United States and other countries; and he
pertinently asks how this Government cur
rency is to be issued and got into circulation.
Our revenues exceed our expenditures, so it
could not be got out that way. 1t is of
conrse not to be given away, for then it
would have no purchasing power whatever.
Ii must be issued in payment of the pub
lie debt. 1t would then go into the hands of
the rich, of the ''bloated bondholders" whom
our Greenback friends so eagerly denounce.
The poor man would get none of it except in
exchange for services, and he would have to
take 1t at its nominal value for what he has
to sell, that is, his labor. The rich would
entirely withdraw from the operations of pro-
duction and trade among people which had
proved itsel! unfit to be trusted with the
money OF others, and thus all great indus
tries which depend for their prosecution upon
accumulated capital would come to stand
still. AS industry declined those dependent
upon labor would be compelled to live upon
their past acquisitions, and to sell day by day