Year: 1878

we propose to move slowly in this
manner. We don't propose to gather
up in a night the whole Of the green
back money; we propose to take away
a little at time, SO as not to disturb
prices Indeed it is the changing
from the high to the lower level that
works the mischief to production and
business. and if made slowly the agony
is only prolonged. If we could de-
scend suddenly from one plane of
prices to another, and stand at once on
the new level, debtors might be
ruined, but production could so on.
But, while making that descent. with
rising money and falling prices. pro-
duction, beyond immediate consump-
tion. for reasons already explained,
can not go on. The accumulation of
wealth, therefore, ceases, and Il nation
in that condition gets poorer instead
of richer.


History fully verifies this. Better
far, then, if you could gather every
greenback in d single night; if you
could substitute. dollar for dollar, the
new money in its place, then business
to morrow would go on as to-day.


- ~ w W OOppOcCV CudUs Otthlii5
away million tomorrow, and SO on,
will have different effect on prices
on the tenth day from taking ten mil
lions on that day! AS well, might
you propose to pour Lake Erie into
Lake Huron without changing their
levels. by doing it gradually! Water
will run from a higher to a lower lev
ell, bat to force u body of water from
a lower to a higher level takes work.
a cheaper money will easily displace
the dearer. Gresham law is as true
now as when first announced; but to
substitute volume less in amount,
and therefore of greater unit value,
for larger volume Of less unit value,
that though often tried, has never
yet been accomplished. Revelations
have grown out of it; mOnarchs have
lost their thrones by undertaking it.
The trade of countries has been ruin
ed; the foundations of society broken
up, the people impoverished and de-
graded, but it never yet has been car
ried out.


1t was undertaken by Queen Eliza
beth, an the poor laws of England are
it's fruits. 1t was undertaken again
by William III, and the institution of
paper money was the result. Charles
", Phillip lie Bel. Louis XIV, and
hosts of rulers of less power and
influence have tried it, and the history
of everv such period is a history of
revolution and civil commotions, of
people impoverished, trade cut off,
laborerS idle. with want and wretch
edness everywhere abOunding.


And if it is possible to constitute
gold for greenbacks-if the terrible
sacrifices we are making would give
us gold in the end-and a gold dollar
were put in the place Of every green
back dollar, would the country be any
the richer fer that. SO long as the
gold was used simply as currency
No more than q merchant who takes
part of his capital to buy gold yard
stick instead of using a wooden one,
thereby increasing his capital. and so
may country that has u gold cur
rency, but while used as currency it
is more capital than alike quantity Of
paper money.


Hamilton says: "Gold and silver
where they are employed merely as
the instruments of exchange, have
been not improperly dnOminated dead
Stock and Mr.. Mill: 1T Is evident
that whatsoever part Of the national
property goes to provided the medium
OF fexchange is wholly imperative with
regard to production.


No. greenbacks are money. and.
being money, like gold and silver,
they are precious. Cernuschi has
well said gold and silver are not
money because they are precious. but
precious because they are money: and
hence, any act or government that
lessons the use Of silver by taking
away It's use as money lessons it's
value. and any act that increases the
use of gold-the quantity necessarily
remaining substantially unchangcd-
increases its value. The same law
applies to greenbacks. Lessen the
quantity and increase their value.


With true understanding then Of
their rights, the demand of the whole
people should be. "No more alter.
alton in the value of money by lepisla.
ton. Restore silver and save the
greenbacks; a just balance for the
debtor. and a just weight for the
creditor. security to property and
protection TO labor


The defence of these PRINCIPLES ia
the defence Of the rights Of property.
and the rights Of labor. ''-Uorner's
jppreciafion of Money.