Rensselaer Union and Jasper Republican, Volume 8, Number 30, Rensselaer, Jasper County, 13 April 1876 — Inflation. [ARTICLE]

Inflation.

[Bxtrscta from s recent speetb. In Oepneei by Benjamin A. Willis, of New Vdrk!] Many believe that Inflation of the durrincy would restore prosperity. Thla silly belief is refuted by this proposition: There can be no, inflation of the currency. Pass a law to-morrow . (waiving the constitutional Question) increasing the ariibfmt of currency twenty-five per cent.) there would not be .another real dollar in existence. A dollar issuedi would- not be given away. He who obtained a dollar would have to pay value received for it. Sririh'trlhw would simjpl/Thcredse thW iWuriberitfftWWhl*atflit IWtsf, bWWicflt'diiti lac; iwbold >iifct worth, HcsqijtUailiibwtorer igssj pptotovrifig \tmk row befoi’e Wllat is rtltriet* &h fntlatTrm-rif 1 credit. ' Mdhey' is ' Simply‘Used as oil tol lubricate the machinery of exchange. It i$ i .strangely foigptten. /that fcank.potes, biUs of exchange and certificates of deposit serve cmcTentty ‘the purposes ’of money. England gels along-'with*less currency to-driy than when its wealth* was ono-balf its present amount. Xhs-tiaUy exchanges'in NewT9 rk f° r 1875 exceeded .gTo.OQp.OOO. The real amount of. money used In effecting these exchanged Was but #3,401,440 per day. ‘iThe amount of money actually ased in effecting, exchanges, since 1854 has been but 4 1-10 per cent, to tire amount exchanged. Tb make credit inflated, yoa’ miiit hare something behind it that is fixed afid ifniAbvabfe, something which Will not iluctuat*. The Mnonotim actually.issued, put prion ffie .rapidity of its*'clTcu)gtion. 'VfhemTuirreiffy'lprtateS,' of cufrehey i aiways/puocedeß a collapse of credit.. Im4 iri^Uiom,of (Hwrancy ha% never, yet been A mean? of reeflyermff Jiqm a . Tne atnOdut of currency iii circulation ’is 'thari diver before in the history of this ceantry; excepting the two. last preceding years. , , , ,^/r.)Chairman, i aijptiu:r erroneous ipi-j pgession has possessed ilia minds of *inany of orir peopl'd, to the effect that inflation would helpfthe debtor class, that rfesumptiop is especially unfriendly to that ejaas —aii error in every respect, ,as 1 spepdily demonstrate'. If tketp were so, be ihore money to-taofrOw,' it would not be issued to the, poor man, to tlie debtor class* but rather to the banker awl tlihf capitalist. Nobody would. lend to the. debtor, because the prospect ahead would’ indicate that when he returned the loan it would lie worth less" than when he borrowed JE Distrust would nos only contlpu,e,but increase. Mortgages, overdue, notes, matured, .would be prosecuted to judgment, because- the creditor partakes of that weakness of human nature known as selfishness, and would take this means to prevent the lessening of the debt.already due before h e collected ji t. ‘' Not only that, but tne caoitalist wonld charge excessively to meet tne risk of false values. The rich would rejoice in greater wealth; the poor would-sorrow in greater poverty. 'When confidence is- Test the delitor’s prospect brightens at once: What lie lias becomes available; he can get credit for it; the demapd for his labor or'"his products continually enhances Honest currency ia the only safely for an lioihwt man. There.is no real difference between any two classes in this country. can erect no barrier Which coriimori sense cannot tear down. The. creditor class is more than twice as numerous as the debtor clas3. People,constantly ehange from : one to the othpr. The creditor to day is the debtor to-morrdW. There will never be a time when this argument cannot beurged as forcibly fta pow,dh#l th» measure or that measure Is opposed to theJnterests of thd debtor idlass. The man who embitters one claps against another in a republic should be blistered to. deatli in thp hot wrath'of the people. He makes war upon the sanctify bf home and the peace 6'f society, ■ Capital -arid labor are mutually dependent,,and indispensable to sach oflier* t