Terre Haute Weekly Gazette, Terre Haute, Vigo County, 3 October 1878 — Page 5
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.-* 5f
FIAT FOLLY,
Extract From the Speech of Carl Schurz Delivered at Cincinnati, Saturday Night.
The Fallacy of Fiat Money Thoroughly Exposed.
Some Sound Sense That all Good Citizens, Irrespective of Party, Should Read and
Ponder.
First and foremost among all financial schcmcs ot the present time is the proposition to replace the money system based upon the precious metals by the to calleJ absolute fiat money. Duriog the five years of depression and distress since 1873 many people groped frantically about for means of re.ief, not inquiring into the true causes of their difficulty or not understanding them. They thought there must be some artificial remedy to cure it within the reach ot human ingenuity. That the results of the unproductive consumption, the improvident wasting of wealth, can be cured only by the production of real wealth in a slow and steady way, did not strike them as promising in their case. They wanted tome quicker and more ingenious method of getting rich again, like the alchemists of the middle ages. They thought there must be some way to make gold out of dross. The first thing that struck them as promising was an inflation of our greenback currency. But when, from 1873 to 1874,the volume of the greenbacks was expanded from $365,000,000 to $382,000,000, it had not the least effect. The increase stayed in the Eastern banks'. Then an expansion of the national bank currency was thought of, and new facilities for the emission of bank notes given. But this did not work. In spiie of the new facilities the1 bank currency actually reduced itself. It became evident that the business of the country would not take and circulate any more of that money, for there was no employment for it. Then some ingenious minds hit upon a bolder plan. You have known persons who when they are sick will think no medicine can help unless it be particularly strong- in color and nasty in taste. They look upon everything that is natural with distrust. Thus the scheme of so-called fiat money was brought forward, and many wellmeaning, innocent people seem to have beeii talked into the belief that this at last is the true thing.
What is absolute fiat money It i-, the simplest contrivance in the world The government takes a little piece ot paper and t«ays to it '"Be thou a dollar," and then me ^ovvr.iment stamp is pm upon the paper and forthwith it is a dollar, or five, ur ten, or a hundred dollars, as the cr.se may be. Then all other kind.of money, gold, silver, greenbacks and national bank notes, are withdrawn and the fiat or absolute monev put in rheir places. It will be the only legal tender in payment of debts and government dues. Now the present greenback beurtthis inscription "l'he United biates will pay the bearer one dollar"'—or five, or ten. Will not the fiat dollar bear a similar promise Bless you, no. The fiat dollar will not promise anything, and just that is the beauty of it. According to the nat-money doctors, it was the weakness of the greenback that it promised something. The fiat dollar does not promise anything, for it is in itself the perlormance of the promise—it is a dollar. The fiat money promises nothing beyond itself, for it does away with all other things. Gold and silver are antiquated stutF, entirely unsuitable for this proggressive age t^nd country. The fiat money1 once out, gold and silver will no more be thought of. We shall be entirely separate and independent from the rest of the world in all financial and commercial transactions. Our fiat money will not be exported, for it will not be taken anywhere else, and so, like the poor, it stays all and always with us and, inasmuch as it cost6 almost nothing to make fiat money, and we can make any quantity of it to suit ourselves, we shall get richer and richer, and there will really be no end to our wealth and happiness. That is what the fiat money doctors promise us.
It will strike you that this is exceedingly simple and very fine, but you may have some misgivings, and say, "Well, this bit of paper may call itself a dollar, but it is after all only a bit of paper. Is there nothing else of value behind it?" Whereupon the fiat-ir.oney man gravely answers, "This is a great country. It has some fotty or fifty thousand millions of dollars' worth of property in it. When the government of this great country puts its 6tamp upon apiece of paper and thu6 makes it money, then that money is based upon the whole wealth of the country." That sounds magnificently, and you may think veil, if this country has "forty or fifty thousand millions worth of property, and all that property is mortgaged as security for the value of this fiat money, why should not this security be good enough for a couple thousand millions of fiat money? Now let us see how it will work. Such promises to pay as greenbacks and national bank notes are withdrawn to make room tor fiat money. It will aot be necessary to make any provision for the withdrawal of gold and silver, for the precious metals, finding no further employment, will take leave ot themselves, and go abroad, where they are wanted. Now the fiat money is master of the field. It goes into circulation, and for some time it will indeed circulate, for, it being the only tool ot exchange left to you, you •will have to take it and use it it will circulate just as wampum, beads, and clam-shells, and leaden bullets circulated for a while as currency, in early colonial times. It will also maintain a certain current value?as long as its volume is kept within the quantity that would circulate in the torm of specie and paper convertible into specie. But you must consider that the fiat money, where it is brought forward by earnest inflationists, whose principal object is to make money plenty by issuing enough of it to keep all the boys in ease —and why should we not?—costs noth iug. We may just as well have much as little. A thousand millions more or less
are no object, as the government thereby burdens itself with no promise or obligation and finally the wealth of the counlry{ forty or fifty thousand millions' worth of property, &tands behind it, mortgaged as security. But presently, when we have made fiat money plenty, we shall find that it depreciates, and will depreciate more and more the more we issue, just as the greenbacks did, and worse. How can it depreciate like the greenback? savs the fiat-money doctor, with a unile of superior "wisdom. The greenback, by the absurd promise of the government to pay coin for it, was kept in constant comparison with coin, and therefore could depreciate as to coin. But when, by the introduction of fiat money, gold and silver are utterly banished and forgotten, and our money system has become entirely separate and independent from all other money systems of the world, how can the fiat dollar depreciate as to coin?" Let us see:
In the first place, as your fiat dollars grow more and more plenty their purchabing power will grow less. Just £8 the purchasing power of the clam-shell currency in old colonial times grew less, the supply of them growing larger, until gnally they brought nothing at all. Thus the fiat dollars will depreciate as to the articles you want to buy with them. ''But what of that?" asks the fiat money doctor "that does not mean depreciation, but it means that things grow dearer in price. When it takes two fiat dollars to buy an article which cost one dollar before, then the government can issue double the amount of fiat money for the accommodation of the people, for it costs nothing, and the wealth of the country will be ample security for a couple of thousand millions more." And so it goes on and or., and in this case, under the lead ot the fiat money doctors, it will go on quickly, until the story maybe repeated of the wheelbarrowful ofmoney carried to market and the purchase carried home in your vest pocket. But the idea that by banishing the precious metals from our money system we can cut loose from the money system of the world, and avoid all comparison of our paper money with geld, is amusingly absurd. We are a commercial nation, and have la.'ge dealings with the world abroad.
Our imports and exports go into the hundreds of millions. They will go into the thousands. Our exports especially are increasing beyond all anticipation. All we sell and all we buy abroad are paid and settled for on the gold basis. Thfe price6of our principal articles of export and of our agricultural staples, are virtually determined in the foreign mar ket. Now, while we arc doing this immense business with the world abroad on the gold basis, must not be evident to the dullest understanding that, although the last gold coin may uaye been banish eel from our domestic trantactions, the value of the fiat dollar in comparison with gold will be xjauted just as the green back dollar was, and that it will be a matter of da ly concern and anxiety 1 very farmt r,"west and east, the price of whose products depends npon the torign market Thus, whatever expedient ,'ou resort to. gold will be and remain the standard 01 value as to the fiat dollar. Your iiat dollar will be brought up belort hat tribunal to nave JuUgment.pi dnounced as to its worth, and the idea that by introducing here a paper-money system of your own you can withdraw from the rules that govern the commerce of the world, and change the real standard of value in your business transactions, will appear as Oi.e of the most absurd and childibh conceptions the human brain has ever been guilty of.
At last, when your fiat dollar, having been made very plenty to accommodate the people, has run down so low in its purchasing power, and cut so sorry a figure in the inevitable comparison with gold, that you begin to grow uneasy about it, you remember that it is based upon the wealth of the American people, and that some lorty or fifty millions worth of property stand as mortgaged security behind it. Of course, with such security the fiat dollar ought to be worth its lace in gold, and thus you may think of foreclosing that mortgage on the wealth of the country. Maybe you tsk a laboring man who has some money in a savings bank, which formerly was worth enough to buy a little house with, but in its fiat condition, money being plenty, appears just sufficient to pay for a jack-knife. You may go to the next best public building tc see whether you can find any of the wealth ot the country there which is security for your fiat money to lay your hands upon.
I would not" however advise you to seize upon specific article of property as part of the wealth of the country,for you would be in danger of being arrested and put in jail for larceny. The wealth of the country, although it is security for your fiat money, cannot be handled in that way. You may think it best to pres-ent your fiat money to the Seer tary of the Treasury, who must be oresumed to be a sound fiat man, and Knows what the mortgage on the wealth of the country means. You ask him to give you good dollars for the bits of fiat paper you present, or so much of the wealth of the country as is required to make that fiat paper worth something. What will be the answer? "My dear sir, you desire good dollars these, fiat dollars are good dollars they are the only dollars we have. The" governmeut has not promised you anything else. You want a share of the wealth of »his country upon which these fiat dollars are based. Why, these fiat dollar are themselves a part of the ^wealth of the country. Besides, )OU have clothes upon your"back your wife and children have the same. If you have no house of your own, you have furniture in your "rented dwelling. You have tools in your work-shop. All these things are a part ot the wealth of the country upon which your fiat money is based. Of course I cannot giye you what belongs to anybody else.
Now you begin to perceive that the forty or fifty thousand millions' worth of property in the country may be magnificent security to base fiat money upon, but you cannot foreclose the mortgage upon a single blade of grass. That may seem queer to you. But it is the peculiar beauty of fiat money based upon the whole wealth of the country.
There is nothing more ridiculous than to hear these fiat money doctors pretend to have made a great original discovery, and to parade it before us as the most progressive idea of the age. Whv, it is ia story a thousand years old. Tnev had
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two kinds. The
man family the
Syrup
"V*w~ !,'« ..^
such money in China in the ninth century of this era. They had it in Persia toward the close of the thirteenth century. They .had it in the American colonies in the seventeenth century in the shape of bead and clamshell currency. They had it in France at the beginning of the sixteenth century under the management of the great progressive Scotch financier, John La\v. They had it in France during the great revolution in the shape of the assignats. hey had it in this country again during the war of Independence in the shape of the continental money, always in all essential features virtually the same. A paper money based in some indenfinite way upon an indefinite something, in some cases without it, in some cases issued under the stress of circumstances, in some cases for financial speculation and whenever an inflation of paper money was either a part of the scheme or forced by necessity, the final result is always the same—depreciation of the paper money, that depreciation leading to new issues, the new issues bringing forth more depreciation. and so on everybody believing himself rich for a time, un'il finally the whole airy fabric broke down in general confusion, bankruptcy and ruin. When it became apparent that the grand indefinite something upon which the paper money was baced, the power of the Emperor of China, or the wealth of the country, practically amounted to nothing as a mortgage security, and uniforraly in the break down the poor people, the laboring classes suffered the greatest distress, arid in every issue after the great collapse people came painfully to the old conclusion again, that, after all, the precious metals were the only safe basis of a money system, and they gathered up the few coin6 they could la their hands on, and upon tue ruins of their foolish hopes and windy fortunes they began a sensible business once more, in a cautious and prudent way. And now the same old scheme, explored again and again, with a thousand years' history on its back lull of ruin and disaster, is dished up to us again as a brand new discovery, and as the great progressive idea of the century. Why. gentlemen ®f the fiat money persuasion, the Chinese, a thousand years ago, were just as wise and progressive as you are now, and when they had got through with their great progressive fiat money experience they were a great deal wiser. It is a matter of wonder as well as regret that at this day there should be so many good people giving, even for a moment, countenance to a fallacy so hoary with age and so utterly condemned by the painful and repeated experience of mankind.
1
WHY IS IT.
From the New Albany! Ledger-Standard. Why is it the nationals claim to be greenbackers. They are almort anything else. The greenback is a promise .0 pay and is redeemable. The nationals advocate fiat money, which neither romises to pay nor can it ever be releemed. It costs nothing, is worth nothng, and in fact means repudiation. All parties, except the nationals are in favor )f greenbacks, which are redeemable in 110nej( and Jhetcfiir# they ore as guod as money. Democratp, especially the best element of the party are in favor of all sorts of dollars to be of equal value. Thev do not wish to debase the greenback as did the radicals during the •vfrar to be worth about forty cents on the dollar.
The Ledger Standard's platform is made of sound timber, is staunch and will do to stand on. Give us gold and silver ir. unlimited quantities, and enough paper money issued by the government to keep on a par value with the shining, ringing metal money.
f„
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fHE TERBE HAUTE WEEKLY GAZETTE^ *..
CATARRH
Catarrh of the Natal Cavities, Acute, Chronio, and Ulcerative, Hay Fever, or Rose Catarrh, Catarrh of the Eye and Ear, and Catarrh of ths Throat
SUCCESSFULLY TREATED WITH
SANFORD'S RADICAL CURE,
(PtATARBH la a disease of them aeons membrane. \y Temperaments and constitutions Tory la severity In Individual eases. Catarrh may anse from a cold or a succession of colds, from sudden chnngo of stmosphere, wearing wet clothtng, or exposure to Inclement weather, and becoming thoroughly chilled when tbe digestive organs are In a niorbta or Inactive condition, and the strength and vital forces exhausted. The disease may arise from a scrofulous condition of the blood, from Scarlet Fever,Measlos, and Diphtheria. In which cases the eye and ear are generally Involved and discharge quantities of matter. The discharges from tho i.»se, the distinctive feature In all catarrhal cases *'""n whatever cp.use they arise, may be thin and btery, and so acid as to cattse redness and excoriation of the skin with wliich they como in contact. or thick and yellowish, emitting afoul odor, or clear and white lllce the white of an egg. There may be an entire lack of secretion, the surfaces being dry and feverish, the face, front and nppcr part of the nead feeling uncomfortable, and &a if it was encircled by a tight, unyielding bttntl. This latter phase Is called Dry Catarrh. The free ma.tt«r7 discharges cause the passages to
ST.
eli and becomo
thickened, rendering breathing through tbe nose difficult or Impossible, and the sufferer finds it necessary to breathe through tlio mouth, thereby permitting cold air to pass directly to the bronchinl tubes ana lungs. The matter passing down the throat creates a constant dctlxo to hawk and expectorate to throw it off but when the membrane is dry and foverlsli, instead of passim freely down from tha noS'! ana throat, tho mucus becomes hard and forms into scabs, Incrustations, and hard lumps, which ailhcro so firmly to the nasal passages and throat ns to n-.quira very persistent efforts to dislodge them. The eyoln sympathy becomes Inflamed, red, weak, and watery, or in tho morning the IMS may be found glncd together, and matter is secreted In more or loss quantity. The ear also becomes seriously nffcctcd. discharging quantities of matter, besides being visited by tho most violent neuralgic pal us, ending frequently In inflammation, ulceration, and finnlly deafness. Tho throat, bronchial tubes, find lungs are In mnny cnsi-a directed by catarrh, nntl when prostration of ihe nervous system ia superadded, such affections become alarming.
A brtcf survey of this most serious disease warns all who are ulQlctcd with it to make speedy preparation for Its treatment beforo it becocics chronic. Tho advantages offered by SA.SPOKD'8 RADICAL CURB we confldontly believe are to be found In no other remedy. Everystep in its preparation, every line in the directions, mark it as a scicntlflc remedy, calculated to meet every phase of the disease. The numerous testimonials from the best pooplo In the United States attest the esteem In which it Is held by those who have been freed from the most destructive and dangerous disease with which mankind Is to-day afflicted.
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lng with S ANFORD'S ADICAL Ctrnis A speedy and permanent cure. Also observations c! lot nnd the general health, of vast importance to ali a filleted with itnrrh. It Is v.*rappi-d nbout erv hboitloof thi KADICAI. Cu:iic, or will be mailed free on rocclpt of btamp.
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Election Notice.
89.
STATE OP INDIANA, V160 COUNTY. Tbe State of Indiana— '"K.-' •To the Sheriff of Vigo County:
I, John K. Darkai, clerk of the Vigo Circuit court do certify that the following officers ar« to be electcd-at tho general election to be hold in said county on ttic Sth day of October, 1878, to-wit: ,f
One Auditor «f State. One Treasurer of State. K' One Secretary of State. One Attorney-General. One Superintendent of Puplic Instruction.
One Representative in Congress, Eighth Dis riot. Two Representatives for Vigo county in the General Assembly. «•.-
One Auditor ol Vigo county. ?,y„? /"J One Treasurer'f Vigo county. One Recorder «f Vigj county. One Sheriff of Vigo county. Ooe (. oroncr of Vigo county. 1 One Surve* or of Vigo county. One tommies oner of Vigo county, District.
First
One Commissioner of igo courfty, accona District. One Judge for the Fourteenth Judicial District.
One Prosecuting Attorney fortnetourteenth Judicial Distr'ct. One Judge for tho Twenty-Fourth judicial Criminal Circuit «'/Ourt.
One Prosecuting Attorney for the TwentyFourth Judicial Criminal Circuit Court. You are therefore commanded to give notice according to law, that a general eli ction will l»u hold said "xninty at the usual places of holding elections on the 8th day 01 October, 1873, for the purpose of electing the officers uforesaid.
Wiines8 my hand ano the seal of said Court, this 10th day of Sep v. tembcr, 1878.
l8E»L 3*
yli If Y» riv iWsit h't
."V
JOHNK. DUBKAN.
iSsMMak Clark.
By virtue of the aeove prcccpt, I, George W. Carico, Snenff of Vigo county, Indiando hereby not fy the qa-»liflcd voters of sa county. 11 meet at the usual places of holding elections in the several townships in said county, 011 th«second Tuesday, it being the tthday of Octobcr, 1878, for the purposso electing the officers theicin mentioned.
This 11th day of September. 1878. U£0. W. CARICO, sheriff.
And all points North and East* Leave Tcrre HnnU— 1S37 A. HI-
T0THE.V0TERS OF SULLIVAN AND VIGO COUNTY. All reports that I have withdrawn or will in a.iy event withdraw from being a candidate fpr the Judgeship of the Circuit Court, are whollj* untrue, and intended to deceive I shall remain a candidate until the people decide between me and my opponent.
*«-r*-:- r* ,- ,y ?*,y- \*T I '.Vr *t *f- O „v.-.
Sandford's
5J
'The Muacie Koute.
The most direct as well as the.slipifteU line aad quickest time from freeis
Terre Haute to Fort Wayne, Jackson, «f ,j Detroit jjjiinh
C.
Respectfully, JOHN T. GCNJT,
rV iiijir-.03 to» Jew
•.no*'**-. rc.\Contract ca, KW.ItsrOrt Bkck, l*arte«Ctrw%C»*»g*tt
1
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iiffj
Dr. C. E. Shoemakers Book on Deafness and Diseases of the Ear and their proper XtM *n/w get Im mediate relief from ah the unpleasantness of this disease, and a perfectly harmlessand permauent cure- A book every family should hive. Sent free to all. Address Dr. C. E. Shoemaker, Aural Surgojn, Reading, Pa.
Parson's Purgative Pills maKe New Klch Blood, and will completely change the blood in ths entlrosystem in three months. Any person whp will tafeel pill each night from I to 12weeks, maybe restored to soundhealtn if such a thing be possible. Sent by mail for 8 letter stamps. 1. S. JOHNSON & CO.. Bangor, Me. *w
§llOLANDER'
Extract ^Buehu
The Great Diuretic Compound.
m*
,3
s?
Jv,* If, f.n }•& .!( vf^i, 3 i!
3Q9 Main Street.
Eminent Chemists and I'hveicians certify that thesu tfcocls are freo from adulteration, richer, more effective, produc?© better results than any others, and that they use them 111 their own families.
3fl UNIQUE PERFUMES are the Gems of AH Odort^*'-" TOOTHENE. An agreeable, healthful Liquid Dentifrice^ LEMON SUGAR. A Substitute ior Lemons.
EXTRACT JAMAICA GINGER. Pt^m Pw Boo*,*
m'
E A hitw* fZ &
Z-.rtb i.
EXTRACTSa
5*
*.
Isa sure,qulttk reme-
ir dy for all diseases of
?Mfi
the Kidneys, Bladder,
'r taa id Urinary Organs, existing eithor In ?,/r^ male or female. As,
Thousands cannttest to its wonderful curative properties in these disease.). For nervous debility with all it glaomy attendants— Dlzzicfss loss of memory, low spirits, &c.. it is a sov,'reign remedy.
N.TirL.A 1 UKK'SHIivHU buoys
4
irritation, inflamation or ulcerrtion of tho kid revs and bladder, gravfcl, Btone in the "H* bladder, reddish or brick dust sediment in urine, thick, cloudy, ,f or ropv "urine, painful f? urinating.bodwetting.
imiruiu
irritation of bladder and uretha, chronic catarrh of add«r, sup predion, retention, if or incoutinem-c ot urine, diabetes, drupsy, organic weakness, female complaints, ana all chronic maladies of the urinary and sexual organs. ...
the enervated system, imparting new and vigorou-i action, tlu whole system bo iVr-
OUU I gWI vu 1 »v»«-
*"1
'fH"* 6*
MWVI
coming strengthened and invigorated.
Be Sure and ask for Smolander's Buchu' Insist upon having it and take no other. I E S O E S $5.00
For sale by Brown & Sloan. Indianapolis, Indiana, and Medicine Dealers generally. ». —i .h No. 10,517. HE S TATE OF I NDIANA R-
I O O N IN E I O I CUIT COURT, Lucics B. BACON, ANNIE ONOVKK, YDIA OON, ^4^' ELIZABETH D. RANDALL, AND WI* S A A S S A E BACON, TUELL M. BACON. NOAH BACON, ERASTUS HUNT JOHN THORNTON*, AND JULIA A. BACON, in Partition. Be it known, that on the 12th day of? September, 1S78, it.was .ordered by the court that the clerk notify by publication said Samuel T. Bacon, Tuell M. Bacon, Noah Bacon, Erastus Hunt, John Thornton, and Julia A. Bacon, a* non resident defendants, of the pendency of this action against them. Said defendants are therefore hereby notified cf the pendency wi of said action against them, and that the iv.h same will stand for trial at the Novem- 3 ber term of said court, in the year 1878.,
SON iL PROPERTY. Tb# utider-igncd will, on Thursday, thei 3rd day of ucto.ier, 1878, at the residence of Jabez S. Casto, in sugar Creek township, Vigo county, at the hour of 10 o'clock A. m., sell tht» personal property belonging to tbe e«tate 01
9 is
l'-:
•a
JNO. K. DURKAN, Clerk.
Allen, Mack & Davis, PlYiTs Atty.
ADMINISTRATOR'S
SJ.L1S OU' PER
Klcbard J. Harris, deceased, COD-
1
ting of horses, cattle, cow*, farming utensils, and other articles. TERMS OF SALE— Fei all sums over flye dollars, rurcbaser to give note payable nine month* after date of sile, with 8 per cent, interest from dr.te, with approved security. Sums less than five dollars cash in huid
ALICE C. HARRIS, Administratrix,
APPLICATION FOR LICENSE. Notice is hereby given that I will apply to the Board of Commissioners of Vigo county, rv Indian?, at their October term, for a license* to sell "intoxicating liquors," in a less quantity than a quart a. a time, with the privi- r^s:^ lege of allowiog the same to be drank on my premises, for oue year. My place of business and premises whereon said liquors are to be sold and drank, are located on lot No. 2, In the town of Webbter. Nevins township, In Vigocounty,Indiana.
^SSIGNEE'S SALE.
WESLEY LARK. 7 t. Jof
In pursuance of an order of the DistrictCourt of the t"nited States, for the District it Indiana, tne UBdersignei will sell at private sale, the stock of J. A. Foote, inkrupt. ,, 1 he at jck embraces such articles as are asually kept in seed stores. Great bargain* will be offered purchasers.
M. S. URHAM, Provisional Assignee. September 12th, lo78
$25 Every Day
mm
Is Tsarrcntcd usingotAV W
WeHA^ger&DriJIs.
W^ssllonoac year's time. Took r»v Premium at t»a Great SxjXMlticn. It bores sny diaarter and depth. IOO W. a d&7, tbroogb e&rth, saod or rct'a. torl''l aucer bo-iic free. Address,
WZLL AUOZS CO., St. Louir. K». .*:
