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No Inflation

No Inflation image
Parent Issue
Day
28
Month
November
Year
1873
Copyright
Public Domain
OCR Text

The New York Times, in commentiug upon the pressure whieh will be brought to bear on Congress to secure an inflation of the currency, says : It oertainly ought to be resiated, Inflation in any form, direct or indirect, open or by legislative subterfuge, will, at the present juncture, be a mistake. It will put further off the day of cash ' ments, it will revive the speculative spirit ! whioh has brought all our misfortunes upon us ; it will niake reform in our banking laws more difficult ; it wiU inake reforms in the business of banking at the hands ot the banks themselves more difficult, and it will tend immediately to injure the public credit. It is impossible to suppose that these grave disadvantages can be compensated by]any temporary ease in the money mar'ket. Such relief could last but a short time. It would not touch the springs of our recent disasters, and the step once taken would be vcry dimcult to retrace. Mr. Boutwell, in his remarkable speech in this city a few weeks since, made one statement for which his authority may be acoepted as conclusive. It was thatit is very easy to put out green backs, but it is very hard to get them back. The reason is obvious. Greenbaoks issued for the expenses of the government, or for the purchase of bonds, immediately enter into thö circulation ; they thus au"ment the measure of values ; the tendency is to raise prices, and so far as this tendency is unopposed prices are raisad, and permanent employment is found for the now issues. Of course this tendency is not feit equally at all points, or by all commodities, or at all seasons of trade. But, in tb e long run, it has its way. The consequence is that there is no gain to ;he country to compénsate the obvioua disadvautages. It takes twice as much ourrency to effect exchanges when prices are doubled, and the fiuctuations, always more incident to higher prices than to ow ones, induce to speculation and tend to further convulsión and embarassmont. Che government would be doing but poor service to the country in invitiug a repe:ition of our present experience. But ,hat is what fluctuation would do. There it goes again. Just as everybody was getting ready to hail Governor Booth. of California, as the perfect nan.some envious soul has started tho caluinnious report that the Governor is a salary grabber, back and forward, He approved an act at the last California Legislature wheieby his Qwn comensation was increased $1,000 a year, vnd drevv the increased salary, A man has been found in St. Louis to ecliue a $3,000 office, and on the ground hat he could not take it without ' ecting other public duties for which he jets no pay at all. Now let us hear from ' Chicago. '

Article

Subjects
Old News
Michigan Argus