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This Was The Modest Demand

This Was The Modest Demand image
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of the Field -Kelley- rag- money convention held in Detroit on Wednesday : the issue of 3.65 bonds to the full amount of the national debt, or about $3,000,000,000; the issue of the sanie amount of greenbacks ; and then authority to the Treaaury ofiicerB to " swap" the same ad libitum, and that is called, in fool's parlance, an " interconvertible currency." We know a business man who owes $10,000, who would like to issue hi greenbaoks in the sums of $5, f 10, or f 100, with nis 3.65 bonds to the same amount, perhaps he would make them 5s, and make them " interconvertible," which means interchangeable. But the faith of the nation is pledged for the redemption of the greenbacks. Yes, in othergreenbacks and other bonds. And what a redemption is that ! Besides, how is the honest laborer or a poor flnanoial d - -1 to get relief from this new issue if he has no old bonds to exchange or nothing to buy them with ? Afe they to be dealt out " without money and without price ?" The inflationists or rag-money men proclaim that greenbacks are the best currency known to the world, and beciiuao the faith of a strong and wealthy government is pledged for their redemption. But what are they to be redeemed in ? in wheat, oats, corn, cotton, whisky, or other greenbaoks ? the prooeeds of taxes (collected in kind), or the produots of other ragmills. To pay them in 3 65 bonds is to imítate the finanoiering of the business " skinner" who borrowB of one man to pay another, pays an account with a note at thirty or ninety days, and then takes up the note with a mortgage on his real estáte. A greenbaok or a national bank bill is a good substituto for money- gold and süver coin, the money of the world, and the only money known to our oonstitution - when it oan be converted into gold and silverooin at par. Wlien such exchange oannot be made it is just as muoh a fraud as a rubber yard stick, and disgracea the government which issues it or authorizes its issue. Gold has a valué not given it by the government stamp, in faot weight for weight the goldcoin from the mint is worth less than the gold bar from the furnace. Not bo the paper dollar. It is worthless pxcept for the impresa it bears, and unless that impress or promise to pay is made to mean payment in coin, not in other paper promises, it is nonsense to talk about its being either a good or an honest currency. Though bordering on profanity, this old oonundrum is a good one : " Why is the greenback like a Jew 'i Because it knows no redeemer." An English journal says that goods made entirely of cotton are oalled merino, and have the look of merino, owing to the wooly surface iinparted to them. Suoh goods are sold in the United States and the Spanish South Amerioan markets in large quantities, especially in the forin of men's undershirts and drawers. To cause the ootton to resemble wool it is scratched, and the surface raised by a particular process. A thread or two may be drawn out and burned in the name of a taper ; if the material be cotton it will oonsume to a light, impalpable white ash, cotton being a vegetable fibre ; but if, on the oontrary, it is wool, and therefore an animal fibre, it will twist and curl in the flame, and show a black ash, acoom panied with a smell which will speak as to its origin. Cotton is now so cleverly treated that it is frequently taken for silk, also animal fibre, and this simple test is always resorted to when there is any doubt on this point. The Chicago ínter- Ocean has, it claims, trustworthy accounts of the crops of ten ot the northwestern States - Michigan, Illinois, Iowa, Indiana, Wisconsin, Minnesota, Ohio, Kansas, Nebraska and Missouri. According to its figures wheat will yield, on the whole, only 65 per ceat of an average erop ; oats 79 per cent. and corn 91 per cent. In Michigan the wheat orop is put at 75 per oent., oats at 75, and corn at 100, In Illisnois, Indiana and Iowa there will be only about a half a orop oi wheat, though oats and corn will lack only about 15 per cent of a f uil erop. Only one of the above mentioned states does better on wheat and oats than Michigan - Minnesota, which reports 9L per cent on wheat, and oats 95 per cent. The name of Hon. J. Webster Childs, the " big Granger" of Washtenaaw County, appears in the list of Vioe-Presidents of the Pield-Kelley-soft-moneygreenback-inflation convention, held in Detroit on Wednesday. But we are oonfident that J. Webster was not present in the body. Cause why : he is not reported as ha ving made a speech.


Old News
Michigan Argus