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Fiat Madness

Fiat Madness image
Parent Issue
Day
11
Month
October
Year
1878
Copyright
Public Domain
OCR Text

Oitizkns of Michri.vn : All acrosa tho continent, from my home by tho far Atlantic to the slopos of tho Iïocky mountains, men ave dis cussing to-day the questiona of work and wages iind nufllcy. These (jttMtioiU ars horr. Parti'-K do net iii;il;c ilii'in. l'iu-tii's eannot Kei rid of. ilii'in. 1 faney tl Kit a godd mány pöutlcians on bdth 8Í(les muid lUtfl W. Bui thBy am Iito: and must ío aubwored, wlietiiorAvo ftül or no. Theae questions face tho woiking pian, who labore that lic may get ln'ead. Thcy faco tho farmer, with landa to till and orops to Koll. TIn y faco evcry man who lia sa ved something of what heearaed yeeterday, aud has got that something in bis hande to-day. ïhoy faco tho rich aiid Üo poor allko. And th. interest of lln' bonest laborér And tliê höiiiBt eSpitalls' In the Bettleiüent of thfflo questiöns is precise] thÜBitti Labtfr iind ïattral Are ntít, ie Sniagogtitla falsely tea'ch, natural and oecessary enejnlea in this fice land f om No man can get work uuless there - Bomebodj abjfi to hire him. Nu Sïan Qto 63 ■ i '■ la so'rnebddy whd !ri, ,. . ■ ...,íiV dnj tWtdwffrk. And, thcrefore, capitel and labor ure and munt be partners in business. Tho o'no canndt get along without the other. Bcine partners in business, thov onght tu be frionas. Any man or party seekmg to array oapltal againet labor, or labor against capital, doos i wrong to propca'ty on the oue hand and to labor oii tho .other. djiteron.ee between the qapitalist and the llJÍJiJíhttJf} Hí;l - a, af'T n!l 'rr bíi,1?]]!. i f i nam :i (Ujii.n. ..nú Sjjfuíl ! fantdj and save conté, I ani a capitalisf to the extent of r eonts. If I eavn a dollar, and spond $1.10, I ni a apondihrift to theextent of H) cents, and I will wmd up in tho jail or jtoor-houwo, oven though I join tiu: Qroenback ]arty. Now, geaílemoa, 1 go back to tho proposition that labor and oapltal are, and ought to be, frisodB. T weuld tíiat rlch AndpOorfilighJ Huis . Th i) ' WiEíh ■■' ai with ybáia chis: lf thore is labor, it niust líate . T eannot work and gét breíid t eat; and clól tuxuDC tóf nj' f;iinHv, inq sjirltor, f'u; my Wifi rn i , ' ■ i ( :■ ji i ítp Ana J5?i '■■ H(w ishtill these wagea be púa? Ve must fdr this purpo.se use nioiuy. In the Ih-st days of auy ncw comraunity it is possible to deal and trade on tbo principie of barter or éxchangel The can take bis (■!;;; tito thecoilñtry store, and the faltner'a wife her botter, and the colToo o-mi HUgar au bc mensnred out and the ealieo msasuxed offi ïhi prodtios of tha farm ■ [i ' Al M SkV-, lift'], -: Q&K8 awav wbat the storekeeper bas to wil that he vant. But yon eannot ahvays eonduet tho áffaírfi oi a great ojgtiid socinty in that way. X9U tintst have jnrnrv, thát labor tu:iy :■ ; 8d mi1i eM'i-y Saiurday uiy'nL ïylljiuisiJliVVe ! moiiey (bat ih'é storekeopar 'can bfe kettleu with. It takès monoy for the trader tofgo wDeCroit and Chicago and buy his góods. Jt takes inoney to travel on tho railwav. It takes money to sejtUe tlie cxchaniicH of tin' bank. In the con(■uct of bnstnesi atfairs you mustusjpsomothiug whjeh mi n efcil montvy. '. ■'.!-, u-haHsmyH-j ■'. 11 1 fréri Ssfed tij $ïë ,dëfinittón th'al b'onlU bê ciear ti niy'own :iind, nnd tbat I tliink wül niake it most clear to ypurs, I sbould defino inoney as boing a I moasure of value. Let me go into a littlc detail j to Bxplain what I mean by this. Yon use a yard-stick to moastire lengiL. Yuu say a pieco j of cloth is somany yards long. Yon use as poiind to moasuro WSight Vi'n Hay cf n nlan. be welghs ao man peünfl; ïötj aw 1 ■ l:i "i ■■asure iUaiitity. Yilu say df RRÜn; ihc'rc ure so ijiauv busliels if wli;at or cnrn. You 6L Öf S picCJ (ff hujdl.itl.-i.yrrtll Sci llüpiv dollarf : 1 r ■■' ia '.)■ q it ia -s-crih ffVM er 92 or whatever the pnoe may be. SVnenevéi' you come to estímate or meiisure the value of an artielo you use money to measnre it by. Now, what is the iirst liecosity of any nieafiure? Why, of course, that measuro itself shall lie sta! Ie. If not only does tho tbing to be nieasured chango, but ■ that wbicli y.ni meaauré it l.vu!w changos, vi mi neer lnov here you Í.-C kf&tfaadf n:'f flu'n1'! M tliv-'r-stifcn inches one dav. thiity-six the ni'xt, and thirtyfive tin' iicxl Would l'e surö to eheal somebody, would not it? It would cheat eithor the seller or the buyor. A bushei that should be made of India rubber, which you could stntï one day and stretch, and fill the nest doy without etrotohing, and which Mie Ililrd ilav sholüd shrlnk, WoutÖ certainlv elieat s;uni body. wduld it n1t? Bither fche man , ia df Mu iMiui (hit bdiightf liust so a dollar that jsnotalwaysa dollar - does it not inevitably cheat somébody? A voico - Yes. Qov. Woodford - Then the first condition of monoy is that, as far ;ts possible, t shall ahvays havo aánia felative vahío. That your yaril■tic shall be thirty-sJs inches long the yoar ivnii'1, ftod yi'nr btwlifl 1S n Ijnfihelj nci and nij lcs: iinci yi'ur dollar aiïvays a.l dollar, no more and no less. In all the agoa men, iooking around for what thcy should niakc; money of, have, bv eommou sent. generally elected gold anti silvoras being the articles tha( chango lesa thau anything i-lsc in the world. Not that they remaln alwavK the same. Thora is nothing in human lif ;lmt doea lint gold nntl silvor are )i' ei :■' ..ui ■ valué yeaj' aftër ,var. genpritidti ;-.f. -■) i 1 T'. 'i i: Uian inji dthfruubStandës wrl(l Kndm öthér tnétala mat I Tlie rust that eats iron never cats g'ild. Tho ni.-t ma' gángrénea and corrodes eoppor never cats gold and silver. ton may burygoldaad silver in the earth for KK) years, and,' wnen you dig them np, the most delicate chemical test hardly shows any apprcciablo chango in qnanïit.v- Tlu-'e nu tal have another element of value as money. All through the ages of the world men have desired gold and silver. Abraham bought a burial lot tlionaands of years ago, and pala lorit In shtksla of sllvdr. The féttwa of fln! Templ" were of gdlá. Thírfl is no land so i&fagé that Ha inhabitanls di not like gold. Even my greenback brdthër would not object to having a pocket fnll of it It has moro value than shingles. It is worth more than soapbubbles. It is better than paper, unlesa the paper will bring gold whun Mie jiaper is presented. Gold and silver will always and" oVervwhcro buy something. Y'ou maytake your greenback to China. If the ('hinaman does not read your language, you may offer it to lijm for teil, or dr Hom-, or ealien, and he will look at you n dumb iiniazeiiienl. To him t would be nothing bul a pieco of paper. Hut the Chinairan would (ase vour gold and silver, audweigh them. and Ije giad to get tliom, and givi mui Snjthing that he had in eüohangei ïön may take your gold and silver and go the (ridi world over, and thero is value in them, because men hke theni. and wanl them more than ftnvthint' olso. (o!d and silvor will bnv tliinj? tliat there in to sell. Ho it s Dot the law of the .inerioan Congrega thal givea vahie to gold and silver, hut gold aud silver have absolute valuo in themselves. 'l'licv are k"1 without law aud in wpite of law; cither with lawor against law. Uut what givea rune to thatwbicb myfrienda : cali " fint money?" Lei me nv to atete thi ! thing fairly. Ftóí monej i-nota proitJae ti pay anythíng. Becaose, as I onderstand m Greenbaok brother, ba never proposes to have tlic.' new '-.r' greenback redeend in anvtliiiifí. Jt is tu be Biwply umi onlv ;,,'r mouey. Government is tó say, -'liiia íb a dollar." And that is tu be the Be'a) and stamp ol valne. Now, I will atlinit, il' the eoiiHtifutkm autliorizcd the issue of suoh monoy (which, for one, ] do not lnlicM), there is a oertain kind of valtio yon can givc it. Yon mteUt Write apon a pieeo of paper, "ThiH is öne dollar, 'l'liis Khall pav one dollar's debt" Then, if yon can gethold of it af ter it i printed, vou Cíin use it to pav that dollar' debt. Here lei me ask yon thle simple quesKon: ('au ymi malie anyhodv sell yon anytliiiiK else for it? l'ray turn tliat over in yoiir mimi. Yon can prinl opon a greenback the power to pay a past dabt Vou .■,;„„ giye it the purcliasing power to bny anythiug for to-niorrow. If there is no svtre and abHolnto aluo in it to bny with ; if it have no sure pnrehaaing p iwer, what earthlygood wülitdo you to pavvestcrda.v'H debt if it will not luiy bread for tomorrow ? Bat yon muy rely, as it possosse.s tho power to pay debfs, the men who havo dobts to pay wifl bo glad to fake it for wluit tbev have i,'iil to sell, and o Ho.ttle their old delts. VoU might poesibly ttras olotbe it with the authoritv to Bettle old debte. But when yon liad eren got that, tho qiiestion of broád and work, and wages for to-niorrow fttiil remaiiis. Tlio question of to-morrow romaius. ïhe man whoin you phcated by it yesterday will w.i'.d either moro of it or none of it to-mörrow. If he took it at all, he wonld want moro aa his solliug prico. I'rii-cs would in that ovent riso. N' 'a i-siies would havo to be pnt out and the abilitv of tlio dollar to pnrchase would eontinnally be destroyed, nntil at lant you wonld reaeh Ehe point bo graphlcally told in'the tíinea of tho Ki-volution, when a man went to market with hin basket on bis arm filled with paper nioney and honie with his diiiuer milis pocket. You cannot permanently clothc tliat which is notbing with the power of omething. l'ray, tliinli tlii over for a moment. Can yon pul npou a piece of paper, "This is a bushol öt eorn,'1 ;l;e it a bushe] of corn? Can you write upon a pioce of paper, "Tlüs is a house," and thereby make it a house? Can you write upon ii pieco of paper, "This is a dollar,'' and mako it a dollar? The wholo' thing cïphers down t) this littlo proposition. Yon cannrit mako sriniotlÜDgo ut of nothiugand koop it somothing frirevPr. Thisjs the wholc of tlio riddle. Ï3h are nfi n"w tliiim with this attenipt to makê fiat monoy. It iiaH IhVii trVd (uit uid over again. Hut you ínulst o1 trying il once more, lmpiug tlmt Ilin meados will nat provo tho mcaslcs now, juut as thoy did a hundred years ago. Mareo l'olo visited Tartavy hüiiio centuries BfiOi mi'l in tha vount nf the woiidrrful tliingH Hult hë saw tlni-f lii; gtt thls most wondnrful statement: Hosaid tlint mëreWta il rulcrmunod Khublal, wltf Va the Khaji of .Tarlarv, Vilio h:ii m;nte.l it.tuii wiiiiiiiTfiil (Juma, (lo triade iïonèy byhaying theomcerS of lus treastiry write the 'amotmt of tho money on littlo piece of paper, ad wal tln-ni with wax, in tho name of the empire. Then he mado every man who luid gold. nijver er jewels, or anytluug In Heil, lakt! in . plodëft öl "!pT ín pitvnv'iit thorofor. Now, tho Khan of Tartary was wisit ín liin d."y than oven my Greenback friende aro now. For he had this additional law: That if any man re, - funed to tako tho pieoes of papor, ho gmOTOUBly eut the skeptie's tliroat. Xow, (ho Khan, ly thin gentío process of throat-eulting, kept thoso bit of paper áflo'at ae long as he lived. lint when hndleil what wï tho insult? ïho jowolsof the cumin' WSre In tin' slrilnff ChlIBtOI tho Khan, mul the peöpléj ts hu hsu tin' jejWls béfotS. mnv had dnlv tliH ljita of iiaper. Wlicii Khan diefl tlih d'cd iilc:, 'lid Htórf vas baukruptcy even in 'l':ui;u ; . ïhore wan Lonin, of Franco, tho Hpendthrift, tho Bourbon monarch, who got 80 docply in dobt that ho invonted a National party tor hi iiwi accommodation. He got for bis helper and adviser one John Law, of Scotland, himself a libertino, fleeing from pnnishment in England. Law eame to Franco and dovined a wiiiMiiii df paprr monoy. Ha pledged for it ri"curltr .til f!1 OTtet nu;ts. w.hieli th French King tlio'u dwnf'd in tbc jMunesmpj vn)l?y. He liarla d hi rnoney with theso' MissÍHHÍppi lftndö. Then tbesó tiji -pátontoes of theidea ol the Natic'nal parra Drintëci pa'pijr nio'noy, and they made it' tli. láw (Si "i'cpc" H H Stptr9j)iy all debt. umi tiiat rvcry niau shonlii taKo it ín pa-yimnt (' (Ul't. They Ktarted the printing preeaefi ftnil ÍHK1U I tlie monev. Thére óucbt to havo lui' ptT#BjrHi COJing to tho National idea. 1 'ricos indeed roso, ; 'ï'Ju'n !f SS 'ndMvn. For a few yoars evorything söeirped tobfl g9Wg wc. II. Pncea mountod to tho Hkfe. Théfli WCTê góofl timirs. They printed more. Jiy and by uien Ixk'iin to henitatp aljolut sclljn, a'ndprieos went still higlu'v. And the King prinfed moro. Prjcea kept growlng highor, and the King pn'nted more. By and bv the very bakert and tmtflHTM in Pariti rcfuneil to tako tho stulT for meút Sn"! hri ad. The bubble broke, and Franco was baukrupf. What waa tho result ? Who were hnrt ? The rich woro not And why? Because as fast a tho rich man got tho papor money ho bought more land; ho Ixiught more housos. He paid it for labor. Ho got rid of it. And tho result was that, Wh9n tho btibbln brólto, the laboringmon C( Yftntt ,lrtd ffjltt di'llar of thn wortblpss inniiiy. mul ihu ïkit li.'rn ('f Fií]ii'.K liad every p.uiil ind ëierj stttiáro foo't rif Y'dlüaMé pfoperty ii fimedim!) '.. Thn "hitjt rc:inlf .; n. . gádlt lint surely, áítetJ ■ ƒ!"■ m 'í?n ';f tfertrj tj'u'.s'r.indson camo to Ulo block; and the strects of arís ran with blood. Tliero haa been anotlier instance of paper monev. Aftcr the niob bad taken possossion of the French Government, duriiig what is known as the "Ueign of Terror," they again devised a nchomo for paper niouey. They printed it by Hn' ïnilljon, and again for a little timo thore wa pii.prr't'. ,i;ahi pflofjrt rosej auain men Ehónghf they úeT'i' rn'h, btd?fï?w , H"'ir fftnns were worth millions of francs. But fifè pröpeiiy hád not chauged. The yard-sück had ahörtótipü. Tho buslu-l bad grown smaller. And ihe franc +onld nijt bïSy as nmch. It took 10 francs to do the work of uik". Én4) bv-andbyj J00 francs. And then what was tlie end? The streets of Paris wero again running with blood. The workingmen of France were literally starving, and the richest again had all the pröporty. Tho poor had only tho paper nioney. Sintiese, ni'w, thft) W i'i'uld print a thmisaiid Hjilfidna c;f Mirsr giffc'énljftclfB, e;i Jipr1!"1 n crmld distributo tliem all -through yoúr eommunity. Suppose that with tbem tor awliile yon could buy property and pay delit. Tliere is no enduriug value in'thcm if "they are oever to be redeemod. If thero is uothing behiud them but tho paper, there will be at the last no value in them. Tlii.'r eomM a time, some dav, when men riill distrust ihein. And JtUtt W f n the dar rif .distrust comes1; prlcFs will rlse, and it Sill ii.1V tóft-H ii'l. Mcé tri buy brrad. The man lias pro'periy íífll pd títeiá a Ule man that lias ndt. Tne man that has property vill have none." and when the end comes the poor lüHn win lirivn all fhp, roithlè'sa stuff. He will starre with bis poexi tó ''.:'' Yoi gentlemen who are dreaniing tliat $'C1 can legislate prosperity by legislating a lie, and then calliug il money, at 'the last will Iiave this state of things. Thê rieh will lxirieher, and tho poor will bo poorer. The only men wlio can bo benufik'd by thia Bohenii! of mouey that is not itionrv are ihn iiairtbjf ); fin the ene1 sida ftnd tho spendthrift on ihoolhti.' Gentlemen, I havo como to preach no m w doctrine to yon. I have not come to teil you hat by holding political meetings yon can get rich. You cannot I have not come to teil you that by turning the crank of the printing-presH you eau get rich. Vou cannot. I have not come to teil you that by printina a lio upon a ehingle, or a soap-bubbk or tt pfefla cif apor, jdtt ciip gi , rich. v'-'! citañqt 'l'h'-re !s but one way to ge) ïiif'iu 'v.' ilnd ni.if -H M Ifirk frir it Therè is but one wav to get rich, and that if to save something of the wages that you earn for work. And every attempt to ando, this old law that was written it creation's hour will only recoil with terrible effect upon the ineu who attempt it I am not horo to plead for the national banks. 'the nittionitl Itftnkn ('au trilii3 c'aï'e of iht'iilPMlves 1 aiumft iierotóplóid f. ir )if' Hrh te Thr rich man cati take care of hin'isrtf. íairi not here to plead for tho bondholder. The bondholdor eau take care of himself. But I ■uu here to plead that the man who, from earlv dawn till late cvening, works for wagt, nhail have a dollar that is just as gtxtd as tlio dollar of tho bondholder. Xow, guntlumun. a fuvmore earuest thougkts frankly prpaaiitdd, and I slmll havo done. I want id Oii-'rtiliitr] biOtlWr la wk himself, as he goos akfnti with më; to er llirfc ((uestions. Bitst, dcies the cdnstlfütirin rif iduf country give you the rjght td print new greenbacks ili timo 'of peae, ■ Thoro aro just two clausc's in tliè crinstitution whif'li relat} to tho question of monev. There are only two. One of these Bays, "Congress shall have power to ("oin money." Tho words used in franiing flie constitution wero either usl accordins to thcir meaning, ór they were not. Now, the word arin does no! mean print, and the word print doos not mean coi. When tho consrltutlön savs Congres can rain mouey, that money must lip ijlade otlt erf iomsthlng that eau le cöined. . Árid that js nieta!. Ym min metal You rint papl:r. tilu eilin gdld and sil ver mouey. You print greenbacka Öd ïnueh for that. Tlien there is another clauso in the constitution wliicli possibly relatos to paper monoy ulso. The States, under tho constitution, are fórbidden"toemit billa of credit." Vuil (jheopurte have decided tbat the reatrietion on the Btafe permita that power to the Geueral Uovernmi nt. Ho that Congress may issue a bilí of credit. The wi ird cm U inoan to ihhiio, to put out. Congres may omit billa of credit Now a bilí of credit is imt flat maner. The Idea of (lat mono ia, '■This is 1 riny v,ay.! Tho word credit nieans cithur that if I givu xóu credit I loan you muur thing, or if you giyc nio credit von loan me Boraethiig. The word credit iuvolvux the Idea of landing or borrowing. Tlie idea of landing or börrowing involvee me idoa of payment. 1 give you :i imtc. WhÖn thai ome falls drie you come to ïue and tav, ''1 would Uke t)ay foi my note. " " Oh, no ; I liave joined the Naöonf party, l.ynü proviqe mmw. lüüe private fip greènbacka of myown." And so I write opon ;i pieceof paper, "This íh SKK)." I hand it t yon. Yon Hay, "No. I had ríilhcr have the JlOOthemselvisa'' You may put one note in, two notes, ten notes: one linli. two link, tii links; to the end yon come at last If fan liever pay the note, it will be at last worth JuBt Dotbiug. No more, no !■ Vli;t! gives die reenbai-k value? It is only the note of the (Jov ■rninent, juut as minewonlil il ' niadf ly ]ii mul yonrs if made hv yon. What fiives n iroiiiiwc vaiue? Just two tilines; the abilih'and inolination of the maker. Just follow fhat rhonght out. There are oiily two tilinga that give a promiso valué- abilit'v and inclination. If a man comes to you whose credit is perfectly good to borrow monev, he can gal it :it 6 pet cent, wheu a man whOBe èredll is bad cannot got it at 10 per cent. , or 'M per cent. , perhap not at all. That ia the whole story. It is the same with the (ovfrnment (hat it is witli (he individual. The GovérnmenVsaiiJ, the pcople suid, we will pay the greenbaek. We aro able, anti somc day we will do it And what was tilt! result? Men tru.tted the Government. Faith went up steudily. Thovalne of back rbs tearlily. Step by stop, tlinim:h tho brcakerH, through the quieksand, through BUÍforing, throngn privation, through doubt, thiongb cvcrvtliiiifi, we kept on our way, saying, " W6 wili keep tho prómiee, anl wc will pij(har greenback," and nuw the sroonbsok is wortli withln one-half a cent on a dollar of tbc coin it pi'omisos to pay. Wbat do you want to do ? Yon have gone tluougb Uiree, iour, iivo yoai- of HiifTerijig. l'ou havo laboi'fd; jou haT"waited. Ion re now right on tlio ("dgr of tho )jinmiao(l land. Ueeause you had bard times jresterday you want t turn lack aud havo it all over agaiñ. A vciin - That'.s it. TEM thought Bbould have weight with honest Orpenlmckeru, houcet Democratii, and honest liepublirans. We havo ondurod all the nocessary sufforing. Ixjt us now reap our jnst roward. Tberc aro two tbings that alwayn go togothcr. These are labor and honesty. " A lazy man is very apt tfi be a dislioiuwt man. An iiidiistriiuh man is gouerally apt to bc an honest ono. fhe man wno earns his broad by work is tho pnt kind of a Hpccio-rosumptionist, for h6 payn aborevery timo for tho bread ho oata. lam lot willing that ho hould chcat himsclf by a ' 'ftlse dollar. The only men that would raako nionoY out of inflation aro tho apoculatorB and amblerH. The men wbo would loso monoy aro ho honest workingmen of the conntry. Tbo man wlio has nothing to solí but bis labor cannot ntii-til tu i'hiMit himeelf by getting bal ivíifrfu. Tllfi iriltd ha is sinlply bettiug on peculations raii aCford to bftve a Bwlndling cnrrency, for ho can niako niönfjy by It whero the poor man i only ohfatcd. It is tho strangest thing the strnngest folly (íf T muy use tho word, and I mean no discourtesy to o'ilt' ('piíniirnts, I Hímply spoak it as a word u'il in aífrinürtiO, it is íli Htrangem niadnc tlmt nicn hIhiuIiI Súiüóf ucu fur groat íhbuos of irredcomablo and worthless shfulítot"r. DOW. h'ii the world paya tribute to tho' t'n!tHl staten ; lunv, whon Amorican locomotivos are being Kont to llnHHia; uow, whcn American Híonni-plowH antl horso rakesae beios manu(actured for all the world ; now, when Amorican oi'ttim Oloth 1h boing Hcnt t Australia; now, ■ft'íiün A lili'rVi'ii curn wid who.it are Boing to the very fiolds of (lio iJantlbb' i ua, wlion wo aro so rapiilly bocoming the great pnAlüdffS and factors of the world ; now, Himply and tmly bt-cau-se wo havo had hard times iu tho fivc yeaTB gone, wo weakly clamor and bog for the poor privilege of tuming back and mortgaging our country witli .1 Rr'it mul uselcHH paper indebtodnens. W'liy, wo Bnoiüq, iijl V broiwso we havo had five vears of hard timos, jjlunge OUr poople into liard times f or thirty yoars to come ! It ís madness. It is not statosmansliip.

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Subjects
Old News
Michigan Argus