Ka Leo o ka Lahui, Volume II, Number 391, 17 February 1892 — FINANCIAL. [ARTICLE]

FINANCIAL.

<Xo. 2.)

It is this greAt and pressin| need of this age of industrial enterprisf. ! that creates a rontinue<l agitat£on ]aii over the ivilised world for ! cheaoer money and more of it. It i waa the financial needa of Franee ! that brongbt the fainous Freech into circu!ation with «aeh I disaBtrouB /eeulia. It is the saoie | nml whieh has «reated so many j millions of paper mon<y in Souih iAmenean Kepuhliee with eonee qoent banfcruptcy and financial ; ruin. And now the farmers allim the United States are elaj moring for an of eheap moaey ] with their lands and crops as se- | curity. There have been money | aehemea srggeated and tried in | other countriee to provide capital in al»undance for the needy agri< culturet, but they have inevitably met with failure. Silw and gold are the standard of wealth or ea» pital, and without an available re- | aerve of ooin or hullioo paper ' money is not absolutely safe. The | flnancial policy, hcwever, whieh {the new political p»rt? in the Uait« jed Statee are d*manding 2« not impractic«ble. In tuch a great and J wealthy country the i«ue of a cur- • rency bii®e*i upon the imnrored real property of the people n certain to ins a beon, and under properly re*tricted limits wouid bHng general pro.«;>eritv to the eommunitv The sysiem h,is in vogue īn the $uue of Oregon to a eenain extent where :uore% than two uiillion d**llars of shoā h»oney Uas l>een loaned uj>on iu oroved real propertv. and it hai? l)ten a l>leMing to the farmert 01 Ort*gon. (»ov. Pennoyer of Oreion nu ehnm* pioning the tinanc:a! p«»licy of lUe . new party s.iys: The :nauguratio!i 01 such a fj>cai nt>li«*y. would fpen a :iew Aūd hr ghter . ra in the history of <>;jrHŌuntry. The va«t and ra|*;d ;hco ui u tnou« of weaith in ihe j hanu» th»* few itnpi»veroh' . meu: 01 tne mnny by *xce*#:w • rat*i» vharg«d t\»r tbe uee of &>oney | would at onee eeaae, and ca«^ey

ifee?»g chenp« woulil up avenue» of indu?try ao£ gi*e x*i oewed impetnt to trade und in* j erea»ed enaployaJBut to lalx»r. and, being sūible in value and sut£cieut iiwolume, weulei ioap&n »ecurity to eyery enterpr:sf n?id fair reu&uneration to every laudabl« c&Uiug. And thus ,«rouM' tlie general govat la.«t Tulfil ;tj conatit Jt:onal duty to the people by laiing thc \\\.ve ol u:oney. wKeh "t haj nevc* yet done and ..ever en - . :V.C'y do ī-.y <-o _e iuef-:-.s ;:s :s v-:\T.. B ed ' reguiav..& iiHēi'o-- : Wr.t." Anu !u ;.:. p;: li v i 0. jyt* .. ,v v:syi-.a,r. ei i»ie c..r»fco:;~ej;re : r:-;.tc j u •>* th.* il\. of ...e .res. r : i: ...•; .(. ior vrra iiT.: ct. (. '• rce .«•r lo<i .*.l.■ l..u ! .i»ien-. 1 :- l>v *: f t. e annne.a! ss.; P;u wh:;*.' *::c h «ysua2 >n. v be :. >le ia t:ie K~eat'- and p-o?p'.rous m..V5 of ;he r.ideit by tl.tvcrLtl; *fvrul resource. ii of n '.via.tl:y n ami aesi<ted by lts jov erfu; r ar.king syetem, it wonld be unsafe for a small nat:on w:tb a limit€d r<* »ource to Attempt it. The scarcitv of actual coin. the exigencies of i tbe ezcbaiige market. aud c«mmercial *]e|<en«ien'ce.upon-thegreat* er r»a!ioni«. w.*»uid K>on demoralise tbe currency. and ?übject «ueh paper money *o perpetual fluctuatiore and depreciat:on. !