Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-12-29
SOUND CURRENCY.

- ,ssr i.ckcs S5aaj Currency! Mr. Dickinson,
-, candidate Cries Oul lus,ly, Il am in iayor
= , saaad Curcaet= Tbs Argus CHIMES in,
IA a.. No sub Treasary--no shin Plas'crs'
-, an equal ss8 SorsO CURHrScr."
Wba arc these gsnllensn in favor of-whai is
.s,,r sound r5lucncy' Reader, We viii tell you.
Their sound currency !, an iHedeemabe paper
.,.,e This they would make sound and cureu
,.,oanhou, the Union by establishing National
Rank. Nothing more or less IS their object
Cola and silver, emphadcally the money Of the
cole. and in reality the only sound currency,
,,.y would, as far as possible, ban:sh from cireu-
don and substitute in their stead bank notes
..hi,b arc obtained, in the first instance, almost
entirely by the large capitalists for the purposes
Of SPECULATION and shaving. Every bank note
which is issued, is, in fact, tax upon the produc-
mo class. Can such an issue-such mere pro-
misses TO pay, constitute sound CURRENCY Yet
this is, absolutely, all that Mr.. Dickinson and his
friends promise you. This is their sound cur
ency"--they offer nothing more, Wen, estab-
ish National Bank; granithem all they want
can the planters, the honest laborers and me-
chanics always obtain their sound currency No.
In nine cases out ten, they viii have to give
premium for it. There will, in fact, be establish
ed two cuuencies one for the poor, and another
for The rich The notes of the National Bank,
which cannot even with capital of 80 millions,
constitute more than one fourth Of the entire pa.
per circulation, and which, by the endorsement Of
HE government, must necessarily be the better
currency will be almost exclusively in the hands
oftbo rich, while State bank notes will be the only
money that the honest laborers and mechanics
can GET The history Of the late United States
Bank establishes this fact beyond contradiction.
Here then is, in truth, tho two currences of
which we have heard so much: not one for the
government aud one for The people, but one for
tho rich and one for the poor. Establish Ma
,onal Bank, and you establish a moncy-ocracy,
q sc may coin a word which is worse, in our
opnlQn than monarchy. II we must have a
king, give as one Of hlman form and human
sympathies not soulosS, heartless corporation.
"Ah but says Mr.. Dickinson and his whg
friends, National Bank can alone regulate the
State banks put down shin plasters, restore uni
form currency, and eqlaIizc exchanges" In
deed can National Bank do all this Does
the experience Of the past prove that II cant
Mr. Dickinson is lawyer, web yerscd in the
political and financial history Of our country, and
il will, Of course, be no news TO him for us to in
form him, that National Bank has been found
70 be actually incapable Of performing any one
Of these functions. 1t cannot prevent the circu
hion Of what IS popularity called shin pasters, rs
tho history of 1919, when the Bank was in full
operation, will prove, il cannot establish UNI
form currency, OF eqGaze exchange, as the
fucuaring stale Of the paper currency in many
Of the States, from 1919 to 1925, clearly show.
Even as late rs 1928, wher the bank was in the
meridian height of its glory, the difference Of ex-
change between Virginia and North Carolina
bank notes, was from ten to fifteen per cent ii
favor Of the former. We know his to be fact
for we were IN Petersburg during the carly part
fhe year, and were deeply shaved on our Norf
Carolina money We did not attempt TO get u
4 States money, as there was very little in ci7cuIa
u ton. The rich shavers and brokers' no doub
\ had lois Of 1t, and we could perhaps have pro
cured it by giving some twenty per cent.
"Bu again." say the wing friends Of Mr. D
1--WE want something like uniform paper cur
rcncy one that will hold good throughout tn
Union, and National Bank alone can give u
such currency" Now just reason. irlent
wing, upon this matter moment, and you wi
hrd that your notion is all fallacy. If you
4 State bank notes are under par, you will have
= GIVE premium for U. States money, and IN tn
ordinary course Of business, you will have, (uT
less YOU are shaver or broker ten dollars 9
State notes to one Of u States. The capitalist
II will always monopolisc the latter, because 1t
tho better currency. THE question then resolve
itself into this, are you willing to pay tax
i've, Ten or fifteen per cent, for this uniform GU
rcncyl If you think u. States Bank is wort
this tax upon your industry, then vote for ilepl
Dickinson. He is unquestlonably bank mai
and goes heart and soul for Henry Clay.
] We, democrats, who have been bred IN Il
4 school Of Thomas Jefferson, think different
& upon this subject We do not believe that M
tonal Bank is necessary to restore sound Gu
rency The experience Of the past conynce'
q that il is not, We feel satisfied that such an il
gdtution is Of the most fatal tendency TO our irt
system Of government, and although II may hay