Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-06-18
From Gen. Green's Pilot, May IL.
TO THE ORIGINAL JACKSON MEN


TO THE ORIGINAL JACKSON MEN.
"Come let as reason togeihcr."- I've have
quoted from Mr.. Buchanan. and we wish you
to bear in mind that he admits, that, if from any
cause the currency is increased, it increases
the value Of property in like proportion. And
that if. from any cause the currency is dimn-
shed, it diminishes the value Of property in
the same proportion Thus, in 1887, the cir
cuation of the banks was one hundred and for
ation is reduced one half, it will have a cores.
ponding effect on the value Of property.
Now to illustrate the working the system
we will state one of the innumerable cases. A..
was young man, and in 1927 he purchased a
farm and paid one-fourth in hand, and was to
pay the balance in three annual instruments
When the second payment fell due, such had
been the contraction of the currency and the
reduction of the value of property, that he
found it his interest to forfeit his purchase and
reIinquish the money he had paid for which the
sum due as balance he can purchase better
property.
Is it ust-can system OF measures working
such injustice be right?
Let US apply this view of!hc case to the facts
before us. The discounts due to the banks 9Th
January, 1887, make $685. l5,7O2. The a.
mount of other liabilities we're more than equal
to the bank loans. The policy Of the govern
mcnt has reduced the ,currency, and nearly or
quite doubled the value Of money; does it not
follow that these measures oil the admlnlStra.
ton. which thus doubles the amount of their
indebtedness, act as direct tax on one class OF
citizens for the benefit Of another! And will
you, the State Rights men of the South, who
stood up for the gallant State of South Carolina
unite in and support system of measures, the
effect of which is to transfer the property OF
the debtor to the creditor, without coasldera.
Ition? win the descendants Of our revolutions
ry fathers, who resisted petty tax on tea,
calmly look on and see the foundations Of pro.
perty undermined, and labor and enterprise
sacrificed by such injustice?
! II we admit that the effect Of these mea,
sures has been to double the value Of mon.
ey, what is the tax levied on the debtor inter-
est?
The bank loans and discounts
we're, $685., ,702
live put down other debts at S525,ll5,702
We have S1,O50,23 ,404
As the amount of tho indebtedness. The cir.
culaion in 1887 was, say $50 millions. The
contraction was equal 10 33 millions. Take
Mr.. Buchanan's assertion that the value Of pro-
perry is reduced in the proportion that you con.
tract the currency, and it follows that as 1913,
100000 is more than one-filth OF the whole cir.
cua'ion, the effect OF contracting the currency
TO that amount is to increase he weight on the
debtor class in that proportion. Or FIVE as.
sumo that the whole amount Of the debt is
81, $50, 231, 404, the Withdrawal of one fifth of
the currency is equivalent to increasing this
debt one.ffh, or tax Of S2l ,056,280.
Such is one view Of this question. 1t is a
tax on the debtor class OF two hundred and ten
millions Of dollars, and for whose benefit? Ill
is for the benefit of the creditors and office. hol-
ders. There is no reduction of salaries. The
two hundred millions of tax upon the debtor,
works no loss to the office.holderS, whose saa.
ries are the same, and being paid in specie,
enable that class to speculate on the disasters
of the unfortunate.