Nebraska advertiser. [volume] (Brownville, Nemaha County, N.T. [Neb.]) 1856-1882, 1857-11-19
NJ F, MAURY.
Lieutenant y. S. Navy.
How to dispense with Paper Money.

Heretofore it has been attempted, by
instrumentalty of action In the several
States to effect a currency reform. This
has been impossible; for although some
States might prohibit the circulation of
bank notes, others would continue it, and
still continue to deluge the prohibition
States with their emissions.
The true plan is-and we invite the at
tention of the friends of a constitutional
currency to it-for Congress to pass a law
imposing direct tax on the circulation
of bank notes as currency. The power
of Congress to do this is unquestionable.
The constitution expressly gives Congress
authority to levy direct taxes. Ii the
case Of 1878 il passed 81 law iaxinQ banks /
IN AL their departments oE CFrculalioltz-
deposit and exchange. The tax was about
a cent on every dollar bill issued This
tax was continued until 1918. 1t was. then
taken off while an indirect tax was t5nti-
naed on sugar, salt, and other necessaries
of life.
To comment upon this odious distinction
is entirely unnecessary. Banks have spe-
cial privileges granted to them, and ought
to paw more taxes than those who have
not these special privileges. We call for
the reimposition of the tax, by Congress,
on bank-paper issues. Let it be from the
first so high as to prohibit all notes from
circulation of a less denomination than
twenty dollars. Gradually 1t could be In
creased upon the large bills, until the true
constitutional currency of gold and silver
was restored, It was never intended by
the trainers Of the constitution that there
should be any other money than gold and
silver. They were hard-money men,
They had seen the evils of the old paper
issues of the old Constitutional Congress
In the days Of the Revolution. The de-
probation In value of those notes was so
great that 1t beggared thousands, and
brought financial ruin and distress upon
the country. They inserted a provision
In the present constitution making nothing
but coin legal tender for debts, and they
forbid States from issuing bills of credit
This they supposed would accomplish the
purpose. But the States have eTaded 1t,
and have delegated to Individuals the
power to issue what they had no right to
do themselves. The violation Of the cons
titution, In the issue Of notes, has so long
been practiced and has become so inter
woven into the business of the country,
that the courts, IN view of the immense
consequences, have Stunned decision on
4 the point and allowed the circulation to
continue.
i Let Congress now perform what the
courts have omitted to do. The next Con-
gress will be Democratic. We hope to
see it, before it adjOurns, impose the tax
upon banks, and take off the tax upon
salt. The tax on bank bills should be gra-
duated; the smaller the denomination the
heavier should the tax be. None but large
bills would then be issued by the banks,
and large bills are more IN the character
of bills of exchange than currency. BY
driving all bills under twenty or fifty dol
lars from circulation, the channels Of trade
and the common money transactions OF
everyday life viii be filled with nothing
but gold or silver. The Congress which
restores to the people sound metallic
currency and drives from general Circula.
) ton all banks promises-to-pay Will rendel
greater service than any which has me
T since the constitution was formed, anC
. viii gain an immortal fame for itself Il
: the archives of the future. The country
is ripe for II Nomeasure could be more
; popular or meet with more hearty ap
proval from the Democratic masses. Tn,
I ball for the constitutional currency ough
. to be immediately set In motion. Ciacin
nati Enquirer. a15