, 1863-01-14


"Acertain sum Of money ia necessary to circu-
late among society, in order to carry on their busi
nces This precise eum is discoverable by calcula-
zion and reducIble 10 te1talnty- Yon emit paper
money OF any other currency, for this purpose, m
Ill you reach this rule, and 1t viii not depreciate.
fler yon reach this rule it will depreciate and no
2omtr or acl Of legIflatton hitherto tnrentcd con
Fnepe,.s H. In the case OF paper, II you 60 on |
emitting forever the whole uess Will be worth no
moro than That which WAS emitted within the rulc
The Government wants more money. |
Il is: proposed to raise it by issuing legal
fender notes. But the country holds more
Currency now than its commercial wants
require by one-third as is proven by the
price Of gold. If $200,000,o00 more are
emitted before creating vacuum by tax
ing ont Of circulation the notes of banks the
whole volume will sink forty Or. fifty per
cent. in value. It is asccrtained that the
. amount of money actually required to pay
the balances Of trade, make the exchanges
of commodities and fulfill contracts-in
other words, do the business of the loyal
States, is about s27o,0oo,ooo. The present
currency afoat is not far from s400, ,0oo,-
D0o-half emitted by the banks
and half by the Government, and
, il is worth about 6s cents On the dollar
gold standard. Add two hundred mil
lions to the value, and then it will be worth
about As cents On the dollar. But retire
the bank shinplasters and there will be no
further depreciation by issuing two hundred
million more green backs" which will be
3 loan to the Government costing no inter-
est, and saving twelve to fifteen millions Of
annual taxation.
There is another serious objection to is
suing any more legal tender notes until
bank, issues are firstput in process Of re-
tiracy-an objection that appeals to every
mans pocket. The notes Of banks are now
worth but GS cents on the dollar, and when
the 100000, 900 Of legal tender notes are
put out, bank issues will 60 down to Is
cents, and become the worst Of stump-tai1.
Ifa man has $10o Of currency he can buy
gold, TODD, clothingor other property to the
amount Of $08 for it but after the threat
ened inundation, 800 Of bank notes will
only purchase two-thirds as much gold,
bread, meat or land, as now. The effect,
therefore, will be to knock 23 cents of the
value ofevery paper dollar thcpeoplc hold,
whether they 1'e green-backs or bank
notes. The emission Of two hundred mil
Lions Of legal tender notes will depreciate
1he entire currency now in the hands Of
4hc public, % per cent which in the
aggregate, will inflict upon the loyal people
Of the Union q dead loss Of orcr ninets
millions Of dollars! Weask, will the West
rm members Of Congress allow this vii
lainy to be perpetratcd upon the coun,
try:. But the Government must have
money, replies a stumptail member o
the Ways and Means. NE answer, re
move by taxation from circulation tht
- Two hundred millions Of issues Of 1,60t
"debt factories,' and thereby make room
Tor more legal lender notes. Tho banl;
issues are not wanted No public Interest
IS served By their presence. They are tht
spawn Of special privilege, and have il
violation Of the plain letter of the Consti
tuition, usurped one Of the attributes O
national sovereignty, viz: to coin money
andemit bills Of credit, Banks Of issu,
instead of lending money to the people, b,
a process Of legerdemain, borrow from
them, and charge interest on their OWL
obligations; for, every bank bill in circu
1a1ioa is a due dtn against the corporatio,
utteripg it 1t Is debt due by the ban]
to the holder, but, stngularly enough, in
Stead Of paying the holder Of the duc-bi
it sucks interest out of himl Tax this un
constitutional privilege out OF existence
and thereby enable the Government to ol
lain large loan free Of interest withor
destroying onc-fourth Of the value Of ii
CURRENCY in the hands Of the people.