The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-11-21


all, is a much more difficult question,
and one which has puzzled abstrac-
tionists long before Adam Smith. |
have not approved and do not now
approve of the financial policy pur
sued by our Government for the last
elk years. l think VIC have thrown
away our billions, and are still throw.
ing away our millions, by mismanage-
ment.
You are banker, and a sound one;
but you are making more of the
United States through the National
Banking system, as is every other man
who has adopted It, than you ought
to make. This may appear dogmati.
cal; but | am only answering the
question which you have asked me.
In all financial questions, he who
makes an honest bargain, and pays
dollar for dollar, every cent he con.
traoted for, is not a dishonest man.
and does not deserve to be denounced
as a swindler OF a cheat, whatever
may be his prosperity in life,
Let us come to a brief and true his
tory of the present finances Of our
country, and see whether you have
anything to reproaeh yourself with
in dealing with your fellow citizens
in the exchange of those finances
Every nation of any magnitude in the
present stage of civilization, and with
any considerable business and COM
mercc, must and will use some kind
Of a paper medium to carry on its
business. None but the Choctaws,
Chickasaws and their kindred tribes
now doubt or deny this. In framing
our Constitution it was not doubted
that this medium must be used, re-
dcemoblc by its equivalent in whatever
should be the money Of tho country.
That instrument provides that the
General Government shall coin mon.
ey and regulate its value. Under
that clause | have never doubted that
the General Government alone was
competent to issue bills of credit, or,
in other words, to establish banks of
issue, and to declare what should bo
the money of the country and its val
nc. We have fallen, | am sorry to
say, into different practice, and
States do that which, for the sake Of
uniformity, the General Government
alone ought to control.
The certain result of all large com
mercial transactions under any sys.
tenn IL, that sometimes the currency
of country will be expanded and
sometimes contracted according to the
supply and the business and the pru
dcncc of the people. This is what is
called the expansion aud contraction
Of the currency, and denounced as
thing which might have been avoided.
That expansion or contraction is in
no wise effected by the kind of money
which is used. Ifit be too abundant
or too scarce it is Of no consequence
whether it he in coin or in paper. A
hundred millions too much of gold is
just as injurious in Initiating prices as
n hundred millions too muchi in green
backs. But in nay Judgment, which
ever is used by Government should
be promptly redeemable, according to
the law of redemption which shall be
directed by the power that authorized
the issue, who should use it without
the payment of interest, and profit
By the losses which are incurred in
its destruction.
The law Of redemption, regulating
redemption, both as to the commodity
in which it shall be redeemed aud its
intrinsic value compared with the
money issued, is as much q part OF
the contractns the price of the article
reduced to writing aud sealed by the
parties. Not because of tho usage OF
the country, but because OF tho law
which says so. When, therefore,
you find that the standard of tho
American dollar is one hundred conts,
and you are in the possession Of such
dollar, you know that You are erti.
tied to just one hundred cents for
your money, aud no more, whether
: that ono hundred cents be made OF
leather, tin or greenbacks, and its
mode of payment pointed out. Aud
, when the Supreme Court shall have
decided such law to be constitutional
aud binding upon all, it being the
highest tribunal to decide between
man and man in all earthly afflirs, i
is not only legal, but is just, as par
, of the law of the contract, to pay
| your debt in that money, which, fifth,
' Government was wise when it created
/ it, cannot be a loss to the citizen
/ He may not be fool who doubt
I this proposition, but he has an exces
Q sive folly which all the world cxcep
. himself and his creditors will ridi
0 cule. twas your contract aud it wa
: your government, created by your
{ self, that fixed its security aud VIII,
{ is responsible, as you are, partly fo
0 a foolish arrangement, if there b.
{ loss? If you don t like the logisla
a tion Of your Government aud the pre-
4. visions it makes for your welfare an,
{ that Of all its citizens, choose bette
men, or go elsewhere for protection
!. but do not tell us that, when one
t half of the community impose law
/. upon the other half aud make then
1 binding, and that other half ODE,
n those laws, they are swindlers aH'
n Williams. The Language is neither de-
D corous nor such az gentlemen woul'
!. use.
d Money Whatis money! Ifitb
I fixed, vulnerable thing Of intrinsi
l and known value, why does the Con
: stitution put it into the power of
n legislative tribunal to create it an,
v reassess il anew ? 1t is all fancy
Money is just what the law makes il
e and you must take the chance tina
!, your Government makes it wisely
!. and when made you fix your eyes up