Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-06-06
Spirit of ysffttsun.
jamestown, West Virg'a., June 6,
WHAT is MONEY!
tFOr the Spirit of Jeaerson.J

IN my IasI uElISIeI promised 10 present TO
the public, Kellog's plan for n currency, or
money, far better, and safer, and more Just in
the distribution of the earnings Of labor, and
more exempt from pecuniary revuIsiOus and
crises than the most unjust aud infamous one
now in use: And taking as heading his
proposition, I shall proceed to do SO, without
further comment: His, tezt, then, or prop
0SjtiOR, is as follows:
"Paper made to represent landed property
instead Of specie, and endorsed with legal
power to accumulate, measure, and exchange
property would answer every purpose of money,
and could be money" -
"THE SAFETY FUND"
"TAe formation Of money, and the mode Of
issue"
The constitution declares, Art. lst, Sec. 9Th,
5, THAT the Congress shall have the power
to coin money, regulate the value thereof, and
of foreign coin, aud fix the standard Of weights
and measures" Sec. 10, LIST, "No State shall
coin money, emit bills Of credit. make any
thing but gold aud silver tender in payment
of debts" This reserved right makes it the
duty of the general government to provide
the money OF the nation; and it is, accord
IngIy, bound to make money in quantities. ade-
quate to the wants of business, aud to insti-
tute it in way which will secure the ctTecIuaI
regulation of its value. The constitution as
plainly calls for the exercise Of the federal
power for this purpose, as for the fixing ofthe
standards for weights and measures. Sec.
lO;h, l, declares that the States have NO right
to coin money, emit bills of credit, or make
any thing hut gold and silver a tender in pay.
ment of debts. Bank bills are bills of credit
and very hazardous ones, too; for millions
OF them are issued without being represen-
tatIves Of property, aud msny holders have
sustained great losses by their failure Ac-
cOrdinG to the constitution, the State govern.
ments have no right to establish banks, and
impose this hazard and loss upon the people
they have intringed the province of the gen
eral government. Having themselves no con.
stitutiOual right to issue bills of credit, they
can certainly have no power to delegate such
right to others.
In the Plan We are about to propose for the
formation OF national currency by the gem
eral government, all the money circulated in
the United States will be issued by national
institution, aud will be representative Of
actual property, therefore it can never fail to
be good aud safe tender in the payment of
debts. 1t will be loaned to individuaIs.in
every state, county, aud town, at a uniform
rate OF interest, aud hence will be or invaria-
Tile value throughout the union. All persons
who offer good and permanent security will
be at all times supplied with money, aud for
any term of years during which they will
regularly pay the interest. Therefore, no
town, county, or state, need be dependent
upon any other for money, because each has
real Pr"DeTiy enough TO secure many times
the amount which it will require. If more
than the necessary amount of money be issued,
hn EIT1s k., l.
20 out OF use without injury. 1t will be im-
possible for foreign nations, or any number of
Banks, or capitalists, to derange the monetary
system, either by changing the rate of in,
terest, or by inducing scarcity or surplus of
money. 1t will be the duty of the govern
ment to ascertain as nearly as possible what
rate OF interest will secure TO labor and capi-
tai their respective rights, aud to Jfyc the in.
tcreSt at that rate.
The Plan requires the general Government
to establish an institution, with one or more
branches in each State. This institution NAV
be appropriately called the National !S0fciy
Fund: just, because tho money of this iu-
stitutiOn will constitute legal tender of uni
form value for the whole people, and will al
ways be safe; second, because the interest
being fixed ut just rate it will secure the re.
spective rights OF labor aud capital aud third,
NS eVFP'S "a ''"HeJ OeinS anyways cOmmen-
surate with the wants Of business. it will eff
fectualiy protect the nation from financial re.
vulsOns.
To make this currency a true representa-
tive of property, the safety fund must issue its
money only in exchange for mortgages secured
by double the amount Of productive landed es.
tate. The money ought not to be issued on per.
iShdGLe property; nor on the credit of indIvid-
uals, because such property might be destroyed,
or the individuals become bankrupt, when the