Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-05-16


productive money ro1geE, and usurer, will
swallow mp all the eafnings of the laborinc
aud producing elas g he did in the times
OF Abraham, and continues TO do 20 this
day.
In Our country for the want of money
valued and mad iauaard, by a fair COM
parlson OF the q enf Industries and labor,
about hVe per eelt Qf bur people, or two mil.
lions, own the entf lealth created by forty
millions, and two atr pne>hRlt per cent, or
one million, own and engrOSs more of the earn
ings than thirtysnine millions! How can it
be otherwise, Vhe't-ll the producing Occu>
Pat'ons, to wit: nlture, manufactures and
commerce, ayef,s only 81 per cent. aud
money ylelSs-iro1 teS0 per cent. aud prob
aoiy gains on arer--e 20 OF IL per cent? If
Congress EPuld alsr' are their duty, aud reg
ulate the-valuc nancy, as the peOnle
fairly basgafpes IL cohstit,ltior..- !. -.
they agreed to make money the only legal
tender for debts and taxes, and thus gave it
an advantage over all other property and things
why, then, l should not care much abou, the
material of which money was made; and il
it would crafty Builionist, and there was
bullion enough to furnish the material. |
should have no objection to make money of
bullion. l think sill, however, that money
of paper, aud resting. when issued bv the
Government, and loaned, on double its value
in productive land, would furnish an equally
safe and solid, and, at the same time, more
convenient money. Aye, again, and again
money! The !auit, and vice, of the conti-
neutal paper money, aud Laws MississiRpi
money, was, that they had no basis of either
gold to rest OF. or of productive land These
monies were irredeemable. In Laws scheme
his money was based on the wild lands of Mis-.
sIssIppI; they produced no more than desert,
or wilderness, destitute of people aud produc-
tlon. There could be no production to nav
interest. The Chinese paper money was
pretty much Ike it. The gold, according TO
BulliOnist, was locked in a chest. by order of
list despots, just as it is here, now, in the
Bank vaults, where no one can tell whether
!: Is there or not aud of course the people
lost confidence in it, as they always will, and
ought to do. Again, the Chinese attempted
to use two kinds of money at the same time !;
to wit, paper money and gold.
We are following their bad example in our
convertible Gold-based money; and unless it
Is changed, will see property all concentrated
into still fewer hands, where we shall approxi
mate to the felcties Of that rat eating race fully
as near as BulliOnist seems TO desire. Money
should, be all paper based on productive land, ,
or all gold aud silver, so as to avoid rivalry
and speculation, and gold gambling between
the two. Just as the cry was about negro
slavery, ''all free or all slave" SO should it be
IN regard TO white slavery is our present
money system, which gives the earnings Of
forty millions to two millions! Under black
slavery the negroes were supported. Under
white slavery all that thirty-eight millions
make go TO two millions, and they are left to
support themselves.
If BulliOnist will cooperate with the labor.
reform party, We shall see money do the ex-
changes of the country for one and One>tenth
OF a cent out of each mans hands, in every
dollar that passes through them, instead of ten
cents or twenty, or just what monopolists of
money choose to charge; for the rate Of in
terest is the rate of exchange.
In conclusion, l will say to Bullionist, that
do not lay claim to this system of money
based on productive land. He will find ali
the particulars in Keilog's New Monetary
System" l will advise him, and indeed all
who can lay their hsuds on it. to get it and
read it. lie will learn more about money
than his Chinese friends can teach him..
Bul!ionist is too much welded to old things.
and Ignores improvements. ! advise him to
change his course.
'What custom Wills. in all things should we do II
The duet of antique time would lie uuswept
And mountains error be too highly heaped,
For truth to UVsTpeeT."
OBSERVER.