Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1872-10-22

Z
and products. the debt public and ,oriirote in.
stead of being billions or Z thousa,d mil,
hons, would have been only % or 25 hundred
millions of dollars! My advice to the peo>
I pie Is to correct the fraud-adiust the debt
''n"nc pro tanc"-discard the fraud. and nav
only what they owe! And, if this is treason.
or 'e2udtattam, make the most of it
But have said the measure and scales
money to Wit-were not only ,orong and false.
but that they were in ,orong and fulse hands:
Having proved that the measure and scales
were aorong and false, will now proceed to
prove that they are in ,orong and false hands
and keeping; and further that there is no
hope or justice for tho people, until they are
taken out of those aorong and false hands of
corporations and Banks, aud part of the
people. and committed to the impartial care
and management of the whole people. to
whom they justly and appropriately appertain
| and belong
have written in vain to the Intelligent
people of Jefferson county, and through
whom hoped to reach the attention of others.
1t l have not. in the many articles addressed
to them. proved that money is sovereiqn
1o'cer of the people; and which they have
the right to exercise for their own con yen;ence,
in order to exchange their labor and products
IN.
stead of the Old original and primary. and
incouvenent mode of barter of one thing for
another.
take it for granted that they not only un
derstand me on this point, but that they also
agree with me-
Ii money, then, is'a soUereiyn 1,o,rer: and
all agree that it is; by whom shall it be ex-
erclsed or put into practice. effect, and opera
t'on by the sovereign power itself, or by
an interior power, or corporation, to whom
this great, mighty, delicate vital, all embra>
cling soDereign 7oo,cer shall be committed and
entrusted?
Now, this is the question; and were dis
posed to treat it abstractly and metaphysical>
ly, might cover whole pages and at last the
result would be the ancient conclusion of
Aristotle "that if you want any thing done,
send some one to do it, but if you want it
we'll done, do it yourself"
| shall, therefore not treat it either alb
stractly metaphysically, but come directly
to the teachings of experiment, and experi-
ence of the identical question in hand to
wit, shall people issue their own money or
currency, or shall they commit to corpora.
tion the great sorereign 71Orer of issuing their
money currency for them, and in their
stead?
Fortunately for truth and the people, the
experiment has been made as to which would
be best, and cheapest, and most wise course
for the people to pursue npon this question of
issuing their own money or currency or of
'de!egatlng 1t to others. or corporation, to is
sue 1t: J, heretofore, stated upon the au-
thority Of Jno. Taylor, of Caroline, name
that will never die, and the friend and COM
peer of the immortal Jefferson, that this very
question came up. and was acted upon by the
people of Pennsylvania before the revolutions
ary war
will, therefore, on this question. whether
the people should themselves exercise this
soccrc'yn power of issuing their own money
or currency, or delegate to others, or cor>
poration, the power Of doing it for them. only
repeat from Taylor, the result of their doing
it themselves, and of their deegatine the
power to corporations and the people-every-
hody-can judge for themselves which is best
for the people, or the country.
lie states, as a matter of fact and history.
that before the revolutionary war, the people
of Pennsylvania were destitute of money or
currency. With that exception, and incon-
venIence. they were wealthy people. They
had comfortable houses, we'll filed barns. meat
and bread and clothing. focks. and herds, and.
IN word, every element of comfort and
wealth !; but they had no money or currency;
and, OF course, were compelled to barter or
exchange one thing for another. This was
lnconvenient, and they were in need of the
convenience OF money or currency: How did
they supply it I! issue it themselves. or dele
gate the power to corporations to do it I
will let, here, Jno. Taylor of Caroline. speak
tor himself, in regard to Pennsylvania in that
contingency:
He says: ''That State, whilst a province,
became a Banker. It made and loaned
paper currency at a moderate interest The
interest paid for it to the State, was tax,
applied to public use. This is banking,
stripped of its ambiguity. Simply indi>
rect mode of taxation. successfully used to
raise national revenue" The
differences between the Pennsylvania and
the present mode of banking. are, that then
the tax paid by individuals to the public;
now it is paid by the public to iudividuaIs-
Then it was paid to assist industry. and de-
fray public expenses; now to enrich ideness,
and supply the means of luxury to separate
interest. Then the public required the
knowledge OF the amounts paid, from its own
representatives, : now it pays an amount un>
known to corporations in which it is not rep-
resented. Then the public received five or
six per centum of individuals for paper cur.
rency; now it pays 10 or II per centum to
individuals for the same currency. That spe-
cies OF paper currency could not corrupt leg
islatures or nurture aristocracy this must do
both. That being dealt ou. by the public in
terest, end not by the interest of monopoly,
circulated through nation like coin liable
to no artificial huctuation, and begat fair, use
tul and honest competition this being regu-
lated ny separate interest, is made to cause
prices to tuctuate with view to personal and
local emoument. That did not monopolize
and expel specie; this commences with the
first measure, and terminates with the second.
SO as to make itself indispepsaby necessary"
claim then, upon this statement of the practice
Of ofPennsyvania in exercising the .operersn poucer
OF Issuing her currency at moderate per cent say
per cent, to be applied To support her govern