Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-12-16

nopolists who. have already broken down two
concerns, and now have the impudence to ask
you, if you set aside their last experiment, to
let them try the old one of specie basis. once
more Paper money we mnst have. Every
one knows pure metallic currency is out of
the question. All the gold and silver in the
world, would only afford about six cents per
capita, or head, to its population And if
there was specie in abundance, still paper
would be the best material to make money Of
You may make money of any MATERIAL
When the people say it shall be a legal tender
for debts and taxes, and they agree to receioe
IL for any thing they have to spare, all that,
and only that. constitutes Il money The less
value there is in the material, the better; for.
then, there is no fuctuatiou, and less vibra-
tion aud settling-(as you say of the need beg
lin the standard
But promised to pay my respicts to tho
t"Old Family Journals" And, as he has of
fered no reasons for s'the faith that is u him.
for the specie basis, but like a good old Pater-
tdn,itias. as he is, has relied solely on his
parental authority, in counselling his children,
L will simply reply to him ether authority, and
to which l hope he will give due heed, aud in
full time to reverse his counsels, or / fear he
will lead his family into very bad scrape.-
will give him the authority of two of his
brother Editors, and separated from each
other as far as PHILADELPHIA and Chicago, and
separated from himself only in this that. they
are both as straightout for the. money of The
7'eople, as he is for the money of the monop-
olists:
And first, I call to the stand the Antino-
mopoltst, the Philadelphia man: He SAYS:
ga return to specie payments, in the pres
ent condition of the country. and in any con.
dition, would be, if possible, more unjust and
oppressive to the industrical classes or tax
payers, than the continuance of the present
policy. However, under either system, the
reduction ofthe whole population of this coun.
try Except the legalizcd privileged arstoc-
racy) TO pauperism. so far as the possession of
property is concerned. aud subject to the abb
solute will of few al-powerful monopolies.
If but question of time. aud that too within
the next ten years. By return to specie
payments the Bankers and usurers would re-
tain the control over the money interest of the
nation, and maintain the rates of interest in
all business transactions, higher than they
now are, the effect Of this measure would be
to decrease the value of labor and all its pro-
ductions, to more than half their present
money values, or to double the purchasing
power of the dollar thereby enabling the
money power to buy twice as much property
with their income as now, and so double their
incomes; indeed, this is the avored object of
the advocates of this policy
''Rnducing the value of labor. or decreas-
ing the value of its products by increasing
the value Of money and augmenting its power
over labor and property, is to rob the pro-
ducing community for the benefit of money
or non producing capital. If, by contracting
the currency, the busbel Of grain, yard of
cloth. pair of boots, coat, ha& and other pros
ductions of labor be reduced to one>half their
present price, the price of labor must fall in
proportion while, il tho rate of interest on
government bonds aud other mopied obliga>
tions, as well as bank dividends, remain un.
changed, tho value of money will be doubled
tor tue Interests and dividends, when earned
and paid, will buy double the amount of the
products of labor and hire twice the number
OF days work 1t will also double the pay of
every assessor, tax eatherer, post master.
member. of Congress, and other officers or
agents of the national government. as we'll as
those Of the States, counties and cities, for
their pay will buy double the amount of the
products of labor.
''1t will be readily seen that the practical
effect of this policy will be to double the
taxes, as we'll as the obligations of every
debtor in the nation, aud render all publ c
Offices more desirable. 1t is, then, not at all
surprising that brokers, bsnkers, bondhold-
ers, and the non> producing GLASSES generally,
should be champions for the continuance of
the bankers scheme, or 3 return to specie
payments, for either plan gives them the alb
soiute control of the money interests of the
nation, and the power to rob the wealth. pro.
ducing classes at pleasure.
''Nor is it by any means wonderful, that
our law makers, government officers. and
agents, should be susceptible to these potent
Influences Neither is it strange that SO ma
ny of our leading public journals, without re-
gard to their political sentiments, should be
the sdvocstes of the one or the other of these
policies, (na.ional banks or specie payments
for many of them are the property of the
harpies, and conducted by them for the pur-
pose of manufacturing public opinion in IA
vor OF their nefarious schemes, or directing
public attention TO minor and comparatively
unimportsnt issues, while they are rivetiny
the chains of slavery on the whole wealth>
producing population of the Republic
s'But it is matter of astonishment that
any of those who earn living by honest in>
dustry, whether in actual production or in
the distribution of the products of industry.
or of the friends of justice aud equal rights,
should allow themselves to be imposed upon
and tolerate system manifestly unjust
and unequal in its operations, and which
must, as certainly as effect follows cause, or
that water seeks its level aud that rivers flow
to the sea, condemn the whole population of
the country who are engaged directly or in
directly, either in production or in aiding
production, to lives of uuremune1ated toll
and ultimately reduce them to poverty, deg
radiation and practically to teudai slavery"
Ten lines, row, of authority from the In
dustria1 Age, of Chicago, and if that. in a
nut sAeH, does not shake the advice Of the
"FamllY Journal" why, be is sioined to his