Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-11-11
Splra Of yGfflrspll.
.CharlessoWn, Je1erson CouatJ. Wess ys.
TUESDAY. MORNING, NovEMBER II, 1873.
IS lFor the spirit of Jefersop.l 4
MONEY AND sRAILROADS-WHAT
ARE THEY2 4

~ " OF the Splfit of Jeherson.] ~
MONEY AND sRAILROADS-WHAT
ARE THEY9
They are, each and both, hish sovereign
powers of the people entrusted to their Con.
gress and Legislatures and which, neither
Congress, or Legislatures have any soonstitu-
tienal right ;or power TO delegate 1y s.con-
tract" or otherwise, into the hands of pri-
vate individuals or corporations, not subject
10 the control.of the Congress and Legisla.
tures. = ii5ia
In regard 70 money it has been sufficiently
argued before this community that, it is m
instrument or convenience created by all the
people-by the sooereiya po,cer-to enable
the day laborer, the mechanic, the farmer,
the manufacturer, the merchant, and all 9th,
ers to exchange their labor or productions of
muscle or brain with each other; and that it
ives go created for that soas purpose and no
other; and that when it is diverted, or per.
verted, to any other than this single purpose,
1t loses it's character and design as fair and
honest exchanging medium. of trade and con,>
merce, and becomes in the hands of the crafty
and dishonest a tremendous engine of rob-
berry aud plumber of guileless and un,hinking
labor.
How true this theory of money hss proved
to be, in the failure of Jay Cook and others
who used it not for the legitimate purpose of
an exchanging medium, but as private CON-
modify, aud for the purpose of speculation
and gambling, and at the expense of the en-
tire producing community, is now known, and
felt, by all.
This, then, brings the public mind, or
ought to bring it. to the oft>repeated enquiry,
what is money! And sgain we proclaim
that, money is a, convenience created by the
whole people to exchange their labor aud the
productions of their labor; that it is public
and not priuate thing, or commodity and
that by virtue of this its proper nature, none
have, or can have, the absolute otcnership Of
it, but all are entitled to the free use Of it, az
common property, for the exchange of their
labor and products
Now, it am right 10 this announcement
OF the nature of money, what will secure to
all the use of money, according to this lim-
itation and defnement of its nature? To
this question, [ answer, 'the simple ohserva>
ton of the Constitution Of the United States,
to which, has been committed BY the people
of the United Stetes, the whole power and
control of money"
10 the Constitution Of the United States,
Article l, Section 8, "The Congress shall
have power to coin money, regulate the value
thereof and of foreign coin, and to fix the
standard OF weights and measures :" and, Of
course, if Shcy have power to coin money of
metals, che Gongrcs. has power, If they coin
it of paper, TO stamp its value and to regulate
it; and this is, now, the decision of tho Su-
prema Court Of the United States, who have
declared legal the ..iegal tenders in paper"
ante. or pest beliuna
Nov. [ repeat, lnok to this article aud SEQ.
tion Of the Constitution of the United States,
and adhere to it, and practice on it, and the
money to effect the exchanges of the people
of the United States with each other will be
furnished, directly, by the U. 8. Govern>
ment; and at charge of not over three per
cent. to the people Of the United States
whereas, if that power to furnish the money
10 delegated to Banks, and Corporations, and
Rings, it will be furnished at ten, fifteen, or
t,oenty, or at any per cent. that it may pleaas
Eanks, Corporations, or Rings, to tag the
producers of the country for the privilege of
making their exchanges with one another,
with q medium furnished by themselves
is, then, simply for the producing peo>
pie to determine which they choose 8 per
cent. to make their exchanges; or 10, or Is,
or 20, or any per cent. that speculators may
please TO put on them.
If they will go for the money of the people,
Issued directly by the Government of the
United States, they-the producers-oan
make their exchanges at the cost of only 8
per cent; but, if they go for the money of
the Banks, and Corporations, aud Rings they
will have to pay 10, or Is, or 90, OF any per
cent. that the Banks, or Corporations, OF
Rings, shall decide they shall pay.
RY1t ~ 10 ho
have its "value" fixed and regulated y and
here is the pipot upon which turns the fact of
its proper and legitimate use as public ex-
changing medium answering the purpose for
which it was designed, or its perversion to a
subject matter. for speculation which has
brought about the present crisis and will to
the end of time bring about similar crises,
until Congress shall perform its sworn duty
and regulate its value, that is shall give us a
dollar by fixing the uolue of that dollar A
dollar yielding any fixed per cent, say per
cent. per annum, or 6 per cent, will be a
regulated" dollar in value, and q public
measure of value as q yard. stick of thirty six
inches is OF extent; and that is what we want
and are suffering for. As to whether it should
? be 3 per cent. or per cent. would depend
upon the annual net increase of labor; for
the dollar as fixed public measure of value
and representative of labor or it's productions
should never be permitted larger interest
than the net increase Of labor aud its pro-
ductions. Wells, in his report to Congress,
fixes the net increase of all labor, .gricultu-
raj, manufacturing, and commercial, at 81
per cent. combined; and farming labor, by
itself, at 2 per cent. Itmay be safely said
then that interest should not be permitted by
law to exceed per cent. The law has the
perfect right, in relation to ell individuals
into whose hands it may come, to fix the in>