Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-09-22
For the Spirit of Jefferson.l
TO THE VOTERS OF THE Cd CON
GRESSIONAL DISTRICT.

As a delegate to the Democratic> Conserv>
ative Convention, which met at Piedmont on
the 10th ultimo, thought proper to with>
draw from the Convention, and thus decline
voting and acting with it, 1t is due to those
who sent me to the Convention, and to N.Y.
self, to give the reasons that impelled me to
this course. Believing that the currency cues.
tion was, above all others, the vital and mo-
mentous question to be in issue in the canvass
and that it was so regarded by the people at
large of this district and the country in gen.
eral, | presented to the consideration of the
Convention the subjoined resolutions, with the
request that not exceeding ten minutes should
be allowed me to give my reasons for doing
so The resolutions were read to the meeting
by the clerk. when, upon motion of some
member they were laid on the table. there
upon felt it my duty to withdraw from the
Convention. The resolutions are as follow
Resol0ed, That the specie basis of curren>
cy is false in theory and impossible in prac-
tice.
ResoLOed, That we demand the repeal of
the National Bank Law, and that the Govern
ment should furnish legal tender currency
direct from the treasury, interchangeable for
government bonds, bearing an interest not to
exceed the net annual increase of labor.
ReSOLOed. That the nominee of this Cons
ventlOn shall hold himself Instructed to vote,
in Congress, on the currency question, in the
letter aud spirit Of the above resolutions
ResOlCed, That the great issue, in this can
yass, is between the people and the monop>
olies-railroads, banks, Insurance companies,
patentees, and all other monopoIies, and that
the nominee of this Convention must take
one side or the other. and that there is no
middle ground, or water to be carried on both
shoulders.
In regard to the first resolution, THAT the
specie basis system is tdLSe in theory, and ith.
possible in practice, " it is enough to say that
its Me0ry IS, that corporation having one
0ollttr in specie can safely issue aud get the
interest on four dollars in paper, and be al.
ways ready to pay and redeem, with that one
dollar in specie, the four paper dollars, as
the specie may be demanded, at its counter.
Now, any man, though a fool but not a
kuave," knows that one dollar will not pay
tour: S" much tor the theory. That it is
"imp0SS'Gie IN practice" has been tested not
only in this country, but iu all countries where
the netaEious experiment has been made upon
the business of the people Every eight or
ten years the business of the country is con-
vuIsed or FRUSTRATED, and but for the indus
they would be wound up in Bankruptcy
lu regard to the second resolution THAT
we demand the repeal of the National Bank
Law, and that the government shall furnish
a legal tender currency direct from the trea>
sury interchangeable for government bonds,
bearing an interest not to exceed the net an
nua increase OF labor: (That is, 8 per cent J"
II may be said, in truth, in the first place,
that such a currency is the peoples currency
substituted Tor the currency Of corporations
aud that Thomas Jefferson and ,Tno. q. Cal
hOuu, if now living would 20 for and sustain
this Currency; and that in SO doing, they
and the Democratic party, heretofore advo>
eating Hard money, would be involved in no
inconsistency. They, and the democratic
party, advocated hard money as against the
paper money Of Ba"ks aud Corporations. but
never as against the peoples money as en-
bodied in the above resolution. Mr. Jeffer-
son, in his letters to Epps, to be found in
volume 9th of his works, says: {: 'In the revo.
lutionary war the OLD Congress- and the States
issued bills without interest and without taxes.
They occupied the channels of circulation
very freely. till those channels were oyerfowed
by an excess beyond all calls of circulation
But though we have so 'mprOyidentLy suffered
the field of circulating medium to be 1fLc1led
from as by priUafe indiUidunLs, yet 1 think
we may regain it," Again he says: ''Bank
pauer must be suppressed, and the circulation
restored to the nation to ,1hons At belOngs.-
Treasury bills bottOmed on taxes, bearing or
not bearing interest, as may be found neces-
sary, thrown into circulation, will take the
place of SO much gold and silver, which last,
when crowded, will find an efflux in other
countries, and thus keep the quantity of me-
dunn at its salutary level. (Page 1897 IT
their credit tdlter. open public loans, on tohich
these bills alone shall be received as specie.-
Let Banks continue, if they please, but let
them discount for cash alone, or for treasury
notes. They discount for cash alone in every
other country on earth except Great Britain,
and her too often unfortunate copyist, the
United States"
1T will thus be seen that this patriotic
Statesman, the author of our bill of rights,
and most sagacIOus leader and steadfast
friend OF the people, was not gold wOrshipper,
nor afflicted with bubble on the brain, for we
have here a6UOcured by bim every feature of
the proposed monetary system the suppress
sion OF Bank currency, the issue of treasury
notes to meet all the demands of medium of
exchange, and the prevention of an undue e1
pRnsiOn by the issue of Government bonds,
into which the currency may be converted at
the pleasure of the holder, and | will add the
banishment of the so-called precious metals
as circulating medium. 1t will not be ques>
toned by any disinterested party that Jeffer-
clearly understood the nature aud func
tions of medium of exchange, and that he
was as we'll qualified to judge of the monetary
system best adapted to the system of Govern
men: in the organization of which he took go
deep an interest. as the interested fnGnciers
who are now administering this important
branch of the public service. and that, too,
wholly IN the interest of Bankers and usnrers
to the detriment of the entire industrial and
commercial interest of the nation"