Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-01-20
THE CRISIS, TIE CURRENCY AND
TIE CREDIT SYSTEM.
SUMMIT Pr, JEEF Co. ". VA, \
Js2uary 10th, 1874.

'~hi' .bN a4s' t'i1t atSI--ItlD4 bnSTtu 10 Toe
Borrd of Trade Of Philadelphia. Dec 10Th,
1873, and have read them all with great
pleasure and profit
Ii men were educated to understand the
true nature unR function Of money. there
would he no difficulty in wipiug ont the
whOls Infamous, swindIing cre6f SysIe7a az
it ought to he wiped out; and substituting
therefor your s'current money of the realm"
In your own State. when Yet a colony as |
learn from the Invaluable writings of John
Taylor Of Caroline. such vas original hank
ing. The St2te herself issued the "curreRt
money ot'hhe reahm'' IS banker; and her pao~
pie raid q moderate interest on it as tax
which went into her treasury to nav exneuses
of government, and they got the benefit of II.
But I will quotc his words:
That State. whilst province, became
banker. 1t made and losUed a paper cur.
rency, at n moderate interest. The interest
paid for it to the State, was q tax. .appled to
public use. This is banking striot Of its
ambiguity Simply IN indirect node of tax
alton. successfully used TO raise national rev.
enues- Tie idea that it weS not tx. be-
cause individuals borrowed the money. and
collected and paid the tax, would he An as
sert'ou IN every Wow less tenable. than thst
an import upoD ordinary licenses WAS cot
tax. because such licenses we're Voluntarily
taken and confined TO few persons the
reimbursement derived from the privilege 10
L"ta cG&cs, transfers the tax from the indi-
viduslS 70 the public
The differences between the Pennsvlva>
nan and the present mode Of banking. are
that then the tax WIS raiI bv inIgr;2lGIs to
the ruhlic: now it Is paid by the yvb!jc to
individuals. Then it was paid 10 assist in
du~'rv. and dcfrav public eXrenses; nov 10
c"r'ch IdloneSs, and supply the mcaus of lux
uTY t. q S"PTTGt" interest. Then the public
F"qHfrf" knowledge Of the GmonUt paid
from its own representatives, now it pays an
amount "F"""'"", 10 corporations in whjch il
i "'t tcp""S""'e"- Ihco the TUblic received
l''' OF S'F per cHn'nm "i iHdIVIdus's l"r paper
currency; now It pays tn or f1rci"" per ccn-
,un' to '""'1"|u0E '"r III" sHme currency -
h"' species oI paper currency could not cor
Tult legislatures or nurture ori>'ocrgcv Mis
must dh h"'h. That heln@ dealt ont by the
Fn'',c interest. aud not by the interest Of mo-
m"To'Y. clrcnia'"d ftr"n"h nation HI" cojo.
,iah'e /" no artificial tinctu"ti"n, ard beet
iaH' n>' IN anu honest competition; M'S being
reG"'at'n "F $.j'"rH'e '"'e'"s', Is made to
cause P''""S 10 iHr'not" with 0iew t. per-
S''"| a'o '""', 'm",n'neot. 'h"f did net
e t'' VIC ''i9 r'''i''i.e"''S
with iir>t measure. an" terminates with the
Ser'"", s" @s :" maze ''E"If Indi-reu5ahlv nee
c'SarV IaFlnr ; inquiry, pages 300 and
o. banking
nave quoted these paragraphs. NV dear
10 'uFo y"'T a''"mi"" 10 '",s great 'hluker,
II y'n are not i'm'!iHr VITA his writings. and.
"' ,,' same '''1"' 10 ',nr'' Won IN voHr great
11' ,-'' '',',5 - 'I ."o exchanges oi the
s''.I.'.r ~. .'','' "" I've ''"r['"' m'"fI
" '"' ','"' '"'' J.; anu +'H'" he. and
CWff'' ~ f'f 'tt'N'- Ebb NHiEt- Won VIII oh