The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-02-14


/ OUR MONETARY SYSTEM, PAST AND PRESENT.
CONTINUED.
I INT / viii say 10 all this class of oliec-
/ toll, that there is no cause If alarm ON
I tIt er " these points. The object If the
I AZ COATES Of the system is to prevent Just
such a condition Of things as are here de-
I scrlbed and from which We are nov suffer
I ing The system contemplates nothing Of
| the kind, nor can it possibly be productive
Of any such results, tor there is no one
I principle OF feature Of banking about il.
\ But, on the contrary, the object is t. con
Y fine the government to the exercise of It's
constitutional prerogative Of stamping or
/ coming money, and diNorcing it from all
/ connection with any species Of banking,
direct or remote, as we'll as from all other
/ business except what may be necessary to
I its preservation and perpttuity. There is
\ nothing in the system looking to the loan
/ ing Of one dollar by the government to any
l individual or corporation, Oh anyklnd of
security, or of issuing amy currency except
\ IN payment Of Its lawful debts The
I proposition is Just tins That the govern
ment shall discharge all its moneyed obi
| cations, whether for services rendered. sup
I plies furnished, or for any other purpose
\ whatever, in the lawful money or III its
interest bearing bonds at the option OF the
creditor, as herein before provided.
This system, ike our government, Is
founded on the assumption that the people
have the capacity for self-government, and
AS each individual would be at liberty to
4 Judge for himself how he would employ
] his means, whether in the lawful money
Or interest bearing bonds Of the govern
ment, il isdithcult to see how thevolume Of
the currency could exceed the wish Of the
sovereign people. Ii the people have not
\ the capacity To decide this question for
\ themselves there are certainly many other
I questions they would be less qualified to
7 determine, and our republican institutions
I would be a feature But the question
arises, how do these parties who have SO
much to say about the initiation of the cur
rency know when the volume of clrculat-
/ ing medium IS too large Is interest at
I two per cent a month when it should not
/ be over IA IF ] per cent, evidence Of an
\ inflated currency. If SO, money is unlike
| All other commodities, and the advocates
I of metallic currency claim that IT Is the
| value Of the material that qualities 1t for
a medium of exchange. Ii wheat, beef,
OF any other article Of food were scaice
and dear, common people would not
undertake to reduce the price by destroy
/ ing one half Of the stock ON hand.
I 1t IS worthy Of note that these parties
\ are never heard to complain Of the high
rates Of interest, but are always finding
| fault with any advance of the wages Of
iaoor, or with the price of its products
/ this is sufficient to raise the suspicion that
/ they are either interested IL, or are under
! the influence Of, the bankers and other
money dealers.
1 There is another class of stereotyped OBJ
| Jectlons frequently advanced i'll connection
with this subject, such as French dsSignatS,
| South Sea Bubbles, irredeemabe trash,
ETC., etc, that are not worthy moments
consideration, and to which | will not re-
| ply further than to say that these, and all
similar schemes, bear a much closer resem-
blance to the specie basis fallacy, and other
cunning fiscal cOntrivances Of the bankers
and their allies, than to the system under
consideration. Besides, they are never
raised except by class Of politicians and
editors who are more afflicted with bubbles
on the brain than with greenbacks i'll their
pockets, and much of whose paper is held
by others who would gladly accept this ir-
redeemable trash in lieu thereof.
In concluding this part Of the subject,
| would say that among the earnest ad-
vocates and supporters of this system are
many of the most intelligent financiers
and statesmen of the present as well as Of
the past. But shall content myself with
tba praaantafian rs fha x,iaus Is ana IS tbo
most eminent statesmen and purest patriots
of which our country can boast
THOMAS JEFFERSON,
IN his letters to Eppes, to be found in vol
ume vi Of his works, says: ''ln the Revo-
lutionary war the old Congress and the
States issued bills without interest and
without taxes. They occupied the chan
nels Of circulation very freely till those
channels were overlooked by an excess be-
yond all calls Of circulation. But though
we have 50 improvidently suffered the field
of circulating medium to be filched from
us by private individuals, yet | think we
may regain it," page 140). Again he
says, Bank paper must be suppressed and
the circulation restored to the nation to
whom it belongs. r.
Treasury bills bottomed on taxes bearing
OF not bearing interest AS may be found
necessary, thrown into circulation, will
take the place of SO much gold and silver,
which last, when crowded, will find an
etflux IN other countries, and thus keep
the quality Of medium at its salutary
level, (page 1897. -"If their credit fctIter,
open. public loans on iChich these bills alone
shall be received as specie. Let banks con-
tinue 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 a gold
worshipper nor afflicted with bubble on the
BRAN, for we have here advocated by him
every feature Of the proposed monetary
system-the suppression Of bank currency,
the issue of treasury notes to meet all the
demands of q medium of exchange, and
the prevention of an undue expansion by
the issue of government bonds into which
the currency may be converted ut the
pleasure Of the holder, and / will add the
Punishment Of the so-called precious met
ais as a circulating medium. 1t win not
be questioned by any disinterested party
that Jefferson as clearly understood the
nature and functions of a medium of ex-
change, and that he was a. well qualified
to judge of the monetary system best
adapted to the system of government in