Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-02-17
Banking and Currency,


Below We give to our readers communi-
cation from our welt kuown county>man, Johu
II. strider, Esq, addressed to the Congress
sional Committee on Banking and Currency
"A subject which is exciting no little inter-
est throughout the country at this time
To tie Honoru6ic CJmn,ince on Bunkinq
and Currency:
Gents.:-I have seen that your Honorable
Committee have had before you mir. Amasa
Walker, of Massachusetts" who AYERS that
there is q redundancy of currency for the
business wants of the country ;-even TO the
extent of s'anuihiiating rhe export tr.i,1e. and
iDjurng all the great interest OF the country.
especially the agricultural interest" I beg
leave to join issue with Mr. Walker; and ask
your patient indulgence, and crisica consid-
erution of the following plain and unam>
bigious statements which I contend fairly
present to your judgment the facts, which
should govern you, in your deliberations, upon
this vital question, - Currency has
and IS nosc Par0!y=jmY all the industrial 10,
terest Of our country.
LIST. There is admitted axiom. in trade.
that supply AMI iemau6, regulate the price
of any commodity money included, This
/
which is probably rs veil known to vonr hon
orahle body to myself, :har, r,o"Cp :, nor,
aud has been for inc past several years. com
mnndi"9 hi:yLcr rate ofinIeres;. 7occrcmtayc.
or prize, in three fouT;hs Of the States of
the United States, than it has ever done here
tofCTe, il times Of peace Now WHY does it?
Because the d"mHHd il far greater han the
s"PnLY! And contend that. that Gemrnd.
which is simply the money wants of The PEG
pie, 20 actively conduct business and trade
should he the question to govern vorr ec,ion
in dcvi<ing means of supply: and not Isave
your act"n to the clpricc Of prJS!cmaticaI
and speculative theories.
2d. wcu!d respectfully direct your atton
ton to the raralyzag and rrostrat;nr eject
which was recently produced. upon the COM
merciel and industrial interest of our country,
by thr future Of one single hnntir" iastitn-
ton. namely: First National O: Wrshing>
ton ;'-l'"oh& cioS"F Mai' d3ors. ,oan"t;,c-
torir; s'GpcHdaI 0yaru!i.gs, u,c~cir"is suc-
cWmi"I. comr;arce ;;,i}ed hcr sfiIs. ,,yr;rwl-
fur0iiSEs c0"'d nat far ,rcrhS c!i<!nyye IT their
grain. sfo~L., crccccpf at Juins"$ prices.
Aud Hhy? BccaTse Of tire iasufi.irncy Of
marry to surr!y the wi L. spread ani Gigantic
trade, ard business. Of this vast nation
These are facts, gentlemen, which Won can
IhGEE iHt'S cuHEiuCH yourselves ~, ny gong
cut into the active circles of trade
Now for the remedy, o. mole Of creating
a legal and safe supply Of currency Com
gress has assumed the prcrogative Of nuttor;z-
ing the manufacture Of all monies ~, into
circulation il the United States; therefore,
with view to relieving tie raoplc "f the ;a8.
alta" r""e--arr 20 rav hc i,.'aysH rr the
Lhici YtdtcS joH,iS, as we'll as IT, furnish the
necessary supply IF currency. I woUIh author
ize the i=sueing OF legal tender +. 5 Treasury
notes sufficient to take UP all L. s. bonds now
due, and as they become due the notes to
bear the same responsibility upon the govern
ment, ns do the bonds, yet. be stripped ofthat
orerous interest bearing feature, which in the
present bond system is such an alarming ab-
s0rbant. 1t would withdraw the government
from the market, n competitive borrower,
AZ premium rates, and force money into bust
ness circles for investment at moderate rates
of percentage. trade would became bnovant,
the people prosperous and free from the fear
OF money j''tnirS, which under our present
limited amonnt of currency. can be j,recjpi-
'Hted "p0n them ri any time, hy the combs
nation of a few money bulls of Wall street
If yo'i will brs turn your eyes and ears to
the West, Sorth and Middle States you will
see that lands have deprecated in price below
what they were in 1860; and hear the earnest
cry Of want Of money to carry on actively
all business ENTERPRISES
Respectfully.