Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1875-06-25

/ but SONti uiutllNt lSSutu W liiIl ~ CCHIS
to the dollar in currency, lit is ny good
as gold, with which be could buy your
products or land when the price suited,
or he could loan to you at high rates of
interest, but that he should not be OBJ
liged to receive it in payment Of his
interest or his bonds, unless you give
him premium of II to Is per cent.
In this way could reward him hand
somely, keep the balance Of power great
ly in his favor, so long as ] could keep
you from finding it out. or you could en-
durc it, which according to simple
mathematics would take twelve and
half years
There are other features in this none
tary system Of our government, which
discloses great adroitness, and should
arouse the peoples opposition to it.
namely, the means used to create the
money, and the channel through which
it is made to flow, before it reaches the
people. The U. s. Bond is created
and sold as property, it is freed from
taxation, which makes it more attrac-
tive and more sought after by those hav-
ing money to invest than any other spc-
cies of property itfurthcr, has exclusive
privileges, as being the only medium or
basis of establishing Banks of issue,
which confers special favor on that class
of property and large benefits, by giving
to the bondbolder 90 per cent. Of its face
value in money to use as his own in
banking, and extorting high rates of in
tercst from the very people whose prop
crty gives value to the bond, and whose
toiling gives means to the government TO
pay said bonds This exclusive privi-
lege ia confined to the comparatively
few, enabling them at any time TO form
combinations, produce panic with its
consequent arrangement Of all tho indus
tries of a people, cntaiing distress and
ruin upon them.
The present stringency Of money mat
ters is the result Of wilful and SYSTEM
at scheme to withdraw money from bust
ness circles, so as to secure high premi-
ums on money, Cypress labor, and de-
press the value of property the pres
ent languishing condition of business,
the low price of real estate throughout
our country bear unqucstioned testimony
to the truth of my assertion. History
furnishes the further evidence that such
has been the policy Of all governments
and people seeking concentration and
consolidation of property and power in
the hands Of the few. Such was the re-
suit in England, some years ago the real
estate of that realm was in the hands Of
some two hundred thousand persons, now
it is held by about thirty thousand. A
wise and just government should adopt
means to benefit the largest number.
If the people are sovereign, they
should not tolerate this state of financial
affairs any longer, which is working their
sure ruin, they should hurl from power
and place every man who sanctions or
sustains by his act or vote distinction
in the money made, issued and owned by
the same government.
As to the question, how will we pay
our foreign debt ? does the fact of our
elevating our currency in any way de-
tract from our ability to pay our foreign
debt? per contrary, contend it in
creases our ability because we do away
with the necessity of domestic use ofgold,
for by this simple act of legislation the
currency dollar will be made to answer,
at least, all the domestic purposes of tho
gold dollar And | cannot see any
sound reason why any foreign govern
ment or people, who are willing to take
bond, which is promise to pay in gold
at some future day, would not just as
soon take our IT, S. Treasury note paya-
bic in gold, except the former bears in
tercst--it could not be upon the ground
of responsibility. for the same party is
responsible in either case.
Having clearly shown that the currcn-
cy of our country is unjustly and need
lessly deprecated, and that this depre-
citation, which amounts to onc-eighth,
has to be paid by the consumer; can it
be otherwise than that all industrial pur-
suits should be. as they really and indis-
putably are, greatly depressed. / do
not pretend or desire, in making up my
verdict as TO the causes producing this
depression in business, to ignore the
great fundamental law Of tradc-"Sup-
ply and Demand claim to show
that money artfully handled controls
both. No ono can dispute the fact that
when money is plenty and cheap, labor
is employed at liberal prices; and thus
obtaining the means to buy with they
consume more than when not employed.
The every day experience of all business
communities is, that the less money the
people have to buy with, the greater tho
shrinkage in trade, consequently demand
decreases, and as sequence lessons the
necessity for producing supply.
repeat my suggestion for the remc-
dy of this evil /: ''Let Congress at once
repeal that portion Of the illegal tender
act which prohibits the payment of i'm
port dues. interest on the public debt,
and the debt itself, with IT, s. Treasury
notes, and you at once elevate it to
equality with gold. The people of no
government can be prosperous who rec
ognizes a distinction in its money, for
the plain reason, that one portion will
be the greatest sufferer.
United States Treasury notes, redeem
able in gold, will be received wherever n
u. S. Bond would, Except 70. the con-
sideration Of the INTEREST," for the same
party is to pay in each case.
assert with pride and confidence that
no nation on earth has more ability or