Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1875-01-12

ne FalIroaQS alOno have instituted hVe
billion dollars of debt, three>fourths of which
was created at a time when, on an average,
property and labor had increased one hundred
per cent. above the usual level of prices
Uudcr the operation of all these causes, gold
reached at one time 50 S5 ; and SIC, 900 gold
invested, 1t is called, would bring the in
vester S2S, 500 in bonds at six per cent. pay
abio semiauuually IN gOid This with the
currency issue GU the bond, only ten per cent.
less that its face amount. was capable if all
used, to bring the owner aud user of the bond
LILO IN 9otd, worth at that period S3, ,035;
currency interest aud the currency, at ten per
cent, would amount to 81, SOC, making
cumulative power to the owner of So, 600 per
aunum.
''Lot any estimate it, at ooe hundred per
cent. below this late, who desires to under>
stand how we have become indebted in In
terest bearing securities to such an enormous
amount, and hc will soon learn, that debt Of
te" billion dollars in amount can easily be
created in the manner described, when under
just paper money system the amount of in>
dcbtedness would not reach one billion.
will not pursue this subject further, but iu
conclusion say that this gold debt load was
crested by isS"i"y paper and in doing busi-
ness in tho manner described above, and
nothing else L"f paper was received By the
Government and the people. To LcgisLrte,
then, sil these rast amounts into gold, is the
greatest outrage on the working class ever per.
petratcd in the history of the world"
To this opinion OF Mr. Dewolf, say amen,
With all my heart and am free to confess my
self one of the few men there hotly for moro
currency, who 60 about all day prOsclytizing
for it, aud that in my opinion an enormous
debt contracted Ia paper, should be paid in
the same medium in which 1t aruS contracted,
and that to pay it in gold would be high
handed robbery and swindling. | hope Mr..
Faulkner, then, will reconsider his hastily cx-
pressed opinions, aud | now furnish him the
above facts that he may do 80. To pay this
enormous debt in gold would coniscste nearly
all the real property not only in the West and
South, bat throughout the whole country. and
for the benefit of Massachusetts, and States
like her, who have more currency than they
are entitled to, and use, and who hoard it up,
individuals, too, arc doing with that very
design. y few years ago, there were two
hundred thousand land holders in Great
Britain, and now but hiry Thousand and
this change has been effected, and this mo-
noPo'y lands accomplished by the very samo
swlndie O.! lending paper and demanding gold,
so pertinaciously insisted on by brokers and
Hankcrs, and shAyers in Wall street, aud in
tho New Englan States, and other sections.
too, where the great exchanging medium,
furnished By the sovereign power of the whole
people only conrcmicmcc, has been Frauds
u'cmtly, and folonious!y, and UNANIMOUSLY
perverted from that purpose, into what it was
never designed to be, to~wit merchandise.
Mr., Faulkner says, 1.-THE bulk OF the peo>
pie seem To think we have enough money, if
it would only come out. The money has re-
treated from the people, and not from exists
ence." think Mr.. Faulkner is in error in
this opinion too think the people, at
large, think there is not "moncy enough to
do the business Of the country, and that what
there is should be made TO .'cOme out 4"
hear it upon the lips OF the people everywhere.
and in every section OF tho country, "that
there is no. money enou IN to do tho business
OF the country" aud, at the same tme ''that
what money there is, is not fer the use of bu-
siness, but the unhsllowed and uctarious uses
of usury." If Mr.. Faulkner, however, thinks
there is "onough money if it would only come
out, | will not complain of him il he will
only do his best to bring it cat, but will sug
gcst to him the only plan to do it Let linn,
"s soon as he enters Congress, bring in a bill
regulating the value OF money by rcyul0ting
the interest on it, (aud which is the onl,I nloolc
o! regulating the value of money! aud fur
ther attach sufficient penalties TO secure the
law OF money from violation and We shall
soon have the same rate of interest all over
the land, and money will "come out" and
when it ''comcs out" will be dedicated 10 the
business Of the country it was intended,
and not purioined from the use of business as
II was never iu'onded, for the vile gambling
Of spectators. shnvcrs, and usurers If Mr..
Faulkner Will pledge himself 70 do this. he
r,I ~ i III
and producing people in the land, and hope.
too, their votes tof any position to which he
may aspire: And, as for the moncyed oil.
garchy, spectators, money bawds and forni-
Gators, aud shavcrs, and usurers, let them
howl, and gussh their teeth, and do what they
urge the people to do, g0 Ia honest ,rork'
One word more of persuasive authority for
the consideration of Mr.. Faulkner, in the
review | ask him to make of his causes of
the late elections, and his deductions there,
from, aud | will close this letter.
l quote for him, the following views of the
New York Herald, upon those elections =
And they are addressed to the sitting Con,
gress. lie says:
There are three or four questions on which
Congress ought, at this session. to put its best
loot forward ; but the subject Of the first raog,
n't"oe is the finances. The political rcvoIu-
ton u chiefly the consequence of last years
Pauic, and this years stHguation. Had the
business of the country continued to go on
swimmingly, as it did for several years previous
to the panic, neither the Louisiana usurpation.
nor the salary grab, nor the Washington ring
exposures, nor even the shird term aspirations
OF the President, could have shaken the re-
publican asceDdeucy. Everything was for
given, and would have continued TO be for
given, SO long as the pockets and prosperity
Of the people were not touched II was busi-
ness prostrAtion that first opened the eyes of
the people TO the shnrhcnrninrs and rn.Irers.s