Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1875-02-23


There are other features in this monetary
system of our government, which discloses
great adroitness, and should arouse the peo-
pies 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 properly, it is freed from tdration, which
makes it more attractive and more sought
after, by those having money to invest than
aay other species ofsproperty il further, has
ereiusipe privileges, as being the only medium
or basis, of establishing Banks ofissne; which
eonfers special favor on that class of property,
and large benefits, by giving to the bond>
holder 80 per cent. of its face value in money
to use as his own in Banking, and extorting
high rates of interest from the very people
whose property gives value to this. bond, and
whose toiling gives means to the government
to pay said bonds. This exclusive privilege
is confined to the comparatively few, enabling
them at any. time 20 form combinations, pro-
duee panic, With its consequent -derange>
ment of all the industries of people, entail
ing distress and ruin upon them.
The present stringency of money matters,
is the result of a willful and systematic scheme
to withdraw money from business circles, SO
as to secure high premiums on money, oppress
labor, and depreSs the vdkue Of property! the
present lauguishing condition of business, the
iOtr price OF real esfGte, throughout our coun-
try, bear auquestioned testimony to the truth
OF my assertion. History furnishes the further
evidence that such has been the policy of all
governments aud people seeking concentra>
tion and consolidation of property and power
in the hands of the few. Such was the re-
suit in England, some years ago the real es>
tate 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 such means a. will
benefit the largest number.
1t 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
oUHed ty the same governments
As to the question, how will We pay our
foreign debty does the fact of our eleUatiag
our currency, in any way detract from our
ability to pay our foreign debt? per contrary,
l contend it increases our ability, because We
do away with tho necessity of domestic use of
gold, for by this simple act of legislation, the
currency dollar will be made to answer, at
least all the domestic purposes, of the gold
dollar. AHd | cannot SEQ any sound reason
why any foreign government people, who
are willing to take our bond, which is
promise to pay in gold at some future day,
would not just as soon take our q. S. Trea.
sury note payable in gold,-excert the former
bears interest,-it could not be upon the
ground of responsibility, for the same party
is responsible in either case.
Having clearly shown, that the currency of
10 Il,
prec'atctI, and that this depreciation which
amounts to one, eighth, has to be paid by the
consumer can it be otherwise, than that all
industrial persuits, should be, as they really
and indisputably are, greatly depressed. I
do not pretend to, or desire, in making up my
verdict, as to the causes, producing this de-
preston In business, to ignore the great fun-
damental law of trade,-"Supply and De-
maud, but claim to be able to show that
money artfully handled controIes both. No
one 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 em>
ployed; the every day experience of all bust.
ness communities is, that the less money the
people have to buy with, tke greater the
shriDkage in trade, consequently demand de-
creases, and as sequence lessons the neces>
sity for producing supply. ts.--..--
repeat my suggestion for the remedy of
this evil, let Congress at once repeal that por-
tion of the illegal tender act," which pro-
hibits the payment of import dues, interest on
the public debt, and the debt itself. with q. s.
Treasury notes, and you at once elevd7e it to
equality with gold. The people of no gov
ernment can be prosperous who recognizes
distinction in it's money, for the plain reason,
that one portion will constantly be specuiating
off of the other, aud the poorer class will be
the greater sufferer.
United States Treasury notes, FedeemabIe
in gold, will be received, wherever U. s.
Bond would, Except for the consideration of
the interesD for the same party is to pay in
each case
1 assert with pride and condolences, that no
nation on earth. has more ability, or greater
resources for the payment of its debt. or re-
demPtiOn of its money, than the United States,
if that ability be properly directed, and her
resources honestly manipulated.
JoHS II. SrRIDER.
HalItown, Jefferson Co., W. V.
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