The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1875-12-08

A->tS OSoatfS a as DeesIl FeSt[ lCtcu W. On
special knd ofcapital /; that is the bond
OF the United States Government; AM
the employment of all other description
of capital as a basis for banking hav
4 beenarigidlyexcldded from competition
i, i Credit has been restricted lOstfe7singh
form of national bapk petes. aud this ha;
been unlawfullT and unwiseIS taken from
this States and the people, where il aad-
fnittedly belongs under heUssse of oill
government froan1its foundation aud de-
posted under the, sole and vdespetic, com
troll of Congress. - - aid /.
t"' This was all accomplished by tn,
I passage of an act Of Con rresg Which. .ul
] der the pnebexe of taxing the State hank
ing institutions for the, purposes of Feve
nue., crushed , their. 81 latlon, out Of
/ existence. -
SO long as this lasts. and Congress is
invested with the power and sole disore
/ ton to determine and control the volume
Of currency-the extent nf, emissions 81
paper currency, for all the States and
people-just so long uncertainty and dis
satisfaction will prevail, and the sound
and true principles of banking and credit
will hedisregarded. SSH s.s.,,, !. =.
The ebb and flow of party power
changes Congressional. majorities from
year to year, and I can Imagine no body
of men so unfit to exercise so great a pow
er and peculiar discretion as the=accidental
majority of Congress- Such "A power
has never been exercised in, Great Brit
ain. Even there, under their imperial
system, and all the political omnipotence
of parliament, such folly as combining the
banking business Of the, country to a
single species of capital, or preventing any
banker or banking association from using
his or their credit by the emission of notes
IN any form they saw fit, has never been
attempted or suggested, b. ~ .~.
Therefore We see the numerous banks
of Scotland and Ireland and England,
Country banks" they are called, pursu-
ing safe, useful and profitable business,
supplying currency notes to their GUS
toners and regulating the volume ofsuch
issues under such limitations as self-pre-
servation and the laws compelling re-
demption of their notes on demand in
gold and silver coin make it necessary
The notes of the Scotch and Irish
banks float side by side with notes of the
Bank of England and the coined money
of the realm i'll all avenues Of business.
They are not and never were a legal ten
der but convertible at will into coin,
they became practically equivalent.
The combination between the moneyed
power of the country and Congress gives
to the former degree of influence over
Legislation which is inconsistent with the
public interest and hostile to popular
freedom and at the same time capital is
subjected to the ignorant or capricious
control of Congressional legislation,
rendering its operations insecure and I'M
stable
, Is it not manifest that there is now a
favorable opportunity for the Southern
States to assist in aiding the country to re
turn to systems of sound finance and cur
,rency under the limitations imposed by
sthe federal constitution over the power
of Congress over this important subject !?
Theory of Kelley, Butler, Wendell
Phillips, and (alas !! here and there a
Democrat is against, ''money rings,
'"bloated bondhoIders," coupon clip
pers, etc., and passing by for moment
the infamous nature of such appeals, euch
outrages upon the law of the land; which
not moment reflection make it manifest
that all the profits Of fiuctuation in our
paper money of credit-those changes. in
its value which are going on day by day
and hour by hour, all are at the cost Of
the lab0rer and consumer, and benefit
the very classes against whom Kelley d
Co., seek to excite popular and ignorant
prejudice?> 800 q. a -ss.~1 -''
The moneyed classes have it always in
their power. by the purchase or sale Of
gold, to raise or lower the value of the
paper dollar; and. when Kelley and But
Ter insist upon a continuance Oft the system
of irrfdeemable paper money they play
directly into the hands of the very classes
they affect to assai, and perpetuate in
their hands control over the-eHrrency
dangerous to the welfare Of the laboring
and producing classes. o
1t is the man whose daily toll supplies
that days need, the man whose reliance
is upon steady industry, to whom the
fluctuations in thevalue oflcurrencY, in
which he is paid. ESQ full of distress
and loss. That which depletes him fills
the pockets Of the speculative class.
How wise and eloquent are the words of
Webster! 'tOf all contrivances for cheat
ing the laboring classes of makind,- none
has been more effectual than that which
deludes them with paper money" ...-
This is the most efiectual Of inventions
to fertilize the rich mans field with the
sweat of the poor mans brow. Ordinary
tyranny, oppression, excessive taxation,
these bear lightly on the most of the
ha
les committed by a deprecated paper
money. ' '' -
1 feel the welfare ofour people is bound
up in proper settlement of this question,
and especially by the Southern people,
to whom relief from the present unfriend-
ly administration at Washington, which
is continually frowning upon them, and
threatening even the very existence Of
States is immediately and vitality imper--
tant. G:-
Finance has its laws, and the business
of the commercial world molds these
laws and the nation that refuses to con
form to them must suffer just iH proper
ton to the extent of such refusal.
The currency of country is the basis
of its business, and if it consists of
money without intrinsic value-a money
based upon credit onFy-and inconrerti-
BILE and irredeemabIe at any time, it will
have no value whatever outside the juris-
diction of the government by whom it is
issued, and is totally useless in the mar
kets of the world. "a
Therefore, being inferior in value to
the money of the world, it viii always
depreeiate, and being deprecated; 1t viii
drive out of circulation all other currency
of superior value. For the Obvious reason
that no one will give In exchange a thing
of greater value if be can obtain that
which he needs for something Of less value,
and thus the currency of superior value
Will diRannaar and find It's uau into