Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1877-10-30
a LETTER.
From John a. Thomson, Of Summit Font,
Jefferson County. ". "a, to the Green
back Convention held at Charles
ton, Wlest Va, august l5M. ~.


Continued from, last 1ccck) i.
"It is proposed to show herein that 1t is
an American policy to remove aristocratic in>
stitutious and establish republican systems in
their stead. That our present financial sys>
tenn, founded on specie basis, and the prac-
tice of farming out the sovereign power to
issue currency TO capitalist, IS aristocratic in
origin and tendency, and must be republi-
canized by establishing system of Ameri-
can Finance. That currency is tho instru'
ment through which the money power (ex>
ecutive power) of sovereignty executes,
measures, pays and guarantees equal value)
absolutely, in the treasury department, as
ships of war, forts, guns and arsenals are
the instruments through which the war pow
er of sovereignty executes its missions in the
navy and war departments. That the form
and material of currency are prescribed by
the legislative department OF sovereignty.
Hence currency should never be made or is
sued except by the sovereign power, the peo-
pie, through their bureau and for their use
and benefit That the most convenient, dura>
BILE and cheap material is the ''6ttest" for cur
rency. That the
TRUE FORM OF CURRENCY
is not "bill of credit" to be paid, nor
continental and greenback currency, but
simply: Honey IF the United States, sl00-
a legal tender for all dues, public and private.
Hence the larger the volume of this curren-
cy issued, the greater will be our executive
power in force through it, employing indus
try, creating, exchanging and accumulating
wealth while the debt of the sovereign pow
er will not be increased, nor its responsibili>
ty enlarged. That the
TRUE BASE OF CURRENCY
is demand in political economy, as attrac>
tion is the true demand for and base of ac-
tion in natural economy. The currency is
so named because it flows from hand to hand
current in action. That all forms of matter
and motion in natural economy are circular,
hence endless as drop of water, in nature,
of sap in plants, and blood in animals, or
planet in its orbit each is circular in form
and action and circulatcs in accord with the
laws of demand in its particular economy
(system), animal, vegetable and natural.
Blood moves from the heart to the extremi-
ties and back, sap from the roots to the
foliage and back, water from the ocean to
the mountains and back, and the planet in
its endless orbit, in the great economy of ma
ture.
Hence currency, the life blood of political
economy, should flow from the peoples
BUREAU OF FINANCE,
in the treasury department, to the extremi>
ties of society and back, to meet and ell, pay
demand at the bureau created by its issue
and departure equal to tho sum issued.
Hence the demand at the bureau would at
,rayS equal the supply in circulation, and
the demand for circulation could never sur
pass the supply in the bureau. Hence in
hation, contraction and depreciation could
never occur; the demand at the bureau be-
ing constant for the whole volume in circula-
ton at its par value, as the demand of grav>
itation at the ocean level is constant for every
drop OF water in circulation. Therefore that
DEMAND
in political economy is the true base of cur
rency, not the precious metals, nor yet credit,
state or national. 1t is natural, scientific,
and certain, while they are unnatural, artifi-
cial and conventional, therefore uncertain,
and liable to great abuse. That a bureau of
finance, with branches in each state should
be established to distribute
PUBLIC CURRENCY, THEREFORE MONEY
to the people Ito whom it already belongs)
on their securities, first classified and author
lied by Congress, at fixed official and equi-
table price (per cent. per annum), sufficient
to meet the expenses of the system and pro.
vide against contingencies, say three per cent.
per aunum. The due at the bureau to be
interminable on the payment of the annual
per cent, or detetminable at the pleasure of
the debtor; thus establishing
fINANCtL EQUALITY,
by which the industries, bankers and capitals
lists NAV obtain the use of public currency,
(thereforo the sovereign creative power of
money! at Just rates and on equal terms
place the key of the peoples vault in their
own hands, regulate the volume of currency
by legitimate demand, and overcome the
curse of usury without usury laws"
1 have thus, gentlemen, endeavoTed to
show you that labor, far from being alien,
something separate and distinct from capital,
is iu truth one of the elements of capital
that it is intimately and inseparably iucorpo>
rated in the mass of capital bone of its bone
and flesh of its flesh ; and is so completely
interwovcn with its common mass, active and
inert, accumulated surplus and ready for cx>
change, that it is impossible to starve it, or
touch it injuriously in any way, and not send
at the same time an electric thrill of its suf>
fering to every nerve, muscle and fiber of ag>
riculture, manufactures, commerce and other
industries, of tho entire social body.
The great issue is not, therefore, between
capital and labor, but between capital Cabor
being part and parcel thereby and money
the latter the mere stool" instrument, sex
ecutive power" and servant of capital which.
insolently seeks to set itself above its princi-
pal lord and master; and not only claims the
properties and functions of capital, which it
does not possess, but dares even to assume its
very name, and style itself "capital." for