Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1877-03-24
OFFICE II "JEFFEEsoE BUILDING"
Saturday, Esroh "a, 1877.
Facts for the People.
EDITORS OF THE FaEE EREss;

! send you the
following facts for the people 20 reflect on, and,
also. for our legislature 10 consider when itne1t
comes together Our people arc pretty mrch
IN tie situation Of Pennsylvania IN lS4l, and
of France after her defeat hy Prussia, and can
We not, too by following their example, be re-
lieved as they were? We cannot, without la
bor. create wealth. aud we cannot without mo-
ney nut labor to work, aud all our industries
puilic and private must lie in " cold obstruc-
ton" or dead, until We have a currency Of
some kind. JNO \. Tn lisoN.
Summit Point, W. Va, March ~ 1871.
TIE following extract is from Derkey, page
43: Money is also an important element Of
production. When the channels Of circulation
are supplied with money, the Industries Of the
country are quick and active, aud the entire
nation beco mes engaged in adding 0 its wealth.
Il has been well suid that a nation, whether
il consumes it's own products, or with them
purchases from abroad, can have no more value
thsn it produces. The supreme policy Of ey-
cry nation therefore, is to develop the prOdu-
cling forces Of its own country. What are
they? The working men, the land, the uines,
the machinery, the water-power.' sc. The
producing forces Of a country can be developed
only slowly and laboriously without the aid OF
money The productive soil, the iron, the coal,
the timber, the water-power, the machinery
the labor. &c, may all be at band, but until
touched by tie vitaizng current OF money, a:
it circuates in the channels Of trade, they can
give forth but feeble spark Of the life and
power which they possess.
At an carly day in the history OF Il c co'onie:
| the Inhabitants were subjected to great draw
1 backs for the want of legal medium Of eX-
/ change. DR.. Franklin, in 1864. stated TO thC
| British board Of trade that: Z" In 1928 Penn
sylvaua was totally stripped Of its gold and
! silver. The difficulties for want Of cash were
accordingly very great the chief part Of trade
| being carried on by the extremely incouvcuien'
method Of barter, wheu, in 1928, paper money
was first made there which gave new life t.
business, promoted greatly the settlement oI
new lands Whereby tie province has so great
/ ~ increased in inhabitants that the export
from thencc to England is now ten fold more
than il was then.
IL 1915 Virginia was badly in need Of money
or a medium Of exchange. 4 paper money
bottoued on a specific tax was issued, which
atr rIed abundant relief aud. rs we learn from
Jefferson, never dclFeci0'cia larthiug In value
Bot a more marked instance Of the value OF
money as an element Of production il furnish
g by the experience Of Pennsylvania during
lhe present century. In 1911 the people Of
PENNSYLVANIA were on the verge OF bankruptcy
The State was unable to pay the interest on
the public debt, or even pay the wages of la
horers for work dcne on the public works
Corporations were barkfurt, and merchants
were nearly in es bad situation. There was
DO money, and consequently trade and produc-
tion were completely para'yz-d The state
of PeuuSy lyauia in this crisis issued So 100000
Of what were called relief notes, bearing sim
ply promise that they would he received by
the treasury Of the State in payment Of all
taxes and other Obligations due 70 the state -
These notes were taken erecdily by the peo-
ple. Banks inserted in the fr1at Of their books
an agreement that the dcpo,itor should receive
on check the same Kind Il money he deposited.
and then took these notes They discounted
raucr with them. Tie wheels of industry
were set In motion by these notes, which prom
ised nothing but flat they would be received
in payment of State taxss. The State paid
her domestic creditors, and these FASTENED to
pay theirs or TO supply their wants BY pnr-
chase. Crops, for which there has been no
market. moved the loom and tha spindle we're
again heard labor, lifted from despair, found
work and wages, ard with the great resources
Of Pennsylvania Under fGll and free develop
ment, she was soon exporting more than she
imported Gold and silver flowed in upon
her and the broken hanks resumed specie
payments. We then did" says the Hon.
WIN. D. Kelley. Of Pennsylvania, from whom
we quote" What France does we were wise
enough then 20 know that it is labor, not coin,
that maintains tie public cred., and gives pros
perity to tie people