Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1877-05-05
Facts for the People.

MrssRs EDtroRs FREE Press: In the lass
cx,rac, and its facts furnished from bcfRey'
the great economical difference aud saving 10
tic people in using their own money, green
backs 10 E;t instead Of national bank notes, OF
any other corporate paper. hope was made
fully manifest. All these corporate Banks
keen up the idea Of their intention 20 come
back 20 specie basis and specie payment
How delusive and false the system Is, and how
Il would again end If repeated, you VIII see N
the following extract, 10 which the history o.
the living and dclusive specie basis system Is
fairly rehearsed. quote from Derkey, p -;
"The specie basis system Of money has eS-
listed in Great Britain for nearly two hundred
wears. and tie result OF its workings there can
he seen at glance. The bulk of tho wealth
and property Of the kingdom is held by smGll
and constantly decreasing class, while The mas
SIS are steeped in poverty aud ignorance. Du-
ring the wars with France from 1877 TO 1873,
the peoplc of Great Britain had an ireccema-
Bile paper currency. For twenty-five years,
notwithstanding tie drain Of great war, they
enjoyed unparalleled prosperity, by reason oi
the abundance Of money IN circulation. bu'
/ tNg UlOufN IDlCcF lCtiluiiNu . lNkhtH ~ l'~~'N
pavments and in 1919 an act ct Parliament
was passed decrceing return TO specie pay
meuts 10 1923. England possessed abundance
Of gold, had no foreign debt, the balance ol
, trade was in her favor and the difference be-
tween gold and papcr-money was only three
per ceut. Notwithstanding all these layora-
lie circumstances, the enforced return 70 spe-
Gle payments prostrated the industries OF the
kingdom. ruined the farming, manufacturing
and business interests, and plunged the entire
nation into bankruptcy The masses Of Great
Britain. whose labor aud yalor had inst ena-
bled the British government to prosecute to
successful termination one Of the most glsan-
tic wars of modern times, were hurled by an
act Of Parliament, at the instance ef the money
potrer Of the kingdom, in the most hearilcss
manner and without the slightest grounds ci
/ excuse, from a state Of prosperity into The
/ depths Of ruin aud poverty.
"At the demand Of the same money P0ictT
/ the people Of the United States are roo being
subjected 10 like treatment. With but little
/ cold. scarcely 100000 600, in The country,
/ with the balance Of trade against the nation,
! u876) with a large public debt mostly held
! abroad. and with n difference between gold
/ and paper money lin 1870 Of over twelve per
/ cent enforced resumption of specie payments
| has been decreed 10 take place in 1879. In
/ the light Of English experience under vastly
more favorable circumstances, the people OF
the United States can look forward 10 nothing
else but continued and increasing prostration
Of all forms Of industry. and when the fatal
hour for resumption arrives, general crash,
/ burying the entire nation in ruins.
"The people Of the United States are for
bearing and long suffering people, but It is
scarcely possible that they would continue 70
submit in silence to the eracii0Rs Of TIC money
poirer if they were fully appriscd Of The nature
and extent Of the robbery TO which they have
been. and still arc, subjected, by reason OF a
false and corrupt monetary system. The pub
lie debt Of the United States in 1865 was
81. .Gs2. 508 .02G on September !, 1875, il was
-. f27. 1893 .S3G, showing reduction Of S5j5,
1879 100. Besides this S555, ,l99, la0 the peo-
pie have paid in the past ten years for interest
on the public debt, navy, war. civic service,
Depsions and Indians. $3,32l SEQ 1885, or IN
all the enormous sum Of 81 .s79, ,759 977, which
is one-halF more than the original amount OF
the national debt, or = sum greater than the
national debt of Great Britain. This vast sum
has been paid principally by the producing
classes. for Me bond holder anil he money p0lc-
or generally Jear no part Of he expenses Of 90
rerrmem. Il is high time that the burthenf
Of taxation should te more equally distributed.
This can be done only by The imposition Of a
graduated income tax, than which nothing can
te more just.
It will be Observed, then, by tie above lis
tory Of the specie basis system, that Il Is a
" false pretensc and swindling humhug oi
noney-moncers for their selfish benefit, and
that in England. where il originated, az vel,
as in this its adopted country, It has ever been
attended with ruinous money crises, stagna-
tious Of industry and changes and uncertain
ty In the valuations Of property and labor -
On the other hand, it hGs been seen not only
IN our Colonial history in Pennsylvania, and
North Carolina, and Virginia, as corroborated
By Ben Franklin, jefferson, Calhoun and Jno.
TYLER. but IN our late civil war. and in The
pronpt paymento Of her war debt recently by
Franco, that the pubic credit, OF monetary sys-
tenn of fgreenJacss, is amply adequate 70 oil the
purposes Of the government, and The trade and
exchanges Of It's citizens both in peace and
war: and when the boasted specie basis system
Is an arraut failure in both contingencies.
will only add that the republic Of Venice Tor
sir hundred years conducted al her wars, and
managed all her vas. trade and exchange, At
! home ard abroad, 'riH grccHJdct money and
without single revUlsion or money crisis ~
that long period Of tine
Jy3. \. Thomson.