The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-02-14

ton of general welfare and happiness
was dtlusion, that it was unreal and
could not last? Why was it delusion
Were not its comforts and blessings a
reality TO the American people But
why did it not last? But one answer
can be given. The money power de
termined it should not last. The Gar
den of Eden before the tall was not mroe
hateful in the eyes of Satan than was
this picture of plenty and prosperity to
those whose gains and profits depend
ed on the scarcity of money in the
hands of the people, and consequent
hard times. They began their work
OF spoliatiOn in 1866, and they have
made the downfall complete. They
nave haunted these halls; they have
Numbered at these doors; they have
fortified themselves in the high places
OF this government, and, whether by
deceltful persuasion, artful speech or
open menace and assault, they have
not ceased to bring blight and ruin to
the people. The very madness of
avarice has impelled them from blow
to blow, from act to act. The picture
OF general welfare that L have drawn,
| indeed, did not last. 1t has been de-
faced, torn, stamped under foot by
the repeated act OF legislation inspired
by remorseless greed. The people
asked for no such change. They never
sent petitions here asking for any of
the enactments OF the last u years.
They would have been glad to be let
alone and to allow the natural laws of
trade and business to work out safe
solution OF every financial problem.
Loud complaint is now made by
thoughtless or designing persons that
| the question of our finances is under
agitation. Every act of legislation
thus far has been dictated by Invested
capital, and not one by the people.
Every agitation OF the question in
Congress, until the present, has been
made in the same interest and to gain
additional advantages.
The people thus FAR have borne their
| wrongs in the forbearing hope that
they would cease, and if now they rise
at last and see to it that their rights
are better respected, it is bee use the
full measure of their patience is eX-
hausted. When their PROSTATE and
suffering condition, however, is forced
on the unwilling recognition of the
money power, we are often met with
the impatient argument that it is not
| for the government to make money for
the people. | might content myself
with answering that it is certainly not
| for the government to destroy money
| for the people. Those who DENY the
the right of the government TO regu-
late the amount of currency in circula-
ton overlook the fact that they have
been debating that very policy to be
pursued for themselves; only that they
nave always caused it to be regulated
downward instead OF upward. But
what is the duty OF the government in
this regard? 1t is true that the people
are not dependent on the policy OF
their government for money on which
to do business?
Is it true, as often asserted, that in
some way or other those who are will
ing to work, or have something to sell
can always obtain money regardless OF
all financial legislation? No greater
fallacy than this was ever put forward
in defense of wrong and injustice
Money is the creature of government
both as to quality and quantity. Ii
exists merely by the assertion of law
and in no other way. Article !, sec
ton 8 of the constitution of the
United States, provided that "The
Congress shall have power.
to coin money, regulate the value
thereof, and of foreign coin, and fix
the standard of weights and meas
ures," and section 10 of the same arti
Gle denies all such powers to the
states, thus making Congress the eXclu'
sive creator of money for the American
people. Without the action of Con-
9ress not one dollar can exist in the
United States. If the article called
money, whether of gold, silver or pa.
per, is necessary at all in the transac
tons of life, here alone is the fountain
from which it eminates. How, then
shall this high power be exercised;
Shall only enough lawful money be
created, in proportion to the labor and
other commodities which it is designed
to pay for, to give ten cents day to
the labOrer, and $40 for a horse; OF
shall it be furnished in sufficient
amount to afford just equivalent fOI
labor and for every other thing OF
value? On the answer to this question
has depended the prosperity or the adj
versity of the American people in all the
past; on il their present deplOrable
condition can alone be explained, and
their future fate foretOld. a circulat-
ing medium being a recognized neces
sity of civilized nations, and its eX-
istence depending soir!y on national
| authority, that government which, for
any reason fails to make a supply ade-
| quate to the business prosperity OF its
| citizens. violates that fundamental
c )nIpac. OF duty which must prevail
IN every free political commOnwea' tn.
| Not only, however, has this govern
menf failcl in this great duty, but the
mann + it has adopted to furnish the
people with their Iimitedand insufficient
| supply of currency was conceived and
perfected by the owners OF retired and
| inactive capital. The system of ma
tiOnal banking now in use is the most
elaborate and complete scheme for
making people pay tribute to wealth,
| in order to obtain circulating medi-
um, ever known in the financial histo-
ry of the world. There is not dollar
to-day in the hands of the people on
which they have not paid tax for the
privilege of having it put in circuia-
ton by the government. The national
bank is the middle man between the
government and the people, and is
government ought directly TO do
itself. According TO the report of the
comptroller of the currency there were
two thousand and eighty national
banks October l, 1877. and they owned
in even numbers $3.50, 000,00 of gov
eminent bonds as basis OF a bank
note circulation of 1921 100000. The
interest paid by the people on the
bonds thus used to secure a currency
on which to transact their business
amounts to not less than Sl6,O0O,000
per annnm. This is the tax paid for
the bank note circulation. The bond
holder has been made the banker of the
country, and he is banking on the in
terest-bearing debt of the people. For
every 500 of currency they pay him
nearly So interest ON the bonds which
secure that hundred. His advantages,
however, only begin with this bonus of
sixteen millions.
The report of the comptroller shows
that, Octoberl, 'lS77, the national banks
had loans outstanding to the amount
of SSql OOO OO0 No one will Dretend