New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1878-11-10

and Ia denomination and value, to suit
themselves. TLaughter.l And that is
exactly what the fat money is TO be.
We are ali to be children, having our
pockets full of fat money which is to be
based upon all the property Of the United
States, just as these children's stock OF
groceries was based upon the illimitable |
wealth of mamma Bot even this play Of
fat money, although it. never produced
financial distress or reversee, had some III
results. When you buy groceries with
fiat money, and they are all of the edible
kind, you are apt to eat too much of it.
And SO the nursery was soon distressed
with the winding mp of the fat money by
expansions of the stomach and contrac-
tons Of the bowels. Laughter. And,
finally, mamma interviewed, as the good
Providence will have to do for us, and
took in hand the grocery and the statesmen
and all the customers, and put them to
bed, with good dose of rhubarb and
magnesis, put out the fat system, and
they did not try it again until they had
forgotten its pangs. Well, if we can have
Q good Providence to take care of our COM
merce and see if all the property of the
United States comes forward just as it is
needed by everybody that wants the
money, we will get along little while,
until the whole nation, sick at head, and
faint at heart, comes back to good paper
money convertible into gold or silver, and
gold and silver as the money of its trade.
But the astonishing thing to me is, that
there should be public men, protesting
confidence in the people, that should go
up and down the land expecting to use
reasons that insult their intelligence or
influences that corrupt their morality.
l do not believe that the common sense,
| common courage, common sympathy with
one another's burdens, is ever to be turned
adrift under such preaching as this. If
indeed, in matters of finance, we could
suppose that this degree of abjectness, of
poverty of ideas, of strength of will, of
self preservation, should depart from our
| financial wisdom, why, it would depart
from all the other forms of the institutions
of our government. We need not fear that
the people, when they know what it is
that this magician, or this financial pope
is saying to them, will put much faith in
| their wisdom OF instructions.
UNLIMITED CURRENCY.
But, gentlemen, there is another form
of financial doctrine which is not so easily
| dealt with, and which deceives or be-
| guiles q good many people. mean q
notion that an unlimited amount of the
financial paper Of the government, re-
/ quiriDg, in some form or other, adhesion
to values, may be put out, and saving to
the people in regard to interest and other
burdens; and the principal issue seems to
be on this matter, between what is called
volume Of notes of the United States suf-
ficient to furnish all the paper of the
country, and a subtraction of the bank
notes which now furnish about one-half
of il. But all these reasoners DO not pro-
coed far enough in their inquiry. There
is no mode by which any money can be
paid out of the Treasury Of the United
States except upon an appropriation of
Congress. There is no mode upon which
it can be paid out except upon the recep-
ton of the ownership Of the country or
into the treasury something which takes
its place. Now, so much is our taxation
reduced by the wise measures of the Re
publican administrations, one after anoth-
err that two hundred and thirty million
or two hundred and forty million will
make the circuit of payment and receipts,
and we have already more of the money of
the country, more of the money of the
government in this form of United States
notes than is necessary to complete the
circuit. You must then have q contri-
vance by which large expenditures of the
government are TO be made for the pur-
pose Of giving vent to greater volume of
these United States notes than is now on
foot, or you must provide that they shall
be used in the redemption of the bonds
Well, expenditures are not the policy of
the Democratic parry; they are not the
policy of the Republican party. Economy
and reduction of the expenses of the
government to the lowest proper level
commensurate with the authority and the
strength and the performance of the duty
Of the government, is the common faith
Of both parties. Are you, then, ready to
issue this money in discharge of the bonds
of the country2 Certainly not upon any
other basis than such as will give the hold
ers of the bonds such an equivalent as is
felt 10 be commensurate with the true
intrinsic money of the world. If you say
you will pay your bonds that are now on
their promise payable, either presently or
in the future, by something that is not
, payable at all, that ! can understand. II
: you say to the holders of these bonds,
';Come and take from US bonds which say
on their face that they never shall be
paid, that can understand: but under
stand, as one necessarily must, that that
! means nothing but circuitous repudia.
: ton of the public debt, and these people
are too intelligent II they mean to re-
pudiate the obligations of the public faith,
not to repudiate them directly, not toplay
this false game Of hide and seek that de-
ceives nobody. That brings it immedi.
ately into the range of fat money, OF
money not intrinsically valuable. Let,
; then the currency Of the country, be il
: United States or bank notes, be in such
J volume as the financial wisdom of the
country shall direct, compatible with
every dollar of them being redeemable in
gold and silver, furnishing the conve,
: nience Of trade and keeping up the aetiY.
ity of its exchanges. But do not under;
take to do what no government will be
, permitted by its people to do for one in
| slant. What does people trust a gov
J eminent, whether it be monarchy, Q
: despotism, or free government like ours
what do the people trust the govern
: ment with, in respect to gold or silver
Nothing but the weighing, the refining
and the stamping of it. A government
: that undertakes to debase the coin anC
} put its stamp upon less gold or less pure
gold than the people assume its STAMP
, warrants them in. doing, wild soon be SCI
, a-fyipg by the, people quicker than fol
any other crime against the State, Let
{ us understand the reason that gold anG
} silver measure value is that they have
value. The reason paper money can b.
used to measure gold and silver and ar
| ~ Hla nth and tbT.5 aav, 5rr,-