The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1878-03-08
ti0r 1nK CoLusmAs.l
BY wM pRINDLE.
LEGAL TENDER MONEY CANNOT BE
INFLATED

the business of this extensive country shall
be carried on with full legal tender or par
money the volume of which shall be ade.
quatc to the wants of business or trade, e'.
tabiished ona cash basis. That is to say to
enable commodities to be sold and bought
for cash, instead of doing business with time
notes, to the advantage of Bankers and Bill
brokers or notc-shsvers, and to the loss and
injury of wealth producers.
There are two kinds of imitation, either of
which is costly, useless and dangerous to the
wealth-producing and business interests of
the country. The one is an inflated currency
based on specie for redemption and the other
is the inflated or forced credit system of bu-
siness. The first compels business men to
sell on time, paper and he who sells on time
must buy .on time or go out of business. 1t
is contracted and constantly contracting and
inflated system Of bank currency which forces
the inflated credit system of business on the
country, and periodically ruins business men;
and i, costly as well as dangerous and use
less; and therefore the time has come to car
ry into practical operation the demand Of
Jefferson on September IL, 1913. Jefferson
in a letter to Col. Eppes said Bank paper
must be suppressed, and the circulating me-
dium, must be restored to the nation to whom
it belongs" (See vol 6, page 1919 of Jeffer-
sons works, by Washington.
Webster in the case of Ogden and Saun-
ders, before the U. s. court at the January
Term 1927 said "One of the first honors
given to Congress, therefore, is that of COIN
ing money and fixing and regulating the
value thereof and of foreign coins, and one Of
the first restraints imposed Oh the States, is
the total prohibition 10 coin money These
two provisions are industriously followed up,
and completed, by denying to the States all
powers to enact "Bils of credit, or to make
anything but gold and silver tender in the
payment of debts The pholc control, there
fore, over the standard unit of value and
medium Legal Tender ofpayments, isrested
IL The General Government" (See works of
Webster, vol. 6, page "a Little and Browns
Edition 1851 The value of money can on.
ly be regulated by making all dollars equal
legal tenders; which makes them par with
each other.
Jefferson in 1872 had advised the issue Of
legal tender U. S. Treasury notes, which was
done in 1912 and he ardently desiled their
substition for bank currency, and that banks
be prohibited frem issuing currency, and
that they should be compelled to discount
notes only for coin or Treasury notes now
popularity called Greenbacks, and not with
"Blls of Credit" or currency, promising pay
ment in lawful money on demand At the
May Term of the us. Court 1919, it decided
that legal tender U. s. Treasury Notes are con-
stitutional money. The opinion of the court
was delivered by Judge Story, (See Mason
1-lS.)
In 1910 the Democratic party in Congress
passed the Independent Treasury System,
which Act was approved on July 4, 1850. 1t
made gold, silver and U. S. treasury notes
equal legal tenders for public dues it pro-
hibited bank currency from being received
for public dues and also prohibited the funds
Of the Federal Government from being de-
posted in any bank, The Independent Treas
ury System, since 1862 has been suspended
so far, by law, as to make the National Bank
currency receivable for certain public dues
and payable for certain public demands on
the U. S. Treasury, and to permit the Gov
ernment funds 10 be deposited in Bonks, by
which means, bankers have been enabled to
exercise an undue influence, and exert an un-
just power over the business interests of the
country, and by which several notorious bank
ers have been saved from failure, under the
contraction system, which they induced Con-
gress to adopt, on April ~, 1866, and but for
which, the business of the country would
have remained in the prosperous condition in
which it was in 1865, with ovsr two thousand
millions of dollars of circulating medium
which was confined to the people OF the ad-
herring States making the volume of money,
currency and circulating medium in those
States, about $40 per capita.
| In order to favor the National banks, the
state bank currency was taxed out of exis-
tence by Congress ; this leaves nothing to be
got rid of but the national bank currency rem
dering the darling scheme of Jefferson, easy
to carry into operation. not only Vitlom d.
minishing the volume of circulating medium
but on the contrary it will increase il ) and
| country.
Jefferson in letter to John Taylor, May
| 2S, 1916 said 'rhe system of banking
banks of issue we have both equally ever
| reprobated and sincerely be-
lieve with you, that banking establishments
are more dangerous than standing armies" p
(See volume page 675 of Jefferson's works
by Washington. The Democratic party has
uniformly opposed banks Of issue as useless,
costly and dangerous institutions suited only
| to an aristocracy or a monarchy, and no man
can be reliable Democrat or genuine Re-
| publican who advocates their continuance.
As the time for action has come, and to
| fully indoctrinate the young Democracy ofold
Columbia in the ancient principles of theDem-
ocratic party and as the influence Of the CO.
LUMBIAN may extend lin other countless my
| purpose is to demonstrate the proprietyand ad-
vantage of using legal tender money compos-
ed of gold, silver and U, S. Treasury notes ;
known as greenbacks-made equal legal ten
ders, in opposition to bank currency or Bills
of Credit" in any form.
Money is what the law declares to be le-
gal tender for public and private dues and de-
mands. The law creates and gives it value
A dollar is the unit of Federal money, adopt
ed in 1885 on the report of Jefferson in the
Congress ofthe Confederation in opposition
to the system of pounds, shillings and pence,
The term dollar does not convey any idea Of
) quantity. To calculate or ascertain its value
the law establishes unit Of value, which is
composed Of certain number of grains Of
silver Or of gold In 1892 Congress made the
silversdollar IN contain OIL l ,,ro;,,,