Mexico weekly ledger., 1878-10-24
AN OPEN LETTER TO JUDGE
FAGG.

DEAR SIR-Any plumbers in the
currency question are so directly n
matter of profit and loss to business
men that | take the liberty of differing
with you on some points in your
speech at Louisiana, and of calling
attention to some points you did not
touch.
First-The legal tender clause new
err helped the purchasing power ofthe
greenback paper-their purchasing
power tluctuated as any promissory
note does, with the probability Of the
i5suer paying them.
More currency will not increase
the value of anything though i. may
raise the price.
The country as q nation is In q
more prosperous condition than at
any time since the war; local depres-
sion, results from local. causes, as
where counties were induced &C go in
debt largely and were persuaded not
to pay, where debts of this kInl we're
made and the counties steadily re-
duced their debt they are prosper
ing.
There are less idle men in Massa-
chusetts than usual. We never had
two thousand million OF currency; all
the interest bearing paper was hoard
ed, and went out of circulation rs
soon as it reached the banks; we
never had nine hundred million OF
actual currency. (See Senator Cock
rell's table of currency and debt oil
the United States.)
Everybody knows the makers ofouI
constitution meant gold and silver.
and did not mean paper, when they
said ''coin money"
The United States had coired, VI
to June, ~, $3.50, 000, 900 ar album.
dance for all our wants.
Up to l847 America produced il
gold and silver $7,O56, 900, 00O from
AT, to'74 the gold and siiverproduc'
OF the United States alone was $l,44l,
900, 600, to which add the product o
Australia, Russia, Mexico and Soutl
America, and there is abundance 10
the commerce of the world.
National bank notes have AWAY
passed freely without being legal ten
der-so will treasury notes. jackson
! hated paper money, banks and debt
The greenback does not say it repre-
sents a dollar in value; it says til
government will pay one dollar
which everybody knows is a promis
to pay coin. The national banks ar
not banking on the credit OF the gov
ernment-they bank on lis debt, Il.
debt Of the government to them, til
: money spent in q
1t is not the business of the 90,
1 eminent to furnish its people none
to do business N the only bushes
of the government is to certify to til
weight and fneness of coin, and ha
l no business furnishing anybody wit
money.
whenever paper currency has bee
\ abundant our imports have exceede
. our exports, and as q nation VIC gre
every year poorer.
We are not in the midst of a gre:
t national calamity, but are emergin
from the damage caused by irredeen
able paper money; the greatest ev
that threatens the national prosperit
! is the issuing Of more paper money.
The real enemy Of the farmer is I'll
, mar that asks him to exchange h
products for promises-the produt
: of his labor for that which represent
no labor. The farmers worst en-
my is he who asks him to match h
labor against a printing-machine an
socks to deprive the farmer of coli
which can be saved with safety. Pal
les never result from an ABUNDANCE
!. coin, but have always followed 9
abundance of paper money.
= Interest has been lower and the n.
t ton more prosperous with the min
: mum of per capita circulation. Hig
r rate of interest aud business depre
: sion have always resulted from L
maximum per capita of circulation.
r. ~~.