New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1878-11-03

ries, and then each customer among the
| infant band made their money in shape,
aud in denomination and value, to suit
| themselves. Laughter And that is
exactly what the fat money is TO be.
We are all 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 childrep's stock Of
groceries was based upon the nlimitable
wealth of mamma But even this play Of
fiat money, although it never produced
financial distress or reverses, had some i'll
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 up 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 rs, and
took in hand the grocery and the statesmen
and all the customers, and put them to
bed, with a good dose Of rhubarb and
magnesia, 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, weWill get along a 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 over 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 or 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. l mean a
notion that an unlimited amount of the
financial paper of the government, re-
quiring, 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
a volume of notes of the United States suf-
fcient to furnish oil the paper Of the
country, and a subtraction of the bank
notes which now furnish about one-half
of it. 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 tne 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 OF
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.
J er, that two hundred and thirty million
: or two hundred and forty million viii
make the circuit of payment and receipts
: and we have already more of the money O.
e the country, more of the money of tn
1 | RON6EulA6ul III ILLS lpltA VI Oulbou 0sdtO
} notes than is necG ssary to complete til,
q circuit You must then have a contri
= vance by which large expenditures of the
t government are to be made for the pur.
l pose Of giving vent to greater volume o.
=. these United States notes than is now OF
! foot, or you must provide that they shall
t be used in the redemption of the bonds
g Well, expenditures are not the policy o
: the Democratic party; they are not tn
: policy of the Republican party. Eeonom,
g and reduction of the expenses of tn
r government TO the lowest proper leve
: Commensurate with the authority and tn
It strength and the performance of the dut,
II of the government, is the common faitl
: of both parties. Are you, then, ready t
# issue this money in discharge Of the bond
i of the country? Certainly not upon an,
n other basis than such as will give the hold
t ers of the bonds such an equivalent as j
n felt TO be commensurate with the tru
2, intrinsic money of the world. If you sa
y you will pay your bonds that are now o.
e their promise payable, either presently Q
l. in the future, by something that is nc
g payable at all, that can understand.
D. you say to the holders of these bond
q Come and take from us bonds which So
n on their face that they never shall /
d paid, that can understand; but unde
10 stand, as one necessarily must, that tbs
lg means nothing but circuitous repudii
y ton of the public debt and these peop
r are too intelligent. II they mean to r.
re pudiate the obligations of the public faitl
ID not to repudiate them directly, not to.pla
s. this false game of hide and seek that dc
he ceives nobody. That brings it immed
er ately into the range of fat money, {
8 money not intrinsically valuable. LIE
is then the currency of the country, be
or United States or bank notes, be in sue
is volume as the financial wisdom of Il
i'd country shall direct, compatible wit
a every dollar of them being redeemable
+ gold and silver, furnishing the cow
y nience of trade and keeping up the acti
id ity of its exchanges. But do not unde
a take to do what no government will
10 permitted by its people to do for one i
in stant What does people trust go
j eminent, whether it be a monarchy,
f despotism, or free government like ou
ce what do the people trust the COVER
o. ment with, in respect to gold or silvel
ut Nothing but the weighing, the refnin
i'd and the stamping of it. A governmel
d. that undertakes to debase the coin al
re put its stamp upon less gold or less pu
n gold than the people assume its stan
d, warrants them in doing, will soon be s
n a Avinn NV Aha YaAnla uuioEar than 4