The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-05-24

nv. the Government ON these bonds, and
yer .terest again on their notes, set afioat
sls money, thus getting double interest for
ate real money they may have, they deny
OF credit to the laboring masses, put th
es. notes which they call money in the har
re- of special agents, who dole them out to
by. people at another and additional heavy RI
as of interest 80 that we find in practice VIII
is> the Government is borrowing hundreds
IT. millions of dollars at four per cent. inter,
ly the laboring man through the blunderin
or something worse, of that same Cover
ne ment, is paying at m average rate of ce
ry tainly not less than twenty per cont.
I'd Can any agricultural people on the ia
VI of the earth prosper and pay such emo
:? nous rates of interest? Here is where IL
' trouble lies. l will preserently point
d the remedy. You want cheap money, an
II l shall undertake to show you when an
y where and how it can be obtained. Fc
l. the present 1 must deal with another poin
If l am not already so understood allo
n me to say in explicit terms that am op
Q posed to making United States Treasur
8 notes legal tender in payment of debts
If convertible at all times into coin, as the,
1 should be, there can be no necessity fo
declaring them by act of Congress equal t.
coin which in my judgement is the cur
rency, and the only currency, of the Con
stitution. II paper is used as money, il
must be 80 used by common consent, and
for general public convenience not by leg
lslative command.
When the States denied to themselves
the right to make anything but gold and
silver legal tender in payment of debts
they may have meant to imply that the
Federal Government in certain great con-
tIngencies, as in times of war, or other
overpowering emergencies, might do SO.
II the power exists at all it is only by i'm
pllcation. 1t is no where written on the
face of the Constitution, that the Federal
Government may make its own, or any
body else's promises legal tender in paws
mont of debts The people NAV. and gen
orally will give voluntary credit to the Gov
ernmont. but they may reject commands.
They may not like to be told in their every
day transaction: 81 command and YOU
ShGD obey" That is my feeling, and 1 do
not think differ materially in thus, or in
any other respect from my fellow citizens
generally.
Offer us your notes, and show us you
nave an honest purpose, and reasonable |
nol'lty to redeem them, and we will take |
them at par. But command US, and that |
TOO without such showing, and we rebel.
A free people may yield a great deal to
loyalty, and patriotic people great dcal
to pride and love of country, but it is
drafting very heavily on them to expect
prompt obedience to commands in time of
peace. l want no "fiat" money The
notes of the Government ought to rest for
credit on the honor, and good faith of the
Government, which means only that the
people shall trust themselves to redeem
their own honest obligations. The credit
being laid on broad, deep and solid foun-
datlon, as III gold and silver, backed by the
National honor, unstained by even sus-
picion of reputation, there is hardly
INIT to the amount of Treasury notes that T..
could be safely issued Nine hundred !;
Millions of dollars I think moderate esti> =.
mate.
What is to be done with these notea? :.
hat is the question which most vitality in
erests the laboring masses. Here is :;
where the opportunity to get cheap money q
omes in.
But before we take up that point let us u
consider what is to be done with the =,
National debt. 1t must be paid to the last :.
nll. That Is my judgment. Payment :,
leans what is expressed on the face of the -
ontract. If the contract calls for gold, "
hen pay in gold. If for coin, thon gold !,
r silver at the will of the government If Il
imply for dollars, then gold or silver or W
urrency, as the government may elect. u
But take leave to say that govurn- - -
lent that discharges, or attempts to dis 10 e
barge an honest debt in ''fat" money ~
pens the way to reputation. u
Ii the Government owes an interest bear -
IN al I'd =. l
otes, which by "fiat," are made legal ten y
81, and for the redemption of which, she T.,
rs made no adequate provision, and does "a
le verge of reputation And when she "
scharges solemn obligation in the form az az
bond, by simple promissory note, -, "
hich she never intends TO redeem, she has i u,
ready repudiated. Giving promise to %,
" with no fixed time for payment, is q =. -
Try idle ceremony. " "
But let us get back to the distribution of
o money. OF the nine hundred millions ~,
us provided for, l would distribute six ne
inbred millions among the States on q a,
ratio of territory, and popula- ia,
N; of this sum four hundred millions ho
ould be loaned to persons engaged in ny
ricultural pursuits, at rate of interest
S0SNSNAA'E |
8 two hundred millions to persons en-. nm
Beo vi otner pursuits; out not one dol off
to be sub-loaned at an advanced rate OF col
crest Against TINS soft OF speculation bel
would guard particularly; l would loan olr
ectly to the man who needed the money zee
his own use in carrying on his agricul- pra
al or mechanical, or business of like we
i'd. In other words, to producers, and mo
! to spectators Under no circumstances mo
uld loan the government credit to be for
'culated on. And l am free to say '
uld not loan it to a farmer, mechanic, w;1
any other laboring man who did not give loo
amplest security for the redemption of 7
obligation to pay. arc
would even make it penal offense for oor
man who had borrowed the National FRO
dit, not to meet his obligations.
have said it would be safe, as think, ;ts
ssue nine hundred millions in Treasury o. ,
es. l am not to be understood as saying ;sa1I
amount ought TO be issued or indeed OH,
other amount larger than the demands rod,
labor and commerce. oall for. 1 have ire
, attempted to fix limit, within which n
government may safely loan its credit. nro,
have mentioned agriculture especially, nro,
ause that is the one industry IN which i,ro,
he others rest for support. 1t Is the non non
ndation, the mud-sill, so to speak, on WI,
CHI the whole superstructure rests. Dis q; W.
} it, and you shake tho whole business Of :
~ ., 'ue county. nIs ono inIerest joke
ends, il the very one which has received am
least of the fostering care of the Gov mt
nent. Surely, this ought not to be. 1 in 81
~ tooh inc uoEerhlneh' ereuis uiFectly Gov
no FARMER az 10" Tale Vi interest, ana like
rescue him from the grasp of the ratb
ley dealers, vampires, who are slowly or
ring away his life~blood and with it the tIa =,
10 life blood of the country. hot
his is what 1 mean by applying the For
edy directly to the disease. voti,
be details for carrying out such a sweep Soni
financial reform will require study; but am
can Dc aira1geu N S',L Ln1 rI years ago agail
suggested, it was neutrality-suspicious., Jror
was opposed on this and many other 5nnl
nds. 1t was adopted after long and tbs :