The patron of husbandry. (Columbus, Miss.) 1875-1883, 1879-11-15

tax gatherer! In this regard our habits
mustbe changed or prosperity will never
smile upon us.
The only other means of attaining pros
perity is through such legislation as will
reduce our national debt, thereby dimin-
ishing the cost of living and increasing
the circulation of money
1t is with proper feeling of my inabil-
ity that.I venture to say a few words upon
SO intricate and abtruse a subject as our
national finances, but such as they are |
submit them for your consideration.
WHAT THEN IS MONEY?
Is it commodity? Is it something that
has intrinsic value? Or is it simply me-
dunn OF exchange, representing the amount
of commercial confidence men have with
each other? Be it what it may, we know
it is thing fearfully scarce in this section,
and we may rest assured will never be-
come more abundant until we shall have
produced something ue7V to give in ex-
change for it
Much can be done by Congressional
! Legislation to assist us in accomplishing
this, and the first enactment should be to
place silver upon an equal basis with gold.
Until the session of Congress recently
closed, silver was legal tender only to
the amount of S.. That session by law
has made the silver dollars legal tender to
the amount of $40, and the smaller silver
! coins legal tender to the amount of $40.
An effort was made but failed, and will
be renewed this winter, doubtless with
success, to make silver a legal tender for
the payment Of all debts. This being done,
and then by law the Secretary of the
Treasury being allowed to purchase all
silver bullion offered for sale at the Treas
ury, and giving in exchange therefor legal
tender certificates to be used as money, or
greenbacks, there will be added to our
volume of currency at least 100000, 900
annually, for there is on an average that
amount of silver bullion dug out of the
earth in the mines of the United States
every year.
Many of you know that our banks be-
fore the war were allowed to issue 500
In bills for every $33 they held in reserve
IN the shape OF coin or credits upon other
banks. This was done to comply with the
law that required every bank to hold in
reserve enough of its available assets to
meet any extraordinary demand or "run"
upon its treasury. The Secretary of the
National Treasury says he finds that re-
serve IN csln equal to 40 per cent. OF the
entire paper circulation of the country is
ample to enable him to resume specie pay
ment, which simply means to make paper
money equal to gold. Now if he were to
purchase annually with silver certificates
100000 of silver, made by law equal
to that much gold in value, and hold this
silver as reserve, by his own statement
he could issue 500, ooo, 900 more of green
backs annually, and with them pay off that
much more of our national debt. These
silver certificates and greenbacks would
in a short time be
SEEKING REIMBURSEMENT
in zeal estate, manufactures, or some
kind of tangible property now in the hands
of those who are impoverished by its pos
session.
If too, the circulation of National Bank
Bills were gradually withdrawn and their
places supplied by Greenbacks, with a
view to ultimately closing up the Nation
al Banks, there would be a saving annual
ly upon the interest of our national debt
of nearly $2o,ooo,ooo. Furthermore, if
Congress were to levy tax upon incomes,
and reduce the import duties upou many
articles of necessary consumption, such as
sugar and clothing, and thus require the
rich and monied men of the country to
bear due proportion of the burdens inn
posed upon the people, our wealth would
be more widely distributed, our taxes
would be lighter, money would be more
abundant, debts would be more easily paid,
our country would be more prosperous
and our people more happy.
These are my views, and they are in
accord with the views of large majority
of the Democratic party But upon all
great questions vital to this section of our
Union, the Democratic party is by no
means unit. The hard money Democrat
of the North with his vaults we'll lined
with Government bonds opposes the set
Element of the National debt and demands
that if it is settled, his bonds, principal
and interest shall be paid in gold. The
Northern Democrat who has invested his
wealth in manufactures, combat the idea
of free trade or of even reducing the tar
if on manufactured articles. The Demo
crat in the North, who is receiving annu-
ally handsome income from his invest
ments in National Bonds scouts the idea
of repeating the law establishing Nation
al Bonds. The Louisiana Democrat, with
his entire investments in a sugar planta-
ton and its appurtenances,. advocates a
PROTECTIVE TARIFF
upon Cuba or other West India sugar.
Yes, my friends, the South Carolina Dem
ocrat, who has his money invested in a
Kaoline factory or a rice plantation, asks
the Government for protection from the
inferior clays of Europe, and the Cheap
rice of India and China. And Democrats
everywhere, who accumulate wealth by
discounting the paper of unfortunate
debtors can see no justice in levying tax
upon incomes. And yet our only friends
throughout the North are Democrats,
whether they be hard money or soft mon
ey, protective tariff or free trade, bond
holders or day laborers: so that you see we