The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1879-05-28

What should be done with these notes. Tha
/ Is the question which most vitality interests tn,
: labOrIng masses Here Is where the oppOrtuni
Z y 10 get cheap money comes in.
/ But before ~ take up that point let con
/ slider what Is to be done with the National debt
I 1t must be paid 10 the last mill. That j. my
{ judgment Payment means what j. express
+ cd on the face Of the contract. II the contract
calls for gold, then pay in gold. II for coin
I then gold or silver at the will Of the Government
+ Ii simply for dollars then gold or silver or eur
F rency, as the Government may elect
i But take leave. 10 say that government
+ that discharges, attempts To discharge an
honest debt in fiat money opens the way u
reputation.
/ II the Government owes an interest bearing
/ debt, and discharges it in Treasury notes which
/ by fiat, are made legal tender, and for the re
demption OF which, she has made adequate
provision, and does not propose to make any,
t she stands on the verge OF reputation. And
/ when she discharges solemn obligation in the
+ form OF bond, by simple pr0miSsory note,
/ which she never intends To redeem, she has al
ready repudiated- Giving promise to pay
/ with no fixed time for payment, Is very idle
ceremony.
But let Us get back to the distribution of the
money. OF the nine hundred millions thus
provided Tor, / would distribute six hundred
millions among the States compound ratio
OF territory, and population; Of this sum four
hundred millions should be loaned TO persons
engaged in agricultural pursuits at the rafe of
interest not exceeding three per cent The re
manning two hundred millions, to persons en-
gagged in other pursuits; but not one dollar to
be sub-loaned ut an advanced rate of interest.
Against this sort Of speculation | would guard
particularly; ! would loan directly 10 the man
who needed the money for his own use in ear
ryins his agricultural mechanical pur-
suits, or business OF like kind. In other words,
to producers, and To spectators.
Under no circumstances would loan the gov
ernment credit 10 be speculated on. And !
am free to say ! would not loan it To farmer,
mechanic, or any other laboriug man who did
[ nor erIN he les IA he TpIp
ton OF his obligation to pay.
/ would even make it penal otfense for a
man who had borrowed the National credit not
To meet his obligations.
/ have said itwouid be safe az | think TO issue
nine hundred millions in Treasury notes. | am
not to be understood saying that amount
ought 10 be issued, or indeed any other amount
larger than the demand OF labor and commerce
calls for. | have only attempted to fix limit,
within which the government may safely loan
its credit.
have mentioned agriculture, especially, be-
cause that is the one industry which all the
others rest for support. 1t Is the foundation,
the mud-sill, 50 to speak, on which the whole
superstructure rests disturb it, and You shake
the whole business fabric of the country.
This one interest on which every other inter
est so directly depends, Is the very one which
! has received the least of the fostering OF
| the Government. Surely, this ought not TO be.
| ! would loan the Government credit directly to
| the farmer at a low rate of interest. and thus
rescue him from the grasp of the money dealers,
| vampires, who are slowly sucking away his life
! blood and the life-blood of the country.
| This is what | mean by applying the remedy
| to the disease.
| The details for carrying out such sweeping
/ financial reform will require study, but they
/ can be arranged. Not many years ago the
/ United States Sub-Treasury was first suggested.
/ 1t was declared impracticable, and was opposed
/ on this and many other grounds. 1t was adopted
after long and bitter struggle. The whole
| country is satisfied with it now. The idea OF
/ he Is
the people, through its own agents, is not whit
more dangerous, impracticable, or visionary,
| than Is the idea now in constant practical use,
OF collecting and disbursing hundreds oi
millions of dollars every year through agents oi
| the same kind.
| Surely, if the Government can collect and
/ disburse It's hundreds OF millions annually
commencing with petty postmaster, whose
| total receipts two dollars year, and ending
| with the Collector Of New York who handles
more than Two hundred millions of Government
| money annually, ii can find Trustworthy men
enough to loan its credit directly to the people
who are after all the Government
! 1t now loans its credit after "A fashion to what
are called National Banks and then stands
responsible for the good or bad they make
of that credit.
Ours is government of the people Trust
/ one another. But take ample securitysthat No
| dishonest man shall escape punishment if he
| defrauds, attempts To defraud, paterna
| government that reaches him friendly hand
| when he is in distress.
If the people are capable of self-government
rs ! think they are, scheme like this can be
| made to work for the interest of all classes. 50
| | think and SO | say. / hope you now under
| stand what | meant when l promised to tell you
| when, and where, and how, you could get CHEAP
| money II not, let me state it in word. You
| Will get it trheH the Government loans Won its
| credit on viii get it Jrherc the Government
| establishes loan Offices 4ou will get it erhel
| your offer incontestble evidence that you
| will in good faith redeem your obligations
MIA for fh.a lahn nj
| the country is objected To, pray suggest some
| thing better 1t is admitted, | think, on al
hands, that the present state OF our financial
affairs must be changed or our farming interest,
! of this county Will starve out.
have already spoken of the plan of voting
| large sums of money To works of internal i'm
| provement rs a means of giving relief, ant
promished to return to that subject again, which
| | now do.
Internal Improvements, means of en-
| larging commerce, and thus improving the gen
eral prosperity of the country desirable, ant
to Il proper extent ought to be encouraged
But as a means of giving immediate relief t
the paralyed industries of the country they are
| not to be depended on. Contractors generally
get the lions share out Of the appropriation
| the men who do the work get very little, anC
the general public, who pay the money, nothin.
| at all
The most important of these Improvement
now projected is the leveeing of the Mississippi
| river. | am for improving the navigation o
| If by levying, and that is good, very well. 1
| by iettying, and that is better, then take tha
| plan. If by opening new outlets To the sea- le
| us adopt that idea. 1t is very much more i'm
| portant that the work be commenced right,
| than that il be commenced quickly, and thai
it progress securely, than that it progress rapid
| ~ The plan that seems cheapest at the star
may prove the dearest in the end. That which
/ reaches the end aimed at the most secure anC
! lasting Improvement, is the cheapest confess
myself incompetent to decide on these points
| The ieyeeipg project strikes my pntutered mind
| the least taYorabfy, II the river is levied neal
its banks, thus following its Sinuosities there il
no estimating the cost OF the work, and no tell
| ing how soon the levee may tumble into the
river after it is finished. Ii It is set back on
| comparatively straight line, with a view t,
economy in its construction and safety after i
is finished, who can estimate the damage tina
may be inflicted on riparian proprietOrs who arr
| thus fenced in between the levee and the river
risk nothing in saving that these proprietor
| viii have just claim fer the damages, whatev
| er they may be.
While | do not assent to the idea that as tn,
Government owns the river it is bound to keel
its waters off the land of private owners, or b,
responsible in damages for overflow, | do main
tain that if the Government, for its own advan
tage, the advantage of any one else, s.
iaeeidies sith the natural flow OF the water as t.
cause ihnhdatlhp, u Is EesRQqslhle IN damage
to all who are injured by such inundateh
The Mississippi will be levied, jettied, or il
navigation improved by opening new outlets Il
the sea quite as soon as the demand OF natloha
commerce require, the one or the other, or al
together. OF this there is no doubt. / am mos
emphatically in favor of such Improvement
and l am just as emphatically opposed to max
ing such Improvement in advance of the de
mands of commerce, and solely in the interes
of private persons. When public works ar,
undertaken, the public interest alone should b.
consulted If private individuals get resulting
advantages, leeff8iHlS shall not complain. But
have too long e0mhatted the idea OF protection
for the sake of protection, 10 take the sFoua'
now that the whole country should be taxe'
simply TO improve the value of the estates lyini
on the banks of the Mississippi.
The government has not, as far as | know o
, have reason TO believe, one acre of land in tn
delta of the Mississippi that is worth protecting
-b. assbar sold hsr d1sarv tn Y,ri1-af