The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-05-24
A. G. BROWN,
THE PHILOSOPHER OF TERRY.
A LETTER FULL OF MARROW.
A Treatise ON Finance, Internal Inn
A LETTER FULL OF MARROW.
A Treatise ON Finance, In'crnaI Inn
prOveincnts, President Making,
and the Decay of Patriotism,
which Affords
FOOD FOR THOUGHT.
A Programme for Relief FORMULA
cd b" as Gen. Rube Davis would Say.


to preston of my opinions on the more ii
portant political issues OF the day, has be
received and is hereby acknowledged.
y. you leave it optional with me to choose n
Al own method of replying, will answer
writing. | do this for the reason that
oral address is more likely to be misunde
~ stood; and for the better reason, that pr
fer, at this busy season, not to call, or hay
called from their fields laborers who ma
" be more profitably employed in plowin
and planting, than listening 20 any addret
that could make to them.
You ask for MY opinion. In replying
- you will, for this, and for many other rea
* sons, bear in mind that am speaking TO
myself alone. As no man or party is il
any manner responsible for what I say, n
+ one need be at the trouble to disavow an,
I sentiments that may express. In making
the call to which am about to respond
most of you were wholly uninformet
as to my opinions, and therefore, die
: not in any manner commit yourselves
to their support. You fiatter me with
the assurance that my opinions will
have great influence with the people. In
this you are probably mistaken. hope
you are, if my opinions are to have influ-
encs simply because they are my opinions.
1t is one of the very worst signs of the
times, that the people are too prone to fol-
low blindly the opinions of Others, instead
OF investigating and forming opinions of
their own. If l give reasons for the faith
that is in me, the reasons 1 hope will have
due and proper consideration without re-
gard to the source from which they come.
As I speak for myself alone, you will
pardon me for using the personal pronoun,
| emitting the word ''we.' shall be spared
the trouble of explaining who are meant,
and just how many is included in tho uso
of that much abused, because too often
used, little monosylable ''we." Be it under
stood l do not speak for the people. OF
all the questions up for consideration, the
top-most one is the currency. 70 that |
give my first attention.
I am hard money man. But am not
silly enough to suppose that the vast bust
ness of this country, at home and abroad,
can be conducted on an exclusively gold
or silver basis. Coin in whatever quantities.
the world has presented it or is likely to
present it, ought and must, FOR the necessi-
ties of trade, be supplemented by what, for |
convenience, we call 'paper money" In |
what proportion and to what extent paper |
money may be put upon the country as a
substitute and reliable representative for
coin is, and always has been, vexed ques-
ton. The nearest that fnanciers have ever
come to solution of the problem is, that
sit depends on circumstances. And that
is simply no solution at all. Who thpn
is to Judge? AS the government, in whose
g or hands it may be for the time being,
whether Democratic, Republican or indie
pendent, is the custodian of the public
honor, interest and credit, that government
must take charge of this, as of all other
questions of public moment, and be respon-
sible to the people at home and to the out
side world for the consequences of its good
Or bad administration.
Taking the ground as do that coin is
The currency of the Constitution but that
t ought to be, and must be supplemented l
~ "paper money!" I am called upon to 6
make good these propositions or let them
all. i
Is it too late to appeal to the Constitution? q
That sacred instrument I know has like |
Jeasar's mantle been pierced by steel in s
nvious hands. Bent and torn and trampled b
n as it is and has been, it still commands +
ny veneration. And whatever others may s
ay or do mean always to bow before it
nth reverential awe. Il
Article /, Sec. 8, paragraph 5, says "Con~ d
ress shall have power to coin money, and Il
9gulate the value thereof" fl
Section 10, same Article, says emo State Fl
hall coin money, emit bills of credit, or fl
lake anything but gold and silver tender a
| payment of debts"
Article 10 says ''The powers not dele b
ated to the United States nor prohibited "
the States are reserved etc, etc. to
1t is clear from these extracts that the b
nited States has exclusive control over d.
10 coinage, end that no State has power nj
emit bills of credit, or make any thing, re-
1t gold and silver ten Ter in payment of de
sbts. a
The corrollary is, if l read correctly, sh
at the United States must be responsible W
the people, the States, and the world at
rye for the performance of every duty tn
INJECTED with the currency. he
What are its powers? what its duties? WI
ID what its responsibilities? are the ques- al
1nY that cover the whole ground. dr
Its power to coin money, and regulate dc
value IS distinctly given, and as the on
me power is denied to the States, the an
nited States stands alone without rival, az
d with unlimited power. W.
It's duty is, as it seems to me, to coin all it
o bullion it can command, or Mt least or
ough to meet tho demands of labor, err
lfic and commerce. wi
Its responsibility is to see at all times, lat
ut the demands SO long as they are legiti. tn
,te are fairly met, and generously res
onded TO. If metal in sufficient quanti- tiv
$ cannot be obtained on fair terms 10 CO..
yet these demands the Constitution opens WI
way to supply the deficiency col
No State shall emit bills of credit. VA
at is power prohibited to the States of
must exist somewhere unless it is as thi
ned that the fathers meant TO make a eve
vernment which at all times in war as no
II as in peace should deal, and require its
1ple to deal exclusively in gold, and sill int
:. or other metal. No such absurdity req
lid ever have taken possession of their III
nds; and no generation of their descend wo
8 has ever acted or attempted to act on the
= such nonsensical idea. Paper in some in
m has always supplemented the metals ing
swelling the volume of what we call anC
ney. 1851
'aper money $50 called" has been, and raj
continue to be used. If rejected in inc
} form 1t will be received in another. l
0 vital question is in what quantities the
V it be safely issued or to state it differ ret
ly, in what proportion to a coin basis is let
,afe to issue paper promises to pay? 1t an
lifiicult to answer this question. 1t can |
be answered with certainty. But we ical
Y make an approximate answer that cor
serve our purposes if the Government full
conducted with a reasonable amount of bur
der ce discree'ness and honesty. Ac- oue
ding to the most reliable authorities one
{ have fallen under my observation il is int
3 for a Government or well-managed can
vate institution to issue three dollars in ern
,er for one in actual coin in hand held to exc
st demands for redemption. Ire
would have the Government increase are
stock of coin and bullion, in both gold est
silver 10 the largest amount possible the
hout issuing interest bearing bonds. for
amount may think be made to ag- Thi