The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-05-31

public and private nuoi"iS
tand with want, distress ana mourning
am now constrained to admit the rorce Vi
their reasoning and accept their conclusions
that the National party has become apuoiic
necessity and present the following as lts
leading principles
Free trade, and unalterable opposition to
a protective tariff, the adjustment OF all
national banks, and State banks OF issue,
all paper circulating as money, to be issued
by the general government and MADE leSel
tenders in the payment of all debts puonc
and private.
The unrestricted coinage of both gold
and silver of uniform value, which, win
the paper issues shall be the monied stand>
ards of value.
The immediate payment, or purchase, OF
all United States bonds, in the associated
currency of paper, gold and silver, as Snaii
hest subserve the general welfare and mann
tain the financial honor of the government;
Thus providing for the repeal OF the oni'eo
States Internal Revenue laws. ,n
No more fostering of monopolies, al tne
expense of the masses.
No more issues of United States interest
bearing bonds for any purpose whatever,
Southern Pacific Railroad, not Tor the
benedt of anv person or corporation, but
for the benefit of the country at large, with
its eastern terminus at Memphis, Helena
Vicksburg, Natchez or New Orleans
The leveeing of the Mississippi river py
the general government. -,
ReLrenchnlent in expenditures, and rislo
economy.
The strict enforcement of the laws
Equal rights and privileges to ALL
Universal education,
No privileged classes, and no class legiS-
lation.
Low taxes, and these to be equal and
uniform.
Low salaries and no perquisites.
No privilege tax where the business pays
regular tax.
reduction of the rate of interest.
The elective franchise to be intelligently
and honestly exercised, without fear, favor
or intimidation.
Holding officials to strict accountlDln'y
to their constituents. r..
Railroad and other paying corporations
to be taxed the same as other property.
Judicious laws to regulate charges, and
prevent unjust determinations IN the OPP
Grafton of railroads, and otherwise, to pro-
tect the rights of the community against
their arbitrary acts. ,,
The present financial policy of bonds,
banks and tariffs, gives to one portion OF
the country and its citizens decided adVah-
faces over the other. The government
gives its credit to these banks for nothing,
and then buys it back by sale of its inter-
est bearing bonds; besides the government
receives and pays away the notes of said
banks as cash. and gives them the use OF
the public money from the time OF the COL
lection to the disbursement of the same,
which is the source of immense profit to
the banks. These profits are taken from
the people under the operations of the
revenue laws. hence unfavorable to indus
try and business, and the permanency OF
our Republican institutions, and, above all,
to our moral and intellectual Improvement.
For better understanding of these momen-
tous issues, l will make brief reference to
the bonds and taxes paid.
The National interest bearing bonds
amounts to over two billions of dollars.
The bonds of the Pacific Il. r. now outs
standing. to over sixtv-four millions. An
nnal interest on public debt amounts to
more than one hundred and five millions;
this added to to the interest annually paid
to bankers aggregates the appalling sum in
round numbers, to two hundred and thirty
Ave millions. The aggregate amount OF
interest heretofore paid to the bondholders
sums up one billion SIX hundred and nine
ty-six millions eight hundred and ffty-four
thousand and nine hundred dollars. The
amounts heretofore paid bankers and for
protection under the operation of the tariff
almost defies human computation. 1t is
not, therefore. surprising that to behold
the present depressed and impoverished
condition of the people with their liberties
languishlng before the advancing power of
tho privileged classes. These bonds should
be paid and retired, thereby forcing into
circulation all tile money required in agriH
culture and in business, diverting the
money of the country from these bonds to
Investments in the natural business and en-
terprises of the community. Thus taxes
would be reduced, interest stopped and
money made plenty. Nothing would give
a greater impulse to all the business of So
ciety or add more to the productive powers
and moral tone of the country.
The money which we propose shall be
used in the payment of these bonds is legal
standards of value, and is of the best pos
sible form. not liable to abuse, and the
most convenient and cheap, gold, silver and
treasury notes, associates and not substi-
tutes of uniform and equal value, there
fore combine all the requisite qualities of
monied circulation in the highest degree.
1t is the only possible mode of providing
against suspensions aud assumptions, ex-
pansions and contractions and fluctuations
in values, and shocks and injury to any one,
but secures to all the industrial interests of
the country greater stability and safety. 1t
is impossible for parer currency, thus as
sociated with coin, to depreciate, which the
Government is bound to receive in payment
of all public dues, and is made of equal
legal value with gold and silver in all pri-
vate transactions; moreover, Sin the event
of war, it would open almost unbounded
resources to carry it on without the neces-
sity of resorting to public lOansn in the
form of Understanding bonds, which are
in the nature of mortgages on the property
of the people who pay the taxes. This as
sociated currency would dispense with the
necessity of these loans by increasing the
volume of money with the increase of
taxes. The increase Of taxes, and, of
course, Of revenue and expenditures Incl
dent to a war, would be followed by an in
creased demand for this money, which
would furnish the means of paying the
taxes, without increasing, in the same de-
gree, the pressure on the people; thus would
be rendered unnecessary a great interest
bearing national debt, which even in time
of war, is dangerous to free institutions.
But for the confounding of this subject
with the former practices of the govern
ment, and with the idea that no money is
legitimate but coin and bank notes, the
of this system of associated cur
rency would be understood and speedily
adopted
We have two classes of national debts or
which are standards of yalue
md mediums of exchange within their res,
lective spheres. One is in the form of in
bonds, which circulate ex-
lusively among bankers, spectators, stock
obbers and wealthy individuals and cnIv
epresents the value of gold. The other is
n the form of non-interest bearii g notes.
,nown as greenbacks, which circulate
mong the masses, and is common TO
n and rnDraseutS fka valua of evar,,