The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1879-12-31
NUMBER SO.

for the sake OF the public welfare and let tn.
people know that there is an end Of strife con
corning them. These questions are too gray,
TO admit of light or passionate treatment am
the use of epithet or denuuciation is extremel,
lll-tlmed in this discussion. United State,
legal-tender notes are being bitterly deuounc
ed as dishonest money. Ii IS a noteworth,
fact, however, that the destruction ofthis cur.
rency for the cause of their dishonesty wa.
never urged while it was below the par Of
gold. As soon as ii has reached that stand
ard and become everywhere the equal of gold
ana. indeed, Its superior in popular favor. il
Is assailed for dishonesty. Who are they " he
thus assaI it2 Chiefly those who also de.
nounce silver as dishonest money and who
deny TO all coin except gold 81 honest char
acter, and TO all paper money except national
bank notes an approximation toward respee-
liability.
The $346, 000, 600 of United States notes now
in circulation perform the same func, ions as
if every dollar they call for was a gold dollar
But its presence reduces the power of gold
over the labor and indus tries and properly OF
the people, and at the same time relieves the
people frCm the necessity of paying heavy
premium to the national banks on 1916 600 =
0.o of their issues which will take the place
of greenbacks, and ii is not a matter of sur
prise that gold and the national banks are
moving in concert to destroy their great rival
and regu ator, The prize they seek 10 win is
worthy of their best efforts.
1t is true that some of the weaker national
banks will break if their charter right to re-
deem their issues in legal-tender notes is ia
ken from them, but the sections of the coun-
try from which these petitions come have
strong banks that are backed by the couceu-
mercial cities, and the failure OF the weaker
banks elsewhere would only leave open to
them wider field, and a more perfect control
of finance and commerce.
| believe that to demonetize greenbacks now
would be as fatal to our prosperity as was the
decentralization of silver. | cannot under
stand why the destruction of the legal-tender
quality of $346OOO,O 900 of greenbacks would
not work serious mischief to our people as
would result from the decentralization of that
sum of silver coin. | cannot rid myself of
the conviction also that this measure is only
the first step in u movement that is designed
to re-estahlish gold as the only full legal-ten-
der coin, and national bank notes as the only
paper currency. The friends of these two
projects are always found together, and their
movements are in complete harmony.
The political significance of this movement
is calculated to excite the gravest apprehen-
sions of danger in some sections of the coun
try.
1t is more than intimated in the leading pa
pers that demand the characterization of the
legal-tender currency, that largely capitalized
toral votes, and unless those who strive to de-
fend the people against the power of mopCpo,
lies, and the power of privileged classes, will
agree to adopt their financial policy they will
been the friend of privilege and monopoly for
political control l fear that such coalition
will be too easily made.
1t appears that the. alternative is about to
be presented to us that we shall submit to the
power of centralized capital to control the
prosperity and industries of the people, or
the dominion of centralized political power to
control their privileges as citizens and their
rights as individuals What we shall do when
such an alternative is presented it is only for
me to conjecture. But | hope we shall still
stand by the people and still endeavor to pro-
fect their personal rights and liberties against
the encrOachments of monopoly and prvi-
lege, whether they are supported by the pow
eI of money or by the powers of domestic pO-
itical government. If we yield to this de-
rand, 1t may again reduce us 10 poverty and
sorrow and haunt our fresides with the gaunt
;pecter of starvation that lowered about them
when gold reigned supreme monarch in the
and and all industry was paralyZed.
L am not ready to suddenly dispense with |
my fiscal agency or any currency that has
been proven by experience to be valuable as [
'istance to the people in their patriotic effort
q hear the great burden of our public debt /
This debt still hangs over us and d mands an /
annual contribution of S8S,00o,000 from the
he people. This debt is as much part of the 1
war as if hostilities had not yet ceased Its /
shadow hangs, like the smoke of the battle 4
ield, over the entire cor TRY. If its origin was
n "A time of ext C nece sity and if its justi- |
ication SIS a legal tender is under the law of |
necessity, long that debt remains uE
paid the necessity that gave it origin and con- /
iIitutiOnal sanction remains to support ii /
Legal tender notes were both born of the ne /
essities of the times.
If this great sum that that pay for in /
crest annually contributed to the in I
,rease our wealth, would soon be- 4
,ome the richest people in the world. /
Even at the moderate rate of interest that we |
ire paying we will have expended in that way |
more than four times the sum of the entire !
lebt before we get it paid We are also pay
ng about $40OOOO00 per annum for the use of
1897 100000 of national hank curaency. of
his sum about Sl8 100000 are for interest on |
heir bonds deposited to secure the circulation
# the national banks, and he remainder is at
he low rate per cent. upon the loan of tn eir
ssues to the people. say a low rate, because /
believe that every dollar of national bank |
ssues cost the borrowers at least 10 per cent. t
Der annum. The sum of the loans by the ma
ional banks in 1873 1884 900 900, being /
more than twice the amount of their circula-
ion, and this sum could net have yielded less |
han per cent hy way of interest discount I
md exchange, With the national debt still /
o be paid, and with about one-third of our /
.ntire volume of money thus hampered with /
he price of extortiOnate interest, IL is not I'M /
natural or unjust that the people should be 1
ealous of all attempts to demonetize green
packs and silver money, which COST them
Iothing for interest whea il issues from the /
Government
We oannot keep gold in this country by leg
Station that relates only to its value as money. +
f we keep it here, it will be by maintaining
he balances of trade in our favor. As soon /
IS these balances of trade are against us our
ecent acquisitions of gold which We have
made, from the same cause, viii How away
rom us. The notes of the Bank of England |
md of the Imperial Bank of Germany do not
ome here to pay balances. Gold, and only T
,old, comes to pay the balances, If our only /
,aper money is to be the notes Of the national
Danks, not one dollar of them will ever go
broad to pay balances. Neither will United
Sta tes notes go abroad for this purpose But
when gold shall leave US, as sometimes il must
II the discharge of its functions in interna-
ional commerce, FIVE have a proper volume /
f legal-tender paper money, kept al par by |
he confidence of our people Il It's redemption /
II kold or silver coin, We shall not find our
paralt Ged by the absence of gold, /
nd can keep at work TO earn enough .
gain to change the balance of trade in our /
avOr.
Why, then, should we at this time strike I
own the legal-tender quality of the existing I
olume of greenback currency that the Su- /
IRENE Court has decided to be constitutional /
money! Whether that decision was right or l
wrong in principle it is an accomplished fact !
nd II is rashness now to attempt TO destroy |
t. If this policy must be adopted le, il take /
feet FIVE years hence, and LEI the people have
inc to prepare for this traction, as was
One with reference to resumption. 1t would /
e cruelty to force them into this strait at
his time and the first panic among the wild (
n our crops would remand the people TO the
niseries of 1873-lS7z. l would not now abol-
SIN the national banks, neither would cripple
be Ia IN their legitimate business; on the other /
and, / would not consent that our bonds /
hould never be paid in order to keep up a /
upply of capital for those bakits.
L would fully respect their charter rights |
until theiE charters expire, or until found 1
hat they were abusing them, was done by I
ONE great natiOnal railroad corporations /
nd then, we did with them, would control |
hem so that they should not disturb the gen 4
raj welfare.
l would, as as might be safe and just /
equire all banking TO he done on terms of
quality, and would abolish the monopoly /
hat enables the national banks TO draw inter
st en- the fund deposited with the Government +
= secure their circulation, while the holders I
f gold and silver are not permitted to bank /
Ipon it at all.
| would remove all taxation from the circu- |
alton of the national banks so as to cheaper /
he money to the people, They now pay this |
ak to the banks and they in turn pay il to
he Government. / was never in favor of q /
bank system, but that it is a useful /
nd safe fiscal agency through which the /
Government can issue money to the people /
must admit and that it has done GOOD service /