The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1879-12-03
VOLUME XIII.
non. II. ID. Moneys Views on tho
FINANCIAL Question.

q II.
Yazoo Flag.
This gentleman, who represent. our dis.
tflct In Congress, spoke at the Court Hou.e
III GREENWOOD last Monday to an INTELLIGENT
ana good-slzed audience, including nun
Der of ladies. . - ~
we have not space to follow Mr.. Money.
even synoptically, his speech itself consisting
grouping OF thoughts suggestive Of
substance for half dozen speeches. Mr..
money SAID II existing parties were named
aCc"IulHg 70 the tenets of their faith as ex-
/ emPhned by their acts and utterances upon
financial questions the Republican party
ne would call National Bank party; the
democratic party he would call a Green
Dack party, and the National Greeuback
party he would call a Fiat Money party.
In dealing with these issues he did not
intend to walk in the wake Of other Demo-
cratic speakers, nor TO stand upon any local
platform. There WAS no lack Of money in
the United States those who thought
scarcity of money was the cause Of business
depression were mistaken a to the cause,
and being mistaken as TO the cause, it was
natural they should be mistaken as 10 the
remedy. He then proceeded to show the
imposslbillty OF estimating the amount Of
money required to transact the business of
country. No one could say that in an
agricultural country, like this, where settle
ments were made but once a year, and then
largely n-trade and barter, a. much money
was required rs in 4 manufacturing country
where wages must be paid up every Satur-
day night.
Mr.. Money then went on to state that in
the era Of the nations greatest prosperity
there was only $ll.6I per capita in circulaa
ton, and the highest point ever reached
before the war was 1920 per capita;
whereas, estimating greenbacks, national
bank currency, gold and silver coin-incluS
ding products Of the mines and importa-
tions-we now have S25 per capita, or more
than twice as much as in the time Of our
greatest prosperity before the war. Our
greatest financial and business prostTations
had occurred at times when there was the
largest amount of circulating medium in
the country. lie did not contend that this
was the cause Of the depression, but the
fact was sufficient to show that the depres~
sion was not the result of scarcity of money.
Speaking Of the present status of the
country, he said, citizens Of the United
States had within four months loaned seven
hundred millions of dollars, and there had
not been day that n man could not get las
many millions as he wanted ut four per
cent, but he had to give the proper security.
The cause of scarcity of money here, and
the high rate of interest, was the lack Of
confidence. The trouble has never been for
lack of money, but owing to lack of security
In hard times capital hunts security in
good times it hunts interest. In the history
of the past hard times had never lasted over
seven years. We have now had seven years
Of hard times, and good times are coming
The wheat crop alone of the country brought
four hundred and four millions of dollars
this year,
We are having already that return of con-
fidence that is to bring about good times.
In four years the balance of trade in our
favor had increased from nineteen millions
to two hundred and ffty-seven millions of
dollars, and it would continue to increase,
and we would enter upon an era of unex-
ampled prosperity.
Abiding to the colored people going to
Kansas. he said so far as he was concerned
he hoped they would goat least all who
wanted to-but when they had their pocket
full Of money, and were able to go, they did
not want to 90.
In response to a question, he denounced
Republican legislation in the interest of
bondholders and capitalists He thought
the government bonds ought to have been
taxed but the law now provided they
should not be. The Supreme Court, and
every one who knew anything about law,
would say that the proposition to tax the
bonds was illegal. Honesty and sound pol
ICY alike uCllduutu com lliduCt WIN IIS
law and observance of the sanctity OF con-
tracts.
Fiat money was too absurd to talk about,
but as it had deluded many thousands he
would refer to it. 1t was the aggregate of
human labor required to produce it that
gave value to everything. A dollar in
gold, or silver, was worth dollar because,
i'll the aggregate it took dollars worth OF
labor to dig it from the mines, or the same
i 4
dollars worth of wheat, of corn or OF cotton
National bank and greenback currency was
valuable because redeemable in something
that cost n corresponding amount in human
labor Fiat money was unlimited IN quanl-
tv. redeemable nowhere and in nothing,
and therefore valuless. 1t was as easy to
print thousand, or a million dollar bill
as n one dollar BILL and the one cost no more
than the other.
Mr.. Money here exhibited thousand
dollar bill of the form proposed for fiat
money. signed by Brick" Pomeroy, and
B. f. Butler (the "Beast'') leading advo-
Gates of the fiat money proposition. Read
ing the inscription he proceeded with the
drJUrne7tunl dd absurduaa until that which
at first looked like a large and handsome
bank note dwindled into a very insignifi-
cant looking little piece of ink-besmered
paper.
The Republican party, he said, cared
nothing for the Constitution of the United
States, except the three clauses they made
themselves, and them only for the purpose
of their own party aggrandization. The
Democratic party was national organiza-
ton that had for its object the defense of
the Constitution. After some further COM
ments on Democratic policy, Mr.. Money
closed with few complimentary remarks
of the ladies, and thanking those present
for their ATTENDANCE.