The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1880-03-03
LITTER FROM HON. ]. R. CHALMERS.
WHAT - DEMOCRACY AND WHO ARE
THE DEMOCRATS!
wAsn1soroy. D. C.. Feb. IA, 1850


Congress during the present session, | will,
with your permission, from time to me, as l
have leisure, express my views on this subject
through Tar CLARIoS-
II is scarcely necessary to do more than
assert that he Democratic party was always
opposed 10 balk paper. and that every lead
ing Democrat Of the olden times struggled 70
divorce the government from the banks aud
90 prevent bank paper from being received
for government dues. While others were de
uauuciug the connection between the govern
ueuta and banks. Mr.. Calhoun more calmly
sail: "a bank note circulates not merely on
the craIitof the Institution by which it Is
Is-usd. but because tue government receives
t isEe gold and silver il all its dues, and
taas adds It's own credit TO that Of the bank
J. 5u fact virtually endorses on the note Of
every specie paying bank, receivable by
government Ira its dues .-p. 90, vol. CAL
E.uu Works
Aud here call attention 10 the same en-
I1r-emeut which the government now makes
on national bank notes. Mr. Calhoun said 3.
why should the government miugle its
credit with that Of private corporations Why
not asc It's own credit 70 the extent Of its own
transactions p. -. 81 vol
And after depicting the pernicious influence
Of tai- connection, he says. "All Of which
must continue to spread and increase if this
connection should continue until the whole
community must become one contaminated
auI corrupted mass, page -, volume 3. "The
war then commenced against the banks /
y .ariy see win not term nate, unless there De
a separation between them and the govern
ment. until one or the other trump hs-till the
government becomes rhe bank or the bank the
government Page - vol. g.
The same question is now again before the
American people. The war reunited the gov
eminent and the National Banks, and the
question came up shall the government fur
zisu the currency Of the country 5y issuing
IFS treasury notes bearing no interest or snail
it endorse the paper Of National Banks and
permit them TO furnish the currency with
power Of course to contract or xpand the cur
reucy a- the interest of the bank may require.
shall use as few words Of my own as possible
in tai- letter and use the language Of Mr..
Calhoun as far a- possible He says Of the
banks. They were profting every way, by
drawing interest on the stock (stock is the
same as government bouds) by discounting it
rs capital aud by its continued rise in the
market. ] became necessary to compel them
ts surrender these advantages, page g. vol.
g. -The banking system concentrates and
places thc power in the hands or those who
control 70 and its force increases just in pro
portion as DO dispensez with metallic basis.
Never was un engine invented better calcula-
tel 20 place the destiny of the many in the
hands of the few, or less favorable to that
equality and independence which lie at the
bottom OF our free Institutions Page rs.
vol 3.
-.Ne are BY the Constitution made the guar
dian of .he money of the country. For this
the {. gb. Of coming and regulating the value
of coins was given. and we have no ri ght what
ever tO receive or treat anything as money,
abe y5lu, of which We have no right 10 regu-
late. VIVA, right has Congress to receive the
notes of State Banks rs money! land | would
add of National Banks eithcrl p. ll9, vol.
sBluk paper is cheap 70 those who make it,
but dear very dear to those who use it, J.
l23 81 vol.
This 1 deem sufficient to show that no Demo,
crat can advocate National Bank, and il
striking ont the legal tender features Of green
backs already issued will necessarily make
the bank notes better than greenbacks, and
hence give TO the National Banks the power
no Democrat can maintain such position.
And VET John sherman, when crosse &ami ned
Hv senator Beck before the Senate Committee
recently. admitted that this would be the effect
of such legislation as ne had recommended.
bur Do is said the Democracy denied the power
SO issue the grceEbacks as legal tender, and
hei.ce IL is not democratic to suffer their re-
ISSUE COW
The Supreme Court of the United statez, and
raauv ; ute Courts have declared them consti-
Juti1nal Many acts of Congress, for which the
large majority e Democrats have voted have
prkncw edged the circulation and Reissue OF
.-recnItck as constitutional. The Democracy
IS % law abiding party, and we hH-e the eN
ample of Mr.. Calhoun for making the best We
can out of existing facts Speaking Of L. ;
Banks. he said It belong to the State Rights
PARTY which at all times from the beginning
of Tie Government to this day, has been oppo-
-el te such an institution a unconstitutional,
5ucXpciicHt end dangerous. They have ever
dreaded the union OF political ana monted
power and the central action of the govern
rssut to which IL so strongly tends and at all
times have strenuously resisted their junction.
1imc aul experience have confirmed the truth
~ their buaciples and this above all other
periods is the one at which it would be most
dangerous 10 depart tIom them Acting on
EheH have never given Lay countenauce or
support to 3 National bank but under com
ysul-ian which | felt To be imperious and
never without sH open declaration of my opln-
sou las uutAvorabie - bank.
50uud the connection IN existence ana estao-
iIShei before my time and over AZ could have
c0aryUt. ] yielded 10 the necessity II or
der 10 correct 5lle disordcred state of the cur
rencv. which had fsllen exclusively under
Che control Of the States. yielded to what L
could not reverse, Just as any u,ea, her OF the
Senate now would. who might believe that
Louisiana was upcoustitutiOually admitted
into the Union but who would nevertheless feel
compelled to vote to extend the laws 10 that
state, p. IS, vol ..
We who returned to the Union found the
creenbacks mere and declared by the Courts 10
be constitutional They are 4 part of the war
debt and a part which bear no interest. We
see nothing un-derHoeratic in postponing the
payment OF nou-intereSt bearing DEBT untll
all oar Interest bearing debt Is pad. " hen
the interest bearing debt or bonds afe Fald,
there will be basis for National BANK notes,
and then it Will he tip1e enough to determin ne
whether the greenbaek notes shall be abolish
ed or not We then should as soon as possible,
and perhaps viii, return TO the law OF 1910,
receiving Tor government dues nothing out
gold silver aGd treasury notes. have not
time now to cite the statutes, but you Will ma
that ia 1887, the Democrats issued ten millions
of treasury notes, in time of peace, 10 relleve
the financial distress OF the countFy, ana III
1857 issued twenty millions for the same FGr-
pose. In fact, from 1897 to 1861, long period
of Democratic administration, there never
was time when Treasury nOteS were not out
standing, and received into the Treasury,
equally with gold and silver in payment of
government dues. But they were not legal
tenders Mr.. Calhoun sustains ths issuance
OF treasury notes, anu tue Nauohal Nreeh
hackers quote isolated expressions of his TO
show that he favored forced legal tender pa
per, sseh rs greenbacks now are. This Is
plausible but not true.
After referring to the suspension of the
Baa * of England, and the law making Bank
of Engls nd notes legal tender, he speaks OF
the suspension of the U. S. Bank aud says dis
tinctly: I'VE could resort to no legal teRder
act p. 10 l.3. After detailing his plan
for CT eul9tion of treasury notes. he says: 1t
could only De issued to those who had claims
on the government and to those only with
their CONSENT. S5, vol. 3. Again, and to
ment of an enormous debt at one tiAae in pa
per, he says: ut follows that government
may safely contract debt, many times the
amount OF its aggregate circulation, but If II
were 10 attempt to put its PrOmissory notes
into circulation in amount equal to its debt,
an explosion of the currency would be iReyl-
t2ble''-p. s., vol. 3. Again, nothing but ex-
perienee can determine what amount and OF