The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1880-02-18
LETTER FROM Hon. ]. r. CHALMERS.
What Is Democracy and Who Are
Democrats 2
wAsn1xcrov, D. G., February 6, 1880.

! WASHINGTON, D. c., February g. 1880.
EDITORS CLARIoN-The Mobile Register is
| edited by gentleman who has, imagines
he has, cause of grievance against me,
growing out of our disagreements during the
war and never fails to abuse me in his paper
| when he has decent excuse. He recently as
! sailed me for my position on the silver dollar
question, and this lead to a reply from a
Democratic friend of mine, headed Nv hat is
| Democracy, and Who are the Democrats? %
This is most pertinent inquiry now, not
| only in regard to the silver question, but also
upon the question of paper money 10 be used
in the transaction Of financial and commercial
affairs
By paper money l do not mean forced
legal-tender, but Treasury notes, which shall
be receivable for all public dues, and which in
dividuals can take or not, as they see proper,
for their individual debts.
The great questions which are now troubling
the minds of men, and upon which parties
viii soon be compelled to divide, are:
l. Shall we have silver or gold standard
of value?
.. Shall the paper money of the country be
furnished the United States Government or
by National Banks?
Upon the first question do not care to say
more than I have. l do not think any
man will say the old Democratic fathers did
not favor the silver dollar of 4l217 grains.
But men in high places have asserted that
in order to return to the old Democratic faith
we must advocate coinage by the govern
ment of m >talic money alone, and we must
look to bank corporations for paper money
necessary for the business of the country. The
best way to settle this question is to turn to
the record and see what the Democratic ia
theirs have said and practised.
Mr. Gallatin was Secretary of the Treasury
from 1901 to 1913. He declared that Treasury
notes were as good coin, and appealed to
Congress for power to issue them in small
denominations. (See his reports, vol, 1. p.
469-S9 and sos. Mr.. Campbell succeeded Mr..
Gallatin in the Treasury, and in accordance
With recommendations from him and Mr.. JEFF
ferson, $25,000,000 in Treasury notes were
issued in 1873
Mr.. Jefferson was clear and emphatic in his
declarations to tbs power and duty of the
government TO issue Treasury notes, and
equally emphatic agsinst what he called ''the
useless, usurious and demoralizing practices
of bank directors and their acoomplices,' and
call especial attention to this declaration
of his. Bank paper must be suppressed and
the circulating medium must be restored to
the government where it belongs. 1t is the
only fund which they can rely for loans;
it is the only recourse which can never fail
them, and it is an abundant one for every
purpose" But give his opinions at length
on this subject:
OPINIONS OF THOMAS JEFFERSON IN 1913. HIS
LETTERS TO JOHN W. EBPs-LETTER JUNE n
1Sl3-{JEFFERsoNs WORKS, L. VI, PIP.
40, Al
"And so the nation may continue TO issue its
bills as far as its wants require, and the limits
of the circulation viii admit. Those limits are
understood to extend with us at preseni to two
hundred millions of dollars, greater sum than
would be necessary for any war. But this,
the only resource which the government could
command with certainty, the States have ur-
fortunately fooled away. may, corruptly alien
ated to swindlers and shaYers, under the COW
al evil, that the disposal funds of individuals
to this great amount, have thus been Withdrawn
from improvement and useful enterprise; and
employed in the useless, usurious and demor-
alizIng practices of bank directors and their
aeeomplices- In the of 1865, our State
availed itself of this fund by issuing paper
money bottomed on q specific tax for It's re-
denption, and to insure its credit. bearing an
interest of per cent. Within very short
time, not bill of this emission was to be
found in circulation. 1t was locked up in the |
chests Of executors, guardians, widows farm |
ers, sc. We then issued bills, bottomed on |
redeeming tar, but bearing no interest. These |
we're readily received and never deprecated |
single faF1hing. In the Revolutionary war, /
the old Congress and the States issued bills |
WifhDus interest and without tar. They oceu- l