Louisiana capitolian., 1880-07-22

|
tiVn:
''Tllc intricacy Of tho question has
becn D'nch increased by the hitherto me-
ccssxry use Of marketable commodities,
such ar gold, silver, salt, shells, etc., to
givo intrinsic value and security ~ cur
rcncy; Int the Rual and lwst definition
Of money is, that IL Is q documentary
promise, ratified ami guaranteed by the
milton TO give or md u certain quantity
Of labor, or thu results Of labor"
FrnMkiiM snid:
Cold and silver ure not Of iut,insi.
cally Of equal value with iron. Their
value rests chiefly in the estimation they
hupren to In In N,nong tho generality II
nations. Any other we'll fonmlel credit
III as much M equivalent M gohl OF sil-
yer. Paper money, well founded, has
great advantage over gold and silver,
being light and convenient for handling
large sums, and not likely to have its
volume reduced by demands for cxwr-
tation. On the Mho'e, NO method has kith-
esto bee" formed Ia c.iablisk medium Of
trade rqwa' in a'' iis adrartogc. 10 bi''s of
cret'it n'"de u ge~er"t iegai 'e"der.
| Calhoun said:
"NO one can doubt but that the Gov
er''l!,cMt credit Ia better than that Of any
hnnk--Inore stable and more safr. Z" y \
Bank paper is cheap to those who make
It bnt dear, very dear, to those who use
it. On tho other hand, tho credit of the
Government, while It would grcatly fa-
cilttatc it's financial operations, would
cost nothing or next to nothing both to
it and the people; and wOMlil Of course,
add nothing to tho cost Of production,
which would give every branch Of our
Industries, agriculture, commerce and
manufactures, as far IN it's circulation
might cxtenl--Srcat advantages both a.
home and abroad: And now un-
dcrtake to affirm, and without the least
fear that can bc answered, that q VA
per issued by the Government, with the
simple promise ~ receive IL for It's dues,
leaving it's creditors to take it, or gold
or silver, ut their option, would to the
extent u could circulate, form a perfect
paper circulation which could not M
abused hy the Government; that 1t
would be rs uniform, IN value as the me-
tails themselves; aud I shall bc able To
provo that Il IL within tho Constitution,
and powers Of Congress to issue such pa-
por in tho management Uf its finances, ac-
coisling to tho mostrigid rule Of constru-
ing tho COl,etitutiVn.
Jefferson, also said in 1873:
Tho States should ',c applied to, to
transfer tho riykt of isamiwg circwlat;ng
paper 10 CoWgress cse'wrirely, in prfpctuu,n
IL possible: Bank parer must bo
suppressed, and the issuc of tho ciryu-
iating medium restored to the Nation, to
whom it belongs Treasury bills bot
toned on taxes, bearing interest, or not
bearing interest, thrown into circulation
will take the place Of 40 much gold and
silver; # \ Let banks continue, If
they please, bnt let them discount for
cash, [coin] alone, or for treasury notes.
III regard to Your reference topnymcnt
ofthc entire national debt in Gre.nl,nclr.
| refer you to our platform, to show you
that We arc not proposing such n meas
urc, while many Of us believe it would
be cxpc'licnt to do SO; yet VIC do claim
that tho vast Sums boarded in tho y. $.
Treasury amounting to near 5000, ,0OO,-
ooo, should be used in the payment of
80 much of the bonds falling due.
Your comparison Us to Peru falls Nat,
without force In argument, as we are
not to be compared to Peru in point of
resources, or evon financial policy. Peru
has issued promises 10 p"y coin to such an
extent that it is we'll known she cannot
(for perhaps - few ccnt'mics) fulfill the
promise, even il she have the peace and
prosperity. We propose no such things.
W. have ample resources, u magnificent
credit, and u governmental revenue of
about S2oo, 900, ,ooo annually; and in it,
sning II reasonable amount of treasury
notes, based upon this revenue, We know
they would bc more secure than bank
paper, which latter under our present
system is endorsed by the government
while issue'lby corporations, which con-
troll its volume.
In conclusion, would say, | have
offered few reasons why we cannot
work for our reforms inside Of your
party. There are many more that time
will not permit mentioned You have
proposed, through Mr.. Bayanl, in the
last Congress, to retire the $50, 100000
of grccnbacks yet in circulation, thus
leaving the way open t" supplant it
with bank money; and through MIR.
Fernando Wood to refund the $7sO,NO,.
900 Of the bonds SOON to mature. We
oppose both these measures. Your plat
form is evidently not in favor Of assail-
ing the National Bank system, and does
not favor governmental control Of issue
ofpapcr money. The money power is
controlling tho party machinery Of your
party, as Of the Republican party to such
an extent as to stitlc the voice Of the