Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1881-01-22
A TALK ABOUT FINANCE.

ing persons in this country who thlnk
that congress can legislate prosperity.
To very limited extent this may be
true. 1t is very doubtful, however, if 1t
is true. at all, except in regard to such
legislation as removes restrictions Pla"-
cd by unwise laws upon the natural
laws of finance and trade, for there can
be no sort OF doubt that congress can, by
discriminating legislation. injure every
material interest in the land. If every
body wsuld read the constitution for
themselves instead of listening to blat-
ant dsmagoeues, it would be more gen.
orally understood that the foundation
principle OF the financial question in
this country is. that nothing is money
but csined geld and silver.
With this maxim, which is part OF the
fundamental law of the land. we'll
grounded IN the minds of the people,
the questions Of money. and currency.
tive very different things. might be in
tslligently discussed.
1t may be. and is, advanced, that the
supreme court OF the United States has
snee decided greenbacks 60 be legal
tender. This was done BY court pack
ed for tho purpose, snd then by i've
to four decision, sad the question Of the
extraordinary powers OF the government
during times OF war, when its very ex-
istence was at stake. entered very large
ly, even then, into the reasoning OF the
five. There is no more doubt than that
the sun lightsup the earth at high noon,
that II the question were again submit.
ted to the court, in times OF peace, that
the legal tender feature of new issue
OF grssnbaoks would be declared un-
constitutional. We are told by fiat
money advocates that we have no right
to make this assertion; that as the
seurt has once decided the matter, SO
stands the law, and by its settled con-
straction we must stand. 1t might
be very comfortable to adopt this reas-
oning. II. whenever stringent times
came We could. by the use OF prin ting
press. make money plentiful, it would
be happy thing. There is no doubt
that the printing can be done. but there
are very grave doubts that the fiat of
the government, no matter how impress.
sively stamped upon the paper. can
force people to give fer 1t their corn,
wine and oil. ia.t -s ..-1
This fact, and the status of public and
legal thought upon the subject, are fac
tors which should be weighed by every
thoughtful man, whom considering it.
The fiat money nonsense is SO dead that
it seems hardly worth ones while to
allude to it in writing st money, but as
its advocates still insist upon thrusting
1t into nstics, we suppose it must be
mentioned.
Tho history Of the financial legisla-
ton OF the country IS briefly this The
country was at war, money had to be
raised. Bonds were ssld, many OF them
at rulnously low prices. This did not
bring in funds fast enough. so green
backs were issued, small sum at first
made redeemable by being legal tender
to the government, but the bulk Of them
being irrsdssmable, though made, as
we hold uuoonstitutienally, legal ten
der between individuals. Against this
the democracy protested, but unsvail-
ingiy. The next step was the "act to
strengthen the public credit" which
made debt payable by the contract in
greenbacks, payable in gold. This meas
ure added something like $500, ,0O0, 600
to the burdens OF the people. and was
strongly resisted by the democratic par
ty, as unfair. unjust. and unnecessary.
The next step was the surreptitieus
demonetization OF silver. This the dem
ocrats have remedied by re-monstizing
it, but, the government still, by dis
ordinations against it. manages to dis
credit it. The resumption act adopted
by the republicans provided for the
withdrawal of the gresnback circulation.
This provision a democratic congress
repealed, because the country at the
time was not ready for it. and because
nothing had been substituted tor the le-
gal tender notes. In the beginning OF
the financial Legislation here briefly
reviewed the national banks were es-
tablishsd. ...
We do not desire to extend this arti-
sle by considering the debt in detail.
We merely wish to call attention to two
features Of the financial situation.
The first in importance, as 1t bears
upon all the ethers,is the national bank.
ing system. There are few subjects
upon which mere trash Is written. BY
a certain sort of sephistry which comes
under all the rules OF lsgic II 10 easy to
prove that one stands ON the opposite
bank Of the river, that black is white
and that the moon is made o
green cheese. While the national deb
exists. at its present dimension, or any
thing like it, and present laws are in
isrss it is by this kind OF reasoning thai
1t is made to appear that the natlona
banks are charge upsn the fedora
treasury. The truth is that there ls nc
valid. economic objection to the nation
al banks, while the debt lasts. The
true objection is political one. Thei
concentrated power is partisan, venal
and sorrupting, and IS dangerous to tn,
liberties of the people. 1t can never b,
shaken of except by political revslu
ton. More. it is based upon the ide
that perpetual debt is a perpetua
blessing. which In our estimation is
most pernicious doctrine. We think i
the part OF wisdom to throttle this mon
ster. Not by dIsrsgarding law, O
violating chartered rights, (nationa
. banks are chartered for twenty wear
from their orgsnization), but by substl
& tutinp matbiuv "a rood or f.r g, a. :,