The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1881-02-10

Readers in search of enlightenment on
the above questions are advised to turn
to our first page and read the able
speech of Mr. Chalmers. He stated the
reasons for his vote in favor of the fund
ing bill as it passed the House, and they
cannot be otherwise than acceptable TO
those who are opposed to perpetuating
the public debt, and wish it paid as
as speedily as possible according to the
contract between the bondholders and
the government Said Mr.. C:
The option of the Government to pay the
debt is retained and the danger of its per
petuation therefore removed. The new
bonds and certificates are to be issued upon
precisely the same terms as the bonds now
outstanding and the right to pay In silver
thereby preserved. Again, full provision
is made for the use of the surplus coin IN
the Treasury in payment OF the bonded
debt, though this is not made as mandatory
as l would have preferred II TO be and tins
regard as a very important step IN the
right direction. But the new feature of the
bill introduced by what Is known as Mr..
Carlisle's amendment is the one that CONS
mends 1t most to my approval.
The effect of the last feature is TO
impose a wholesome restraint upon the
National Banks, and preventing their
contracting the currency and specializing
at the expense of the country.
The doctrine of the Democratic par
ty, as preached and practised by its
founders, on the question of the divorce
of the government from banking corpo-
rations, and the issuance of treasury
notes, is clearly set forth; and the fol-
lowing points are presented and argued
with ability;
The great questions which are now troub
ling the minds of men, and upon which
parties will soon be compelled to divide,
are:
l. Shall we have silver or a gold stand
ard of value?
2 Shall the paper money of the country
be furnished by the United States Govern
ment or by national banks?
Upon the first question | do not care to
say more than have. | do not think any
sane man will say the old Democratic faith
ers did not favor the silver dollar of 4I24
grains.
DuI men III nlSn pldceS nave dSSeTleu Indt
in order to return to the old Democratic
faith we must advocate coinage by the
Government of metallic 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 ques-
ton is to turn to the record and sec what
the Democratic fathers have said and prac-
ticed.
Mr.. Gallatin was Secretary of the Trea-
sury from 1901 to 1913. He declared that
Treasury notes were as good as coin, and
appealed to Congress for power to issue
them in small denominations. (See his
reports, volume l, pages 469-489 and 503.) !
Mr.. Campbell succeeded Mr.. Gallatin in the
Treasury, and, in accordance with recOm~
mendations from him and Mr.. Jefferson, |
SO, 100000 in Treasury notes were issued
in 1913.
Mr. Jefferson was clear and emphatic in /
his declarations as to the power and duty of
the Government to issue Treasury notes, |
and equally emphatic against what he called |
"the useless, usurious, and demoralizing |
practices of bank directors and their ac- |
and we call special attention !
to this declaration of his. Bank paper |
must be suppressed and the circulating
medium must be restored to the Govern
ment, where it belongs"
Butit is unnecessary to recapitulate
the points and reasoning of Mr.. Chal- /
mers. His speech will repay careful