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


hundred thousand dollars-remained in cir
culation after that period, and continued to
circulate for more than twenty years at par
with gold and silver during the whole time
with no other advantage than being received
in the revenue of the State, which was much
less than 100000 per annum.
No one can doubt but that the Govern
ment credit is better than that of any bank
NOSE reliable, more safe Why, then,
should it mix it up with the less perfect
credit of those institutions Why not use
its own credit to the amount ofits own trans
actions? Why should it not be safe in its
own hands while it shall be considered safe
| in the hands of eight hundred private insti-
tutions scattered all over the country, and
which have no other object but their own
private profit to increase which they ex~
| tend their business to the most dangerous
extremes. And why should the community
be compelled to give per cent. discount for
the government credit, blended with that of
the bank, when the superior credit of the
Government could be furnished separately
without discount, to the mutual advantage
of the Government and the community?
But whatever may be the amount that
can be circulated, l hold it clear that to that
amount it would be as stable in value as
gold and silver ITSELF provided the Govern
ment be bound to receive it exclusively with
those metals in all its dues and that it be
left perfectly optional with those who have
claims on the Government to receive it or
not.-Appendix to Congressional Globe. first
session, Twenty-ffth Congress, page Sc, |
1887.
Again l quote from Mr.. Calhoun
We are told the form l suggested is but |
repetition of the cold continental money "
ghost that is ever conjured up by all who
wish to give the banks an exclusive monop-
oily of Government credit. The assertion is
not true there is not the least analogy be-
tween them. The one Is promise to pay
when there is no revenue, and the other
promise to receive in the dues of the Gov
eminent when there is abundant revenue
We are told that that there is no instance
of government paper that did not depre-
ciate. In reply, | affirm that there is none
assuming the form propose, that ever did
depreciate. Whenever paper receivable
in dues of the Government, had anything like
a fair trial, it has succeeded. The drafts of
the Treasury at this moment, with all their
are nearly at par with gold
and silver. The case of Russia might
also be mentioned. In 1927 she had fixed
paper circulation in the form of bank notes,
but which were inconvertible, of upward of
one hundred and twenty million dollars, es-
timated in the metallic ruble, and which had
for years remained, without fuctuation,
having nothing to sustain it but that it was
received in dues of the government, and
that, too, with a revenue of only about nine
ty million dollars annually. | speak on the
authority of a respectable traveller Other
instances doubt might be added, but it
needs no such support.
1t has another and striking advantage
aver bank circulation, in its superior cheap
less as well as greater stability and safety.
Bank paper is cheap to those who make it,
)ut dear, very dear, to those who use it
ully as much as gold and silver. 1t is the
title cost of its manufacture and the dear
ates at which it is furnished to the com
nunity which gives the great profit to those
Who have monopoly of the article. Some
dea may be formed of the profit by the
plendidid palaces which see under
he name of banking houses and the vast for
unes which have been accumulated in this
ranch of business, all of which must ulti-
lately be derived from the productive pow.
RS of tine community, and of course adds 50
luch to the cost of production. On the 9TH
r hand, the credit of Government, while it
'ould greatly facilitate its financial operas
ons, would cost nothing, or next to moths
lg, bOtn ID it and to the people, and Of
purse would add nothing to the cost of pro-
uction, which would give to every branch A,
industry, agriculture, commerce, and man III
features, as far as circulation might extend, n
9th at home and abroad. III
Quotation from Mr.. Calhoun, IN 1888 cls
1 now undertake to affirm positively, and
thOut the least fear that | can b. answer En-
/, what heretofore / have but suggested. ~
lat paper issued by Government with
lie simple promise to receive in all dues,
,aving its creditors to take it gold and
liver, at their option would, to the extent
which it would circulate, form perfect
aper circulation, which could not be abused
y the Government, that would be as steady tel
nd uniform in value as the metals them me
Elves l shall not go into the discussion I'M
ow, but on a suitable occasion | shall be on
Die TO make good every word have uttered. IN
will be able to do more TO prove that it re
within the constitutional power OF CON tn
-ess to use such paper in the management ms
its finances according to the most rigid say
lie of constituting the Constitution and me
lose at least who think that Congress can be
Ithorize the notes of private corporations an
, be received in the public dues are es tea
'pped from denying its right to receive its be
1n paper. Tor
Let those who talk about returning to the w
d Democratic doctrine study what the an
fathers taught. As Mr. Cal 1el
Oun says, paper currency is indispensable u
commercial transactions" and the simple III
uestion now is, who shall furnish that pa
er money? No prudent man desires to re- IL:
i'm to the system of wildcat banks. The "a
aper money must be national in character, a.
nd it must be issued either by the Govern olo
tent itself or by national banks. To show iO'
lat no Democrat can advocate its issuance ="
Y national banks | cite the following from -
homas II. Benton, who was for thirty years -, "a
leader in the Democratic party w
OPINION OF t. H. BENTON. a.
The Government ought not to delegate col
lis power if it could. It was too great am
over to lac trusted to any banking compa- ha
sl1ofA 10 fbnF hnf hn 81,
ighest and most responsible which was the
nown to our form of government. eli
The Government itself ceases to be indie the
sndent, it ceases to be safe, when the ma Sal
onal currency is at the will of company. oh.
he Government can undertake no great it
lterPrise, neither of war nor peace, without of
le consent and cooperation of that compa it
y it cannot count its revenues for six sal
onths ahead without referring TO the ac- | a
on of that company-its friendship or its | er
unity, its concurrence or oppositiOn-to cat
e how far that company will permit mon for
to be scarce or to be plenty; how far it tina
i'll let the money go on regularly or throw
into disorder; how far il will suit the in
rest or policy of that company to create a {
npest suffer a calm in the moneyed lett
can. The people are not safe when such for
mpany has such power. The temptation wit
too great, the opportunity too easy, to put VIII
and down prices to make and break for had
mes " OilnS INC NHoie Quinn uuity upon TIVE
knees to the Neptunes who preside over sbi1
e lux ana renux OF paper All property Loo
at their mercy The price OF real estate, JEFF
every growing crop, ofeyery staple article wa.
the market, is at their command. Stocks due
e their play things, their gambling theater, s
which they gamble daily with as little and
,recy and little morality, and far more har
schief to fortunes, than common gamblers bro
try on thelr operations. pell
These were the doctrines of our Democrat | d.
fathers, and the sooner we return to them you
e better for US. Banks, fundmongers, and star
operations have no sympathy with the pow
smOcracY. and when their MANAGERS DPo. susl