Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1882-02-09

and silver, and for the issue of gold
and silver certificates and legal tender
notes, to take the place of the notes of
the national banks as fast as their
charters expire. In addition to this it
should provide cheaper transportation,
and postofllce savings banks for the
people.
This will secure the best interests of
those who create the wealth of the ma.
tion by labor, and not solely of those
who absorb that wealth through class
legislation and especial privileges.
One reason why Mr.. Sherman is push
ing this 8 per cent bill is that s243-
100000 of the bonds now held by the
treasury to secure bank currency are
the 81 per cents and by paying these
off as rapidly as is now being done, the
banks are compelled to surrender their
circulation or pay high premium for
a per cent bonds to be held as their
legal reserve, and as security for these
notes.
The questions of currency and the
payment of the public debt are of vast
importance to the American people.
The future stability and prosperity of
our government depend greatly upon a
wise settlement Of these momentous
interests.
The American people will never al
low these subjects to rest quietly until
they are safely moOred to those sure
foundation principles of eternal truth
and justice on which our fathers placed
the constitution of the United States.
The constitution was designed to es-
tabllsh a government of the people for
the people, and make it a shield of
protection for the unsuspecting masses
of the people against those that are
Iesorting to all forms of art to obtain
property without labor. The trainers
Of the constitution would never have
recommended one kind of money for
the government, and another for the
people, ana another for the banks.
In settling these questions Of debt
and currency we should he governed
by the opinion of such strong cham
pion of democracy as Thomas Jeffer.
son, when, in his letter to Mr.. Epps, he
said:
Bank paper must be suppressed,
and the circulatin. medium must be
restored to the nation to whom it be-
longs. 1t is the only fund on which
they can rely for loans; it is the only
resource which can never fail them
and it is an abundant one for every
necessary purpose. Treasury bills, bot
toned on taxes, bearing or not bearing
interest, as may be found necessary,
thrown into circulation will take
the place Of so much gold or
silver, which last, when crowded, will
find an enlux into other countries, and
thus keep the quantum of medium al
its salutary level"
That great statesman and philosO-
pher, Benjamin Franklin, also, has
given lis valuable suggestion in ref
erence to our currency, when he said
"On the whole, no method has hith-
erto been found to establish a medium
of trade, equal in all its advantages to
bills OF credit, made a general legal
tender. Paper money, well founded,
has great advantages over gold and
silver, being light, and convenient for
handling in large sums, and not likely
to be reduced by demand for expOlta'
tiOn."
That lifelong Democrat and states
man, John c. Calhoun, while a member
of the United States senate, said
mo Ole can doubt but that the gov.
ernment credit is better than that of
any bank-more stable and more safe
Bank paper is cheap to those
who make it, but dear, very dear tC
those who use it. On the other hand
the credit of the government, while il
would greatly facilitate its financial
operations, would cost nothing, OF next
to nothing, both to it and the people
and would, of course, add nothing t
the cost of production, which woulC
give every branch of our industries
, agriculture, commerce, and manufac
lures, as far as its circulation might ex
tend, great advantages both at hOmt
and abroad; and | now undertake t
affirm, and without the least fear tina
| can be answered, that a paper ISSUED
by government, with the simple prom
ise to receive it for all its dues, leaving
its creditors to take it, or gold, or sill
yer, at their option would, to the ex
tent it could circulate, from perfec
paper circulation, which could not h,
abused by the government; that i
would be as uniform in value as tn,
metals themselves; and shall be abl
to prove that it is within the constitu
tion and powers of congress to us
such a paper in the management Of it
finances, according to the most rigiC
rule of costruing the constitution"
ThefollOwing is also from the pei
of Herbert Spencer, who is regarded a
one of the first writers and ables
thinkers of his age.
"England herself does not in realit,
base her currency on specie, nor coult
!. she without bringing all business to
y dead stop in very short time. Sh
just mixes enough of this specie basi
fiction in her finances to continually o
! ! periodically divesU the laboring classe
/, ,, of their earnings for the benefit of tn
nobility. But for the real basis of val
ue to her currency, she makes the note
of the Bank of England, as well as he
> coins, full legal tender for the pay
ment of debts, but not the notes of tn
other banks. From this we see tina
!, even in England specie basis is a mer
fiction, a false pretence."
l see that suggestions are being mad
g by the officers of the government, an
/ bills are being introduced which aim t
destroy the legal tenders or remov
q their legal tender quality. This coul
not be done except with the creates
hazard.
= Our government having been litera
/ ly compelled to issue and use legf
;. tender paper money in order to say
tha uation'S life has Inv its use causp