Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1883-04-05

The coinage acts fix its unit as
dollar, but the gold or silver thing W,
. call dollar is in no sense STANDARD
OF q dolar-it is representative Of it
These cases have been heard befor,
E n full court, and they had received ou
most careful consideration"
Hbca The american pcop'c come 4
E tMiY understand HC miHC NJ his 0piWO,
il wiH be rcgarlcd by them as secom il
Importance only 10 the DcclWatioR Of IN
dgpc,Wcacc.'
After reading this opinion, no intell
gent man will dispute the CORRECTNESS.
Of our position as TO the proper, anC
only authority, for issuing money; nol
challenge the right OF that power
under that decision, to create money
out Of any material 1t sees lit to select
3 Our party accept this decision as an
intelligent expression of its views on
that branch of the Green back or money
question.
In 1876, when the National Green.
back-Labor party was organized, fac.
tories were closed, business paraiyzed
skilled and unSkillrd labor was out OF
employment, highways were thcr
lhrongrd with tramps women and
children starving, merchants failing,
mortgages being forecloScl, and general
and almost universal distress prevailed
throughout the land
The many, who produce wealth,
were then poor and each succeeding
day growing poorer: the few who
lived on fixed incomes and produced
nothing the only ones then growing
rich. Have the people forgotten what
il was that produced these results?
Have they forgotten that 1t was solely
and entirely because about two billion
/ dollars Oi government securities, used
rs money when the war ended, were
converted into bonds. and sold in for
cign markets. placed in the Treasury,
As security for natOnal-bank circula-
ton, or lodged in the vaults Of corpo-
rations and individuals and held there
for the interest they paid, instead of
being used rs money, rs the original
obligations were before so converted.
Have the people forgotten the de-
mand they thcmS alves made, in 1877
1873. for the passage Of laws stopping
the further construction Of lcgal-tpnder
notes, and for remoncii2ing silver, and
that it was that demand and the rap
idly growing strength Of our then new
party representing these and kindred
questions which compelled the passage
of such laws.
Have they forgotten that it was these
laws which changed the policy of the
government from one of contraction
10 that OF expansion, and that it was
such change which gave to the country
the prosperity followed their passage.
Now our party holds that the govern
mrnt should keep the volume Of money
uniform with the requirements of bust
ness, on a cash basis, so that labor will
find constant andrcmuneratiyc employ
mcnt, and property fixed money
value
History and experience prove that
thi, cannot be brought about through
the use of bank currency, the accdon-
tai protection of mines, nor the cXrlu-
SivG use OF metal money which is liza
ble To increase or decrease in volume,
according to the balance of trade with
other countries, or from many other
eases with which neither our people
nor government have any interest.
There are now three kinds of paper
money in use: National bank notes,
coin certificates, and legal-tonder
notes.
As between bank and lcgal-tender
notes we shall content ourselves by
stating few facts, leaving the people
to decide the balance for themselves.
The average amount of national
bank notes in circulation during the
paNt twenty years have been about
S32j, 100000. The amount of interest
paid during that time on bonds dcpoSi-
ted rs security for such notes has
amounted to about Sl0O, 100000.
To illustrate more clearly n hundred
dollar national.bank note issued in .
1868, has now cost in interest of 6 per
cent government bonds, deposited for
its security, Sl2D, and each ten dollar
note, sixteen dollars since that time
Issued on 3-pcr cent bonds, the future .
cost OF these notes to the people will be
half these sums for II like period. On /.
the other hand no tax or burden what |
ever is imposed for the use OF legal |
tender notes possessing advantages
which cannot be given TO national-bank .
notes.
Coined money is rapidly going out of
use and coin certificates rs rapidly |
being substituted in its stead; this .
ncccSsitatcs large annual expenditures
to provide storcroom for coin. The alb
surdity for continuing such expenditures
must soon become apparent to all,
since legal-tender notes are exempt
from that burden and perform all the
duties money can perform.
We have shown by quoting from the
highest judicial authority
l. The right and power of the
general government to make legal
tender money out of any materal it
chooses 10 use for that purpose.
.. That the value of money does not
N'tiNloI III lIlt llllltllu lul USt' Ill llo HlUuU-
facture, but in the demand there is for
its use, and the paying power conferred
on it by law; and experience proves
3, That the people are rapidly and
willingly substituting paper money in
preference to any other for transacting
their business.
Arguing, therefore, from the con-
clusion that legal tender paper money
will soon become the universally ac-
cepted money of this country, the ques-
tions which follow are: How shall it be
put in circulation? and how can its
volume be regulated for the best inter-
est of the people?
This brings us to the third and last
word in the name of our party,
LABOR.
This word as applied to our name is
not confined to any class or calling.
1t recognizes labor rs the source of all
wealth, and all no produce wealth, or
add to the prosperity and happiness of
wealth-producers as laborers. Unjust
or unwise laws divide citizens of the
same government into classes. Such
laws in this country have created an
intaXed and idle class here. II does
not follow, however, that others should
he given privileges not granted to all.
Our party demands the passage of just
and wise laws which will place all on
nm ppunlitv hoinra tha loNv ,