Nevada County picayune., 1885-10-15

SlSj that all Dank notes, to De Saf6 must be convertible into gold and silver at the will of the hold
 er.' Again upon tie same sub- ject he says: "Sucb a currency is not paper in it's odious sense. It is not like the Continental paper of Revolutionary times. On the contrary it is the representative of gold and silver and convertible in. to gold and silver on demand, and therefore answers the purpose of gold and silver, and 80 long as it's credit is in this way sustained, 1t Is the cheapest, the best; and the most convenient circulating medi um." Continuing he says: II have already endeavOred to warn the country against irredeemable pa per; against the miserable, abomi. nable, and fraudulent policy which attempts to give value to any pa- per of any bank, one single mo. ment longer than such paper is te: deemable on demand in gold and sil yer" In appealing for sound cur rency says: "He who tampers with the currency robs labor ofits bread He panders indeed to greedy capi' tai, which IS keen-s ghted, and may shift for itself; but he beggared Is. bor which is honest, insuspecting; and too busy with the present to calculate for the future. The prOs- perity of the working.classes lives, moves and has it's being in estab. lished credit and a steady me- dium of payment" Did wild schemes and projects ever benefit the industriousl Did irredeemable bank paper ever enrich the labor er2 Did violent fluctuations ever do good to him who depends on his daily labof' for his daily bread ! Certainly never. All these things may gratify greediness for sudden gain or the rashness of daring speculation; but they can bring nothing but injury and distress to the homes of patient industry and lahor."
 Capt. Ansley refers you to the notes issued under the act of Feb. 14th, 1915, aud says that they were irredeemable and not convertible into coin. Now, these notes of $l00 and over were payable to or der, and bore , 2-5 per cent inter est. They, as we'll as the small, non-interest bearing were con- rertible into six per cent. interest bearing bonds. They were not a legal tender and were not paid out only to those who were willing to receive them. And this, my friends. is the "Jefterson Note" of which you hear so much. Irredeemable indeed! While not reedeemable in coin, they were convertible into bonds bearing heavy interest and as there was no legal tender mOn- ey with which to pay these bonds, except gold and silver, they were in the end redeemable in coin. l hope my friend will not associate the currency of Mir Jefferson's time with irredeemable currency again. Why is the gentleman so alarmed that the Democratic party tavors convertible paper money! Has he forgotton the first utteran- ces of his own partyf When they presented the venerable Peter Coo per to the people as their candidate for President they declared: "A United States note issued directly by the Government and cOnrert'bte on demand into United States O6. li.ations, bearing rate of interest not exceeding one cent day on each one hundred dollars, and ex. changeable for United States notes at par, will afford the best clrcula' ting medium ever devised.'
 Read this declaration Ill connec- ton with tho teachings of tlrat par ty of to-day and tell me who has changed upon the currency ques' tion.
 While l am not here to speak for National Banks ! am surprised that my learned friend would un- dertake to make you believe that the banks can issue more bills than they have capital. lie certainly knows better than this, and if he does not, then I hope he will sead the National Bank. act before he makes such q statement again. -
 While tho Bank bills are not q legal tender there is no danger of loss