Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1889-12-04

YALLETTE AGAIN.

yALLETTE AGAIN.
NORWICH Conn, Nov. 23-EDIToR
OF THE TRANSCRIPT: Isee by your issue
Of the Goth inss.sthat MI. Star has made
his appearance again. / should Judge
he was q LAWYER, by the way he eyades,
lodges and nlsTepresents, also observe
siti is very difficult to find him twice on
the same point. First in order will ask
him If the fourteenth plankln the &. OF Z.
platform contenapates an unlimited issue
OF greenbacks. Can he by any legerde
main make it appear So Who has said
ANYTHING about an unlimited Issue of
greenhacks," except your Certainly |
have not nor does the fourteenth plank.
Mr.. sStar read that plank again. Let US
all take a look at il again. And We de.
mand at the hands Of congress. the estah
lishment Of national monetary system,
in which Il circulating medium in
necessary quantity shall issue direct to
the people, without the intervention Of
banks etc" Do you see anything wrong
in this? Is there any unlimited IN it?
Let me ask you il 1t would not be as safe
tosallow the representatives Of the people
(eongress) control the issue of the
volume OF money, as to place it in the
hands, and under the control OF 5000
banking corporations, to expand and
contract the volume at their own sweet
Will? Especially. when by SO doing they
accumulate their Wea til at the expense Of
the people. [ viii tell you what II means
by allowing the government. to issue
the money and not the banks. Il the
government issues the money direct TO
the people, there. will be no debt created,
Under our present system OF bank issue,
every time person goes to the bank
and hires money, debt is created which
cannot be paid with money. The issu-
ing by bank is debt creating system.
and we have had it in existence ever
since 1871, For los years this system
has been in use and has been creating
debts until today there Is debt hanging
! over the people, of about $50, 900 900, 900.
This enormous debt on which the people
are paying (at the rate OF SIX per cent
INTEREST," 81, SOC. 900, ,0G0 each year. If You
wish to know the result IN thirty years
from now you get the Forum for Novem-
Der read the figures Of 'Thos. &. G. Shear
| man. The above enormous debt is the
Indirect and direct result of the banks
| issuing money Or socaled money. Unless
our system is charged. in thirty years time,
Judging the future by the past, $4,000
persons will own all the wealth in the
United States. Isn't this cause enough
for alarm? Isn't it about time the
| laborers begun to study this question
OF who shall issue the money. Now as
| to his evasion IN regard to standard
Of values, he would make you believe he
meant greenbacks were a standard of
| value let US take alook at his article in
your issue Of Oct 2. Let US quote his
| own words, and your readers will ind
| int fha oh dot
sense says, create legal tender for all
debts. and it will not have full purchasing
power, unless It's interchan gability, with
something OF intrinsic value is main
tanned. Fixing price of all
tarm products. labor, merchandise,
etc, would give it interchange
ability with such values. but they
vary so with supply and demand and
place in so extensive country the
method is impracticable. Better is the
law. since 1879, of keeping at least $780,
OO0.0 900 in gold ready to exchange for
| greenbacks with all comers, for gold
varies little in value" So much for
what he said about gold. Do your
readers understand Mr.. Star to dodge
when he says he was not trying to i'm
press that gold was standard? Why
don't you, Mr.. Star, answer my question
|
| ergment the right to create money, if not,
who hasy" Yes, should think YOU was
a Knight OF Labor and Greenbacker, in
your eye. [ have seen great many lust
such Knights of Labor and Greenbackers
as you are. They used to be quite
plenty in some parts of the United States
a few years ago. They used to be called,
or rather called themselves Greenback-
Democrats or G1eenback- Republicans,
and you will find the most of them either
in the Democratic or Republican parties,
shouting and voting for the best banking
| systam the world ever knew. If my
memory serves me, your talk and theirs
appears very much alike. Will you be
kind enough, Mr.. Star. to tell me. so l
may confine myself strictly to the subject.
| thought we were discussing the right Of
| the government to issue money without
the Intervention of banks. AS near as I
can Judge you are trying to establish the
| fact that gold is the only material of
| which money can be made, notwithstand-
"You seem to be unaware that the gov
eminent taxed all it could as well as Dor
rowed all it could. to avoid depreciating
| greenbacks by over-issue." am not
aware the government borrowed to any
extent. l have the authority of E. G..
Spaulding in his history that in order to
pay off the discharged soldiers In the
spring Of 1865 the government issued
$3.50, 600, 600 or more of 7-3O treasury
| notes, and made them legal tender
Practically they were money. although
| they drew interest. Did you ever read
John Sherman's speech when hssaid they
(the greenbacks) were purposely depre-
| ciated in order to enable the government
to sell its bonds? ANY man with a
| thimblefull of brains knows the green
backs were deprecated by placing the
| word except" on it's back. the govern
ment made a distinction between the sol.
diers and bondhoIders. The government
in SO many words said a deprecated dol
lar was good enough for soldiers, far
| mers and business men, but that the
bondholders must have gold dollar
| More than this the government said tie
purposely. deprecated greenback dollar
| is good enough for the soldiers, but not
| good enough to pay ta1es.to tile govern
/ ment with, It was tue deepest, blacklist
fouiest piece Of legislation ever enacted.
| When the above law was enacted the
4 s5amgreEs af the limited Efafes WAS conn