St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1890-10-04
GREFlQRACKS AND MFLA.
TION.
lCssy i.sa.l

VINE tno RESOLUTIONS OF the 6t
District DenocEatic Coagrsssiou
q Convention have in many Of Ii
subdivisions the true ring Of Il
ancient Democratic doctrine, tw,
Of them are open to debate. In
deed. they provoked . hot discus
sion and nearly equal disvisioa bot
In the Deliberations OF the commit
tee On resolutions and in the Who'll,
body Of the convention upon tn
question Of adoption.
The third resolution in particulal
seems to Be . decided departure
from the time-honored principles
of the party as laid down by Jeffer'
son, Jackson, Benton, and theil
great associates who were al theil
lives true to solid currency ~ tn,
basis Of Ill our commercial transac
tons. Here Il the resolution:
s. We demand the abolition Of M.
tional banks ct - early . day q
practicable, and In lieu Of national
hank notes the Government shall ID.
sue legal tender Treasury notes in
sufficient volume to do tho business
Of the country on . cash basis, and
al money 90 issued shall be . legal
tender for al debts, both public and
private.
Greenback Weaver, with his ad-
vanced advocacy Of "fat money, .
never proposed anything more rad
icd o. ultra than this resolution.
It has ever been contended by the
Democratic party that no Govern
ment could make money and give
It permanent currency quality by
the mere exercise Of it, sovereign
will. Money must Be based upon
something Of universally recog-
nised value, such - gold and silver,
or upon tie taxing power. Every
dollar Of paper issue, unless secur-
I'd BY . reserve u specie in hand,
. bill drawn on the pro-
perty Of the country. and when
'hese drafts exceed In volume the
annual revenues Of The Government
{ can no more ''water'' it. currency
;hAt can . railroad or telegraph
it, stock.
In l86s-66 New Orleans author.
sed, or more properly speaking
an enormous issue Of NUM-
opal notes to pass - currency
hat soon fell to . ruinous discount
'elow greenbacks. The latter, le-
~ tender though they were, were |
{ about the same distance below !
old and silver. Not all the power
I the Federal government could |
aske a paper dollar equal in value
D . gold or silver dollar until |!
l00, 000, 600 in gold was placed in
10 Treasury for redemption on de-
land Of the out-standing notes.
rom that moment the green
ack stood on . solid metallic be-
3 and soon became the favorite cur.
.ncy Of the people. Previous to
lat 1t stood upon the ability Of
" government 10 collect taxes,
Id was for sixteen years redeem.
DE In nothing else but taxes.
The overissue Of an irredeemsble
'rrency would in tie sequel Be Of
} beneat to The farming and pro-
acing CLASSES. The causes that
'ubled the price Of cotton, sugar,
ee, wheat, com, pork or anything
De would inevitably operate In eli
nilar manner upon The articles
d agencies necessary to produce
e one on the other. Money being
. measure OF exchange, rather
m OF value, would have no con
\ over The ratio Of products to
Oh other. 1t would still take -
my pounds Of cotton, 1t 20 cents !
pound. TO buy . boshel Of wheat, :
'azrel q -four OF anything else, I,
It did It 10 cents . pound before Q
imitation. All things rise toll :
her under The influence a expan- :
., and TIE producer gains moth o
, ct Ill. He may receive more Y
aey, but that money comes TO .
. with a impaired purchasing :.
wee. This has been 20 often de- :
n the satisfaction Of al a
communities that Va %
posed only The small hand Of 't
eenbackefD remained uninfoem. 4
The tenth resolution b also In q
Of imitation, - Il purposes 70 p
hhold produce from Tie market q
higher prices and 10 issue aat :. =
ney to carry T. Ths Inevitable II.
,ct would b N accumulation Of In