Southern standard. (McMinnville, Tenn.) 1879-current, 1891-08-22
AS Good as Gold.

% AS Good as Gold.
The Washington Gazette recalls
the fact that in 1850 "the country
was in high state of prosperity, and
money as good as gold was plenty"
Why was the country prosperous
at that time? Because, in addition to
proper development of our material
resources, our financial system suited
the wants of our people, and was
adapted to the expanding business of
the country. 1t was so localized that a
few men in Wall street could not get
it under their control.
"Plenty of money as good as gold!"
The currency was not United States
treasury notes-it was the issue of To-.
cal banks organized under State laws.
This money was expanded or con-
tracted in obedience to the laws of
demand and supply. Backed by To-
cal wealth, it had local confidence,
answered local needs, and stood in
such good repute that the notes of
some of the banks circulated at par,
even in Canada, and at times, for
convenience, commanded a premium
over gold.
This currency, the best that the
country's ever had, was outlawed as
a war measure in the interest of Wall
street pluctocrats, who had the Gov
erment by the throat, and from that
day to this our financial system has
been contracted by a few men who
have it in their power to regulate
values, make good times or hard
times, and keep the entire country at
their mercy.
This is too big country to be con-
trolled in its infinancial matters by
Wall street. We need a great many
money centers instead of only one.
The different sections and commercial
and industrial divisions of the coun,
try with their diversified interest
need their own local or home curren.
cy.
1t is well, occasionally, to turn
back to the past for a lesson-a lamp
of experience that will guide our foot
steps.
The Chattanooga Times quotes thu
above from the Atlanta Constitution
and replies as follows:
l. The State bank circulation il
1860 was $207, 2,476. Not one dolla
in three of the whole could be con
verted into gold on demand. No
one dollar in ten could be used, save
at a discount, beyond the State where
issued; most of it could only be useC
in the near vicinity of the bank
Outside of the banks of New York
City this "money" was a snare ant
delusion. The people of the North
west were plundered of millions b!
wildcat banks, that bloomed ant
blossomed for a few months, faileC
and left the bill holders in the lurch
2. The "few men in Wall street.
controlled the issues of the solven
banks Of 1860, for those banks, tn
old "red banks" of Ohio, the sire
banks" of Indiana and the Southern
banks, all got the securities on which
their bills were based from Wal
: street.
3. The talk about these abomina
BILE rags being Expanded and con
tracted in obedieuce to the laws G
trade" is enough to make a mer
chant of that time either curse the id
lot who writes such rot, or burst o.
his buttons with laughter.
4. Instead OF being "the best tn
country ever had" it was the unsafest
trashiest trash, that ever cursed
civilized state since the days of tn
French assignOts. 1t put trade at tn
mercy in many communities, OF tn
, sleekest scOundrels unhung, who's
f banks were the purest of swindles.
5. The chatter about "control b
Wall street, is the most nauseatini
demagogy eXtant. The money aflOa
is now good in every corner of tn
United States. Its volume cannot b
abridged by one penny in Walls
except it may be "locked up" an
this would as naturally happen t
State as to national currency, if
were safe to hold the stuff.
If we turn back to the abominabl
, currency of 1S46-lS6O, for a lesson i
, finance, we shall initiate the mai
who should 90 to the Carribea
Islands to study higher CIVILIZATION.