The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1891-07-22

business with greater profit and success,
is q means adapted to the end and appro-
pirate to the object of keeping all the
people irrespective or pursuit, supplied
with sufficient money in their trade and
commerce, then it follows, necessarily,
that such a power is ample enough to
authorize congress to issue treasury notes
to be loaned to whoever may he engaged
| in any pursuit, with or without Securi-
ty.
The kind or amount of security, or
the character or business of the borrower
would he wholly inmatcrial.
| Congress can authorize the coming
| into money of the gold and silver bull
| lion belonging to individuals, and put
ting it into circulation as money by the
owners. but such coin is never redeemed
or redeemable, as there can be no re-
demption in anything but the coin it
SELF Such currency remains perma-
nent and indc>tructible part of the cir
tculatng medium. Gold and silver moE-
ey having connection with the COVER
ment after it is coined and its denomina-
ton and value fixed by law.
But treasury notes and national bank
bills are issued, as before mentioned, to
be returned in taxes or redeemed in coin,
at the opinion of the holder, and the
obligation Of the government TO redeem
these notes and bills in coin imparts to
them all their value and insures their cir
culatiOn as money. Their redeemability
in coin or taxes makes them representa-
tiveS and equivalent of coin, and main
tains the true character of money.
Any other theory or construction OF
the currency powers of the government,
ard of the character of treasury notes
would necessarily sanction all the claims
Of the advocates of fiat money.
The treasury notes that the sub-treas-
ury bill would authorize to be issued
would have an ephemeral existence to
serve q single purpose. During their en-
istence they would not be founded on a
single obligation of the government, eX-
cept to destroy them when returned to
the treasury on the sale of the cotton
upon which they were issued. No liza
bility OF the government attaches for one
moment to these treasury notes. They
are redecmable in nothing, and to all in
tents and purposes, during their eXls-
tence. they cannot claim to posses the
merits and qualities Of fiat paper circu-
lation. What is called fiat money, al
though not redeenable in anything,
would possess the merit of remain ing
indefinitely in circulation as money.
| In conclusion, let it be admitted, for
the sake OF argument, that congress
has power to hold that the sub-treasury
plan is adapted to the end and appropri-
ate as means Of remedying some OF the
evils Of which the farmers complain, and
that as political power its exercise by
congress cannot he revised or questioned
in any court, then is it reasonable to eN-
pect that any congress can be elected that
will grossly pervert the constitution and
thus violate it in the most dangerous
form by passing such bill: There are
l44 members Of congress. When can a
trail of such an experiment, and when
can president be elected who would ap-
prove such bill?
There are practical questions l will
leave you to answer.
I thank you for honoring me with
your request for my opinion on meas
ure that is attracting general attention.
Your obedient servant,
ia ES l.. PCGll.