The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1891-09-19

/ agriculture hHN NUesS punua
wouldn't be worth Is cents 4 car
load. Tnen il the government
1an make and lend money 10 that
class of citizens who own IFS bonds
at one per cent---l low rate not
"nRheard" of-w why can't il make
ANA lend money at two per cent
on safa security 60 that class OF
its citizens who produce the things
upon which MI money rests, and
depends for its valuei
"Nemo" says athe United
States can make no fiat money.
Her own promises TO pay are not
money! II he had said that forty
four years ago it might have been
-slioned, but 4 great history
has been made, written and pub.
lished since that time and every
persol familiar with it knows the
government can make fiat money,
because ii has done it, and that
it's lir onises 10 pay are recognized
as money and pass current rs
such. The millions and millions
of greenbacks made by the United
States TO prosecute the war
against our rebellion wee iiat
mOpey and promises to pay, ami II
"Nemo" will read Senator Georges
letter to tine Amite County Ali.
ance he will see that the plan Of
this great constitutional idlryer for
increasing the circulating medium
is for the government TO issue fat
money. The accepted definition
Of money in this government as
understand it is this "money il
the measure OF price or value, il
the sovereign auth 0rity impressed
upon, and attached to that which
is capable Of taking and receiving
tho impress Of authority" The
practice Of the government ac-
cords with this definition, and it
runs III my mind til u the United
States Supreme Court years ago
decided that the practice OF the
government was cor, ct and con
stitutonai, but whether it did or
not .he < jyernnent can make fiat
money because it has done lt, and
will do II again ii S major George
Is sincere about his plan and can
get it carried out.
Now about Senator Georges
pan. | have always heard it said
that tbs sans kind of financial
management that is good or bad
for an individual is good or bad
for government. Gen. Grant had
this idea in his head when he ten
dered the appointment OF Secre-
tary Of the Treasury TO A.. 4.
Stewart. 50 we will suppose A.
to be q farmer whose annual ex-
p4nses are $1,000 and his income
sufficient to drfray them. He con-
cludes TO cut down his income to
say 300, while his expen ses must
remain at or above $1,000. His
credit being good, he gives out
his notes each year in satisfaction
of the demands upon him over aud
above his income. 1t occurs to
me that, before many years A.
would iinil himself, under such
management, either well ''bustehn
or involve in financial rut that
would cause his notes to be well
discounted, and from which he
4 woull have great diff ;ulCy IN dis.
entangling himself. Apply this
to the government and you have
Senator Georges plan as under.
stand it, for supplying the conn-
try with a necessary increase OF
circulating medium. Tue sub
treasury plan proposes that the
money issned shall be based ON
safe and 40 i'll $ security, and not on
the mere fiat Of tue government,
therefore, of tue two plans the
principles of the sub-tIeasury
seems 10 me the safer and better,
and it is the correctness and Iund.
ness of principles we contend for
and not details. Iflt eau beessab-
lished that principles are sound
and right details can be arranged
afterwards ia satisfa ;tor/ way.
The assertiOn that the election
of United Statss Senators by the
peopls would result ia tue annihi-
4 iation of the sovereignty OF small
states Is wIthoutInoOnsliiHe shadow
1 for support, for tney would elect
their own Senators. To bring
abont this reform change OF
"rbe constitution Of our fathers"
wonld Of course be- necessary. We
| auit wearing the iiap.bellied pants
or fathers wore and using the
| flint and steel guns they used be-
cause we found we cOnli do better,
aud ia doing il we cast no rehec-
| ton on the wisdom of our fathers
Because our fathers delegated the
. election of Senator'S 70 their legis
: latnres is no reason whywe should
/ continue to do it. The election 0
r Senator's by the people wouls
+ strip that body Of it's aristOcracl
I aud keep the gentlemen who com
5 pose it more in touch a nd sy mps
a thy with the peopl-. TIis is sal
h to be '-a government OF the peo
a pie, by the people add for the pee
o plev aud this 0cala demands
I T. ~.