The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-09-15
MONEY AND THE ALLIANCE.
It's inancial Plan.

that there shall be enough money for
the transaction of business on a cash
basis. 1t demands that the Federal
government shall make this money, by
the free and unlimited coinage Of gold
and silver, and by issuing legal tender
notes to suppy such deficiency as gold
and silver may from time to time be
insufficient to supply. 1t demands
that this supply OfmOney in the United
States shall always be as much as fifty
dollars for every inhabitant, thereby
preventing in a great measure the
tluctuatiOn of prices and the CONNER
ciaI panics that so often distress and
ruin so many people.
All of this is perfectly right. 1t
shows a better knowledge and appre-
citation by the Alliance Of the money
power of the government, more pOlltl-
cal WISDOM a better regard for and
observance of the Constitution, better
and broader philanthropy concerning
the exercise of this money power than
all of the political parties have shown
since the formation Of the Federal gov
ernment.
The States, by the adoption of the
Constitution, surrendered to the gen
eral government the sole right and
power to make money. The COnstltu-
ton says: NO State shall coin money,
emit bills of credit make anything but
gold and silver coin a tender in pay
ment of debts Art. 1, Sec. 10. The
States would not have surrendered this
power unless it had been thought that
the Federal government would eNer-
else it by makingand supplying enough
money for the public good. In sur
tant power they did not intend to de
prive the citizens of money or a sutti-
cient quantity of money, but delegated
the power to Congress in these words:
The Congress shall have power to
coin money, regulate the value thereof,
and of foreign coin, and to make all
laws which shall be necessary and
proper for carrying into execution the
foregoing powers, and provide tor the
general welfare" Art /, Sec. s, clauses
|, ;. Is. The Congress cannot right
fully neglect to exercise this power.
To do 50 would be a gross violation Of
the Constitution by an omission OF
duty ao cruel and oppressive in It's con
sequences as was ever the act OF any
despOt OF rObber king The neglect to
exercise it properly and fairly and for
the pubic good wrecks and ruins the
fortunes and comfortable livelihood of
many millions Of innocent people and
centres all of the wealth of the country
into the hands Of a few. Hence, the
millions of ruined and impoverished
people and the many milliOnaireS in
this country during the last twenty
five years of plutocraUic government
and oppression.
The founders of the Federal govern
ment would not have tolerated the
idea of depriving their respective
States Of the sovereign and important
right and power of making money un-
less they had thought that Congress
would exercise the power more wisely
and for the general good. Congress
did quickly exercise this power to the
extent of providing by law for the free
and unlimited coinage of gold and
81 yer. and the limited coinage of cop
per, and regulating the value thereof.
During the war between the States, to
increase the quantity of money, it
caused government notes, commonly
called greenbacks, - to be issued, and
made said notes money, gave them the
value and quality of money by making
them a legal tender in payment of
debts. Many of the best constitutional
lawyers of the country thought the
law was unconstitutional. But the
Supreme Court of the United States
has decided it to be constitutional. 1t
is now, as the lawyers would say, res
udiUdicOtU.
But. during the progress of the war,
those who controlled the financial leg
islatiOn of the country chiefly desired
to appreciate the value of government
fnDli,,C.
money markets of the world at a very
great discount. To do this the present
national banking system, based upon
those bonds, was fastened upon the
country. State banks were taxed out
of existence. This retired a large vol
ume OF currency, a good and useful
representative of money. In 1873 John
Sherman and the Republican Congress
demOnetized silver and it ceased to be
money. This left gold coin and the
legal tender notes, greenbacks, as our
only money, and the national bank
notes as our only representative of
money. After the war the legal tender
notes, greenbacks, were retired rapid
ly. A law was passed for the benefit
Of the gold and bond holding pluto
Gratis, ruthlessly violating the original
contract making the government
bonds and coupons payable in gold
Money was unduly appreciated. Prop
cry and labor were ruInOuSly depre-
ciated. The only banking system was
centripeta in its operations and effects
and drew all money TO the money
centerS. The rich grew richer, the
poor grew poorer, millionaires in
creased in this land of wOnted liberty
and equality with a rapidity never
land became filled from Dan to Beer
sheba with paupers, homeless, wretched
hopeless people. The monOpOlists and
plutocratS controlled legislation and