The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-09-17

an American Currency.


been and is ROW a fraud upon the
wealth producers and business men OF
all nations.
No problem has been more clearly
demonstrated than that per cent IS all
the wealth nation can annually creaie'
tT,.e wealth of the United States, the
most progressive Of nations, was IL
1880. S443, ,000, ,000,G coo in round numbers
In 1890 it is $50, 900, ,0OO,O ,OW. All wealth.
is the creation of labor. All that IS pald
Tor the use Of money over ) per cent IS
robbery, and it is the duty OF govern
ment to protect the citizens oy just
laws. What becomes Of the difference
between 3 per cent and the high IL,
terest individuals pay I" banks an"
corporations? s
The MAGNIFICENT structures erected
everywhere by these corporations attest
the fact that it goes into the Golfers OF
these insiuuating financiers and their
accomplices to the detfiment OF the
people.
The European plan led on by En-
GLAND. the great creditor nation, Is
Capital control Of labor by controlling
wages. This is done by controlling the
money. No tyranny is so relentless
and merci!ess as the power Of money.
and SO disastrous to the happiness OF
mankind. All property and the hoer-
ties of the people are subject to the VIII
of those who control it. With this
invisible instrument the crafty, by
unjust LEGISLATION, wind their coils
around their helpless victims until
they squeeze cut the last drop OF their
Iife's blood and then move on IN search
Of others, giving them like treatment.
In all civilized countries throughout
TIE world, land, labor and currency are
the factors in production Of all wealth,
$ and to achieve the best results shouid
be in harmony. How long VIII 50 per
cent of the population wear out thelr
lives in constant toll getting only what
is necessary to keep soul and body to-
gether, that ) pr cent may reVeI n
wealth? Ours Is ,!Ie only government
in the world where the people can
correct the evil and we are indebted to
the good and sage Washington for the
sacred privilege. Here the people are
sovereign, and thcsethey elect to places
of power and trust are their servants.
If they fail to correct the evil it is their
own fault and they have no one TO
blame but themselves. It IS different
in ali other countries. III every one OF
them the people are held down in serf-
dom at the point Of the bayonet. Under
: our compound system Of government
it is made the duty Of the general gov
ernment by the constitution, so de-
5 clared by the Supreme Court Of the
United States, (ses legal tender ses-
sion) ''to provide national currency
for the whole people" This IS the
sworn duty Of Cong-esSmen. Instead
of the general government licensing
corporations to oppress individuals she
{ should deal directly with the people or
through the States. The per capita cir
culation should be fixed and increased
as the population increases. 1t should
be composed Of stable volume ample
for ordinary exchanges, and 4 supple
men tai volume, varying in quantity as
supply and demand may govern. The
8 stable volume should be based on real
& estate, and the flexible addition OF
farm products. When we get our dis
tinctive American money legal tender
notes of the United States receivable
8 for all debts, both public and private,
we will be free from any financial dlsas-
fer that may befall any other nation.
The United States issued SGT, ,0GQ, 900 OF
notes Of the above character in the
early days of the late war. The writer
has just learned that they now COM
mand premium CT per cent over
gold coin in Liverpool. There is not
an instance when government paper
money properly issued, restricted and
4 RI q
while metallic money, for a domestic
currency or as q basis for paper money,
has been disastrous without an eXcep-
ton. In 1897 England suspended specie
payment and issoed copious supply
of paper money, and for twenty years
was more prosperous than at any time
in her life of eight hundred years. In
3 1916 she resumed specie payment, max
ing gold the standard Of values and
began to draw in her paper money.
From 1916 to 1925 the most dire calam-
tiles befell her people, four-fiths Of
them lost their estates-were sold out
of house and home. In 1916 she had
100000 real estate holders. In 1925
they were reduced to $4,000.
In 1S4S the French government, on
the edge of financial crash, by decree
ordered the notes Of the bank of
France a legal tender and in one night
saved the republic, saved French So
ciety and projected France upon
career of prosperity that makes her to-
day the most independent of all the
great nations. During the late war
between the States, the United States
suspended specie payment and issued a
copious supply of paper money. In FIVE
years her people paid their debts and
grew enormously rich. BY the crena-
ton Of their paper money and the re-
sumption ofspecie payment that same
people are nov rapidly nearing the
condition Of the English people in 1925.
The failure in the last 2S years Of 162,-
600 business firms with liabilities Of
$1,000, ,0O0,0 ,000 is fearful record for the
present tfinancialsystem. That the CONT
mental Hotes is ued by our Sires in the
revolutionary war l176 deprecated, is
not strange. They were improperly
issued. The confederacy that issued
them under ''the articles of confedera-
tion and perpetual union" was not a
government proper. had no authori-
ty to levy and collect taxes. They, how
ever, served the purpose for which they
were issued; they bore ai0tt and on the
banners Of the patriots to victory. They
won the independence of the people |
and established tie sovereignty of the
States. The prosperity of mankind and |
the glory of nations demand that me-
tallic money and paper money be di-
vorce6 forever The metals are COM
modities of great intrinsic value and |
should be used as such
There are two classes fproperty, real |
and personal. Money is creation Of
law and does not come under either of
them; hence it is not property. It is an
instrument 10 faciitate-the easy trans
fer of titles to property from one person
to another, and the government should
supply her citizens with an ample
volume Of it 70 meet all demands.
Property and its improvement, and not
money, should he the object of acQuisi-
tlon. Many in cur day seem to lose
sight Of their creation and worship at
the Shrine OF the golden calf irnpelled
nv IN. ir inS9fia bio crrpe6 RarkS of |