The Democrat. (Scotland Neck, Halifax Co., N.C.) 1884-1896, 1891-11-12
A NEW AND BETTER PLAN.
Money And The Alliance
\ WELL STUDIED SUBJECT.
Windsor Ledger. Sept. 9th.l

l.
crease IN the quantity of money. I'll
demands that there shall be enough
money for the transaction of bus
mess 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
supply such deficiency az gold and
silver may from time to time be
insufficient to supply. 1t demands
that this supply of money In the
United States shall never be less
than fifty dollars for every lnhabi-
tant, thereby preventing in a great
measure the ttuctuatiOn Of prices
and the financial pauIcs that so
often distress and ruin SO many
people.
All Of this is perfectly right. 1t
shows "a better knowledge and ap-
pteciatlOn by the Alliance Of the
money power and duties of the
government, more political wisdom,
q better regard for and observance
OF the Constitution, better and
broader philanthropy concerning
the exercise OF this money power,
than was ever shown by any politl-
Cal party.
The State, by the adoption of the
Constitution, surrendered to the
general government the sole right
and power to make money. The
Constitution says: "No State shall
coin money. emit bills of credit,
make anything but gold and silevr
coin a tender III payment of debts"
art l, sec, 10. 1be State would not
have surrendered this unless it had
been Thought that the Federal
government would exercise it by
making and supplying enough
money for the public good. IN sur
rendering this sovereign and i'm
p0ltant power they did not intend
to deprive the citizens of money or
a sufficient quantity of money, but
delegated the power to Congress in
these words: "The Congress shall
have power to coin money, regu-
late the value thereof and OF foreign
coin, and to make all laws which
shall be necessary and proper for
carrying into execution the fore
going powers, and provide for the
general welfare; art. l. sec. s
clauses /, 5, Is. Congress can not
righttuIly refuse Or neglect to exc
else this power. To do so would
be q gross violation of the Consti-
tuition, as cruel and oppressive in
its consequences as was ever the
act OF any deSpOt or rObber king
The neglect to exercise 1t properly
and fairly and for the public good
wrecks and ruins the torNnes and
comfortable livelihood of many
millions Of innocent people and cen
tiers all of the wealth of The country
into the hands Of few. Hence
the millions Of rnined and impover
lShcd people and the many million
aires III this country during the las
twenty five years of plutocratlt
government and oppression.
The founders of the Federal gov
ernment would not have tolerated
the idea Of deprlying the States O
the sovereign and important RICH
and power of making money unles
they had thought that Congress
would exercise the power NOR,
wisely, and for the general good
Congress did exercise this pOWe
to the extent II providing by Law
for the free aud unlimited coinag
OF geld and silver and the Unite,
coina&e OF copper, and 1egulatln!
the value thereof. During the wa
between the States, to increase tn
quantity OF money, 1t caused gov
ernmenC notes, commonly calle(
"grecnOackS," to be issued, an,
made said notes money, gave theI
the value and quantity of money
by making them a legal tender l
payment Of debts. Many of tn
best constitutional lawyers of tn
country thought the law was III
CONSTITUTIONAL, but the Suprem
Court of the United States has de
ended 1t to be constitutional. 1t
now, as the lawyers would say
les otJWiic0td.
Bur, during the progress Of tn
war, those who controlled the fna,
ciai Legislation OF the countr
chiefly desired to appreciate tn
value of government bonds ths
were then flooding the money ma
kefs Of the world at a very gref
discount. To do this the preser
national banking system, based u
On these bonds, was fastened up
the country. State banks wei
taxed cut of existence. This relic
ed large volume Of currency,
good and useful representative
money. In 1873 John Sherma
and a republican Congress demon
tiZed silver, and il ceased
be money. his left gold coin ar
The legal tender notes, greenbacl
as cur only money, and the nation
tank notes as our only represent
tive OF money. After the war tt
legal tender notes, greenbacks, we
relieved rapidly. A law was pas
ed for the benefit of the gold al
bond-holding platocrats, ruthless
violating the original contrat
making the government bonds al
coupons payable in gold. Mon,
was undulY appreciated. Proper
and labor were Tuinously den,
clated. The only banking systel