New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-01
MONEY FOR THE PEOPLE.
SHOULD THE CENTRAL GOVERNMENT SUP
PLY TIP
Is 1T THE DUTY OF THE GOVERNMENT TO SUP
PORT THE PEOPLE, OR is 1T THE PEOPLE
WHO SUPPORT THE GOVERNMENT?

PORT THE PEOPLE, OR is IT TIE PtOPLh
WHO SUPPORT THE GOVERNMENT?
THAT FAMOUS BANK or VENICE
From The Weekly Tribune.
am in receipt Of a large number or letters ASK
ing me substantially the same questions, the SUD
stance of which is this
In q country where tho Government IS mnAaGcd by
The people for the benefit Of The people. why sh2nd
not the Government furnish suhclcht money l'r al"
the people OF the country
Wby should not the Government loan money on
firms TO farmers at low rate Of Interest just "'
they loan It 70 National banhs'
/ purpose in this article TO answer those TWO
questions; and ask that each writer viii accept
this statement as an answer TO his letter
Ny answer to the first question is this 1t
ia not the province of any Government TO furnish
money for its people. All kinds of nations de-
PEND upon the people to supply them with funde
All nations are supported by the levying ana
collecting of taxes either from their own people
or from people who seek to get into their mar
kets with foreign goods
In Article 2, Section 8, Of tie Constitution OF
the United States, it is provided that Congress
shall have power to borrow money on the circuit
of the United States" Article of the same
section provides that Congress shall also nave
power to coin money, regulate the value thcreoi
and of foreign coin and fix the STANDARD CT weights
and measures In these two clauses VIC hho an
the power granted to Congress when rcicTs 7"
the procuring Of money. In one case, IL inc hoc"s
Of the Government require it, Congress has power
TO borrow money. The other clause gives Ooh-
rress the power to regulate the coming Of money
Wben those two articles were drawn | submit
that il had never entered the head of any human
being that. by any possible construction, power
had been given 10 the Government to create
money.
The first article of the same section OF the Con
st;tution gave Congress power 10 lay and collect
taxes, duties imposts and excuses
Is it not evident that these articles are based
wholly upon the theory that the Government is TO
be supported by the people? The Government l.
Eiven power in case its expenses are IN cNce'S Oh
its receipts to issue bills Of credit, and to borrow
money II it was intended that the government
should be given the power to issue and thus create
all the money needed to meet its wants. pray why
did the Constitution give il the power TO borrow
money? What need could there be of borrowing
when the Government could readily manufacture,
at almost 10 expense, an entire supply
OBJECT OF COINtGf.
The cause giving the Government The right
TO coin money was simple one. and well nnde1-
stood all over the civilized world. That clause
gave the Government power 70 fix upon unit OF
value to name the amount of metal which should
be required 10 constitute such unit value; and
to determine the fneness OF the metal which should
enter into the coin Further, TO state the value
of all foreign coins when expressed In onr unit.
The whole object OF this clause in the Constitution
was to secure to our people uniform denominations
and purity of the metal In our National coin
IIe gold and silver out OF which the coin was to
be made belonged TO the people, not TO the Gov
eminent Whenever any metal is received for the
purposes of coming the Government is compelled
to return the metal coined to the person present
ing it at the mint; OF else 10 give him Its full
equivalent
AN IMPORTANT HISTORICAL POINT
Article l. Section 10. OF the Constitution de
clares that NO State shall coin money emit
bills of credit, or make anything but gold and
silver coin tender in payment of debts"
Until the necessities occasioned by the enormous
expenses Of our Civil War had to be provided
for. the power of the Government to make any
thing lesaltender except gold and silver had
been very little discussed After the war broke
out the Government found itself unable, bs the
levying Of taxes or by borrowing either, 10 raise
sufficient funds to meet the imperative demands
upon it's resources. As matter of r" life or
DEATH" Congress- passed law authorizing the
issue Of greenbacks, and made such bills legal
tender for all debts, public and private, except
duties on imports These greenbacks, however,
were simply promises 10 pay The5 were nothing
more nor less than forced loan from the people
The Supreme Court has since decided that such an
issue of Government promises is Legal, and the
bills may be legally retained in circulation Mt
the present time But the greerhacks were Issued
for the purpose Of meeting the demands Of the
Government only, and were used only in place
of money which would otherwise have htd 10 be
collected from the people by taxation Their
81, ycI 10 FIR m
amount of money in some othtr way. in all the
Supreme Court decisions tdcse ercenbccks arc
simply treated as bills of credit which rust be
redeemed in coin whenever presented for re
dempton.
Is it not clear that the issuing OF the efeenbacks
was simply for the purpose OF meeting the demands
Of the Government itself, and not Tor the purpose
of supplying the needs Of the people in theit pri-
vate business transactions? True the raising Of
money in that way was a relief TO the people. But
the money was issued TO supply public necessity
and to relieve the people from what, at that time
would have been q terrible public burden. Is
there man living foolish enough TO think that
the Government would have had any right, either
legally or morally, have issued dollar Of thosc
greenbacks to aid individuals in their private bus
lpees? Whether q merchant has money enough or
het with which t. buy his stock Of goods and carly
on his business: whether manufactnfer has
money enough to build his factory and keep it in
operation whe ther farmer hos money enough 70
nay for his farm. TO fence and ditch IL. and put
up the buildings needed 10 shelter him and III,
stock while managing his farm-thcse are not
questions with which the Government is concerned.
These are Questions which each individual must
determine for himself.
DO net forget this one point. IL Is not tho
business Of the Government to supply the wants Of
90 ito oif In Of
people to supply the wants of the Government
am CONVEX sant with the theory Of these new
modern fnancies. They claim that the Govern
rnent should ALWAYS so nanage as TO have what