The state chronicle., 1893-06-21
WORD TO THE WISE.

LDe L FoSlucut uhy GULL OoA 8 AOoo
together at somewhat earlier day |
than has been announced. Indeed
the body ought to convene without
delay. And when it comes together
it should first address itself to the
duty Of giving the people financial
relief. A special joint committee
should be raised to be known as the
Relief Committee, and no other
committee, except that on privileges
and elections, should be appointed
until measures of relief are passed.
That committee should be allowed
to take but one meal day until it
has come to an agreement. Debate
in the bodies should be limited to
one hour for explanation by the
chairmen and five minutes to any
member who might wish to speak.
Congress has taken to itself the
management of the currency for the
whole country, there being not a
syllable in the Constitution to justify
it's action. By it's usurpstion, it has
robbed the people of the States Of
a valuable right; doing 80 under
shallow plea and pretence that is at
once shameful and disgraceful. The
right of the Colonies to regulate
their own currency was never de-
MED by parliament, except that they
were forbidden to make paper q
legal tender.
Under the Constitution that pro-
hibition was perpetuated and the
States agreed that no State should
make anything but gold and silver
a legal tender, nor should they emit
notes. Other than that the States
reserved their right to regulate
their own currency, and they exer-
cised that right until in 1866, when
Congress by usurpation deprived
them of it. To carry its purpose
into operation it pretended to
levy tax on State bank notes as a
revenue measure. More than q
quarter of century has passed
since one cent of tax has been col.
lected under that sham plea, but vel
the usurpation continues. Men who
swear to support the constitution o.
their country permit the usurpatior
to remain in effect and operation
Notwithstanding their oath. But VI
digress.
Congress having unconstitution
ally assumed to itself the right t.
control the currency of the people
should exercise the greatest care t.
!. prevent harm coming from the ex
, ercise of it's arbitrary power. It i
distinctly responsible for the pres
> ent financial trouble. It has limite
the circulation within iron bounda
t ries, beyond which it cannot ez
= pand. There is the rub. It ha
' deprived the currency of all elast
/ city. It has arranged plan 70
y the accumulation of currency 9
s New York at the expense of eth
0 provinces It has provided sys
: tenn whereby money shall always b
cheap in New York and dear in th
q provinces.
9 New York has a banking capt..
d of say $55, 100000; a note circul.
# tion of $5,5OO,0OO; and, ordinaril.
r deposits of $550,O0O,OOO, more tina
one-half of which belongs to til
provinces. With such line of d,
posits, that city has cheap money
u that is, money that lends for six pe
l. cent The provinces have de.
If money that lends at eight or ten {
. twelve per cent.
There used to be tax on circ1
% lation and one also on deposits.
l. Congress relieved New York
n the tax on deposits but kept the ts
le on the circulation, which bea
A. heavily on the banks in the pr
!, vinces.
h We want an end put to this. v
70 want relief. We want a new d
=. claration OF independence. Y
r. want to live again under Hon
"a Rule. But we know that we shs
:. not now obtain our desires in th
" matter, and we let that pass. Y
q. return to the subject.
q Congress should adopt measur
h OF relief for the people. The cou
n try is suffering because there is
"a elasticity in the currency; becau
= the circulation is limited, becau
% when there is demand, as at pre-
ct ent, for money, it can not be O
or tanned. We want no man to tell
that people ought not to want CT
RI rency. The fact is they do want
er and those who exercise the usurp
70 power of Withholding it from the
]v so that they cannot meet their e
or gagements, so that merchants fs
is- mills stop, banks suspend an d lab
Ii. is thrown out of employment and
ot multitude of happy homes are re
,se dered miserable and converted ir
ey abodes of despair are tyrannial a
,as oppressive, and deserve the exec]
.or ton of mankind.
ill
On For Buzzard's Bay.