The advocate and Topeka tribune., 1893-08-02

enable the business of the country to be
done on a cash basis, as Mr.. Jefferson
indicated ih my last communication.
And this would be an american monetary
system, independent Of all entsngling
alliances with Wall street or with the
money power of England, which we are
just now prepared to appreciate if never
before. But, says bank objector, that
involves an experiment and we are not
in mood for trying experiments ct this
time. How can it be called an expert
ment after our successful experience
with the grsenback for thirty yearsP
And didn't Mr.. Jefferson tell us that it
was tried and tested by our fathers lao
years ago, and with the most complete
successP And another historian, allud-
ing to the same era says, 'the introduc-
tion Of paper money issued and guar
snteed by the government and receivable
for all taxes, Gn fact treasury notes),
gradually superseded all other kinds Of
currency and formed for three-qusrters
Of a century, during the middleperiod Of
our history, the chief medium Of traffic"
Listen to the English historian, Hume,
as to government money: "In our col
ony of Pennsylvania the land itself is
coined and passed into circulation. A
planter Immediately he purchases land
goes to public Office and receives notes
to the amount Of half the value Of his
land, which notes he employs in all pay
ments and they circulate throughout the
colony by common consent. To prevent
an excess of this representative money,
the sum issued to any planter can't ex-
ceed fixed amount and every one is
required to pay back one-tenth Of what
he receives yearly" etc. This was the
monetary system under which the colo
nists prospered to such an extent that
Burke said Of them in parliament, shat
nothing in the history Of the world is
like their progress" And DR.. Franklin,
writing in defense Of the paper money of
the colonies, which the British govern
ment proposed to wipe out in 1764, says:
''Nothing has hitherto been devised as a
medium Of trade in lieu Of money, equal in
all it's advantages TO bills of credit founded
on sufficient taxes for disChsrging them and
in the meantime general legal tender. The
experience now of near half a century in
the middle colonies New York, New Jersey
and Pennsylvanis) has convinced them of
it, by the great increase of their settlements,
numbers, buildings, improvements, agri-
Cultrue and commerce. And the same ex-
perience has satisfied all British merchants
who trade there that it has been greatly use
full to them and in no instance preiudiCial." "
And in 1776 when DR.. Franklin was
examined before q committee Of the
house Of commons. he was asked, "whst
was the temper OF America towards
Great Britain before 1773?" He an
swered, "the best in the world. But in
an evil hour the government took away
from America its representative money
and commanded that no more paper
bills of credit should be issued, and or
dered the taxes collected in hard silver.
This was in 1773, and now mark the
consequences. This contraction Of the
circulating medium psrRlyzed all the in
dustrisl energies Of the people. Rnin
seized upon the before fourishing colo
niee, and the most severe distress was
brought home TO every intereat and