People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-07-07
NUMBER AZ

monetized Silver in 1873. On
page 1850 of the Congressional
Globe, part 2, second session, 42d
Congress (1872-73) you will find the
proofs of what l say. Mr.. Bayard's
name is signed to the Conference
Report which struck down Silver,
just as John Sherman's is signed.
! 2. He believed in direct issue of
Treasury Notes by the Government,
in a quantity as great as the needs of
the hour demanded, and the channels
of circulation could hold. In 1903, he
said the limit of the Treasury Notes
the country could stand was $780,
100000.
Since that time the population and
the business have increased more
than ten fold. Therefore, the coun-
try could now carry, without depre-
citation, Two Billions of Dollars of
Treasury Notes, according to Jeffer-
sons own figures.
How many do they actually give
us?
Only $346, 100000, NOT one-tifth of
what Jefferson said we couId safely
carry.
All the balance of our paper money
ls merel y representative of coin winch
does not circulate.
To bring conviction to any one
who doubts Jefferson's position on
this most important matter, let me
quote him further
In devising means by which the
Government might drive State Bank
money out of circulation, he says in
the Eppes letter, already mentioned:
off Treasury bills are emitted, on
tax appropriated for their redemp-
ton in fifteen years, and to insure
their preference in the first moments
of competition-with the notes of the
State Bankers) bearing interest at 6
per cent, there is no one who would
not take them in preference to the
Bank paper now afoat. This
credit once established, others might
be emitted, bottomed also on a tax,
but not bearing interest; and even if
their credit faltered, open public
loans, on which these bills alone
should be received as specie These,
operating as sinking fund, would
reduce the quantity IN circulation, 50
as TO maintain THAT ia equilibrium
with specie. a.
This language is so plain, its mean.
ing so clear, the financial plan out.
lined so undeniable, that | shall not
take the trouble to quote other pas
sages in other documents, to the
same effect.
Mr.. Jefferson believed that Money
was a National agent; should be
created by the National Government
and for the use of the Nation. He
secuted the idea that this tremendous
power should be farmed out to pri.
vate individuals, for private purposes,
in order that one Glass might fatten
upon all the others.
Nor did he see the logic of the 20
sltlon that it was wrong for the Gov
eminent to create money "by getting
machine to work and stamping it,
but entirely proper for the Govern
ment to allow thousands of Bankers
to 'get their machines to work and
stamp it, by the millions.
1t is only non Partisan" camp
follower of these later days who can
see the 4oveliness of such logic as
that, and flop down upon his supple
knees and cry "Hosanna!"
EVILS FoRETOLD.
But the main question is, has JEFF
ferson's warning proved to have been
well founded? Was he right when
he said the National Banks were in
situations of deadly hostility to the
spirit of our Government Was he
right when be foretold that they
would create an aristocrary of wealth,
which would dictate the policies and
the legislation of this country?
The evidences which meet US upon
every hand, show that his statements
were not only true, but appaIlingly
true.
Obtaining their supply of money
from the Government at | per cent,
ending it to the business men at from
to 20 per cent, clothed with the
enormous advantage of contracting
md expanding the volume of curren-
y at pleasure, the National Banks
lave had, since the war, the most
opportunities of making
money az the expense of the masses
f the people that any Government
yer granted to favored class.
CORRUPT LEGISLATION.
Their net gain from this special
rivilege, granted them at the ex-
ense of the people at large, have
qualled the enormous average of
100000 per year for the last
twenty-five years.
Who doubts that they have cor
lptly controlled legislation?
How else can you explain the laws
nd the policies which have been
1opted in their favor?
Who believes it was right to pay
lem the interest on their Bonds in