The advocate and Topeka tribune., 1893-07-26

AOA@N@g w eA4O %AANA pheete AAhO NhC BEGSAA-
back under Lincoln, it might not only
be the means Of supplying the govern
ment needs, but might fruCtify all the
fields of industry, trade and business,
and thus make times good and the peo-
pie contented and willing TO carry on
the war.
But listen to his own language, the
language Of wisdom and of experience,
since that time. In q letter to Mr.. Epps,
his son.in-lsw and member Of congress,
dated June "a, 1913, he says:
81 am sorry to sec our laws begin at 90
exOrbitant an interest. We are an agriCul-
tural nation, and as such, there is one and
only one resource adequate to carry us
through the expenses Of q wsE-the use of
it's credit in the shape of currency issued
from it's treasury. A nation thus making
it's purchases and payments with bills fitted
for circulation would be borrowing from ito
own people, and the vendor receiving pay
ment in medium as effeOtusl as coin for
his uses and purposes, has no claim to in
terest. And so the nation may continue to
issue its bills as far as it's wants require or
the limits of circulation will admit. But,
unfortunately, this, the only resource which
the government can command with GER
tainty, the states have fooled away-nay, cor
ruptly allenated to swindlers and sharpers.
under the cover Of private banks. And
thus, as an additional evil, the disposable
funds of individuals have been withdrawn
from improvement and useful enterprise
and employed in the useless, usuriouB and
demoralizing practices of bank directors
and their aCoomplices. In the war Of 1855
Virginia Rvailed itself of this fund by issu-
ing a paper money, bottomed on redeem
afterwards, and they were everywhere re-
oeived and never deprecated farthing.
In the revolutionary war, the old congress
and the states issued bills without interest
and without tax, and they occupied the
channels of circulation very freely, till these
channels were overiowed by an excess be-
yond all the calls or needs Of business land
besides the old congress possessed no legal
power to issue or redeem them). But al
though we have improvidently suffered the
field OF circulating medium to be filohed
from us by private individuals, yet think
we may recover IL, If the states will coop
crate with US. Then if treasury notes are
emitted, first based on q tax and bearing in
terest, and after their credit was thus es-
tsblished, without interest, there is no one
who wouldn't take them in preference to
the bank paper now aAoat (wbich soon after
petered out and went to the bottom). Il is
not easy to estimate the obstacles to be en-
oountered in ousting the banks from their
possession and privilege, but a steady and
judicious purpose and policy would reduce
them in time. Then the states should be
applied to to transfer the right Of issuing
circulating paper to congress exclusively.
believe every state west and south Of the
Connecticut river Except Dslswsre) would
do IL, and the others would follow in time.
Congress would of course begin by obliging
the banks TO wind up their affairs as their
charters expired, forbidding the subsequent
circulation of their paper. This they would
supply with thier OVID, and even in the nom
complying states these bills would make
their way and Supplant the unfunded bank
paper by their Solidity, the universality Of
their circulation and their receivability for
customs and taxes. In this way ann not
without hope that this great and sole re-
source for loans in an agricultural country,
may not yet be recovered for the use Of the
nation"