The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-01-16

coined would be exported. Asia is the great
reservoir into which great streams Of silver
| are constantly poured from which it is new
er returned Since 1893 the silver coinage OF
the United States has amounted to a little
! less than $2l0 900, and almost the whole
of it has gone east to remain permanently.
Only the subsidiary coin Intentionally made
| under value remains with us, and this VIII
| be the history in a large measure or the Sill
yer hereafter coined. While, therefore. the
RECOMMENDATION of silver is right and OF great
| Importance, especially to the debtor classes
| it is vain to look to the restoration ana m
! crease of silver coin to supply ethe,
| promptly or tardy the large amount OF
| currency necessary to relieve our great ana
| pressing financial distress.
/ This being SO, we can only look either
| to the national currency of greenbacks
and national notes, to state banks as in
| ante bellum times The point to be decided
| is, which is the more reliable for general
| results, equally beneficial to each sectlon
| and to all classes. and which will best ac-
compllsh the desired end. AS to the nat1onaI
| bank currency, am at a loss to understand
how any disinterested person can defend it.
| The original design in establishing the ma
| tional banks was to create demand Ior
United States bonds and to protect their
sale. To accomplish this the government
organized system which practically paId
a large bonus to these banks. That neces-
sity is past, ana the bonds now command
a high premium, and yet the system IS
still maintained, and it is q startling ana
undeniabIe fact that these banks are paid
yearly for their note circulation bonus
Of twenty odd millions of dollars.
It is burden which strug-
Cling and debt-rdden people should refuse
longer to bear; and it is to be remembered
that this 10 per cent tax on state bank issues
was designed and is still maintained solely
for the protection of these pampered and
subsidized monopoles. Abolish the national
banks and the government no longer has
.,-{ tow a
national bank issues are indispensable. Green
backs can be substituted for every de lar of
them and the people be saved thereby TWEEN
ty odd millions every year With the posi-
BILE supply of silver then Inadequate to the
necessities Of the case, and with national
banks abolished as they ought to be, we
are reduced to greenbacks and state bank
issues as the means by which the necessary
volume of currency is to be secured. While
there are good grounds Of objection to eth
err, and some arguments in favor of each,
at present there are strong reasons for the
use by us of both together.
AS an original abstract proposition gov
eminent paper money is Objectionable. Gold
and silver coin alone should be the money
of the government, and there is no possibil-
ity to it's furnishing too much of either
1t is unnecessary to go into this question
now, however GreenbackS have been eStab-
Ished III the popular mind as money. They
carry a part of the public debt without
interest, and are needed to save those
twenty odd millions yearly by taking the
place of the national bank notes They fur
thcrmore furnish convenient medlNm OF
exchange equally current in all sections of
the country The government being already
committed to the policy of greenhack cur
rency these advantages may be allowed to
COunteT-balancc the fundamental objections
to permanent government paper money.
But if it is sought to make this the currency
Of the country to the entire exclusion of
other paper money, it can but utterly fail
to guarantee q permanent and sufficient and
properly proportional supply Of money to
each section OF the country, and such a
guarantee the people have a right to de-
maud, shall at least be attempted in every
general financial system. No system in
which all the currency including coin and
paper is furnished by the government can
give this guarantee.
Wherever all the currency is exclusively
furnished by the government the question
of the amount becomes, as it is now with
us, one of politics There nattHyrfal% apd ,iR=
STRUGGLE Of combined CAPITA! in the hands |
of creditors against the DEBTOR ana ltpoi
ing classes. and while the latter sometimes
r. n1,orariIv assert themselves, as they pow
promise to do. in the long run the IoftfeI
always surely prevail. 1t IS an unequal
contest The history OF the Struggle III inns
country best illustrates this fact. In eleven !
y-oars the currency has been contracted
from 81 800 600 600 to 500 100000. The appre-
citation in the value OF money Wtlcn mas
been caused by this contractlon Is hied9
ured by the decline in the prices OF prop
erty. If it has declined 81 per cent llo,tey
has appreciated in value lVo per cent. NJ NJ
with this, the same lh1uence mas
by the resumption act. fixed me date When
debts shall be paid by the gold sIahoaru,
and has demonetized silver IN oroer sun sun
further to appreciate the value OF &oio' anu
If they had the power would countess <''S SO
strike out half the gold com; IL 50 inuon VI
it could be found in The hanGS ol out'r Pr
pie 1t has simply been and sun IS 'ide mos
iniouitous oppression Of the many l0r lne
benefit Of the few VINO can deSe'i -, ~
even IuilS Iea r:to7 r,rf,,noe have melted
away. homes have been broken ul, , %li va
terprise is paralyzed ana genera 1872 ~,
ency has settled upon the Whot1 AM i4 ~ l,
great suffering and loss OF tHe p' 1i, ~"
years and the present distress ar W. s.,,,->
attributable to the act on me 20 - 49, 1
in taking away the money Iiolh we l'9pI"
at the bidding Of the creolloF cl7N9' 'i''
the country is always ll1ple 70 W. @H',i"
CURSED IN the same way 50 long as ne W.
,,1n Of currency is exclusively coillioileu
b,, The LEGISLATION Of congress-.
Apgin. even if this influence by me cre0-
ito, class is not eXerted. the regulation o.
+I,n volume Of the currency by Jaw Is purely