The Caucasian. (Clinton, N.C.) 188?-1913, 1894-12-13
HISTORY OF THE CONTRACTION OF
EURRESGY.
BY y. 4. CUNNING.

=
is based upon the proposition that
the currency OF the country has been
contracted aud people are suffering
ia cons. 4uence. This allegation Is
met with square denial by the bank
ing and money-ownisg interests as
politicians and leaders Of the two
old parties. This denial is sustain
ed by the Treasury Department IN
all its reports and communications.
Such being the case have deemed
/ it necessary, in defence of the reform
! movement in general and the Peo-
pies party in particular, to take up
( this question and discuss 1t fully
and fairly. If there bag been con-
traction Of currency, as alleged, there
should be some indisputabie evidence
of the fact which can be brought
forward in defence Of this position.
To search out such evidence and
present it to our readers IN concise,
Ineligible, aud truthful manner
will constitute the object of this
series of letters.
Before taking up the subject prop
er, it seems quite imperative to give
brief synopsis of the introduction
of currency in this country and It's
subsequent relations to the people:
! for in 50 doing the motives which
! have. led up to contraction Of the
currency in the past, its effects upon
The industries of the people, and a
, disclosure of those who were the
real beneticiarIes would have an I'M
pOrtant bearing upon the present
| discussion.
The currency used by the first
colonies and plantations was strictly
Of foreign importation. Dutch,
Puritan, and Caviier, each brought
with them to this continent not only
! the manners and customs of their
native lands, but limited supply of
stock, grain and seeds, for use and
cultivation. Each ship load Of emi-
grants brought with it not only the
brain and Drawn which was destined
to found this great nation, but those
other necessary adjuncts to progress
and success-implements of trade
and agriculture. Each selected such
as he could afford or obtain, and
naturally chose those of his own
country. In like manner these pho
neers brought with them to then
new homes small supply of curreu.
cy.
b cause of this each colony pos,
Se88ed Il currency of its own, anO
history notes that the early fathers
used mixture of English, Dutch
aud Spanish money in their CONNER
cial transactions.
This money was entirely of golt
and silver. 1t must be remembered
that neither gold or silver was mineC
to any considerable extent in what
is known as the United States, except
small amounts in Georgia, NORTH
Caroline, Virginia, and few Other
Sothern states, until the discovery OF
gold in California in 1913 This
fact placed the early settlers intirely
dependent upon the mother countries
not only for the amount, but the
kind of money they should make ust
of. The English Colonies We're for
hidden by royal proclamation at al
early period of their existence to coin
any money whatever. 1t was as well
understood then as now "that those
who own the money rule the people,
The parent governments looked
upon these Colonies as matters OF
pure business speculation, and {
safe place to send turbulent anc
uneasy citizens. 1t was desire fol-
gain and not to better mankind tina
led the nations of the old world tt
plant these Colonies on the new con
tinent. In order to make the ven
ture remunerative, the colonies wer,
governed with the most despotit
vigor. This unwarranted and un
generous treatment finally led to revo
luton and ultimately to indepon
denc. AS the Colonies increased il
numbers the resorces of the countr,
became more developed; the demand
for medium of exchange becam.
very great and the want of it yer,
oppressive. Being denied the RICH
to coin, and at the same time being
nearly destitute of the metal out O.
which money was coined, the onl,
possible manner in which these earl,
settlers could obtain money was b,
exchanging their products for tn
money of the mother countaries. |
is needless to say that currency sool
became very scarce.
In 1880 Gov. Winthrop writes t,
his son, then in England, to brin!
, him not less than $50 pounds ster
, ling. In fact, one of the most diff
cult problems which those early pic
neers had to content with was tn
question of currency. This evil con
tinued to increase until all bushes
became stagnant, and some actor
for some relief became necessary
Various expedients were resortet
to in order to bridge over this diff
Guilty, some of which appear rattle
curious in the light of the presen
day. Parties who in their exploring
expeditions had penetrated as far a
Long Island Sound, found the coas
tribes using a circulating medium O
their own. This consisted of tw,
kinds of beads, white and black
The white beads were made from
the end of a periwinkle shell and tn
black from the black portion of tn
clam shell. These beads were pol
ished, arranged in strings or belts
and used as ornaments. In bushes