The Caucasian. (Clinton, N.C.) 188?-1913, 1894-02-15

Reported Ey one Present For The Cauca

SiDEE.
Reported Ey one Present For The Cauca-
1t was very rainy to-day outside
and was rather late IN getting at
the club but the rest Of the company
were t4ere upon their usual perches
If barrels and dry goods boxes when
| arrived.
As usual in gatherings Of this kind
politics was up Tor discussion.
The currency question seemed to
be the particular phase Of the sub
pct upon the program for the day,
and / joined the group just in time
o hear Wilkins, az elderly farmer
md a loyal follower OF the y. \.
Tribune, remark: "All this talk Of
lat or irredeemabie paper money has
10 foundation except III theory. No
government can make money that
vlll stand unless they have the gold
and silver to back it with
| was known to have very decided
ppinion3 upon this subject and Viii
sins punctuated his remark with a
.ook Of mingled triumph and inquiry
at me.
We'll, Wilkins" | replied, "that
may be SO but believe it to be true
that nearly all principles Of law or
government are but the development
If some theory that pre-eXisted III
some master mind. While it is easy
to show you that full legal tender
paper money has existed in fact as
we'll as in theory prefer to question
you upon the theory first.
"Suppose that have your note for
twenty dollars for value received.
DO | hold it because | know that You
have twenty dollars in gold or silver
Iald by that you will pay me upon
demand when the note is due ?"
"Certainly not. If had to hold
the money for you there would be no
object in giving my note"
True, but how am | to get my
pay"
MY farm is sufficient security for
twenty dollars, is 1t not"
"Certainly, but let us suppose
again that you nave no farm or that
1t is already mortgaged what then =
"My personal property would still
remain as Il security"
"You admit then that real estate
and personal property are sufficient
securities for d note.
"Now | do not for a moment
doubt but that could bring your
note here to the store and exchange
it to Maynard for twenty dollars in
goods and he could in turn exchange
it with any Of the farmers around
here where you are known for butter
or other produce, and so it might
pass around from man to man until
1t finally reached you for redemption,
either in money or in any product
You had that the holder might need.
Thus, in limited sense, it would be
| money"
That is all very we'll so far as it
goes, and that far is essentially true,
but We want d money that is as good
in Maine as it is in California, and
as good to-day as it is tomorrow. We
don't want to be obliged to keep an
indicator as we used to in the days
of the wild cat banks You don't
remember those days but | do, and !
don't care to have my memory fresh
ened by return to such days. Oul
present money is the best we ever
had and good enough for me-"
THAT may be true, but is not the
government aS we'll known in Maine
as in California? Will We need an
indicator any more in one State than
in the other to determine the stand
ing of the government :"
1--WE may if the present admins.
tration continues much longer. But
seriously. you know that the govern,
ment is a real estate owner only in {
very limited way, hence where is your
security for anything like the volume
of currency needed ?"
"What constitutes this govern.
ment ,"
/ "The people, | suppose, but pri
vate property cannot be held for pub
| lie security"
at cannot? How are your take
secured to the government %
"But taxes wont pay government
notes."
"You know very we'll that the gov
ernment raises money for defrayinE
its expenses by taxation either direc
or indirect"
'But the tariff is not a tax"
81 <am not going to discuss tina
question with you now.
, "You also know that if your take
remain unpaid this same goYernmen
can take either your real estate o
your personal property for them.
''Now let the government Issue
note in payment of any part of its ex
penses. Like your note it will circu
late where it is known to be good, 0
' throughout the entire country be
cause it is based upon taxes whic
: all know must be paid and throug
4 L taxes upon property"
"Bpt if it is not redeemed no al
! | to pay my taxes :"
with the note of course. Suppos
A does some service to the govern
I ment and receives in payment fu
u legal tender demand note-the wa
all money is first put in circulation
;. "The government is indebted to .
( to the face value of tbe note the sam
! as you were to me, the only diffel
{ ence being that your note being pay
able at some future time bore intel