The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1895-06-29

A4&s>~
greatchampion of Democratic prin-
ciples and its first President, while
Aaron Burr, the subservient time
server, comes down to us in oblo-
guy and branded as traitor.
Finances for Plain People.
League from the Picssuns Of April 80. 1851
As the Picayune has been dis
cussing rather extensively many
matters connected with the finan-
cial themes that are now of absorb
ing interest to the people, and as
it has been writing principally for
the benefit of the plain people and
the working classes, it willingly
complies with the request mention
ed above. As these matters may
be considered too simple and ele-
mentary for advanced students of
finance, they are not expected to
give them any attention; but the
plain folk for whom they are in
tended, are requested to read them.
If there is subject to-day upon
which the people of the United
States ought to he informed it is
that of finance, which is the issue
upon which the great political par
ties are divided and which threat
ems to cause social and industrial
revolution in the country. In or
der to know for themselves the
force and meaning of the conflicts
now in progress in regard to the
money of the country, so as not to
be carried away by any false doc
trines and wild and ruinous theo-
ries, the people should be instruct
ed in all the plain elements of f.
nance and so be able to judge for
themselves on all such matters.
sGresham's law" of money is
constantly being referred to in f.
nancial discussions. 1t is a state
ment of the fact established by all
experience that bad money always
drives out good money. When two
sorts of money come together in
circulation and one sort is better
and more desirable than the other,
people will hoard the better and
use the least desirable. Thus, from
1862, when the first greenbacks
were issued, gold, being the better
money, was hid away and held at q
premium, while the greehbscks be.
came the sole currency in circula-
ton, and when gold was needed tc
pay foreign bills it had to be pur.
chased at q premium, which went
SO high that at one time it tool
% IS of paper to purchase 81 o.
gold.
| Gresham's law was not named
/ from the present United States sec
rotary of state, hut from Sir Thorn
as Gresham, London merchant o.
the time of Henry VIII and Eliza
beth. Under the latter he was f.
nancial agent of the crown and wa
the adviser of the government IL
financial affairs. He WAS founder
of the royal exchange. The law o
money which he first announced
has ever since held good.
Free coinage of silver is the rea
brrdor IF fho f;nocc;ol ronfrovoruv
Free coinage means the right o
any person who has gold or silve
to have it coined at the mint /
does not mean coinage free o
charge, for the mint has right t.
exact a fee for all coinage, but th
free and unrestricted right to carr,
bullion to the mint and have j
coined. Free coinage exists TO
gold only. The mint will coin any
body's gold just as a country tol
mill will grind anbody's corn. Blu
there is no such privilege accorde
to silver. The mint will not col
! private silver, but only that whic
) has been purchased by the govern
ment. IF free coinage of silve
were lawful any silver, whether th
property of citizens or of foreign
ers or whether mined in the Unite
States or in foreign countries, coul
be taken to the mint and coined IL