News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1895-11-21

room at the Academy was taken on
Saturday evening when, in response
to Prof BPebe's invitation, Judge
Powers addressed the students and
the numerous citizens, and explained
J to them in his characteristic and log
zeal manner the true inwardness of
the money question, treating it in a
non-paT titan way, and for one hour
and fifteen minutes holding the
closest attention of his hearers.
To summarize his thought we have
in part The fact that the silver ques-
ton is but one phase of the money
problem. There exists now. and al
ways has, a conflict of opinion be-
tween the friends of honest money
and of cheap money. There has
been a cry for fiat money, and now is
a cry for State banks and free coin
age of silver, and this is not confined
to the United States. Experiments
in the line of making something out
of nothing are always attempted
Here with US are three classes, repre-
senting three methods, clamorjng in
the first instance for cheap money
they are agreed on that; but some
cry for fiatmoney, printed promises
to pay by the government, turned
out from the government presses as
a newspaper is printed; others ask
for State banking system, meaning
a bank in all communities given the
power to issue money to suit them
selves, thus making possible A diff
ferent sorts of money in this country
and none of it good for anything 500
from miles it's home bank; a third
class demand free coinage of silver at
the ratio of 16 to /.
Here the speaker took up the sup
posed faith, or belief, or platform, of
each of these three classes, and gave
lucid explanations of their position.
The greenbacks of the war period
were not fat money, as claimed, they
were issued for value received, to pay
the costs of war, and were made legal
tender, good for any holder, a written
| obligation of the government. Fiat
money does not require that the gov
eminent shall have received a like
value. This government, in a con-
tract, is just the same as individuals.
based upon a legal consideration,
with no consideration received there
is really no obligation. No paper
can be issued disproportionate to the
ability to pay. Gold is said to have.
gone to premium in war times; it
never went to a premium, but always
holds its position as the great sea
level to which other values are lev
eled. If the farmer got 81 per pound
for his butter during the war it was
because the bill was paid in green
backs instead of gold, and the green
back dollar was worth about forty
cents.
The clamoring for State banking
system by Others, claims that money
will be more plenty in every commun-
ity, but it must be cheap money, and
what good is that? Money is the
measure of values-cheap money is
poor money indeed, after the first
transaction a man makes, pays an
old debt; but when it comes to sell
ing his produce does he want cheap
money? An honest dollar will be
recognized as a dollar the world over.
A State bank bill is recognized and
of any value only i'll a narrow circle
from the issuing bank-they are too
closely tied at home. The speaker
here related some of the experiences
and difficulties enconD tered under the
State bank times OF years ago, and
how the bill holders we've left in The
lurch, and upon resuming his subject
showed that no holder of a bill issued
by the national government ever lost
penny. -.
A third party says if we can't have
fat money or State banks, give us
money at half price, and they ask
that these great mints of our coun-
try, established and run at great ex-
pense by our government, be opened
for the whole world to bring their sill
yer and have it ground out into
money on the basis of 16 ounces of
silver being equal to one ounce of
gold. FIFTY cents worth of material
shall be made the dollar, and stamped
a dollar, but whose dollar is it? The
governments dollar? No The silver
miner carries it away as his money,
just as the farmer carries his flour
from the MILL Is there any Justice in
such a transaction as far as the whole
people are concerned? 1t suits the
silver miner, and he above all others
clamors for the free coinage of silver.
When a dollar is put in you hand see
that it has the intrinsic value of 100
cents. Some of these clamorers for
silver say give us the "dollar of our
daddies," the money provided for by
the constitution; but, my friends,
the constitution of this great coun-
try never in any part of it provides
for coming dishonesty. That IDOL
lar of our daddies" was an honest
dollar The honest thinker says put
both metals at parity and in their
true values. Money in itself and in
its redeeming power is worth exactly
what it is supposed to represent.
The speaker referred to the enormous