The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-06-19

obtain the scrip without giving a mort
gage for twice the amount and 1t was
thought that this security would make
it as good as gold. But the depreciation
began instantly. When the worthy far
mers went to the store for dry goods or
sugar, and found the prices rising with
dreadful rapidity, they were at first as
tonished, and then enraged. The trouble,
as they truly said, was with the wicked
merchants, who would. not take the pa
per dollars at their face value These
men were thus thwarting the govern
ment, and must be punished An act
was accordingly hurried through the
legislature, commanding every one to
take paper as an equivalent for gold. un-
der penalty Of $500 and loss of the right
of suffrage. The merchants in the cities
thereupon shut up their shops The far
mers determined to starve the city peo-
pie into submission, and they entered
into an agreement not to send any pro-
duce into the cities until the merchants
should open their shops and begin SELL
ing their goods for paper at its face
value. Not wishing to lose their pigs
anG butter and grain, they tried to dis
pose of them in Boston and New York,
and in the coast towns of Connecticut
But in all these places their proceedings
had awakened such lively disgust that
placards were posted in the taverns,
warning purchasers against farm pro-
duce from Rhode Island. Disappointed
in these quarters, the farmers threw
away their milk. used their corn for fuel,
and let their apples rot on the ground,
rather than supply the detested mer-
chants. The forcing act'' was at last
declared unconstitutional by the supreme
court of the state.
Now with regard to the above quota
ton, the points upon which l especially
should like to be informed are as fol-
lows:
1. The writer speaks of the "miseries
so plainly traceable to the deadly paper
currency" meaning the currency by the
aid of which the war of the Revolution
was carried through. But he does not
give the least hint as to what other
means might have been used to carry on
the war. Granted that the deadly pa
per currency" ought not to have been
issued, by what other means might the
colonists have procured the necessary
money?
2. When the writer speaks with such
evident gusto about that clause in our
making of laws impairing the obligation
why his sense of justice did not lead
him to dep.ore that a clause was not also
inserted in the constitution forbidding
the making of laws that increase the OBJ
legation of contracts.
3. Why is paper money Fictitious
wealth." while paper bonds are regarded
as real wealth? If state or nation can
redeem" it's bonds, why not it's paper
currency?
T. Why are national bank notes, based
upon the debt of the country, regarded
as Sound money! while paper money
issued by the government is regarded as
unsound?
5. Why was not the Rhode Island
scrip" secured by mortgage for twice
the amount, secure enough?
6. Fishes account Of the finances OF
the thirteen states after the Revolution
as we'll as instances in other countries
seem to prove that an irredeemable pa
per currency is impossible. If not, how
ought the states to have gone to work
to successfully establish paper cur
rency?
see no reason why people should not
be willing to accept the paper money OF
a stable government, when issued to a
reasonable amount per capita; but then
it seems to ben fact, that such a curren-
cy has not been practicable. l should
like to see this matter fully explained
Respectfully, r. T. IVERSLEE.
Milan; Mimi, June 4.
COMMENTS BY THE EDITOR.
Fisk charges up against paper money
all the miseries caused by the Revolu
tion: and eight years OF war between
100000 poor co.onists, stretched
along the Atlantic coast, and tho
greatest power, Great Brittany, in the
civilized world. And he ignores the
| fact that if it had not been for paper
money the colonies could never have
esta blished their independence, and
it was the poorest kind Of paper money
at that for it was not even legal ten
der, and the Continental congress had
no power to levy taxes to protect OF
redeem it. And yet this DIES pissed
rag baby money" was the foundation
on which this great nation was erect
ed, and without it we would have re-
manned the subjects Of England, per
haps to this hour.
There must of course be reason and
good sense in all things. A small, poor
community may issue floods of paper
money so far beyond its means that it
will be worthless. And it must be re-
membered that the American colo
mics, at the close of the revolution
were in dreadful condition; worse
off indeed than the Southern state!
were at the close of the civil war. /
Gov. Moses, the carpet-bagger COVER
nor Of South Carolina, and his alleged
legislature, had issued one hundred
millions of paper dollars they woult
not, in little while, have been wortf
five cents on the dollar; but tina
would not prove that sound and re
liable paper currency could not be es
tablished by wealthy and popuou
country. Minnesota's taxes are thir
teen million dollars per annnm, (w'
blush as we write it); and will anybod.
pretend that this state could not is
sue, Gf the national constitution
would permit her), million dollars o
paper money, receivable for all debt!
public and private, including taxes
and maintain them at par? 1t would
be u question to be determined by ex
perience whether she could not SO is
sue five millions, ten millions or thir