The Louisiana populist., 1895-04-26

ceive and carry the stamp with regard
to its economy, cheapncss.
Not long since in conversation with
long-headed ieweller in Baton Rouge, |
he said, II understand the situation; ;
| know what is the matter; the people !
have received nothing for their products |
for so long that they have become SO
poor they can't buy, and we are suffer-
ing from underconsumption. But" "
said he You people are going next
to attack gold" l had said nothing on
that point, or on legal tender, but he
has his money in gold and iewelry, and
he knows the weakness of gold. He
understands the great artificial value it
has taken on in the past 20 years, ana
he fears that i. may become necessary
for the people to pull down this idol OF
the 10Th century, rs did Moses OF DID,
and so distroy the value of his property
have been reading the Presidents
sound money letter to the Chicago peo-
pie. From his remark that it would
not matter so much as to the character
of our money, if We were an Isolated
people. / Judge he has been reading
Tiffany, or some other good authority,
and that therefore his stock of informa-
ton on the finance question is at best
as good as his grammar. The President
might study to advantage, Colwelrs
History of the Bank of Venice. He
might thus learn that the principal
money of account at premium OF 20
per cent over gold and silver, in the
Republic, was the fiat money OF the
bank; that the rate of discount had to
be limited by statute to prevent it from
exceeding 20 per cent and that the
metals were but little nsed, except as
commodity in settlement of foreign bal
ances and, finally, that this bank con-
tinually increased its business through
a period OF 600 years, without a panic,
and that it only suspended when the
Republic was overthrown by Napoleon.
In the light of the sound logic of Judge
Tiffany, we might all study this piece
of history to advantage.
The points then in favor OF intrinsic
value money, are 1st, 1t may be used
in barter to settle foreign balances. 2d,
It retains its commodity value after the
government issuing it may have ceased
to exist.
The first Of these points may be met
by the proposition that bullion would
better answer for the settlement of for
eign balances and there is every rea-
son why properly regulated legal ten
der such as is indicated by Judge Tiffa-
ny, should command premium over
the metals, when required for such uses
in bullion. Except for pocket change,
every one prefers paper, because of con-
venience of carriage and handling. and
the preferred money should be at a pre-
MUM.
As to the other argument Of retention
of value after the power issuing has
ceased to exist. / should not think that
under republican form of government
this would be a point so much in favor
of intrinsic value money, as against
it, under the full legal tender system it
would be the interest of every one liv-
ing under the protection of the govern
ment issuing his money. to uphold the
power behind his money and assuring
to his property a value. The immense
ly rich are not so readily inclined to be-
take themselves to foreign shores with
their riches. 1t is a dangerous thing to
give to money too much power, indie
pendently of the power issuing it. I'm
der such conditions money may cease to
/ be the hand-maiden of commerce, and
constitute itself master of the nation
How far arc we now from that period Of
our history; or may not we have al
ready reached it?
, Now as to Mr.. Groh's ideas on the
land question Observation and my
own experience convince me of theil
fallacy. Under fairly adjusted finance
system, founded in reason, not super
stitlon. can see no objection to privats
: ownership of land propety regulated
There are abuses of land ownership
{ that should be corrected, no doubt, but
5 not to the extent of discouraging privatt
ownership entirely.
Yours truly,
j. T. HOWELL.
Tho ,,ol;f;c;opc uho q fovu month,