The Caucasian. (Clinton, N.C.) 188?-1913, 1895-01-03

ss r. A. DuxxIxs.
Nos.

Nos.
FRANKLIN WAS defending his sys-
tenn Of payer m.sney and loans TO
individuals hsfore the British Par
lament. - the Popalists are no~
deferdng the same system before
plutocrats OF America. DIR.
franklin continued AZ fellows:
|; seems hard. therefore. to draw ali their
real none" from them and then r.iu~
them the poor prviiege OF using paper in
stead The English tsgk balls bs-
ing payable in cash upon sight by -.se aras-
er q. indeed. a circumstance that csasiui az
ten0 the colony bills. for the reassh lnst
above mentioned. their bullion tssf ( drawn
from them bv the British Trade; but the .e-
gal fendex being substituted III its place =
greater ad. >ptage to the pos-es-er. STAGE he
need not be IL the trouble of going to par
ticaIar bank or banker 10 demand the
money.
Gov. Pownali. colonial governo,
of Massachusetts,, discussing the
subject in hand, said:
| will venture 10 say that there never was
a wiser or better Inea-ur.-never one caicu
lated In serve the interests of an Increa ing
country, that there never was a measure
more steadily pursued or more faithfully
executed for forty years together than The
loan office III Pennsylvania, founded and
by the assembly OF that pro-
vince.
Peter Cooper, of New York, one
of the most iii eiligent and success
full business men America ever pro-
duced, discussed the colonial money
as follows:
These colonial notes being adopted by all
the colonies. led to an un. xpected degree OF
prosperity. so great that when Franklin was
brought before the Parliament of Great
Britain and questioned AZ TO the cause OF
the wonderful prosperity growing up in the
colonies, he plainly staded that the cause
was The convenience they found IN eA-
changing their variou, forms of labor one
with another by the paper money which
h al been adopted that this paper money
was not only used in the payment of taxes,
but in addition it had been declared legal
tender. 1t rose , and } per cent above the
par of gold and silver, as everybody prefer
red its use. One of its advantages was its
security against theft. as it could be easily
carried and hidden, on account of its having
no bulk as ali Kfnds-vI specie must neces.
sarily have. After Franklin had expfaiflg ed
this to the British government as the real
cause OF prosperity, they Immediately passed
laws forbidding the payment of taxes in
that money. This produced such great in
it was the principal cause of the revolution
A far greater reason for general uprising
than the tea and stamps act was the taking
away OF the paper money.
Sir Edmund Burke, one of the
ablest, bravest, and best friends OF
the American colonies in the British
Parliament, discussing the Ameri-
can finances and taxation, April II,
IVA, said:
Nothing in the history of mankind is like
their progress. For my part l never cast
my eye on their commerce and their cuiti-
waited and commodious life, but they seem to
me rather as nations grown to perfection
through long series of fortunate events,
and a train of successful industry, accum-
latlng wealth i'll many centuries, than the
colonies of yesterday-than a set of miser.
able "Outcasts" few years age, not as much
shore of a desolate wilderness, three thou
sand miles from all civilized intercourse.
David aume, Engiand's great his
torian, explains the cause of the
wonderful prosperity of the colonies
before the revolution as follows:
In our colony of Pennsylvania the lane
itself, which is the chief commodity, i:
coined and passed into circulation. A plan
ter, Immediately he purchases any land, car
go to public office and receive notes to The
amount of half the value of his land which
notes he employs i'll payments, and the,
circulate through the colony by convention
70 prevent the public from being over
whelmed by this representative money then
are two means employed: First, the note
issued to any one planter must not eXcee,
certain sum, whatever may be the Valu
of the land; secondly, every planter i
obliged to pay back into the public otfic
every year one-tenth of his notes. Tn
whole is, of course annihilated in ten years
after which it is again allowed him to tax
out new notes to half the value of the lane
/ Rev. John Twells, of London, a,
able English writer, sperking Of tn
American colonial finances, said:
This was the monetary system unde
which the American colOnists prospered I
such an extent that Burke said of then
Nothing in the history of the world is Liz
their progress" 1t was wise and ben
fetal SYSTEM and its effects were most col
ductive to the happiness of the people. Tai
the case OF family, industrious AMI ente
to seek refuge in the wilds of the he
world. With their scanty means they pu
chase tract of land. Many years of hal
labor, privatiOn, and anxiety would ha'
been necessary to bring that family into
state OF decent competency, had they bee
= ie1ulleu W puIcLaSe Solu anu SILVER DY /
Dor and by the produce of labor, before the
could effect the Improvements of the
property. But half the value of his Lar
= was advanced to the head of the family
= notes, which circulated as money. VII
C these notes he could hire labor and purcha
r implements of husbandry and cattle; al
t thus, where without these notes one ac
could be cleared, cultivated, and stocked
l ayear, ten would, by the assistance of Il
D paper money advance, be reclaimed fro
: the forest and rendered productive. Thu
! hope entered the dwelling of the poor en-
/, grant.
i Ten years found him with the whole
his debt to the government discharged, Il
proprietor of happy home. And the XII
hand OF paternal government was stretch
out STILL to advance to him again One-h;
the increased value of his land, and tn
r enable him to clear more of the forest, al
to settle his children in new homes SUI
y was the sy tenn by which "a set of mserat
k outcasts' were converted, in short spa
OF time, into happy, contented and prosp'
t GUS cOlOnistS' X
In an evil hour the British governme
- took away from Amerca its representa-
s money commanded that no more pap
bills of credit should be issued, that til
. should cease to be legal TENDER and collie
ed the taxes in hard silver. This was
1773. Now mark the consequences. II
u contraction OF the circulating medium p
q allied all the industrial energies of the D,
pie. Rum seized upon these once flo,
J. ishing colonies; the most severe distress W
brought home to every enterest and eye
family; dlsccntent was urged on to despe
J, alton, till, at last, human nature" as
johnson phrases it, ''arose and asserted
rights In l776 America became an in,
pendent state.
That is a fair and full descripti,
, of the honest money which serv
- the people in time of need, VIII
dishonest coin had fed beyond Il
&c sea or was locked up In the mise
u till. 1t will be observed that
N rested entirely on the quality of
Re gal tender, and it remained 90
y and sound money until that quail
e, was withdrawn by the British &C
,e ern,"ent on purpose to destroy
ana thus to render the colony q
pendent for money on tho usurers
49, England. The Pennsy lvania CT
81 rencV did not depend on the land