The Caucasian. (Clinton, N.C.) 188?-1913, 1896-05-28
MAI. GUTnRIE'S B0mBSnell
A GREAT NORTHERN PAPER rtlls
Rox II WOULD MAKE NORTH
CAROLINA A GREAT STATE.

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The Philadelphia Item. one of III,
ablest and most widely circulate,
papers Of the North, approves Maj
Guthrie's suggestion for the State
to exercise their constitutional right
IN making gold and silver coin lesa
tender money. Ii goes into inter
esting details in the following edi
torial:
Major ". A. Guthrie, IN the Ra
leigh On. c. CAUCASIAN Of the lItl
instant, opens up bonanza to State.
IN favor of the silver standard. tha,
may, if carried out on the lines he
suggests, cause q tremendous uproal
throughout the entire country.
The point being, the Constitution
provides and permits States to make
SILVER COIN A FULL LEGAL TENDER,
but not to mint it.
The permission means in effect,
that any State in this country can,
IT it so elects, make Mexican silver
dollars full legal tender within the
limits of the State. Also make the
Japanese silver yen a like legal ten
der, or any of the South American
coins that correspond to the Mexican
dollar or our own standard dollar.
In lSIl President Tyler, to furnish
the people with money in opposition
to the threats by banks of contract
ing this country's money because he
refused to allow the banks Fedora
privileges, made FOREIGN SILVER
COINS as above described, a LEGAL
TENDER in this country.
While this legal tender caused for
eign silver to be a common currency
in this country for years afterwards,
and GREATLY TO OUR PROSPERITY,
the privilege was finally repealed.
But this repeal Of Congress does
not affect the rights Of the States
under the Constitution to enact State
laws again making all those foreign
coins full legal tender.
The effect in practice Of so doing
would be TREMENDOUS
So far reaching and enormous
would be these effects, that it be-
comes impossible to foresee their en-.
tire limit.
One Of the very least consequences
would be such q TREMENDOUS PROS
PERITY for the State so acting, a
rise in prices and wages, and conse.
quent depression Of Industries in
neighboring States who refused &c
to act, that the lines Of demarkation
or separation between the two would
be far greater and far graver thar
actual secession.
In fact, such an act on the part OF
a SINGLE STATE would undoubtedly
solve the silver question for the Uni
ted States in short order; for il
would literally FORCE ALL oTHET
STATES in this country, in sheer
sELF-DEFENsE, to do likewise; or
what would come to the same thing
cause them all to force the 1MMEDI
ATE PASSAGE of free silver law.
Major Guthrie has had an inspira
ton, one far greater than anything
in his article would lead the reader
to suppose, SO immense are its posi-
BILE effects. Yet he writes with tn,
care, propriety and calmness of /,
superior judge of the court, one VIII,
in summing up the case in a three
column article presents al the evi
dence in plain and clear languag,
that is UNM1sTAKABLE and uNAN
swERABLE.
The Item here goes way beyon'
Mr.. Guthrie in explaining the con
sequences of his remarkably abl
suggestion.
The first effect would be, to caus
brokers to run over to Mexico, ther
exchange gold dollars or our pape
money for Mexican silver dollars, i
so far as such exchange of abou
two Mexican dollars to one of our
would be possible, return to- th
State, say, North Carolina, (ths
State, say, having made the Mex
can dollar full legal tenderO bu
with it say, 1000 pounds Of cotto
at say S cents a pound Mexica
money, take the cotton out of th
State, and sell it in the next Stat
at cents a pound In greenback,
thereby DOUBLING THEIR CAPITAL o
the round transaction.
After having bought all the cotto
for sale, the broker would buy ever,
thing else in the shape of mercha,
disc in the State in the Same wa,
and sell in the adjoining States.
This would put a large number {
Mexican dollars into North Carolin
at short notice, bat, as they woul
ALL BE LEGAL TENDER, they woul
pass in the State ON precisely th
same terms as the present gree,
backs.
Those holding this money woul
at once invest it, develop their ow
manufactures, and incite a great,
brokerage business as above d
scribed, and in tho course of tin
North Carolina would be doing