The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-10-07
DANIEL WEBSTER'S VIEWS.
He Believed the National Government Should
Issue the Paper Money for the Business Of
the Country.-Impossible for Gold or Silver
to Fill the Place of Paper,

nc 0cIcVcO the NAtlOn4l UOVerOmSuL SnOulO
Issue the Paper Money for the Business of
the Country.-Impossible for Gold or Silver
to FIJI the Place Of Paper.
Editor Representative:
l was at our state capitol yesterday, and
copied from Webster's works the inclosed
article on the money question. 1t shows
that Mr.. Webster was substantially
greenbacker-believed in the power of con-
gress to issue bills of credit TREASURY
notes., for a circulating medium. 1t as
serts, what many sensible Populists
know, that we must always rely upon pa
per currency for the greater part of the
circulation: and that ''all the humbug
about a specie currency, hard money
system. is altogether unworthy Of a man
of sense l hope you will publish this
article In your paper. 1t might help Bryan
In New England. National and state le-
gal tender treasury notes would be far
better currency than national and state
bank notes, the bank notes being issued by
private corporations. Yours fraternally,
John r. Beasley.
DANIEL WEBSTER ON THE MONEY
QUESTION.
In an address delivered at convention
of the Wings of Essex county, Mass, held
at Andover on the 9th of November, 1913,
Mr.. Webster said:
Congress possesses the commercial
power that is, the power of regulating
commerce and the power of coming mon
ey; and it may issue it's own bills Of
credit.
mo state can either coin money, regu-
late commerce, or emit its own bills of
credit.
But right or wrong banking corpora
lions are established under state authori-
ty, and issue bills; and these bills form
in fact, the mass Of the circulating me-
dunn of the country. And now, since the
use of these bills has become almost, If
not wholly, universal, the question arises:
On what government devolves the power
of regulating the paper currency?
Now, gentlemen, in my opinion the gen.
eral government is bound to take care Of
the currency Of the country; and if paper
is to take the place of coin, congress is
bound to see that it is safe paper. and
such is not likely to defraud and op-
press the people, to become base in char
acter. or run to excess.
There are three propositions which
would gladly submit to every candid man
in every part of the country:
First-That paper, in the present state
and condition of society, will and must
constitute the greater part of the cur
rency--the mass Of the circulation.
"Second-That a part at least, Of this
paper currency should be in every part of
the country, of equal value, and that value
equivalent to specie.
Tbat ctoto
ing but the authority of the United States
can furnish such a universal circulating
medium
"All the humbug about specie curren-
cy hard money system, is altogether I'M
worthy of a man of sense. We know that
we must, from some source or other have
paper for circulation, and for the greater
part of the circulation. Is there a man
here, is there a man anywhere who will
say without a blush that he expects an
exclusive specie currency? Can any SEN
sible man so say, without feeling his
cheek burn with shame? There is none
such.
as 1t not highly desirable that We
should have q circulating medium of uni
versal receivabiity, if l may use such a
word. The inhabitants of Maine, Georgia,
the valley of the Mississippi-is it not to
be wished that they may all have some
paper, which everybody will take? All
candid men must admit that it is.
"oan any state institution furnish such
a currency? We all know the contrary.
Now, where is this power? I answer,
in the authority Of congress to regulate
commerce. and the gerat agent of COM
merce-money. Congress has the power
of commercial regulation by the constitu-
ton; 1t has also the power to coin; and
according to Mr.. Madison's matured judg-
ment, the power to coin implies the power
to say what shall take the place of COIN
age. that coinage be displaced by paper
Those who made the constitution did not
doubt this power."-Works of Daniel Web
ster, Vol. 2 page 1922