Lawrence democrat. (Lawrenceburg, Tenn.) 1884-1925, 1896-01-31
West Point.
Editor DEMocRAT:-

hohoSo Va VIZ iCuCidi SoNCiilutllt
are unnecessary complicated.
A national bank note is not a
legal tender but we accept it at
face value without looking to see
where the bank is situated or who
is its president. In fact if we knew
the bank was "Dead Busted' it
would go all the same, because the
note is secured by United States
bonds deposited in the federal
treasury, and we look altogether
to the security and not to the prin-
cipal.
This being the case the bank
note can be no better than the
bond that secures it, and the bond
can be no better than the security
that is behind it.
The security behind the bond is
the ability of the government to
meet its obligations, and this abili-
ty consists in the power to levy
and collect taxes, the power to
collect taxes, is secured by the
honesty and integrity of the peo-
pie and their willingness to pay
all legitimate liabilities of the gov
ern ment, so no note can be better
than the united credit of the pco-
pie of the county. If these are
facts (and we have never heard
them contradlcted,) the notes Of
the government redeelnablc in gold
Or silver or in government taxes
would be as good as a national
bank note, because they would
rest upon the security and would
obvlate the necessity of issuing
interest bearing bonds, and the
profit which accrues to national
bonds by the loss or destruction of
their notes would then accrue to
the government. Banks are useful
and necessary institutions; SO are
mercantile, manufacturing and
transportation company's. Why
should banks be accorded priva-
leges that Others are not? lfa COM
pany Of gentleman, having the
necessary amount of lawful money
of the country wish to 60 in to the
banking business, let them do so
upon the same principle that they
would enter any other business,
except that they be required to
make ample provisions to secure
their depositors; which is not done
under TIE present system. This
would take the government out of
the banking business, and give US
currency not based on an inter
est bearing belt.
Another thing that sounds curl
Gus to common folks, is the neces-
sity Of u gold reserve to secure the
credit of the government. An in
dividual who has always been
prompt in the payment of his debts
and who has the resources with
which to meet them as they be-
come due, does rot have TO borrow
money that he does not need in
his business, pay interest on it,
take it out of circulation, ard
hoard it in vault where it can do
him nor any one else any good in
order to keep his credit at par; and
the same rule that applies to the
individual should apply with equal
force to government:
The existing state of affairs can
only be accounted for on the
hypothesis that the government
is not being run by the people and
for the people, but by the classes
and in the interest of the classes.
These classes are the national
bankers the tariff barens and the
gold monipulators of England and
the United States.
The Republican party belongs
sonl and body to this unwholy
alliance and can never give relief.
The Democratic party has been
betrayed in the house of its friends,
but the rank and file of democracy
he's never bent the knee to- the
golden Idol, and the principles Of
jefferson, jackson and Benton still
survive in their breasts; and under
the banner of free gold, free silver
free America and tariff for revenue
shall be able to march to victory
in this good year of our Lord 1896
Yours Truly,
j. A. Welch.
Shaky Nerves,