The Caucasian. (Clinton, N.C.) 188?-1913, 1896-06-04
TO STOP GOLD NOTES AND MORT.
GASES.

II Congresa VIII Not rn.s This Lss. hen
The Next Legf.Isaar- Cas .nd shauia
Pass IL For North CsTeitna-
New Era, Wilmington. N.cl
Among the few really good meas
ures introduced in Congress during
the past few weeks is the following
by Senator Butler, of North Caro-
| lima:
=" A bill TO prevent discrimination
between the different kinds of legal
| tender money OF the United States
and to maintain the equal debt pay
ing and purchasing power thereof
and for other purposes.
- Be it enacted, etc., that any note.
bill, bond, draft, check, exchange,
contract, mortgage, public or private
| obligation, or pecuniary liability,
may OXIDE for its payment in q
specific kind or kinds of legal tender
money of the United States, may be
paid or discharged in any kind of
legal tender money of the United
Siate6 current at the time of its
maturity, or collection, at its face
value, such stipulation or agree
ment to the contrary notwithstand-
ing"
In presenting this bill Senator
Butler said:
By its title it will be seen that it
is a bill TO maintain the equal debt
paying and purchasing power Of all
the legal tender currency Of the
country. | see that the various
State conventions now being held to
elect delegates to the Republican
national convention are declaring in
favor of this policy, and pledging
their party to give the people such a
currency. Both the old parties de-
clared it to be their policy in their
last national platform, and will so
declare again this year. In order
that we turn these promises into
performances before another CAM
paign, l hope the committee on f.
nance will report this bill promptly.
We shall then be able to redeem, be-
fore the next national conventions
are held, the promises which both
the old parties made, so that they
will not have to make the promises
over again. The Peoples Party now
stands ready to help either party re-
deem this promise. We are ready to
do it now. Gold mortgages are plas-
tered over every town and hamlet in
this country, and nearly every man
who borrows money is forced to give
a gold-bearing obligation or note.
No government should allow such
discrimination against any Of its le-
gal tender or lawful money. 1t is
not only an injustice to the debtor
class, but it is a suicidal govern
mental policy. 1t is all wrong and
no party can defend it. Both the
Dem cratic and Republican parties
say they ere opposed to such Il poll
cy, but they have done nothing 10
correct it. They can correct it by
passing this bill. The law as it "
stands, instead of main.aining the
equal debt-paying and purchasing
power Of all lawful money, actually
makes gold dearer. How can the
government deliberately legislate to
| 1ASIC0oS thc pun Pc"NI VI
gold, and then insist on paying its
own debts III this dear money, aud
force private debtors TO do the same'
The money-lender and the bondhold.
er are the only people benefited by
the present law. 1t is to the detri.
ment of everybody else. The bill
which | offer will correct this
wrong"
If Congress will not pass thi.
law then We wish to call the specia
attention of the country 10 the fac
that each State can take ac'i>n fo1
} itself. The Stase legislature IN!
just as much power 30 prohibit th'
taking and collection Of notes ant
mortgages requiring pay next in go't
alone as it has to regulate the rates
of interest that shall be charged OF
such notes aud mortgages. TIL,
Legislature can pass laws 10 p1ohibi
: discrimination ia the kiads % lega
money III which payments sh Ill b
made aud make the penalty the for
feiture of tho principal as it eau il
the case OF usurious interest. lie
the next legislature of this Stat
pass such law.
| Judge Barringer Dead.