People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1897-07-09

chant was expanding his trade, new
fields of enterprise were being explor-
ed and developed.
The commercial body was full of life,
because it was full of life-blood-
MONEY
The paper money wasn't hurting a
soul It was doing good everywhere.
1t was saying Forward March" to
every soldier of the grand army of toll.
But the paper money interfered with
the hoarders of gold and silver. 1t was
a lion in the path of those who wanted
to get mortgage on the Government
in the purchase of bonds.
Greenbacks, issued by Uncle Sam,
were hateful to those bankers who
wished to issue paper money, signed
by themselves. The credit of the Gov
eminent was good enough to support
paper dollars in time of war, but was
not good enough to do it in time of
peace. So the Government was ousted
from it's sovereign power of creating
paper money, and the National Banks
seized it, the Greenbacks were called
in and burnt up, and in lieu of nation
al notes costing the people no interest
and doing them immense good, the
Government was compelled to issue
national bonds, costing heavy interest
and doing the people enormous harm.
The notes of the Banker took the place
of the notes of the Government The
Greenback paper money did not hurt
this people; the destruction of it was
what hurt.
The Telegraph mistakes our position
when it says that we believe that the
fat of the Government can fill every
body's pocket with money.
We did not say that; nor do we mean
anything of that kind.
We believe that every citizen should
rely upon his labor or his produce, or
his property, to get money. We do
not want the Government to give us a
cent All we ask is that the Govern
ment should create enough money to
supply the necessities of the country,
so that when man wants work there
is money in the country to employ
him. There should be enough money
in circulation to stop the stampede of
prices, the paralysis of trade, and the
| pitiabte idlenass of those who seek
markets for their labor. A system in
which dollar of debts or of tax de-
YOURS a larger quantity of produce
every year, is not just system. In
such a system the dollar constantly
rises, and the man. constantly sinks.
We would like to see the system so
changed that if any sinking has to be
done, it will be the dollar which lowers
its crest-not the man.
This change will never come as long
as the banks are allowed to usurp
governmental functions, and to use
them for private speculative purposes.
The capitalists represented by the
banks will always prefer a small vol
ume of currency which they can con-
trol, well knowing that those who
control the currency control prices,
almost without limit.
| The Telegraph, as we rather sus-
pected, knows little of John Law. 1t
says he was gambler. We regret to
say the accusation is true; but what
has that got to do with his financial
theories?
Henry Clay championed national
banks and Protective Tariff, just as
The Telegraph does would it be fair
to damn the Tariff system because
Henry Clay was ravenously fond of
poker?
The great English statesman, Charles
Fox, championed the abolition of the
Slave Trade: would it be fair to meet
his arguments against the traffic in
human beings by saying that from his
boyhood to his death he was the most
reckless and continuous gambler in
Europe?
What has mans private character
got to do with his economic theories ?
Mirabeau might be monster of vice
in private life, las he wAs) and yet even
sour dyspeptic moralist, like Carlyle,
might love him for his splendid services
in the cause of political reform, while
Roberspierre might be pattern of
good behavior in private life (as he
wAs) yet excite unbounded loathing in
that same moralist, Thomas Carlyle,
because of the crimes of the Reign of
Terror.
John Law was born in Edinburgh of
respectable parents. His father was a
gold smith and banker. The son was
we'll educated. and inherited a good
estate.
He went up to London entered fash
ionable society, and sowed a heavy
crop of wild oats. Kept it up several
years. Wasted his substance in riot
GUS living. Killed fellow citizen in a
duel, and had to leave. Went to Eu-
rope. Devoted great deal of time to
the study of the Bank of Amsterdam,
and other Notwithstanding Faro
banks. Was an expert in mathemat-
les, and an enthusiast in finance. Be-
lieved be had penetrated the mystery
of the Money Question. Believed that
the circulation should be increased,
and that the true basis of money was
the credit of the nation.
He formulated his plan of Bank,
: