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

the reply to it in the
editorial which will
be found elsewhere in this paper.
1t must be confessed that our neigh
Dor deals very gingerly with the issues
involved. 1t scouts the paper money
doctrine, but declines to furnish rea-
sons. 1t boots at John Law, but knows
nothing against his theories of finance
except that he was a gambler.
The Telegraph evidently is making
an earnest effort to think well of us,
but our defense of John Law seems to
put the cancels back to a severe strian.
Come now. let us be fair. What can
The Telegraph say against the posi-
tions we hold?
l. We say that the Government, and
not the banks, should create and regu,
late our paper money.
2. That the Supreme Court has deci-
ded that Congress GAN create money
out of paper.
8. That the paper money issued by
the Government will be based upon the
credit of the Government-the same
foundation the bonded debt rests upon:
4. That the Government car as safely
be entrusted with the responsibility of
deciding the number of our dollars as
of deciding the number of our battle
ships, military reservations, ports of
entry, holders, or soldiers of the
army.
5. We say that as long as the banks
are allowed TO usurp the governmental
power of issuing money, and of expand
ing and contracting the volume of cur
rency, they hold all values at their
mercy, and are tyrants of the markets,
interfering arbitrarily with the natural
law of Supply and Demand.
Has The Telegraph met any of these
propositions =? Not one. It contents
itself by saying that the lessons of
history" are all against us.
What lessons Name to us the coun-
try which, with a stable government
ever issued paper money to its hurt.
Paper money, based upon the credit
of the government fails when the gov
eminent fails, just as the notes of
merchant fall when the maker falls.
When the Government fails it's paper
money would fail, of course but the
bonds of the Government would also
fall.
Our contention Is that the paper dol
lar ought to have as good chance as
the paper bond, Yet the land is full
of doctrinaries who dote on the policy
of issuing bonds, while shivering at the
idea of issuing paper dollars
The lessons of history, SO far as we
know them, tend to quite a different
conclusion from that reached by the
Telegraph.
The histories we have read tell us of
the wonderful invigorating influence
CT paper money on trade, industry and
national prosperity. The crash comes
not from the paper money but from the
destruction of it.
Historians tell US of England's mar
velous advance during the Napoleonic
wars, when paper money was abund-
ant.
They tell us of the crash and the
panic and the misery which came upon
the people, when the hoarders of gold
and silver compelled the Governm
to call in the paper money, and burn it
up, after Napoleon had been securely
Gagged at st. Helena.
If the paper money answered all the
purposes of England's commerce dur
ing the time of war why would it not
have continued to answer those pur-
poses in times OF peace?
~ We have read the most glowing &C
counts of the splendid effects which
the Greerbacls issued by our Govern
ment, during the late Civil War, had
upon every department of trade and
industry. This people never expert
enced a fruitfuller season in every
field of human effort than in the years
1865, 1866, 1867 and 1868. Paper money
was plentiful Business was good,
labor was employed, wages were fine,