Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1897-12-24

question as well as he understood
most other questions. In the colony
of Pennsylvania the people had hight
on their hands Gas in all periods) with
the moneyed classes in regard to the
volume of currency, and Ben Franklin
led the peoples fight.
! DIR. Franklin, in his Autobiography,
Lippincott's edition. page 1893, says:
about this time (1729) there Was
a cry among the people for more paper
money, only fifteen thousand pounds
being extant in the province, and that
soon to be sunk. The wealthy inhaDl-
tants opposed any addition, being
against all paper currency Gust as the
bankers and wealthy people OF today
oppose the issue of paper money by
the people,, from the apprehension
that it would depreciate to the preju-
dice of all creditors. We had discussed
this point in our Junto, where was
on the side of an addition, being per-
suaded that the first small sum struck
in 1928 had done much good by in
creasing the trade, employment ana
number of inhabitants in the province,
since l now saw all those old buildings
inhabited, and many new ones build
ing. Where as l remembered well, that
when first walked the streets of Phil
adelphia, eating my roll, l saw most OF
the houses in Walnut street between
Second and Front streets, with bills on
their doors TO be let and many like
wise in Chestnut street, and other
streets, which made me think that the
inhabitants of the city were deserving
it one after another.
Our debates possessed me SO fully
of the subject, that l wrote an anony-
nous pamphlet en- 1t, entitled The
Nature and Necessity OF Paper Cur
rency.' 1t was we'll received by the
common people in general, but the rich
men disliked it, for it increased and
strengthened the clamor for more
money, and as they happened to have
no writer among them that was able
to answer it, their opposition slackened
and the point was carried by majori-
,ty in the house. The utility of the
currency became by time and expert
ence SO evident as never to be much
disputed; so that it grew soon to
twenty-five thousand pounds, and in
1889 to eighty thousand pounds, since
which it arose during the war to up
orIe <,f hnn
thousand pounds-trade, buildings and
inhabitants all the while increasing"
In 1889 the Assembly of Pennsylva-
mia authorized an issue Of paper money
bills of credit-to the amount of
GS0,000. This money was to be put in
circulation by loaning not more than
e100 to any one person, upon real es-
tate security of at least double the
value of the loan, for term of sixteen
years at per cent interest. One
sixteenth part of the loan and accrued
interest was to be paid back yearly.
The interest was to be applied to public
improvements.
The British Parliament in 1851 pro-
hibited the further issue of paper
money by the American colonies.
DR.. Franklin visited England and
protested against the act. He stated
to the British authorities that before
the issue of the paper money the colo
mics had neither silver nor gold, and
that because of this scarcity of metal
vytfh txy
the trade could be carried on; but that
the introduction of paper currency had
given new life to business, and had
promoted greatly the settlement and
development of the country.
In 1853 began struggle between the
assembly-the representatives of the
people-and the governor. The gener-
al need Of larger circulation was
keenly felt and tho assembly framed
several acts for the further issue of
bills of credit-paper money. The
governor, holding himself bound, by
the instruction of the British Lords of
Trade, not to pass any bills without
clause suspending the operation I'M
til the pleasure of his majesty should
be known, either refused to allow them
to become laws or else returned them
with amendments, which the assembly
considered as an infringement on their
liberties and refused to accept.
DR.. Franklin, replying to the British
Lords of Trade, said:
However fit a particular thing may
be for a particular purpose, whenever
that thing is not to he had in sufficient
quantities, it becomes necessary to use
something else-the fttest that can be
gotten in lieu of it."
The attention Of Parliament being
called to the matter Of paper money
in the American co.onies, passed an
ct in 1854 prohibiting any bills Of
credit Of the colonies being made
legal tender.
! In 1854, while in England, DR..
Franklin, in defense Of paper money,
said:
ION the whole no method has hlth-
erto been framed to establish a me-
dunn Of trade, equal in all its advan-