The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1897-05-15

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dice or raise clamor against the pres
ent national banking system, we
pointed out in our last issue some
defects that should be remedied before
there shall be any extension of the
system, sounding note of warning
against any steps in that direction. 1t
will be we'll if our advice and admonl-
ton be regarded, for we but utIer the
thoughts of millions of American busi-
ness men and farmers who have been
injured through the evils designated, j.
e., the over-accumulgtion of the cur
rency of the nation in New York city,
there to lie idle, or 10 be loaned TO
stock gamblers, importers and specu-
lators in that city and London, while
| legitimate business stagnates and dies
throughout the country, for lack of
money. Not only must the evils of a
system that creates such irregularities
and injustice be held in check, but
they must be corrected, or there will
in time be raised such enmity and op-
position, that the whole national bank
ing system will be swept away and the
country be thrown once more into
financial commissions.
1t behooves every friend of the
national banks, every conservative
banker and business man, every good
citizen and every one in public station,
from the president down, who will be
called upon to deal with this question,
ground on which he stand, and commit
no act that will tend to plunge the
country into further financial trouble.
The question whether private cor
porations should have the privilege of
a paper issue of money, or whether the
government should perform that fune-
tion without corporate Intervention, is
one upon which there is a divided
state of public opinion. At present
we have both kinds of money, and
neither can be we'll spared without a
further issue of the other, unless more
metal money be provided. There is
opposition to more bank paper money;
while the bankers want to fiet rid alto
gether of the greenbacks. There is no
sign at present of an enlargement of
our stock of metal money-such is the
situation.
While we have very definite opin-
ion as to what should be done to place
the country on solid financial footing,
we do not intend to go into this matter
now, but for the benefit of those who
are making study of financial prob
lens, we will submit the language of
Daniel Webster, the great expounder
of the constitution, uttered in 1916:
"No nation had better currency
than the United States. There was no
notion which had guarded its currency
with more care, for the trainers of the
constitution and those who had enacted
the early statutes on the subject were
hard money men. They had felt and
duly appreciated the evils of a paper
money medium; they therefore sedu-
lously guarded the currency of the
United States from debasement. The
legal currency of the United States
was gold and silver; this was subject
in regard to which congress had run
into no folly.
"The word currency Is not in the con-
stitution, nor any word which can be
made to signify paper money. Coin is
the only thing mentioned in that in
strument; and the only power of con-
gress over it is to regulate its value.
IL is an Interpolation, and violation
of truth 10 say that the constitution
authorizes congress to regulate the
value OF paper money, or to create
paper money. 1t is a calumny upon
the constitution to say any such thing;
and l defy the whole phalanx of the
paper money party to produce one
word in that instrument to Justify
their imputation. Coin, and not paper,
is the currency mentioned and intend
ed; and this coin it is the duty of con-
gress 10 preserve, instead OF banishing
it from circulation. Paper banishes
coin; and by creating or encouraging
paper, congress commits double vio-
lation of the constitution, first, by
favoring thing which the constitution
condemns; and secondly by destroying
the thing which 1t meant to preserve.
"But the paper money party say
there is not gold or silver enough in
the world TO answer the purposes of a
currency; and therefore they must
have paper. / answer, if this was
true, we must first alter our constitu-
tion before we can create or adopt
paper money.
"But it is not true. The assertion
is unfounded and erroneous to the last
degree, and implies the most lamenta-
BILE ignorance of the specie resources
of commercial and agricultural coun-
tries. The world happens to contain
more specie than such countries can
use; and it depends upon each one to
have its share when it pleases.
''It may seem paradoxical, but it is
true, that there is no abundant cur
rency, low interest and facility of
loans, except in hard money countries.
Paper makes scarcity, high interest,
usury, extortion, and difficulty of bor-
rowing. Ignorance supposes that to
make money plenty you must have
paper. This Is pure nonsense. Paper
drives away all specie, and then dies
itself for want of specie, and leaves the
country penniless until 1t can recruit. "
Now, in this day and generation, we
have on hand class of people who
honestly advocate paper money issued
directly by the government; and, on
the other, those who claim that the
banks should have that exclusive priv
ilege. Between these conflicting OpIn-
ions the country will be called on to
make a choice. The views of Daniel
Webster, here quoted, may help to a
right conclusion. While they are not
No Cripe
When Won take Hoods Pills The big old-fash-