The commonwealth. (Greenwood, Miss.) 1896-1923, 1898-01-21
S iasata Currency piaa


Common faith
81 iaan easy matter to charge q con
riraeyi itiss aiferentmatteT to prove
Hone is tie courts the persons charged
EWith conspiracy frequently escape the
laN because the jury through the infu-
fence ola more Or less reasonable doubt,
feel unwilling "a End verdict Of
fgailtg Bhen that verdict would carry
with 81 imprisonment tomen who might
poHhiY be innocent though the chain
I ef eumstuutial evidence is sufficient.
u strong 70 leave the impression that
allotment was justly found against
Unless some one or more parties
conspiracy should turn states eyi-
6ce direct proof Of its existence is
almost impossible IN matters ike
hai under discussion herein it is not
% Be supposed that any Of those connec-
ted with the alleged conspiracy against
themoney Of the people will turn states
evidence; and al that can be done is to
lst the public act as the jury, adduce
timony set forth in official and
Historical facts, and leave the verdict
e Be- rendered BY those who consider
and weigh those facts in the light Of
common sense and common justice.
Let me reeapitulate and emphasize
me Of the points touched on in the
b previous papers.
ln 1889 was passed a law to strength
On the public credit, whereby the OBJ
Z legations Of the government previously
payable In lawful money were made
especially payable in specie, specie,
couremeant either standard gold
siver coins This law, then,
open to the government the
option Of paying all its obliga-
lions ia silver be coined from
the stock then oi and, or from the
bullion that might 5e mined in the fut-
ure But even with all the gold and
silver Of the world then in existence, or
likely 70 b produced, Senator Sherman,
tba bright particular star Of finance at
Chat period, recognized the gravity Of
ths evils which are always attendant
upon q contraction Of the volume Of
legal tender money, as the following
solemn warning to the senate in 1863
leaves no room to doubt:
The contraction Of the currency is a
+ iar more distressing operation than
senators suppose. Our own and other
nations have gone through that opera
ton before Il is not possible to take
the voyage without the sorest distress.
i Io every person except a capitalist out
D debt 81 salaried officer, or an an
nuitants 1t is a period Of loss danger,
iasstltude Of trade, fall Of wages, sus-
II pension Of enterprise, bankruptcy and
Il isaster, 1T means ruin to all dealers
hose debts are thrice their business
gital, though onethird less
Ian their actual property, 1t
means the fall Of all agricult ural
productions without any great redue-
tion0 taxes What prudent man wonld
dare to build a house, a railroad fac
tory, OF barn with this certain fact
before himf
Nov, Mr.. Editor in your editorial
comment Oh the first Of this series Of
paper YOU seemed to invite thorough
and exhaustive analysis Of the methods
by which our present financial distres
ses were reached, and / am tempted to
take chat invitation seriously Let us
stop, then, for a moment to inquire
what evils beset our country at the time
MI Sherman uttered this ominous
warning, what was sought to be accom-
plished BIZ the bill then pending to
strengthen the public credit, and how
BY the operation Of the law sought to
be passed land which was passed. all
the direful calamities he enumerated
were to be visited upon the people.
Wen, in the first place, aside from
the Pacific slope, which never did take
kindly to the greenbacks and which
had about SOS. 900, 600 Of gold and silver
! honey n circulation, there were no
bins IN use in the United states in 1859
Except the nickel and copper coins.
With the exception named, the total
circulation was comprised Of paper
money chiefly greenbacks; and even
tie fractional parts Of dollar, from
Eve cents to fifty cents were in shape
,of paper money known as fractional
1noncy. The grievance which fnan-
ier Sherman had against this paper
substitute for money was, that it was
Il discount that is, gold or silver
dollar would buy from twenty to thirty
Der cent more Of anything than the
paper money would buy Gold and
silver coins therefore, were at a pre-
MUM as compared with greenbacks
and the latter at a discount as compar
d With specie. What occasioned the
difterencei 1t was occasioned partly
by the fact that the greenbacks were
not specifically payable in specie
BY the passage Of a law making all gov
eminent obligations payable in specie
tbiBobjection was sought to be removed.
Bnt there was another. and greater in
auence Of work to prevent the green
backs and gold from entering together
and az par into our circulation, and
this was the general knowledge Of the
faet that the worlds stock Of realmoney
gold and silver money was limited
4 Il