Mexico weekly ledger., 1898-02-03

pie. ar Jenere0n proposed TO issue
q currency not only based upon the
wealth OF Mr.. Wiliey's abankers,n
but on the property Of the whole peo-
pie, not only on what gold or silver
there is in circulation boarded in the
banks and in the National Treasury,
but IN all the gold and silver, lead,
zinc, copper and coal that is in the
hills and on the hills themselves.
When the founders of this govern
ment eolsmnly declared that sithe
United Colonies are, and of right,
ought to be free and independent
states for the support of this declara-
ton and, In q firm reliance upon the
protection Of divine providence, we
mutually pledge to each other d
lives, our fortunes and our sacred
honor" The patriotic American feels
that he is bound by the pledge just as
much "a the founders of this Republic
or those who shed their blood at VAL
ley Forge and Bunker Hill, and the
man that does not regard this as his
sacred obligation is q Tory and Is not
worthy to be called IN American citi-
zen.
II these principles are "Populistic"
Thomas Jefferson was q Populist,
Jackson was a Populist, and I am
pround that I Ann worthy to be called
Q Populist.
Mr.. Wiley cites US to instances
where an unlimited amount of paper
currency was issued that finally
became worthless and compared 1t
with the "Populistic'' idea, which Mr..
Jefferson advocated. That is a little
unfair in Mr.. Wiley, to make such q
comparison because we never thought
of issuing In unlimited paper cur
rency. But we made the report of
our monetary commission (issued In
1s77) as our guide as to the amount
necessary to carry on the trade of this
country. That commission declared,
In Its judgment, that the business
interest of the country and \ per-
petuity of our free institutions re-
quired that we should keep in circula-
ton not less than fifty dollars per
capita. That 10 as far as the "Popu-
listic" idea goes and I will have no
controversy with Mr.. Whitley in
regard to the question of Issuing an
unlimited supply of paper money.
He has resorted to the tactics of all
our opponents-that is, they accuse 10
of advocating principles that we never
thought of.
They cannot answer our arguments
SO they make one for us that they
can answer. In other words, they
build q straw man and then burn the
straw. He comes up to the paper
money of colonial times and makes an
argument in favor of his proposition
that I believe he would not have
made had he been conversant with
the real history of the time. The first
money issued by the colonies was
by Massachusetts in 1890. Other
| colonies fell on to the plan and is
sued according to their needs until
the year 1851 when Parliament, COZ
trolled by the money power of Great
Britain, and becoming alarmed at the
prosperity and growing independence
! of the colonies passed an act forbid
ding the issue of any more paper
money and in 1853 all colonial acts for
issuing paper money were de-
clared by Parliament null and void.
DR.. Franklin visited England and
protested against the act, but with
out avail. He stated to the British
authorities that before the issue of
colonial money that the colonies
there was great difficulty Tor the
want of money, as trade had to be
carried on by the extremely in
convenient method of barter. But
the Introduction of colonial money
had given new life to business, prompt
ed greatly to the development of
the country whereby the provinces
has greatly increased and exports
ten fold. The colonial system Of pa
per currency caused rich and pow
erful states to spring up in the wilder
ness as by magic, but then, as now,
1t was liable to educate society into q
better system than that of specie and
make production independent
of the user. 1t had to be strangled.
The Shylocks feared its influence
on the institutions of the
old world and as the ruling powers of
all monarchies are the tools of the
money powerParliament had to obey.
The Colonial Congress issued 200
million dollars and promised to re-
deem In coin when they had no coin,
no credit, no government. The Brit
ish succeeded in counterfeiting SO
veil that 1t was almost impossible to
tell q counterfeit from q good bill and
they were shipped into the coun-
try by the bale purposely to make
them worthlesss.
We confess q want of admiration of
those statemen who compared the
United States in 1898 to the continent
tai government of 1875 and 1776, we
admit that the former money was q
partial failure, that the latter
must of necessity be. The colonies
carried on the war for four years
with no other except colonial paper
and British counterfeits and had it
not been for this currency, imperfect
As it was, independence would have
been lost before France came to the
rescue and loaned the perishing colo
nies S.. 0O0, 900.
The "Populistic" idea is opposed to
issuing paper money reaeemable in
any other kind Of money, but we
claim that one dollar lie az good as
another made 30 by the fat of 20 mil
Hons of people backed with so billions
of wealth. The colonial government
issued q great quantity of paper not
q legal tender but to be redeemed in
coin when they had none and no
chance to get 1t. 80 you see that
when MI. Whitley compares the "Pop-
ulistic'' idea to the colonial plan he lie
building another man of straw. But
can't blame MIN. It lie the best he
can do.
Next he comes to the g~reenback