Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1898-01-21
Franklin as a FiatiSt.

Franklin, understood the question as we'll as
he understood most other questions. In the
colony of Pennsylvania the people had fight
on their hands as in old periods) with the mon
eyed classes in regard to the volume of currency,
and Ben Franklin led the people slight.
DR.. Franklin, in his autobiography, Lippin-
cott's edition, page 1919 says:
"About this time 1929 there was 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 inhabitants opposed any addition, be-
ing against all paper currency just as the
bankers and wealthy people of to-day oppose
the issue of paper money by the people from
the apprehension that it would depreciate to
the prejudice of all creditors. We had discuss
ed this point in our junto, where was on the
side of all addition, being persuaded that the
first small sum struck in 1923 had done much
good by increasing the trade, employment and
number of inhabitants in the province, since I
now saw all those buildings inhabited and many
new ones building. Whereas remember we'll
that when first walked the streets of Phila-
delphia, 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 likewise in Chestnut street and
other streets, which made me think that the in
ter another.
"Our debates posses sed me so fully on the
subject that | wrote an anonymous pamphlet on
1t, entitled The Nature and Necessity of Pa.
per Currency 1t was we'll received by the
common people in general, but the rich dsliked
ii, for it increased and strengthened the clamor
for more money, and as they happened to have
no writer among them who was able to answer
it, their opposition slackened and the point was
carried by majority in the house.
The utility of the currency became by time
and experience SO evident as never to be much
disputed; SO that it grew soon to be twenty
five thousand pounds, since 1879, to eighty
thousand pounds, since which it arose during
the war to upward of three hundred and fifty
thousand pounds-trade buildings and inhabi-
tants all the while increasing"
In 1889 the Assembly of Pennsylvania au-
tborized an issue of paper money of
creiit-to the amount of eighty thousand
This money was to be put in circulation by
loaning not more than 100 pounds to any one
person, upon real estate security of at least
teen years at FIVE per cent interest One six
teenth part of the loan and accrued interest
was to be paid back yearly. The interest was
to be applied to public Improvements
The British Parlment in 1851 prohibited the
further issue of paper money by the American
colonies.
DR.. Franklin visited England and protested
against the act. He stated to the British au-
thoritics that before the issue of the paper mon
ey the colonies had neither silver nor geld, and
that because of the Sc arcty of metallic money
it was with difficulty that the trade should be
carried on; but that the introduction of paper
money had given new life to business, and had
promoted generally the settlement and develop
ment of the country.
In 1853 began great struggle between the
assembly-the representatives Of the people
and the governor. The general need of larger
circulation was keenly felt and the assembly
framed several acts for the further use of bills
OF credit-paper money. The governor hold
ing himself bound by the instruction of the
British Lords of Trade, not to pass any bills
without cause, suspendng the operation until
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 an infringement on
their Liberties and refused to accept.