Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1898-02-03
Whitley Answers Cauthorn.
HE OPPOSES 9REENBACKIsM
AND SAYS 1T Is UNsoUND
AND UNDEMOCRATIo.
Wants the Principle of Local Self
Government Applied to Finance
Quotes Jefferson and Tllden-
An Able Argument.
Correspondence of the Ledger.

Correspondence of the Ledger.
| ST. LOUIS, Mo-, Jan. 27.
"The Federal Government deny their DOW
er to make paper money a legal tender. ."-Thos.
jefferson.
An old teacher of mine, Mr.. John B.
Minor, of the University of Virginia,
who was, perhaps, the most celebrat-
ed lecturer on common law this coun-
try has produced, often made the fol-
lowing observation:
Tf disputants would jot down and
set to one side the propositions on
which they agreed, and then state
clearly and concisely the sole question
at issue and confine themselves strict
ly to the discussion of that question,
they would eliminate much irrelevant
matter and render the debate more
satisfactory to all parties concerned" +"
In my reply to my esteemed critic,
Mr.. R. 81. Cauthorn, am going to
act upon this suggestion of my old
instructor. The only objection which
possibly can be raised against it is
that it emanated from an institution
of learning, and on that account may
be denominated by Mr.. Cauthorn as
one of those "ideas taught In our COL
Ieges which is a sad commentary on
the country"
Hence at the very threshold of my
remarks I desire to say that / agree
with Mr.. Cauthorn on many points he
raises in his letter.
There can be no dispute about the
proposition that wealth is unequally
and inequitsbly distributed and that
this ia due in large measure to un-
wise laws.
We will all agree that the greed and
avarice of the rich and the ignorance
and venality Of legislators have COM
bined to work great injury to the
country.
Neither of rs would defend trusts in
any shape or form, and both would
advocate laws designed to prevent
their creation and restrict their
growth. -
Aud we heartily concur in the
opinion that q high protective tariff is
Ia more discreditabIe system of rob-
berry than that indulged in by the
Robber Knights of the Rhine, because
it is legalized. might 60 on and
enumerate many other propositions
| upon which Mr.. Cauthoru and myseif
fully agree, but they have nothing
whatever to do with the subject mat
ter of the controversy.
This discussion grew out of an ad-
dresI / delivered recently upon the
Canadian Banking System, the charac-
teristic and distinguishing feature of
which is that it furnishes system of
bank note currency based upon COM
mercial assets. In the course of my
remarks I stated that in my opinion
such o system was more practicable
and scientific than the mongrel system
of greenback and bank notes based
upon government bonds, which is now
in operation in the United States, and
in every way preferable to it.
To this opinion Mr.. Cauthorn takes
exception; this exception raises the
only question in controversy, namely:
Is the government the proper party
to issue paper money?
Mr.. Cauthorn contends that it is
and my position is that it is not. In
defense of this position am called
upon to give my reasons and to cite
history. I accept the challenge anc
shall undertake to not only do both
but to hold Mr.. Cauthorn to the same
task, because reason and history arr
the ultimate and infailible tests OF the
soundness Of all political propositions
My reasons for opposing govern
mental currency are:
First. Because all paper money
should be based on property which IL
easily convertible, and, as matter o
, fact, the government has no propert,
, at all except what it extorts from III
citizens by means Of taxation. Th'
government credit rests upon th'
power to tax and nothing else. Tn
claim that government currency ha
all the wealth of the country behind ]
is based on q Populistic notion tina
the government owns all of the prop
: erty, which is but another way o
stating the old monarchical idea ex
pressed by Louis XIV when he said
j. 81 am the State" This theory ha
!, been promise to the ear which ha
been broken to the hope through 81
history. "A government currency ha
behind it only that margin OF tn
;, wealth OF the country which can b
s. extorted from the people by taxation
!. and that is usually very small mar
gin. The history of our colonial an
revolutionary period is fatal to th
truth of this theory.
81 Second. Because money is an in
= strument of trade, Was originated b
trade and should be developed in re