The Louisiana populist., 1898-01-14

question as we'll as he understood
most other questions. In the colon
Oh pennsylvania the people had figh
On their hands (as in all periods) witt
the moneyed classes in regard to tn
volume of currency, and Ben Franklin
led the peoples fight.
DR.. Franklin, in his Autobiography
Lippincotts edition, page 1879, says:
About this time Q729) there wa
cry among. the people for more pape
money, only fifteen thousand pound.
Delng extant in the province, and thai
soon to be sunk. The wealthy inhabi
tants opposed any addition, being
against all paper currency Gust as the
bankers and wealthy people of today
oppose the issue of paper money by
the people,, from the apprehension
that 1t would depreciate to the preju-
dice OF all creditors. We had discussed
this point in our Junto, where | was
on the side Of an addition, being per-
suaded that the first small sum struck
IN l123 had done much good by in
creaslng the trade, employment and
Number OF inhabitants in the province,
since now saw all those old buildings
inhaDlted, and many new ones build
ing. Where as | remembered well, that
when first walked the streets of Phil
adelphia, 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 like
wise in Chestnut street, and other
streets, which made me think that the
inhabitants of the city were deserting
1t one after another.
Our debates possessed me so fully
OF the subject, that wrote an anony-
nous pamphlet on it, entitled THE
Nature and Necessity of Paper Cur
rency.' 1t was well received by the
common people in general, but the rich
men disliked it, for it increased and
strengthened the clamor for more
money, and as they happened to have
no writer among them that was able
to answer it, their opposition slackened
ana the point was carried by majori-
ty IN the house. The utility of the
currency became by time and expert
ence so evident as never to be much
disputed; SO that it grew soon to
twenty-five thousand pounds, and in
1883 to eighty thousand pounds. since
which 1t arose during the war to up
wards Of three hundred and fifty
thousand pounds-trade, buildings and
inhabitants all the while increasing"
In 1889 the Assembly of Pennsylya-
MIA authorized an issue Of paper money
bills OF credit-to the amount of
4SO,0OO. This money was to be put in
circulation by loaning not more than
Z IoO to any one person. upon real es-
tate security of at least double the
value OF the loan, for term of sixteen
years at per cent interest. One
sixteenth part of the loan and accrued
interest was to be paid back yearly.
The interest was to be applied to public
The British Parliament in 1851 pro-
hibited the further issue of paper
money by the American colonies.
DR.. Franklin visited England and
protested against the act. He stated
% the British authorities that before
ne issue OF the paper money the colo
lies mad neither silver nor gold, and
nat because OF this scarcity of metal
ic money it was with difficulty that
ne trade could be carried on; but that
ne introduction of paper currency had
lven new life to business, and had
romoted greatly the settlement and
evelopment of the country.
In 1853 began struggle between tbe
ssembly-the representatives of the
eople--and the governor. The gener-
need OF larger circulation was
eenly felt and the assembly framed !
everal acts for the further issue Of
Ills OF credit-paper money. The
overnor. holding himself bound nv
le instruction of the British Lords Of
rade, not to pass any bills without a i
ause suspending the operation 1n-
the pleasure of his majesty should
known. either refused to allow them
become laws or else returned them A
ith amendments, which the assembly
'nsldered as an infringement on their
oerties and refused to accept.
DR.. Franklin, replying to the British y
,rds Of Trade, said:
However fit particular thing NAV
/ for particular purpose, whenever ;,
at thing is not to be had in sufficient !
antilles. it becomes necessary to use
mething else-the fittest that can he
tten In lieu of It,"
rhe attention of Parliament being
led to the matter Of paper money
the American colonies, passed an
In 1854 prohibiting any bills Of q,
'dit OF the colonies being made a :,
,al tender. :.
a 1764. while in England. DR. ~ .,,
ankIin, in defense OF paper money ~ ~
d.: -,
I'm tha whole M vnothod ~. a.., ~