The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-11-16
terrInR the GFernback-sess
~ Gross FayoPitInua.

. 10 nNhifll u ltN vi NulfN'h ~ SNIl'Hta
I u The urronback as against the bank
note. The grcenback Is issued 10y the
| government, and the volume OF such
money h. determined lay the people, act
| ing through their representatives.. The
supreme court has held that such
money cuu be- made a legal tender,
When man has grccnbacks in his
pocket hr has money which Is available
for the payment Of his debts; II lac has
bank notes his money IL only good
when the creditor is willing TO accept
the money.
During the war when gold and silver
were az a premium, bank notes ciTcu-
lated on lrHcl with greenbacks, and
were never worth any more; the rea-
BON being that national bank notes are
payable in lawful money, and the green
back being lawful money tHnd at that
time the cheapest money! was used by
the banks Tor the redemption OF bank
notes. II h interesting now to hear
these same bankers, who redeemed
bank notes iu paper when gold and sill
Yer were 1T premium Of over hun
drrd per crut, talk about the dishon-
rsty Of a debtor, whether the debtor be
uu individual or the government, who
would redeem his obligations In any
thing but the dearest money.
The bank note has been good he
cause II has had behind IL the bonds
and grrruhurks issued by the govern.
,,..s 10 al. ..-...t,I IL. l. ,FgpI ..p.,tsrI
90 stand behind the bank note, Il Is good
enough TO stand alone without any
| bank note la front OF II.
\ national banl, currency is objec-
| tiounhlr because = l. gross fayoritism
| extended to few. 4 bill reported 10y
| the house committee on coinage,
/ weights and measures ia the last con
| girss provided: First - That the
treasurer Of the United States pay out
| gold coin Ia redemption Of rrccnbacks
/ and treasury notes; second, that the
srrrUtur, at the treasury have author
ITS tu issue gold bonds, drawing not
/ more than three per cent, To secure the
| gold Ia maintain gold redemption;
I third, that national banks he allowed To-
| deposit bonds and receive bank notes
/ up To the par value Of the bonds 30 de
/ posted: fourth that the tax on nation
al banks be reduced. II this plan goes
/ into operation, the difference in IT. cf-
| 'rct upon the individual and the ma
tiouaI bank may be stated us follows:
/ The prrcubacks are 10 be retired aud
bonds issued. This will mean an in
/ crease in taxes to pay the interest upon
| the bonds. The individual who enjoys
No special privileges will find his taxes
increased. while the national bank.
that enjoys special privileges, will find
/ no taN diminished. Sernnd II the in.
| lnidual buys bond at par, he will lose
/ fhr u-r Of hi, money aud must content
/ himself with the three per cent. inter
I a>t. n q national bank invests It's
/ bonds NJ par il can deposit the bonds
and secure bank notes Ia the face value
of the bonds, thus securing return Of
| III Investment, and in addition TO that.
[ II cau draw three per cent. interest
| upon the bonds In other words, the
individual parts with his money and
| draws Interest while the national bank
| gcts its money back and draws interest
besides The individual must eat his
cake or keep Il. The national bank both
/ eats its cake and keeps Il. This is fn-
| yoritism that ought not to be tolerated
/ Ia o government which recognizes the
| doctrine ~ equality before the lnw.
/ The moment the government begins to
cana, F.., d.. ,,..,I,I ,,rttttao.s tb.., il, "a ,,p.
siton Ia profit 10y faNoritism begin to
| olamor for legislation Immediately in
/ their interest, and as a result the in
strumrntalitics Of government are
used for private gain and the true nmr-
/ pose ~ government forgotten.
| There IL another objection 20 the ma
| iiouul bank currency, namely; That
The national banks are given control
! over the volume OF credit money. Pow
~ to issue money should never be In
| trusted 10 private individuals or private
| corporations. jefferson WAS an oppo-
| rent Of hanks Of issue, and in one of his
l,tters declared that his opposition WINS
40 persistent that he had been de-
bounced ~ maniac by those bankers
/ who desired to secure this privilege
| from the government. Benton, in sum
ming up the work Of jackson. gave EN-
| phasis to his fight with the national
bank. and compared his work with the
work Of Cicero, saying that when he de-
siroyed the bank conspiracy he saved
America, rs Cicero had saved Rome by
oycrihrowing the conspiracy of Cata-
line.
Wendell Phillips has 50 well de-
scribed the danger of allowing private
individuals TO control the volume of
money that quote from speech made
by him few years before his death;
I'm other words, Il was the currency
which. rightly arranged, opened o ma
tinn's well springs, found work for
willing hands 10 do, and filed them
| with just return. while honest capital,
daily larger and more secure, minis
tered TO glad prosperity. Or Il was
currency. wickedly and selfshIy Jug
gled, that made merchants bankrupt
and starved labor into discomfort and
slavery. while capital added house to
house and flcld to field. and gathered
into iti misery hands all the wealth left
IN rulaed land
The frat question. therefore. 10 M
Industrial nation u; Where ought con-
troll OF the currency to rest? In whose
bands can this almost omnipotsnt pow
or be trustedg Every writer OF political
economy, from Aristotle to Adam
Smith, allows that change In the cur
reney alters the price of evrry ounce
and yard Of merchandise and every foot
81 land. Whom can we trust with this
despoiism? Al present the banks aud
the money kings WELD this power. They
own the tardsiiok, and can make Il
longer or shorter, AZ they please. They
own every po,ne weight. and car make
Il heavier or lighter, as they choose.
This explains The riddle, 80 mysterious
10 The common people, that those who
trade In noDey always grow rich, even
while those who trade in ether things
70 into bankruptcy