The Penn's Grove record., 1899-01-06

Ouhuuiy Obh 10 VoSnoOh IVY
anniversary of Gen. Jackson's victory
wei the British at New Orleans. Or
this anniversary it is customary II
Democratic circles to recall doings o.
this old political saint.
Secretary of the Treasury Lyman
Gage, In his message to Congress OIL
Dec. 9th, made a special plea for Con
gress to more firmly fix the gold stand
ard-to make gold the only legal ten
der money issued by the Government
and to allow banks to issue all the pa
per money they can loan to the people.
W. ]. Bryan in his speech at the re-
ception given him at Lincoln, Neb., on
Dec. 23d, said, 1.-THE new trust-the
paper money trust-which is seeking
to obtain control of all the paper money
of the nation, is a greater II to
the country's welfare than any foreign
foe"
President Jackson had some exper-
ience with banks issuing paper money
and he was the hero that vetoed the
bill that killed the U. S. Bank. In his
farewell address to the people he gives
among other advice and warnings the
following reasons why banks should
not be allowed to issue paper money.
| They are as good to-day as in his time
and just now timely when the banks
are doing their utmost to get Gov
eminent to abdicate its constitutional
right "to coin money and regulate the
value thereof" (when the Government
regulates the value of money it regu'
lates the value of your property and
products which are measured by money!
and to allow the banks to issue their
bills Of credit, make money plenty or
scarce and to regulate the value of your
property and products.
JACKsoN's WARNING.
an reviewing the conflicts which
have taken place between different in
terests in the United States, and the
policy pursued since the adoption of
our present form of government, we
find nothing that has produced such
deep seated evil as the course of legis-
lation in relation to the currency. The
| Constitution of the United States un-
q~uestionably intended to secure the
people a circulating medium of gold
and silver. But the establishment OF a
national bank by Congress, with the
privilege of issuing paper money receiv'
able In payment of the public dues, and
the unfortunate course of legislation in
the several states, upon the same SUBJ
ject, drove from general circulation the
constitutional currency, and substitute
ed n of paper in its place.
"The corporations which create the
paper money cannot be relied upon to
keep the circulating medium uniform
In amount. In times of prosperity,
when confidence is high, they are
tempted by the prospect of gain, or by
the influence of those who hope to pro-
fit by it, to extend their issues of paper
beyond the bounds OF discretion and
the reasonable demands of business.
And when these issues have been push
ed on, from day to day, until public
confidence is at length shaken, then a
reaction takes place, and they immed.
lately withdraw the credits they have
given; suddenly curtail their issues,
and produce an unexpected and ruin
u contraction of the circulating med
ium, which is felt by the whole com
munity. The banks by this means
save themselves, and the mischievous
consequences of their imprudence or
cupidity are visited upon the public.
Nor does the evil stop here. These
Gibbs and flows Of the currency, and
these indiscreet extensions of credit,
naturally engender a spirit Of %specula-
ito. injurious to the habits and charac-
ter of the people.
SIT is the duty of every government,
so to regulate its currency as to protect
this numerous class, as far as practic-
able, from the imposition Of avarice
and fraud. 1t is more especially the
duty of the United States, where the
government is emphatically the govern.
ment of the people, and where this res
pectable portion OF our citizens are so
proudly distinguished from the labor
ing classes of all other nations, by their
Independent spirit, their love of liberty,
their intelligence, and their high tone
of moral character. Their industry in
peace is the source of our wealth; their
bravery in war has covered us with
glory; and the government of the Uni
ted States will but i'll discharge Its du-
ties, il it leaves them a prey to such
dishonest impositlons. Yet it is evi
dent that their interests cannot be eff.
f~ectually protected, unless silver and
gold are restored to circulation.
"When the charter for the Bank of
the United States was obtained from
Congress, 1t perfected the schemes of
the paper system, and gave to its adyo.
Gates the position they have struggled
to obtain from the commencement of
the federal government down to the
present hour. The immense capital
and peculiar privileges bestowed upon
1t, enabled it to exercise despotic sway
over the other banks in every part of
the country. From its superior strength
it could seriously injure if not destroy,
the business of any one of them which
might incur its resentment; ami it open
ly claimed for itself the power of regu.
lating the currency throughout the
United States. In other words, it as