The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-04-27

tegests Of the American
People.

AlltI a ettE sly Va w
years she bankers of the United States
haze triumphed over the people and Sc
cured the enactment Of IA law 10 retire
the greenbacks and treasury notes and
confer upon them the power 10 issue
bank notes 10 the full limit OF the pub
lie debt. The passage Of this bill IS
severe blow TO the business interests
Of the American people. From an
economic standpoint the proposition is
unsound and from moral standpoint
il is criminal. The notes of the banks
are not legal tender. and while they
have the power. through obtaining
free circulation and general accept
-nce by the people. TO advance prices,
being dependent upon gold for uiti-
mate redemption. they do not possess
The power TO sustain prices and are
therefore a niischievous. panic-breed-
ing currency. designed 10 enrich the
banks. but containing every element OF
danger and no element whatever Of Sc
curiiy for the people.
The. monetary hill which confers
such extraordinary power upon the
banks reduces silver to token
money to be redeemed in gold. thus
putting il on a par with paper in the
event Of a panic. Thus the whole tenor
OF the bill is 10 restrict the supply OF
money of ultimate payment while
furnishing the banks with the power
TO initiate promises o pay. The absurd
i,y of the proposition needs TO he but
stated TO become apparent TO the ra-
tional mind.
The greenback and treasury note
rested upon the credit and strength of
the government itself and were legal
tender in the payment Of debts. They
were ar ideal money. In 80 years they
have stood every storm of panic and
monetary stringency and have never
failed. In the panic Of 1873 national
bank notes were at a discount below
creenbacks. because the greenback
possessed the power 10 pay debts.
which the national bank did not. Bank
notes are good enough fair-weather
money. but are worthless in a panic,
when angry creditors are demanding
payment and will accept only that
from their creditors which will ena bic
them in turn TO pay the debts they owe
and are demanded in legal-tender
money.
In 1893. when n severe panic devas-
fated the country and every outgoing
steamer was carrying our gold away,
the greenbacks and treasury notes of
the United States government were
competent TO discharge the demands
of the most exacting creditor and
saved the property of the people from
confiscation by money sharks. II in
stead of lcgal-tender government pa
per there were only non-legal-tender
bank notes in 1893. who can faihom
the losses that would haS., accrued 10
the merchants. business men and debt
ors Of the country at that time. The
absurd notion that because with a
large increase in the output Of gold
and half billion of legal-tender silver
dollars. and nearly half a billion OF ic-
ral tender government paper. We
have plenty OF good money. that We
can afford to reduce our lecal-tender
silver to token coin. retire the green
backs ard treasury notes and add t.
This still further imitation of banl
notes and still have a sound currency
is worthy Of Fiji islander rather thar
an American business man.
There is no safety whatever for ths
people in having any form ofcurrenc,
circulate that can advance prices tha'
vii. not be capable of sustaining price.
and meeting all the monetary require
ments in time of panic or distress.
money that will circulate in fail
weather only. but becomes useless IN
.. time Of distress is a delusion and |
snare Such a money is no better thar
FIRE company that Is good on dresl
Iarade. making spectacular appear
ance on festive occasions. but is of NJ
value whatever when a fire breaks out
Such n currency may be likened 10 |
military company that parades TIL
streets with piping music in times 0
peace and draws its salary regularl,
from the treasury but Immediately dis
solves upon the first rumors Of actua
war
Dollars that are not dollars in re
atty. but depend upon the existence o
, other dollars to redeem them. are
fraud. The paper money Of the coun
try should be legal tender and used 4
supplement coin and should posses
, the power TO pay debts equally will
coin. Such money can be furnished b.
! the government alone and not b.
banks. The greenback proved its pc
, tency in the dark days Of the rebel
lion when we had neither gold nor sill
, yer. At that time notwithstanding
the gold board and the SPECTATOR
who took every advantage Of our re
,, verses in the field to dscredit the ma
|, tons currency. the greenback vital
,, lied the arm OF the nation and save
the union.
II the government made no provision
TO pay any portion Of its debt in gol
and made no exception to the legal
tender power Of the greenback IN
: goll board could not have existed ant
! the nation would have been saved NOR