The representative. [volume] (St. Paul, Minn.) 1893-1901, 1901-02-21

ers from the Constitution (the Magma
Charta Of the United States), which
came from and has perpetuated the lib
critics of the great Commonwealth, and
in addition to that PORTION of section 8.
quoted, relative to coming money, 1t
closes by saying To make all laws
which shall be necessary and proper for
carrying into execution the foregoing
powers. And, by Inference, means for
the best interests 81 the whole people.
Now, what is motley?
We answer: It rs legal existence
which cannot originate from any other
source than the congress of the United
States.
Its existence being legal one the
material out of which it is coined has
/ nothing to do with the value of the
money, SO long as 1t circulates.
The man who passes $40 gold piece
parts with no more value than the man
who gives a legal tender $40 treasury
note. Each pays debt OF SO, because
! congress has had stamped on their face
ten dollars, or ten legal units. And at
their face each one purchases or pays
for as much debt, taxes or valuable COM
modities, including gold and silver, as
the other.
! Nothing is gained by the United States
government, or congress. using valu-
able commodity, out of which to coin
O.. create money.
We need not stop here to explain that.
the word coin means to create, to fab
ricate, to invent, to bring out something
new and useful, as Webster defines the
word, but will simply refer to the con-
stitution, article 1, section 8, and SUI
preme court decisions of 1884, D. Juilard
vs.. Thomas S. Greenman; and Wallace
reports, Vol. II, page 548, which dis
poses of this question from a legal
standpoint.
We repeat, no one gains by using a
very valuable commodity Except the
money monger, all others are losers),
The money changers gain, because it
gives them absolute control of all the
|
money. The basis is so narrow they
soon come into possession of it, then is
sue their notes SO sparingly as to make
| a scarcity of currency. This condition
cuts both ways: 1t causes interest rates
| to go up and the price of labor, and
i down.
) Hence, the man who controls the
money rules the nation absolutely No
monarch was ever powerful enough that
he was not compelled to yield to the
dictates of the money power, when it
was once established,n and it has been
| for no other purpose Shat the financial
! laws of the United States have been en-
acted for the past no years, than to give
, this very dangerous power to the ma
| tional banks, whichfnbw reign supreme
| Briefly, these are the laws we refer to.
| First the issuing Of a deprecated cur
| rency that would. not perform all the
| uses of money at IA better rate than so
| cents on the dollar. in coin or it's equiv
alent; the laws arranged the machinery
| that gave the bankers the coin, or its
equivalent -t
| The laws caused the issue of bonds in
! large amounts, the interest payable
! semi-annually in coin; but these bonds
could always be bought of-the govern
| ment treasurer with the above described
! currency at their face, dollar for dollar.
HOY hn hoI in,
! the business from the foundation of this
government had in their possession the
| coin. Now, by the force of the laws
above referred to, they were able to ex-
change their coin for currency at the
rate of two or more dollars in currency
for one in coin; then they invested their
+, currency in bonds, at their face, which
cost less than 80 cents on dollar OF
coin. Then the money changer turns
| around and asks Uncle Sam if he would
| not like to make another bargain, that
| is to take these bonds and keep them
safely, and pay the interest promptly
semi-annually, then make them. pres
| ent of $50 on the hundred of the face
value VI Lue DOuUS lie is nOlOlnS, SO
as to enable him to have plenty of cur
| rency to loan Uncle Samuel's nephews
and nieces, and that all the bonds and
currency given them and interest on
!! the same, be by law made to exempt
them from all taxes, municipal, state
and national SO as to place the burthen
| OF the expense of government wholly
upon the balance of his nieces and
| nephews. And, as sure as l live, that
same Uncle Samuel, with battered hat,
| broad grin, swallow tailed coat, striped
| pants and quaint sayings, cheerfully
consented to the deal, and he fashioned
us triple-headed monster, an incubus,
| that is constantly sapping the lifes
blood out Of all industry. 1t has been
| named the national banks.
! This is but one epoch in the history
| OF our present financial system, whose
| misnomer is honest and sound money
A. H. NELSON.