Fitzgerald enterprise. (Fitzgerald, Ga.) 1895-1912, 1907-12-19
WATSON AND FINANCE.


plue perfect idiot of himself The Washington
post took him to task for his crazy money talk.
If the Chancellor Oxenstern lived in our
day he would probably change his famous ad-
monition to something like this: "Beholdm my
son, with how little knowledge history is writ
Mr.. Thomas e. Watson, in a communication
addressed to the Post, and printed on Wed
nesday, delivered himself of this specimen of
misinformaton:
"The first issue of treasury notes, under Mr..
Lincolns administration, was $50, 100000,
and these greenbacks were full legal tender be-
tween man and man. These notes did not de-
preciate, but circulated on equality with coin
for the simple reason that every citizen could
do as much with a paper dollar as he could
with coin dollar"
Did Mr.. Watson who pleads guilty to the
charge of being a lawyer, ever read the acts
creating FEthe first issue of treasury notes."
Possibly not, and if he did, he has forgot it's
terms and it's import. The dates of those stat
utes were not "greenbacks," and were never
so classed in the financial nomenclature of our
Government until Mr.. Tom Watson thus dis
tngushcd them, so far rs our poor informa
ton advises us. And it is proper to add that
they were not made full legal tender until the
act of March IL, 1862, was approved, besides,
they were $50, 900, 600 and not $50, 100000.
But that is not ALL This very issue Mr..
Watson extos SO aatteringly, was, in express
terms of the law creating it, redeemable i'll
coin on demand of the holder and there was 4
dollar in coin behind every dollar of them and
that is what made them as valuable before
they got to be full legal tender as they were
after the law made them SO. They were hoard
cd just like gOd and by midsummer of 1862
they were as hard to get as gold, while the
sure enough grccnbacl that Mr.. Watson con-
Pounds them with, grew on blackberry bIiers
to be had for the picking, as to speak.
1t is manifest that Mr.. Watson has never
brought his tremendous powers Of ratiocina
ton to contemplate the fact that our gold certi-
Gates are not full legal tender, and yet they
are worth their par value everywhere. Why?
because there is gold in the treasury to redeem
every dollar of them.
AS for the "dcmand notes." the full legal
tender stamp when put on them added naught
to their value, for they were worth as much
before as after that act. And speaking Oval
lie Mr.. Watson the free trader, abominatcs
the dogma that Government can create valne
by act of Congress; but as a tinancier, Mr..
Watson holds that it is the imperative duty of
Government to make value by statute and en-
act that it shall be Il legal tender, at that
When the first real greenbacks were issued,
in February, 1862 the Government had al
ready sold nearly 100000, 900 bonds, and
simultaneously with the issue of greenbacks
the Government authorized a loan of more
than ten times the amount would be now. In
order to echance the price Of the bonds, the
Government plighted its faith that the interest
on them should be paid in coin. The only
way the Government could get the coin was to
collect it from the tax payers, and hence the
law providing that customs duties should be
paid in coin; but the Government accepted
grcenbacks for internal revenue taxes, and we
had an income tax in those days, too, as well
as an inheritance tax, to say nothing of excise
on whiskey, brandy, beer and tobacco. Here
was an enormous hole into which the green,
back could be dumped and yet it fell in value
to nearly one-third of par, tho it was legal ten
der for debts due from man to man.
If the most powerful and the most opuent
nation in the world can ''crcate money! so can
the weakest and the poorest nation do the
same thing. A miracle is not a matter of
strength but thing of faith.
The paper money of the late Confederate
States of America is absolutely worthless as a
medium OF exchange; butsupposc that Govern
mnnt had coined ! 600 600 cold nipceS of tho
weight and iiucnesS of our double eagles
Every one would be worth $50 in every mart
the world round where mcn-Christian or pa
gap-traffic and no one legal tender any
where under the sun