Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1907-12-20
WHO SHOULD ISSUE MONEY.


A few days ago Thomas E. Watson
of Atlanta. Ga and by the way the
same who has bought the old noun
tain Top property at Rockfish Gap In
this county ,lunched with the President
by invitation, the occasion being taken
| by the President to talk over the fiOan
cial question with Mr.. Watson. Not
long before that occasion Mr.. Watson
was interviewed by the New York
World and his interview is republish-
ed on the first page Of this issue of the
| SPECTATOR, aud we direct attention
| to it. because it is the most sensible,
NEST lceical. and most legal discussion
of the money question we have seen.
1t strikes the very root of the ques-
tion, and whilst in order to dlscredit
him be is called Populist. and his
idea a greenback idea it is to our mind
the real solution of the q uestion as to
who should issue money. We have
always commended that neither Nation
al banks nor any other institutions
should issue money; that this right is
inherent IN the nation and should not
be delegated. We have commended
that bank note based on govern
ment bond is no safer than note is
sued directly by the government, but
far more expensive, as the people are
thus compelled TO pay per cent. for
the money, whereas if the govern
ment ISIS ued it direct they would have
to pay nothing at all. This is so plain
we have never been able to see how
the banks could hold the people to SO
absurd and so costly proposition as
national bank currency. During the
war the government issued green
backs, as they were called, direct, and
maintained its credit, and paid it's
debts. 1t is true that these notes were
not as good as gold but the shrewd
money lender caused this difference
in his effort to bleed the nation! Sup
pose however instead of greenbacks.
issued directly by the government, 1t
had undertaken to carry on the war
with national bank notes where would
the nation have been and what would
a bank note have been worth? If
bank notes are sustained only by the
credit of the government that is based
on Q. g. Bonds, which they are, why 60
around Robin Hoods barn to come in
at the back door? Let the govern.
ment alone be the only power which
can issue money, and the matter will
be simpllfied and the power of the
banks be limited to business to which
their power should be limited. MIR.
Watson makes this plain. He shows
that the war was successfully carried
on with this kind of money that it is
today as good as gold, that no objec
ton can be raised either as to its legal
ity or it's soundness as currency.
He shows that the banks want this
power, have grabbed it, and are hold
ing like grim death to it. If 1t were
not profitable thing they would not
want it, and he shows that they fur.
Their know, that every time green.
backs or government issued paper
money as we will call it was destroyed
or lessened in value, hard times came
at once, and the people compelled re
Issues of it. The money Issuing
power is the greatest a government
can confer, it is also the most danger
Gus. If those upon whom 1t is COZ
ferred chose, they can increase OF
: diminish it, ant thus have the power
to control fnenciaI conditions, an(
create prosperous or panicy times. w,
are today in the midst of bank panic
They have locked mp the currency an(
the nation is PROSTATE. Mr.. Watson
shows that during the panic Of 1877;
the government issued 26 millions II
greenbacks or paper money, and II
legal then 1t would be legal now
There has Deen no change or Inc law
President Roosevelt can issue 100 mil
lions of legal tender government Dotef
just as legally as President Grant did
in 1873 issue 26 millions. Who
amongst the people, what reader, citi-
zen or dweIler in this land who would
not for safety rather have legal ten
der government note that National
Bank noteY Nobody we repeat ex
cept one who for personal reasons does
not want the notes of his bank inter-
ferred with, or his banking privileges
lessened, can see anything dangerous
or illegal in such an issue. Every
body knows it is wrong, however, to
Issue bonds.