The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1910-02-03
Cbe 3efferSontan

with power to control the volume of
money to suit their own selfish pur-
poses.
When Aldrich brings up his pluto
cratic money measure in the next
Congress, [ hope that Senator Bailey
will take the position of Thomas JEFF
ferson, who said THAT treasury
notes based on taxes, were the best
currency that could be issued. We
certainly had a sufficient tax basis in
the Aldrich tariff. 1t will raise prob
ably $50O,000,00O of revenue; and
the people have not the money to pay
it. The next Congress should pass an
Act to issue billion of treasury
notes receivable for all public dues.
They could be paid out on Govern
ment expenses; as our extravagant
Congress is expanding about that
much annually. They would go into
circulation and the people would
have the money to pay for the neces-
saries of life, at the high prices
caused by the robber tariff. These
treasury notes would be like a weav-
er's shuttle, going in and out; out
one year for Government expenses,
and back into the treasury next year,
under the operation of the robber
tariff. At the same time they would
furnish the people the circulating
medium, which would employ labor,
stimulate trade and business, and
produce general prosperity. And if
the banks wanted any of this money,
they could Borrow as other people
do; as they never loan at less than
ten per cent, they could we'll afford
to pay the United States 5 per cent.
interest on these notes.
Now is the time for the people to
assert their rights, while the bankers
are quarrelling among themselves.
Aldrich and his Eastern gang want a
great central bank, which they could
wholly control and use the peoples
money for speculation; while the
Western bankers want the present
system continued, so they can have
part of the profits at the expense of
the producing classes. To adopt the
central bank, would be like jumping
out Of the frying pan into the fire.
This plutoeratic measure was reject
ed by the people, under the lead of
President Jackson three-fourths of a
century ago.
Those were words of prophecy ut
tered by Mr.. Pitt, the British states
man, at the time of the formation of
the United States Government, when
he said: "The Americans have
achieved their independence for little
purpose, if they adopt the British
banking system"
In the formation of our Govern
ment, Jefferson was the leading re-
preventative of the people, and Ham
ilton of the monopolies Washing
ton was the balance Of power. He
promptly sided with Jefferson in ia
vor Of a republican form of govern
meDt, but gave way to Hamilton on
finance. The first national bank
was chartered during Washipgton's
administration, rechartered during
Madison's administration, and, seek
ing a recharter during Jackson's ad-
ministration, was defeated by that
great man of the people. And here
again came words of prophecy. 1t
was Benton who said: Jackson had
not killed the bank tigress; that she
was only wounded, and had retreated
to the Jungle, whence she would
again return with her cubs" The
oDportune time came in the midst of
the great Civil War, when the life of
the nation was in peril. Then it was
that monopoly seized the nation by
the throat: then it was that the bank
u