The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-10-16

bills of credit. But when 1t gives
Congress the power ITO coin money
it directly takes from the states that
power and the power to emit bills
of credit, which the states had prev.
iously exercised.
mo state shall coin money, emit
bills of credit" etc.
There is a vast distinction between
a lawful final dollar and a promise
to pay a dollar. The people who are
using money every day in their busi-
ness. are deeply interested in tina:
difference. A bill of credit is a prom.
Use to pay gold dollars-it Is not a
dollar The only persons interested
in the circulation Of that kind OF
money are the banks and gamblers in
money. Banks, because so long as
gold is not demanded, they have the
use and benefit of it, and gamblers
In money because it's trap money.
The gamblers can collect gold, and
when the corner Is complete business
men who have these bills of credit
will find when they come to pay their
debts that their promises call for gold.
and bills of credit will not be accept
ed. Such debtors have been forced to
sell the government bills Of credit
1885 for a dollar.
The greenback was a mixture Of a
bill of credit" and a real dollar"
So far as It was q lawful dollar the
gold gambler was defunct but so far
as it was mere bill of credit or a
promise to pay a dollar, the gambler
harvested the crop.
It was a real dollar, legal tender.
for all debts, public and private, ex-
cept interest on the public debt and
duties on imports-then it was moth
ing but a bill of credit, an indiflnite
promise some time or other to pay
a dollar.
Therefore, do you not see Of the
founders of this nation intended to
prohibit the emission Of bills of credit
they showed the highest degree Of
financial wisdom from a business
point of view; not from q banks view
because that makes every bank note
that ever circulated q void piece of
paper and there was profit to banks
in their emission; nor from the bam-
bler's view, for the harvest Is rich
where the people are forced by ne
lar for a dollar.
Of this nation intended to wipe out
bills of credit from the money sys-
tenn. They were wise. prudent, finan-
ciers, and their experience with Eng
land had educated them.
It is intellectual weakness for Con-
gress to want to issue bills of credit,
or possibly something worse than
that.
Why should they want to put into
circulation two kinds of lawful money;
one kind to be redeemed in some
other kind. There is delusion or
something worse in the mind that
wants to do that.
Let me put it this way: It may ex-
plain the absurdity Of the coin or
gold insanity better,
Don't you think the people of this
nation would be fools to desire to buy
on credit all kinds Of property and
agree to pay in one kind.
Gold Only Property.
Gold is not money. 1t is property.
Compelling the law of money to be
stamped on gold is compelling the
people to buy all kinds of property
on credit and agree to pay in one
kind-gold, and that is cornered and
everybody knows it.
The value Of money is not in the
material on which 1t is made or coin
ed. 1t is in the ability Of the nation
to enforce its laws. and depends for
immediate value upon the natural law
Of supply and demand.
The National Bank note must be re.
deemed and taken out of circulation.
It is a mistake. We must not charge
the National Banks as a class with
any criminal intent
The gambling class-the expert fin.
anciers-the Aldrich class Of legisla.
tors are evidently the enemies Of the
common people, but the National
Banks are not. Their position is
quite similar to a man who is found
in possession of stolen goods. who is
in no ways directly connected with
the crime Of stealing.